Speaker 1: Hey, folks, are welcome this evening to another money space
Speaker 1: with me caluajer and what a wild wickets being guys,
Speaker 1: we're not gonna waste any time when we get right
Speaker 1: into it. So last week or should we say this month?
Speaker 1: I know, wim they always do the quarterly reviews. We
Speaker 1: look at the market US and Nigeria sometimes Canada, and
Speaker 1: you know, we see what has happened and what's going
Speaker 1: to happen, you know, in the next quarter. This quarter
Speaker 1: has is very different because if you look at what
Speaker 1: the markets have performed last quarter, I'm over seen in
Speaker 1: the market, i e. The tariff induced volatility right and
Speaker 1: the change in total the way the globe tracks money
Speaker 1: and all. There's been a big, big, big change you
Speaker 1: know from last week and this week, and that change
Speaker 1: is just so massive that you do have to ask
Speaker 1: yourself there's any point reviewing last quarter because it's a
Speaker 1: brand new world. This is a global issue Nigeria, Ethiopia,
Speaker 1: China and Canada, the US, and when it's responding, they
Speaker 1: are opportunities, they are threads. So it's not going to
Speaker 1: be the same, you know, it's going to change. And
Speaker 1: what you're seeing with the stock markets are reflecting that uncertainty.
Speaker 1: Stock markets reflect the future. GDP reflects the past. So
Speaker 1: when there's uncertainty, markets respond by stopping. And when you stop,
Speaker 1: you just don't say, oh, I'm not going to trade.
Speaker 1: You stop means you take money out of risk, You
Speaker 1: sell shares, you de risk, You take your money out
Speaker 1: of the market, and maybe you go pack it to
Speaker 1: buy bonds or money market. But that taking your money
Speaker 1: out of the stock market because you want to de
Speaker 1: risk is what's causing the markets to crash as you're
Speaker 1: seeing it go down right, and then of course with
Speaker 1: the money go into the money's going to bonds. I
Speaker 1: don't have fixing commos. You will say safe assets. That's
Speaker 1: what's really going on. The markets do not know yet
Speaker 1: how to price in the uncertainty costs by the tarret
Speaker 1: so they are taking their money out to pause and
Speaker 1: to see what's going on. If you look at the
Speaker 1: total globe total returns of all the asset classes. I
Speaker 1: think I posted this last week, lem just give you
Speaker 1: the numbers again.
Speaker 2: This week.
Speaker 1: Crude oil is down, so you will say, normally, well,
Speaker 1: what crude oil is tied to the global economy. If
Speaker 1: the markets perceive that crude oil or economy is are
Speaker 1: going to slow down or they'll use less oil, less
Speaker 1: diesel us like Nigeria. It's going to be at a research
Speaker 1: of Nigier. Many companies will not operate, so they use
Speaker 1: less diesel. So this supprice goes down. So you see
Speaker 1: crude oil down globally. Same with natural glass, natural gas
Speaker 1: down globally. Crude oil is down six percent. I'm talking
Speaker 1: about WTY right now, West Texas Intermediary, not Brent, but
Speaker 1: of course crude oil across the board is going to
Speaker 1: be down. About gold, you know, gold is this asset
Speaker 1: we saw last week climbed up crazy returns when that's
Speaker 1: fast high as met about thirty eight or so, so big, big,
Speaker 1: big returns for gold. Gold doesn't pay any dividends. People
Speaker 1: buy gold because they believe that if you hold gold,
Speaker 1: you are insulated from.
Speaker 2: A market fall or market volatility.
Speaker 1: But gold is down. Gold is down seven percent, sorry
Speaker 1: two percent, I mean gold is down two percent, so
Speaker 1: again that you can't hide in gold. Goldn be down
Speaker 1: because folks are taking profit. But gold is down. Let's
Speaker 1: go to the Dow, all the indexes, the Dow, Jones,
Speaker 1: the S and P, the masdak all down for the week.
Speaker 1: Let's also now go to bitcoin. Bitcoin also down, you know,
Speaker 1: for the week, not a lot down, about one or
Speaker 1: two percent, but down. Let's go to currencies. Everything is
Speaker 1: down Euro, USD trade is down, Pounds, USD is down.
Speaker 2: You know.
Speaker 1: The only thing you have some green is when you
Speaker 1: look at the USD Japanese yen, and that's a defensive
Speaker 1: trade at up. But that's a defensive trade. Treasuries are
Speaker 1: also downe But remember treasuries are opposites. When treasury are down,
Speaker 1: that means essentially that your yields have come down, right,
Speaker 1: So keep that in mind. So the point is everything
Speaker 1: is down. You can hide from the market to uncertainty.
Speaker 1: If you are in bonds, you lose money. If you
Speaker 1: are in gold, you lose money. If you're a bitcoin
Speaker 1: you lose money. So what exactly is going on again
Speaker 1: is the uncertainty. Markets don't like uncertainty, so they are
Speaker 1: the risking to go into safer bits. When they run
Speaker 1: into the safety of treasuries, it means that the price
Speaker 1: of treasuries goes up. Does the yield of treasuries come down?
Speaker 1: Remember this because I'm gonna come back to this because
Speaker 1: I'm gonna talk last week. I'm going to introduce Tarrance.
Speaker 1: Everything that's got to be tied back in. So let's
Speaker 1: just start and go straight. I mean, you guys tuned
Speaker 1: into listen towards happened in the market for the quarter.
Speaker 1: Let's review Nigerian the Nigerian market right, then we'll forget
Speaker 1: to the US. Let's talk about the Nigerian market. Alumnia
Speaker 1: is supposed to be here. Once he's here, i'll add him.
Speaker 1: But of course, guys, if you have a question you
Speaker 1: want to speak of your take, just request maybe after
Speaker 1: my first fifteen minutes, and I'll act you guys that
Speaker 1: are going to have a really really important discussion. Let's
Speaker 1: start with Nigerian stock market, the risky part of the market.
Speaker 1: So in any economy, you're going to have two parts
Speaker 1: of the economy. When you invest, you only have two choices.
Speaker 1: You don't invest in risk or you invest in no risk.
Speaker 1: In other words, you do invest to get a variable
Speaker 1: return which music can go up and down. That's risk,
Speaker 1: or you invest to get a fixed return so you
Speaker 1: know exactly what you are getting. There is no risk,
Speaker 1: So you either do risk or no risk. Stocks are
Speaker 1: risk stocks are risky, which means they are volatile. Year
Speaker 1: to date for the Nigerian Stock Exchange, niger market is
Speaker 1: up two point sixty six percent. So what that means
Speaker 1: is if you bought the index. The index means if
Speaker 1: you put all the shares listed on the nigern All
Speaker 1: Share Index, if you pot everything, you would make some money,
Speaker 1: you lose some money. Your return would be two point
Speaker 1: sixty six. It doesn't even touch inflation. It's not even
Speaker 1: near the random era of inflation, so it's really down.
Speaker 1: January was up one point five three, February was up
Speaker 1: three point all nine. March is down to one point
Speaker 1: ninety one, so we're back at two point six. So
Speaker 1: in Nigeria, you can see that the risk is off
Speaker 1: as well. Folks are saying, well, all take a risk
Speaker 1: in Nigerian stock market, but why are focusing that. Before
Speaker 1: we get there, let's go to the individual sectors. What
Speaker 1: sectors are doing well on the stock market. Again, this
Speaker 1: is not the economy, but what sectors in the stock
Speaker 1: market are doing very very well. The highest performing index
Speaker 1: index in national stop markets is what we call the
Speaker 1: Islamic INDEXC or the Ethical index. So if you're not
Speaker 1: buying alcohol, or if you're not buying in interest but
Speaker 1: you're just buying industrials, then go to CEMN that sort
Speaker 1: of thing. You are up eight point five six. Then
Speaker 1: of course you have your banking indecks, your pension index,
Speaker 1: consumer goods index, they are all doing pretty well, but
Speaker 1: the average is still going to be at that two
Speaker 1: percent for you. It's not doing anything. But why is
Speaker 1: the market not doing anything? The answer is because of
Speaker 1: the yields that we get from the money market. So
Speaker 1: let's go to the money market. Money market is now
Speaker 1: no risk. It's you do money market. You are not
Speaker 1: taking any risk with your principle based on the issuer.
Speaker 1: So it's an issuer risk free markets, especially if you're
Speaker 1: in federal government bonds and federal treasury is if you're
Speaker 1: buying federal covet treasury.
Speaker 2: You are not you have no issue.
Speaker 1: Risk, meaning that niger can simply print back money and
Speaker 1: pay you, so you don't have any issue with your principal.
Speaker 1: Nigeria has gone from about let's say the bond yields
Speaker 1: right for Nigeria will about nineteen percent, where about twenty percent.
Speaker 1: That means that right, guys, if you take a millionaire,
Speaker 1: and you buy a federal government bond on the autpage
Speaker 1: you get about twenty percent without risk. So why would
Speaker 1: I then go invest in the stock market that's going
Speaker 1: to pay me two percent or eight percent when I
Speaker 1: can get a guaranteed twenty percent from the federal government
Speaker 1: without risk. Again, guys, this is the return your campaigny
Speaker 1: yield for yield. This is the problem. If risk free
Speaker 1: is paying you twenty this is the federal government. Witness,
Speaker 1: the private sector is going to pay you much more
Speaker 1: twenty five, twenty six. Why take the risk in the
Speaker 1: stock market? That's why you see my moneys are moving
Speaker 1: from the stock market over to the fixed income market.
Speaker 1: It's always a movement. Money does not sleep, It doesn't
Speaker 1: stay in one place. It's either invested or it's moving.
Speaker 1: You don't take money and look at it though. There's
Speaker 1: no one. No one has a billion error in his
Speaker 1: home as an investor. It's even the stock market, it's
Speaker 1: in properties, it's in fixing company. It's moving, right. So
Speaker 1: money has left the stock market, which is a risk,
Speaker 1: and has come to the fixing core market, which is
Speaker 1: now the no risk. What of our treasury bills has
Speaker 1: come down? We sue bands Hire as twenty five percent.
Speaker 1: Now we're about twenty one twenty two percent. So if
Speaker 1: you are offering this sort of yields to investors and
Speaker 1: I have ten billion for my investor to invest, why
Speaker 1: would I take the extra risk in the stock market.
Speaker 1: The stock market has got to give me fantastic results.
Speaker 2: To allow me to come back to it.
Speaker 1: If it doesn't give me fantastic results, I'll stay with
Speaker 1: the fixing core market. So now we've talked about the
Speaker 1: fixing core market in Nigeria, talked about the equity market
Speaker 1: in Nigeria. Let's now go now into the particular funds.
Speaker 1: These funds of point where you can say, I want
Speaker 1: to buy maybe dollar, I want to buy equities which
Speaker 1: ones are doing very very well in Nigeria today as
Speaker 1: at Q one, two thousand and five. Now, guys, if
Speaker 1: you did money market in Nigeria money market funds are
Speaker 1: not going to name the particular broker, but the average
Speaker 1: money market you try, you will get in niger is
Speaker 1: going to be about thirty one percent. Thirty one percent,
Speaker 1: three one percent. That's a lot, guys, that's bats infliction, right.
Speaker 1: So again stock market is doing two percent, money market
Speaker 1: is doing thirty one percent. Do the market guys. Stock
Speaker 1: market equity funds are on this Micmary report here are
Speaker 1: doing thirteen percent one three, thirteen percent one three. Money
Speaker 1: market is doing thirty one percent, and money market has
Speaker 1: less polatility. So you would be quote unquote foolish to
Speaker 1: take your money and invest in stocks at this time
Speaker 1: because the yield on money market is higher than the
Speaker 1: yield on stocks. But again remember, folks that buy stocks
Speaker 1: are buying for the long term, not for today. What
Speaker 1: about dollar dollar ponds just to rain last year, the
Speaker 1: year before because of the dollar appreciation. If this quarter
Speaker 1: to date now, dollar phones are doing negative eighteen percent.
Speaker 1: So if you put a dollar phone because you're trying
Speaker 1: to escape should we say inflation, you might have that
Speaker 1: you would escape inflation, but your return is negative eleven percent.
Speaker 1: This is put dollar phones dollar income funds. You are
Speaker 1: also doing very very badly, right, so balanced phones are
Speaker 1: giving you about eight percent. If you are doing real
Speaker 1: estate phonds also very very low returns one point two
Speaker 1: eight percent. Again, it's a fond fund returns not the
Speaker 1: individuals but the fund itself. So the picture of Nigeria
Speaker 1: one is very very easy to follow. Stock markets are down.
Speaker 1: Fixed income markets are up, dollar phonts are down. Property
Speaker 1: is down. So Nigeria is the risk of the problem
Speaker 1: with Nigeria. If you notice what I'm saying is upside down.
Speaker 1: If you are not taking risk, you should not get
Speaker 1: all this thirty one percent that you are getting from
Speaker 1: niger government. The problem is that the nigerank COD is
Speaker 1: giving you very very high rates, but it's not charging
Speaker 1: you any risk, so you would be foolish not to
Speaker 1: take advantage of that. Hence, money market is doing thirty
Speaker 1: one percent but equity is doing thirteen percent. Makes no sense, olimitate.
Speaker 1: I tried to give an overview of Nigeria. I've not
Speaker 1: even gone to the trillion dollar returns that the banks
Speaker 1: are doing already. We're going not going to that individually.
Speaker 1: Theen it GT you'll be doing trillions right about that.
Speaker 1: But just on on on an overview, this is where
Speaker 1: we are right now. We're going to get to tyrants,
Speaker 1: but this is all where we are right now in Nigeria.
Speaker 1: Money market is doing very very well, equity is not
Speaker 1: so well. Property flat. What's your take on this?
Speaker 3: Is?
Speaker 2: Sorry for Abilid, I had some personal issues.
Speaker 4: You know, pretty much prepared for personal retterns this time,
Speaker 4: so basically with everyone and it's a pleasure.
Speaker 2: I'm privileged to be on card of space. You know.
Speaker 2: I think what's for those that have been following you, Car.
Speaker 4: I think many of them should be happy by now,
Speaker 4: because you repeated this behind.
Speaker 2: MHM just ready to see and most of the cause
Speaker 2: we said came to person. You know, I look about
Speaker 2: the fact that being Nigeria and people who are toky
Speaker 2: would know me here and now just there's now the
Speaker 2: problem of government. I think people have seriously on why.
Speaker 4: Diversification as an application place equal. I think the beginners
Speaker 4: in this quart in this year so far as an
Speaker 4: adducational past planning, and you had that looking. You mentioned
Speaker 4: money market earlier, and I spoke about the usity of
Speaker 4: why money markets possically as a niger or in Niger
Speaker 4: in the ASPERA. So for me, for example, I increased
Speaker 4: my exposure from QUE four because.
Speaker 2: I felt like the market was peak, you know who.
Speaker 4: I left sizeable amount in the US, so I moved
Speaker 4: to money Marke their partly because I was more castful
Speaker 4: implant and you know, you talked about real estate for
Speaker 4: those that we are not super intellectually intellectually incapensated to old,
Speaker 4: sorry financially go to old.
Speaker 2: A huge amount of real estate.
Speaker 4: Exposure really been a reality. Though it's not as scular
Speaker 4: as you expect. They've done the certainly well. I think
Speaker 4: I did a report. If you look at it in
Speaker 4: the space of this quarter, they've don't pretty better than
Speaker 4: most bootship stocks in the lariastics even after adjusting forests.
Speaker 4: And another thing against that now strengthy from deserve to
Speaker 4: a brief. You look at the value you kept fifteen percent,
Speaker 4: So it has been positive for conservative grade securities and
Speaker 4: great securities. And I think Standing given twenty two percent, canouns.
Speaker 2: To three percent given very.
Speaker 4: Stem Aun twenty three so aveene of trying to to
Speaker 4: money market.
Speaker 2: Has been very decent.
Speaker 4: Then you know equalities individually connected with the anchis it's
Speaker 4: about two percent yet to see it. But if you
Speaker 4: look at the individual entities, particularly the outgrowth Livestock last
Speaker 4: of its two editate percent.
Speaker 2: Look at press School about.
Speaker 4: Sixty percent, Look at Livestock persisent to two percent.
Speaker 2: Banks from GT to Zenning giving.
Speaker 4: You over our twenty because many of them had the
Speaker 4: Stellar album. So individually we had some center export. I
Speaker 4: don't think there's any stop on the NGS. That's something
Speaker 4: like the way they're saying it that starts offer. And
Speaker 4: that's pretty much because the Nigeria stock market is quite.
Speaker 2: A couple from Nigeria economy for three reasons.
Speaker 4: First, the backet has been a ordn for sovier volations
Speaker 4: are so cheap. Disposable income is pretty much week you
Speaker 4: look at the stock market down graded the NIGERA stop
Speaker 4: markets that are red by top with it. So MPI
Speaker 4: ratio to look at vest as is nae one for
Speaker 4: every line.
Speaker 2: Look at investors you have more FPS. So the leafage
Speaker 2: that has brought to.
Speaker 4: Nagers that you see most ability because FPRs are known
Speaker 4: to me is market larcity, especially when like this com
Speaker 4: me you see that they pull their phone. So if
Speaker 4: you starbutting the market which are the very positive, so
Speaker 4: I can't I think in some way, I.
Speaker 2: Think it's for me. I think as well as an
Speaker 2: aucasion of this key. You know we're imperfect. You know
Speaker 2: the reps. Look at marketing Apple, but he.
Speaker 4: Has about tilted four billion as a cash and I
Speaker 4: think for folks and then you have but guys using
Speaker 4: the aspora.
Speaker 2: I think lessons like yeah, it's good to look.
Speaker 4: At our market, but there are so many loggets in
Speaker 4: our market. For example, I am as supposed to rupair market.
Speaker 4: I have the Europons giving me two point five percent.
Speaker 4: I'm paying thirty percent backs on that to put seven
Speaker 4: five percent, et cetera.
Speaker 2: Only for eight years, where the first good metal is
Speaker 2: twenty two percent.
Speaker 4: Now I'm looking at the ability to put the ugra ponds.
Speaker 4: It's also giving me close to that. Then the Americans
Speaker 4: you get four five percent.
Speaker 2: Or if I'm bring the Stambay because you see or journey,
Speaker 2: I think my daughter phones, I can get back to
Speaker 2: a six percent. Then if I'm richer like m part
Speaker 2: with your class, then I can look at the standard
Speaker 2: chat that where I can.
Speaker 4: Open a parity account and tapping too black croock tappen
Speaker 4: too many stocky ts, which definitely will give.
Speaker 2: You higher returns.
Speaker 4: So the cost of capital really really different. Coming for
Speaker 4: those that really went through filter creates. I don't want
Speaker 4: to say I think they should start thinking of the
Speaker 4: village except they have long term but you know, the
Speaker 4: appetite does more things on them because disposible income is
Speaker 4: not so solid.
Speaker 2: And that's the problem we have in our stock pocket.
Speaker 4: You know can if you look at the US, I
Speaker 4: give them stocks don't need to to well it's the
Speaker 4: son of the stock is aging. But Innua we take differents.
Speaker 4: So we take cash with very seriously. So if you're
Speaker 4: doing so well, I am paying someone you then you
Speaker 4: really going so far. And that's why if you look
Speaker 4: at stocks like you be z ht, they really because
Speaker 4: of the cashal depend So I apparently think that.
Speaker 2: So let'son for us to look at and we shouldn't.
Speaker 4: Undermine our market despite the point is start look very disappened.
Speaker 1: Sometimes good good. So let's talk maybe clear about the
Speaker 1: Nigerian returns. Right, So if I have a million dollars
Speaker 1: today and I just put the money in the bank,
Speaker 1: I would have made more more than if I bought stock.
Speaker 2: This is average.
Speaker 1: I hear you list out the individual stocks, but if
Speaker 1: I'm a new b I don't know the individual stock.
Speaker 1: I don't know what to buy. So the average is
Speaker 1: that this fixed income market is doing far almost double
Speaker 1: what the equity market is doing. Is this is this
Speaker 1: healthy for a market that is younger, has needs this
Speaker 1: long term capital? Is this going to be a healthy
Speaker 1: return that we have risk? This is a risk plimited
Speaker 1: risk returns.
Speaker 4: Can you should know why it's happening definitely. You know
Speaker 4: what it's happening is an a purchased there. You know,
Speaker 4: we are trying to attracts to TP and remedians is
Speaker 4: not the levels we used to have.
Speaker 2: So what's really bringing FX is FPS, and what the
Speaker 2: CPR has been.
Speaker 4: Able to do is really create that incentive. I think
Speaker 4: I kept hammaning on that seat dinner themeter a. Set
Speaker 4: have used are attractive because the CPS is trying to
Speaker 4: just population unit to understand why rates are high.
Speaker 2: SOPs has really been part of the uh, the.
Speaker 4: There the designs where we have the stability, so the
Speaker 4: catalysts beyond the stability in the FX market.
Speaker 2: And you know, play into retail. It's a good opportunity.
Speaker 2: You know, you can add for example, you can have
Speaker 2: money markets just do not just putting in your phone.
Speaker 2: Apart from the one point.
Speaker 4: Five percent p you get twenty two percent, you know,
Speaker 4: and if you are more connected you go PERMU to
Speaker 4: ther parametrage market you get us as six percent FPS.
Speaker 4: So yeah, it can, but it's not going to be
Speaker 4: a permanent scenario. We really, I mean that kind of
Speaker 4: spectrum because we're trying to stabilize our currency. CPN really
Speaker 4: needs a FPS, so there's an incentive and that's also
Speaker 4: its advantage because you look at that to that debs
Speaker 4: the cost to that because we're paying there's the payment
Speaker 4: for paying high interest, you know, because they definitely will
Speaker 4: pay them rather by.
Speaker 2: Printing the will pay them.
Speaker 4: So I think for the Nigerians that I really looked
Speaker 4: at the fact that they had this quoit text taty
Speaker 4: where they really put cash and the magers informs in
Speaker 4: the money market. Then they looked at the risk, they
Speaker 4: looked at ned to risk, they look a high risk.
Speaker 4: I think, yeah, yeah, it makes a lot of sense
Speaker 4: than just you because if you look at dollar for
Speaker 4: those that really want to them do the mass where
Speaker 4: we can. You know, I meant to last year in
Speaker 4: February it was at one thousand a hundred, So I put.
Speaker 5: I put they're just pick it around. I put a
Speaker 5: ten thousand dollars vort of of into di giuntries. You
Speaker 5: use at one thousand and undred, that's nineteen million.
Speaker 4: Now I'm cashing you cash it out in February, the
Speaker 4: average of twenty five percent.
Speaker 2: If you do the average of ninety minor tween five percent.
Speaker 4: Now denial checking it back to the door, you've gotten
Speaker 4: about if you had your opinion, you've gotten about twenty percent.
Speaker 4: Because deniers trenging, I'm more than thirty percent, you're getting
Speaker 4: about ninety percent. So the true care is that even
Speaker 4: for those in aspora, that's really explored the Nigeria market.
Speaker 4: I think there's no way in the world, especially in
Speaker 4: image markets, where you get.
Speaker 2: With turn on physical like you said, at even percent two.
Speaker 4: You know these things are not straightforward, but I think
Speaker 4: those are belt the market they legal awarded.
Speaker 1: Completely agree with youre just the point I was making
Speaker 1: this that you know, yes, you'll make money, but in
Speaker 1: an economy where risk pery rates are high, it simply
Speaker 1: means that for the SSMEs that want to borrow, their
Speaker 1: rates are also high. And that's what we're seeing with
Speaker 1: the stock market is reflecting that falling earnings. So the
Speaker 1: smarting person are leaving the stock market to go to
Speaker 1: the to the money market. That's what's going on. Even
Speaker 1: dollars done.
Speaker 4: To be honest to you, you know what I say,
Speaker 4: I don't think so. So if you look at the
Speaker 4: money markets, if you look at the morning, because I
Speaker 4: have been through the incloser and outs with the money
Speaker 4: market and the fixing come space difficult. Fixing come space
Speaker 4: in the first quarter dropped seriously and that's because MP
Speaker 4: is to give profits.
Speaker 2: Now, if you look at the.
Speaker 4: Capital markets, it also was really kind of weak wide
Speaker 4: because we had aggressive ones.
Speaker 2: In twenty twenty three, twenty twenty four.
Speaker 4: In fact, if you look at what twenty twenty four,
Speaker 4: you know, during this I was feeling, as I should
Speaker 4: be said, apt, the market is still really jar purpose.
Speaker 4: So investors really amplified profit taking. So this sort of
Speaker 4: bang endings put some static experts to see for the
Speaker 4: taking that's quit a part that has been taking.
Speaker 1: Yeah, OK, I hear you. But I'm looking at the
Speaker 1: actual returns now this so the actual returns for the
Speaker 1: banking index is six percent. So if you if you
Speaker 1: bought the total of the banks in Nigernal stock market quoted,
Speaker 1: you make money, you lose money, you'll come out at
Speaker 1: six percent. That's for the banking index. If you bought
Speaker 1: that banking index. If you didn't money direct for this quarter,
Speaker 1: generate to generally to March five this quarter. If you
Speaker 1: put your money in the money market average you're making
Speaker 1: testy one percent this money market ten one percent on
Speaker 1: average dollar, you are losing eleven percent on average. This
Speaker 1: is the point I'm making that they reyield is what
Speaker 1: I forgot.
Speaker 2: The yield.
Speaker 1: The yield is saying that if you have money in
Speaker 1: fixed income, you are making more money you can. Let's
Speaker 1: now go into it. Since you bring that, let's go
Speaker 1: into the individual banks. Now, let's now hop into the
Speaker 1: three banks, the ones that I'm all the noise not right,
Speaker 1: zen it U b A and of course a GT bank.
Speaker 1: We saw one trillion naira plus returns P eight P
Speaker 1: eight from this bank. And if you look at let's
Speaker 1: just talk about sing let me go to zen it
Speaker 1: zen it's pe issue. It's one point nine one point nine.
Speaker 1: For those that don't know what that means. If you
Speaker 1: buy a senate bank at the price today, what's the
Speaker 1: price today? The price today is let me look for
Speaker 1: the price today. If you buy GTY bank at this price,
Speaker 1: it's going to take you one year, say two years,
Speaker 1: to get your principal back. That's what that p era
Speaker 1: shu means. Its debt cheap, debt is cheap. One point
Speaker 1: nine is seriously on the value seriously does it?
Speaker 2: What does it?
Speaker 1: What the numbers tell us?
Speaker 2: You know, so.
Speaker 4: Your puss be naturally being on that value. Like I
Speaker 4: mentioned you at a stop Mrka, for example, I was
Speaker 4: talking to your friends and I said that you at
Speaker 4: look at zenitt On, Chaz mid.
Speaker 2: Some one Pillon that look at what they made on.
Speaker 4: Interesting, look at what the big monitors and look at
Speaker 4: if they look at their payouts they have fully numbers.
Speaker 4: Can I think the problem in our market is not
Speaker 4: really because it's not the problem of our banks is
Speaker 4: not that they're also read I think if you looking
Speaker 4: at it on the spectral emerging market and your banks
Speaker 4: are the most profitable margin has imagined of about eighty
Speaker 4: eight percent.
Speaker 2: You know do you know?
Speaker 3: What?
Speaker 2: Do you know?
Speaker 3: What?
Speaker 2: You know? What?
Speaker 1: Send its banks gross margin is guess the number, one
Speaker 1: hundred percent. The gross margin is one hundred percent. Their
Speaker 1: net margin is forty six. No gross margin sales, let's
Speaker 1: just operational returns for present is one hundred percent. Then
Speaker 1: if you say net margins, now for the company, not interest,
Speaker 1: this is net for the company. Net profit margin is
Speaker 1: what is six for set forty six? Okay, so yeah,
Speaker 1: so dividend concern its ten point four ten point four,
Speaker 1: So I mean it's good.
Speaker 4: Yeah, it's it's been like that kind of like for
Speaker 4: me if you just look at it for me quantitive
Speaker 4: like you're speaking from our next part to view. I
Speaker 4: think a lot of people would miss it out because
Speaker 4: you look at the endings when it came out, the
Speaker 4: banks didn't move so much. Apart from that looked like
Speaker 4: was going to break the rely just resistant rude for
Speaker 4: many reasons. You know, a lot of people are still
Speaker 4: worried about shared the dilution, and the market seems not
Speaker 4: to be able to accommodate these.
Speaker 2: Banks the bank endings because.
Speaker 4: Like I mentioned, you look at the trading body of
Speaker 4: the stock market, it's still putting much to So we
Speaker 4: still have a lot of work, you know, for us
Speaker 4: to see the true value, the interesting value of the
Speaker 4: in battle of these.
Speaker 2: Stocks, you know, is supposed to come as come.
Speaker 4: Up in which it has to be down if government
Speaker 4: has to build incentives market makers. You know, I really
Speaker 4: have marketmakers the incentive to the drank stocks. You know,
Speaker 4: forget the fact that I've been faclotic and the fact
Speaker 4: that I see value from a universal perspective that you know,
Speaker 4: I was on this guy's dispopularized when the appman I
Speaker 4: was on his Space contit and I asked him why
Speaker 4: it hasn't invested in nine.
Speaker 2: Germ stocks, you know, and it did a polite reason.
Speaker 2: What I really understand.
Speaker 4: You know, their phones cannot bequility in our market, cannot be.
Speaker 1: Help, which goes back to that first question. Looking they
Speaker 1: do go that first question. I asked that if funds
Speaker 1: are leaving the stock market to the money market, that
Speaker 1: takes away the liquidity in the stock market. But again
Speaker 1: I would just go back to just to give put
Speaker 1: the numbers that I'm looking at, just numbers, but put
Speaker 1: just to put to understand. Look at nigeron bags, Access
Speaker 1: Bank is one point five percent, PE one point five,
Speaker 1: g T one point six, you'll be one point seven
Speaker 1: Zen it's one point nine. These are very very cheap
Speaker 1: stocks in Nigeria doing crazy numbers. Dividend deals is not
Speaker 1: biting inflation, but it's ten percent. It's ten percent. Endings
Speaker 1: growth for Zenated Bank tenteen percent, you'll be four percent.
Speaker 1: Git is actually negative. GITIS endings growth estimate is actually negative.
Speaker 1: So it's a mixed bang. When you call Nigerian banks,
Speaker 1: which is I guess what you're saying, what that guy said.
Speaker 1: You look at this bank, the numbers should tell you
Speaker 1: this is a very very cheap gand bank. But then
Speaker 1: you get in and then you say they're making their
Speaker 1: money from fee income, i e. A bank should make
Speaker 1: its money from interest income. It should take money from
Speaker 1: saving surplus units and give to savings deficient units the
Speaker 1: return it makes. That difference is real banking. So if
Speaker 1: you have a bank making one hundred naira and say
Speaker 1: eighty nira or eighty percent or thate hundred and ive
Speaker 1: comes from interest income, the member solid back because it's
Speaker 1: doing this traditional banking and making money. Where it gets
Speaker 1: a bit crazy is where you have that same bag
Speaker 1: making nearly fifty to fifty from fee income and from
Speaker 1: commercial banking. With me that the bank is making money
Speaker 1: from FX, the bank is making money from fees. That's
Speaker 1: where I think the Niger banks will drop the ball.
Speaker 1: It's a lot of profit. But if if you make
Speaker 1: a trillion and five hundred billion comes from you simply
Speaker 1: trading dollars, are you really doing banking?
Speaker 4: Yeah, but that was the argument in twenty twenty four.
Speaker 4: You know when FX faduation gains and when look at
Speaker 4: GT the results for example, look at let's look at
Speaker 4: jun These guys are very creative.
Speaker 2: You know, yeah, you used to say that they're treating.
Speaker 4: Because I think, now, if if I'm going to put
Speaker 4: those banks like the American Bank, I think, did it
Speaker 4: looks more like a looks more like a GYP more Gan,
Speaker 4: you know, being able.
Speaker 1: To really recaptire you to I will keep them moment
Speaker 1: I will put the old man Sacks. I would put.
Speaker 4: You know what, I think I have a productively for
Speaker 4: good Man Sax because I know where you're talking good
Speaker 4: mass Saches.
Speaker 2: Because of looking at the investment side, well, I think the.
Speaker 4: Banker put as good mans Ax is most likely stamping
Speaker 4: and that's because of their assets and treading in terms
Speaker 4: of effets and asset management.
Speaker 2: You can't any no no no banks extar from stamping.
Speaker 2: And Peter that the side. If you look at the
Speaker 2: body language over.
Speaker 4: The years, he has been able to create his socid
Speaker 4: monument susual as being on stamping for a work you
Speaker 4: know from the h S p MG. She's now the
Speaker 4: chairman and she has been able to really So there's
Speaker 4: that part. Continuous contents side is not so most likely
Speaker 4: you can't take standing great from investment in the FF market.
Speaker 2: Stamping is the Upado Biger. They control about a fifth
Speaker 2: of the influence in twenty twenty four. So you know,
Speaker 2: that's why I call them the good Man's six.
Speaker 4: The reason why impactly I've been where you say, uh
Speaker 4: GP more Gan might not be GITT because of look
Speaker 4: at j pop as assets quite quite as simple. One
Speaker 4: interesting thing about G is that coastal capital very new
Speaker 4: and I think again.
Speaker 1: Is that.
Speaker 4: Share and budget has been able an't mind does it,
Speaker 4: but he has been.
Speaker 2: Able to really squeeze a lot from their assets.
Speaker 4: The assets is more to if you look at you
Speaker 4: look at customers, the process. You look at the up
Speaker 4: for example, B has a ticket, you look at send it,
Speaker 4: You look at assets, you look.
Speaker 2: At first back. But G what G prins rett on
Speaker 2: liquity and impassion. It's crazy. They're just behind QUP in
Speaker 2: terms of you. Then you learn for persient.
Speaker 4: So unsurprisingly the stock is really popping up the last
Speaker 4: a little bookmakers that the stock should be treating that
Speaker 4: on the at least and nothing again Again about again
Speaker 4: is that MPIs.
Speaker 2: Really have last stake.
Speaker 4: And you know, because we can't keep seeing all this
Speaker 4: for no matter about each banks.
Speaker 2: But I think every park has already me. You'll be
Speaker 2: massive there.
Speaker 4: You you'll be also look at interesting from good to
Speaker 4: look at the treading and we really we have been
Speaker 4: able to putish on the bank.
Speaker 2: He tells you that they're not really interested in pink.
Speaker 4: Tap mindset because it's do need one pankily, it's aggressively
Speaker 4: not on pin take, and I partly the reason is
Speaker 4: because they might be made on electronic banking alone.
Speaker 2: It's bigger than what you see in manteed two banks
Speaker 2: that profit.
Speaker 4: So so he started bank from me. Then I was
Speaker 4: going to tear two banks. You see, you plary, you
Speaker 4: suspam me. You see when my women declared the percent. Also,
Speaker 4: I was always disappointed at First Bank. And you know
Speaker 4: a lot of thais have been happening in the First
Speaker 4: Bank of days. And while I am inturistic about Pmtoda
Speaker 4: being the chairman, I was disappointed. If you get you
Speaker 4: know a lot of people talk about you there, but
Speaker 4: you can't take the First away from banking industry.
Speaker 3: And he.
Speaker 2: Told me sorry them.
Speaker 4: At all of that relationship with many of these big boys,
Speaker 4: Dan could deal refire would definitely be picky. So yeah,
Speaker 4: first bank is really an interesting watch, and they selling
Speaker 4: their investment I think was a weird posision. They're looking
Speaker 4: at more imagines, but I'm quite worried about the play
Speaker 4: as sets results is.
Speaker 2: Not at our calu but over roll.
Speaker 4: I think the one banks are solid, ten two banks
Speaker 4: pretty soly studying, you know, stimone.
Speaker 2: Interesting fidelity my favorite.
Speaker 4: It's just that the problemidlity is that I think the
Speaker 4: stock has used so much that I think the upside
Speaker 4: in the future might be doing there.
Speaker 2: So dropbacks are coming. But you know, you know, cars
Speaker 2: really don't get pretty much.
Speaker 4: Jobs is somebody that really likes so much because she
Speaker 4: allows the results talk and she does less talking.
Speaker 1: Just just on the besides, do you if you took
Speaker 1: away from yeah and I jump backs a goodbye?
Speaker 2: Just on if this five ba I did a goodbye
Speaker 2: and if I was Yeah.
Speaker 4: Like I mentioned, if you if you look at trying
Speaker 4: to you at twenty three five, you see that the
Speaker 4: banks are less effects. People say, look at banks, you know,
Speaker 4: and you know one of the reasons why these banks
Speaker 4: are making money, so is that because of capital and
Speaker 4: we're in an eye interest environment also plays a keble.
Speaker 2: And uh, you know, smart guys.
Speaker 4: So definitely, I would definitely wouldn't do these banks as
Speaker 4: a manif like I mentioned, you cant standing thereoly on
Speaker 4: that when alas As really transformed women, I thought when
Speaker 4: our bank would be the into your future.
Speaker 2: Not sorry to say that, because you know whenas want
Speaker 2: to do this finial intitution.
Speaker 4: But after I did create the alliances, you know, I
Speaker 4: think the management strategic plans and one of the things
Speaker 4: they did was focused on the young generation and a
Speaker 4: lot has really brought in so much for them. So
Speaker 4: I pretty think that those banks are really doing. The
Speaker 4: f C m B s m B two has similar
Speaker 4: traits of stampy, but you know, the the mc do
Speaker 4: very Bancich has really don't have a very good job
Speaker 4: in keeping the culture, and I think their investments have
Speaker 4: definitely do so I'm not surprised that these banks.
Speaker 2: Waste money, and they were quite successful. In fact, some
Speaker 2: of them are going back again. I'm just worried about G.
Speaker 2: Why G was not be them able to get more difference, but.
Speaker 1: Are projected to decline zero point six percent. That's a
Speaker 1: country report I'm seeing here, duties and early and is
Speaker 1: per growth negative one growthrate negative and all that but
Speaker 1: look they the overriding issue in nigerm banks is this,
Speaker 1: they have very very low cost of deposits. They have
Speaker 1: a very very high outlet to invest those returns without risk.
Speaker 1: So a bank can borrow from me at ten percent
Speaker 1: and give to the government at twenty percent no risk,
Speaker 1: and make ten percent margin pure. And so if you
Speaker 1: look at all the order returns from the banks, look
Speaker 1: at their net interest income, they are cost of interest,
Speaker 1: and then the net interest income that's making the net
Speaker 1: net interesting is huge, and it's driven by this high
Speaker 1: federal government borrowing at high rates. So the Kain question
Speaker 1: is our bank's being subsidized because the CBIA and the
Speaker 1: federal government needs to borrow at exceptionally high rates. Is
Speaker 1: that what's happening with with with the banks? Yeah, chick,
Speaker 1: you work. It sounds like yeah, engineer, engineer you.
Speaker 2: It sounds like that you will.
Speaker 1: I think I'm just quoting the numbers. I'm not saying that.
Speaker 1: I'm just saying the numbers and look as.
Speaker 4: Can look as series pretty people are forgetting that. A
Speaker 4: lot of people think banking, running the banking and guys easy.
Speaker 4: It's not because if you look at the guys making
Speaker 4: the profits. You know, they're just the main guys actually,
Speaker 4: and that's why I really gave a lot admiration to
Speaker 4: the tail two banks for being very pretty The banking
Speaker 4: environment is.
Speaker 2: Very competitive, you know, very highly competitive talents.
Speaker 4: Wise, capital wise, and also you know the kind of
Speaker 4: economy we want they will set well, it's not really
Speaker 4: really beginning depends.
Speaker 2: We expect to down go to envirore much as in
Speaker 2: the future. But putting on the banks we have to
Speaker 2: be very plative.
Speaker 4: And that's why I also happy with assets acquiring assets
Speaker 4: in West Africa because you look at they're putting their market.
Speaker 2: There's really trip with analysis and you know, some tosic
Speaker 2: and weapons.
Speaker 1: So just look last year to look at Uba on
Speaker 1: the value doing very very well, very spread out bank.
Speaker 1: They are India, in America, they're in London. They do
Speaker 1: very very innovative financial packaging. The guys packaging that one's
Speaker 1: packaging n NPC and all. So they look a bit diversified.
Speaker 1: Returns do look to be good value based on PE
Speaker 1: of one point seven dirt chip current PE and that's
Speaker 1: report looks looks like a descent set up there that
Speaker 1: those guys, again this is not on that candidate for
Speaker 1: of gold Man's size, EPs grew two point four umberto
Speaker 1: that the EPs good for GTB was negative EPs growth
Speaker 1: for UBA two point four and it's growth throate four
Speaker 1: point nine banks and it's growed ten percent. Future returnal
Speaker 1: equities twenty six percent. So the bank seems to be
Speaker 1: they're not making the one trillion, but they are their
Speaker 1: racial seems to be better than one trillion. Bag Again,
Speaker 1: it goes back to this. If I still you take
Speaker 1: money and I give to the government and I make
Speaker 1: love return, I can make a trillion error. But if
Speaker 1: you then thrill those numbers, then I say, where is
Speaker 1: that return coming from?
Speaker 2: Where am I?
Speaker 1: Who am I led into? What are my growth protentionals?
Speaker 1: What my market share? Then that looks like they're building
Speaker 1: a castle with sand by lecky bitch. The bank needs
Speaker 1: to be shows a bit more stability in how it
Speaker 1: is making revenues. Yes, make that free income, but let
Speaker 1: me see when they come from your interest income. Let
Speaker 1: me see investment banking, let me see consumer financing. It's
Speaker 1: dead in Nigeria, West Niger. But I just let me
Speaker 1: see some some heart beats there once one in two
Speaker 1: years and I'll be okay. With that right. So let's
Speaker 1: say doctor, doctor, doctor engineered. If you have anything to say, yes, yes, please.
Speaker 6: Appreciate to circle argument on fistical versus equity that you
Speaker 6: were raising some earlier in the question. Yes, so if
Speaker 6: the chrene pushes towards phystical as you have you it's
Speaker 6: still within the same economy they For example, you are
Speaker 6: for money, we buy pro bill or put it in
Speaker 6: the service bond or any of this fast inco facility.
Speaker 2: That particular amount of.
Speaker 3: Money it t used within the same economy.
Speaker 6: For example, this step that offers pastical facility putting a
Speaker 6: million err in fact, or.
Speaker 3: They are bad that money that you're giving to them,
Speaker 3: they will use it.
Speaker 7: They will lend it to be a re estate company
Speaker 7: and manufacturing industry that neededs with the short term fonts
Speaker 7: and to be used within.
Speaker 3: The same economy.
Speaker 8: Sout without exact.
Speaker 4: I live in the equity, let's exchange and moving towards
Speaker 4: the physical.
Speaker 6: It is still part and passle of the same economy.
Speaker 6: The next seconds from MA contribution from understanding is the
Speaker 6: profitability of the Gila topic bank for example. The fact
Speaker 6: the gene bank you'll be a GTV for example, is
Speaker 6: that all over the year it will before this devolution
Speaker 6: of anera, this fourier champions start coming up right from
Speaker 6: twenty oh see so seven. We all see Genet Bank release.
Speaker 7: Top top numbers in profitability.
Speaker 6: Same goes for GTB and so and so for so
Speaker 6: the the people there are so much roomful group in
Speaker 6: the Gilia economic set up.
Speaker 3: Like we look at the Genet Bank profits this year.
Speaker 6: Most of those reviews junior this a four year report
Speaker 6: for twenty four The reviews that they give the oil
Speaker 6: the oil set up four point fifty as a loon.
Speaker 6: The same goes for manufacturing model about two point sis
Speaker 6: or so. Then the other settles around one point.
Speaker 7: So they are lend, not does put the money for
Speaker 7: your bi getting profit. The actually lending to set us
Speaker 7: in the economy.
Speaker 6: It may not be good to mogitive agriculture, it'll be
Speaker 6: good to moyal consumer credit.
Speaker 7: But they are lending to and to manufacturing and gonna
Speaker 7: set us of their home.
Speaker 1: That is a great I mean, you make two great points.
Speaker 1: And if I may so, the first point you make
Speaker 1: about the fixed income and the equities. So understand the
Speaker 1: point I'm making here.
Speaker 2: Wait a little bit.
Speaker 1: Look, okay, if money flows away from equities to fix them.
Speaker 3: Just with you.
Speaker 1: If you don't, I'm just gonna reach it for your
Speaker 1: audience or just meet you. If money goes away from
Speaker 1: equities to fixed income, equities are longer term. So if
Speaker 1: I'm an SME and I want to borrow money to
Speaker 1: build a factory for ten years hour so you know,
Speaker 1: and I want to just do working capital, equities look
Speaker 1: like a.
Speaker 2: Better bet for me.
Speaker 1: When you say money is in the same economy at
Speaker 1: what costs? If the fixed income market is lending only
Speaker 1: to the federal government at twenty to twenty five percent,
Speaker 1: to lend money to the SMEs at twenty percent plus,
Speaker 1: that's the problem with Nigeria. We are lending to We
Speaker 1: are paying too much for risk free The risk period
Speaker 1: should be lower than what it is today.
Speaker 2: Because it is so high it is.
Speaker 1: It is so high SEMs cannot borrow. That's what's going on.
Speaker 3: Yeah, the reason you know we can win the present
Speaker 3: came in and he removed the.
Speaker 4: Obstgial FX. You know, it took a couple of time
Speaker 4: for us to get back. Bloody is that detail to learn?
Speaker 9: That's why I mentioned that the high interest rate had
Speaker 9: second objectives and one of the PA was to stabilize
Speaker 9: the FX market.
Speaker 2: Because where is the FX coming from? Is coming from.
Speaker 3: Fbis that being in the money to invest in Angira?
Speaker 2: Tuation builds, so there's a cost.
Speaker 4: Is I understand what you're saying as with on businesses,
Speaker 4: but I think in longer, longer term.
Speaker 2: Like based on recent report by the CPS, there's an
Speaker 2: improvements in FX influence, FX.
Speaker 3: NETS reserves, so we.
Speaker 4: Expect rates to staff for him pass by with Trump tiring,
Speaker 4: so at some point we see rates to cool off,
Speaker 4: but we don't expect it too soon because it's pretty
Speaker 4: much inpend coming down.
Speaker 1: I want to make the point soon to just make
Speaker 1: it just the point of the NETS making right. He's saying, yes,
Speaker 1: money is going from one asset class to the other
Speaker 1: asset class. The point I am making what is driving
Speaker 1: that movement is high risk free rates.
Speaker 2: If you go to.
Speaker 1: America, if not in America, in any time you borrow
Speaker 1: money without risk, you should not get rewarded more, and
Speaker 1: should we says one that's borrowing money with risk. If
Speaker 1: you are paying somebody twenty percent with no risk, it
Speaker 1: makes no sense to go and open up a factory
Speaker 1: If I have a billion Nira. Why should I open
Speaker 1: up a tile factory and incure risk when I can
Speaker 1: take that one billion, give it to a bank and
Speaker 1: make two hundred million a year. Will the tile factory
Speaker 1: giventary bloon a year? It's me but they can close
Speaker 1: by fat you.
Speaker 4: Down for not paying this I want to kick around
Speaker 4: this car's an amount to be dropping the money market
Speaker 4: you get supposed.
Speaker 2: To be capt against, you know, so.
Speaker 1: There's also taxes in the stock market. The point I'm
Speaker 1: making is that if you make risk free rates high,
Speaker 1: you discourage lending to the semis. Yes I'm not I'm
Speaker 1: not hitting the government for raising rates. There's inflation and
Speaker 1: the Central Bank of Nagia has got to raise ris
Speaker 1: to fight inflation. That is their job and they are
Speaker 1: doing their job well. In economics, it's always two sides.
Speaker 1: If you raise the rates, sim is, don't bord.
Speaker 2: But that's quite with inflation.
Speaker 1: That's what they're trying to do. They have to fight
Speaker 1: inflation because it's that's driving your dollar.
Speaker 3: You know what I'm saying.
Speaker 2: I'm saying that the probably is where they are.
Speaker 4: Reason it is because of the effects market is because
Speaker 4: if we look at the boad language of Cardoso.
Speaker 3: And the FX market.
Speaker 4: Since he came on board, you see that he has
Speaker 4: achieved greater success in deploying, stablishing the market. It's starting
Speaker 4: doing their FX school. He's starting with different rules and
Speaker 4: also help the interest. And that has really correlated with the.
Speaker 2: Forest market the now by by bigger people's.
Speaker 4: Empire, perspationion in the physical space reduced in fever match,
Speaker 4: So you could see that correlation. And I'm also expecting
Speaker 4: that he might get less because of this Trump Tarris. However,
Speaker 4: you know the argument that.
Speaker 2: Has been movement between fixing command.
Speaker 3: For me, I think it's really.
Speaker 4: More academical because uts have been fixing.
Speaker 2: Conspace has been high.
Speaker 4: In twenty four A lot of people have perspected that
Speaker 4: have been hooking, but the stock market has really been
Speaker 4: on higher ran stock market now schooling.
Speaker 2: I think the money market people are just because of it.
Speaker 2: A lot of people are still waiting for some mypos
Speaker 2: coming on board, So.
Speaker 4: I think, yeah, it's fair to see that this table
Speaker 4: fixing company. I don't think the stock market is taken
Speaker 4: and the physical space is taken.
Speaker 2: The shine away from my own personal.
Speaker 1: People can oh, but it is and I guys have
Speaker 1: shared on my if you look at my ext time
Speaker 1: and I've just shared your returns for mutual funds. This
Speaker 1: is mutual fund returns right, and you can see where
Speaker 1: mutual fund returns are. You look at equities, look at
Speaker 1: money market. That is the actual Q one two only
Speaker 1: five actual. So again again yeah, engine, go ahead.
Speaker 7: You know you know the stock exchange is basically for
Speaker 7: corporate not medium to large key businesses. So a small
Speaker 7: scale business doesn't small skey have more just care enterprises.
Speaker 7: They all do have access to the stock exchange.
Speaker 3: You got the governor's process and everything that evolved.
Speaker 7: So if it's when we need to get to medium
Speaker 7: to large key forest, they get listed over there. So
Speaker 7: most times if a small business and they cannot be
Speaker 7: maybe legos Ptaco anyway, say small thing.
Speaker 3: Uh want to tell Mellion our work business.
Speaker 7: At the time, they're only approached your bank, maybe by
Speaker 7: conference bank.
Speaker 2: Or commercial bank.
Speaker 7: And at times more recent times they approach some special
Speaker 7: special fintech companies who raich who crack pooled the rout
Speaker 7: they are they may be remember this this company to
Speaker 7: give it. They will tell you that's an investment. They
Speaker 7: need eight thousand persons.
Speaker 3: If you can bring.
Speaker 7: You'll buy a slot in that business, so they offer
Speaker 7: that money to use. Most cave business put more access
Speaker 7: to the equity market, so that ariagement.
Speaker 8: At times, you really give them.
Speaker 7: Some cheaper I want to say chip Man cheaper they can.
Speaker 1: Use, but they will not engineer. They cannot borrow lower
Speaker 1: than the federal government is borrowing. That's the point I'm
Speaker 1: coming back to. They cannot borrow no matter what they
Speaker 1: do in the economy. So to see the point I'm making,
Speaker 1: Nestley wants to build a fatal barrel. So Nesta is
Speaker 1: the big corporate right, Nestley can borrow money into that
Speaker 1: through the capital market like you set to issue shares,
Speaker 1: or they can borrow one from the bank. If Nestley
Speaker 1: issues shares, of course it is cheaper for them. Right,
Speaker 1: that's ignore CEAPM for now. Let's say Nesta is born
Speaker 1: at twenty five percent. Who will pay that twenty five percent?
Speaker 1: Their distributors, who will pay this Eventually you pay that
Speaker 1: twenty five percent. The risk crevorit to Nigeria is too high.
Speaker 1: It's too and it's high because the government wants to
Speaker 1: fight inflation. I'm not hitting them, it's a fact. They
Speaker 1: have to raise the rates up to fight inflation, but
Speaker 1: you kill grout. You can't have both at the same time.
Speaker 1: High interest rates will fight inflation, but it to kill grouth.
Speaker 1: So the point I am making this this we have
Speaker 1: to When mfid was was the civilian governor, he was
Speaker 1: trying to do Okay, I will raise rates, but I
Speaker 1: will take some targeted credits and give two targeted sectors
Speaker 1: to insulate or subsidize them from the high interest rates.
Speaker 1: Tastes like that. Yes, things like we will argue with
Speaker 1: the implementation, but that is the way we have to
Speaker 1: look at this in Nigeria. In America, they also have
Speaker 1: their own quote unquote ankle Boras program where the FED
Speaker 1: is subsidizing balance sheet. Oh they're saying, if you borrow,
Speaker 1: will give you a credit cover. All those are subsidies
Speaker 1: as well. So as a development economy, we can just
Speaker 1: simply say we want to fight inflation, we'll keep and
Speaker 1: we'll keep MPR at twenty five percents and go to bed.
Speaker 1: We've got to come back to that development side of
Speaker 1: the the That's that's my point.
Speaker 3: So I think I think I didn't you need to
Speaker 3: to keep part affecting the conversation.
Speaker 2: Yeah can't.
Speaker 4: I don't agree with I think for investors because the
Speaker 4: space is all about.
Speaker 2: With one as risks of you. I think for me,
Speaker 2: like I said, as I said, allocation.
Speaker 3: Was the biggest winner if you really look.
Speaker 2: At it on the spectrum you are locating. Look amount
Speaker 2: of money.
Speaker 4: And fifty space as planted the money because these curities
Speaker 4: or the series bond we get average thirty percent. And
Speaker 4: also you look at the stocks in your own banks,
Speaker 4: give theres you have reasy and your banks at their
Speaker 4: treasure at the at their ipool. You can't tell you
Speaker 4: they are lost except you both very receipty and you
Speaker 4: look at you there pretty.
Speaker 2: Much done good.
Speaker 4: So that's why you look at data from MPEGNEX.
Speaker 2: You see that Dan could be and done much better than.
Speaker 4: The almost accept or imperfect he has really because the
Speaker 4: bank dis events has stable business with finer business is
Speaker 4: yet to be dispared.
Speaker 2: And also then shoots and stability in this quota.
Speaker 3: But you know it's not the past performances.
Speaker 2: So I think people really need.
Speaker 4: To take know your asset, your investment, because I kept
Speaker 4: amorgs that you see you can't just make.
Speaker 3: Money just by yetting what to buy what to sell.
Speaker 3: Then you see you miss it.
Speaker 2: Out because now you want to enter the money market.
Speaker 1: Now well you're in biers high your aders.
Speaker 4: Exact you want you know is that when when you
Speaker 4: go into invest you have to have an investment who.
Speaker 3: You have to understand the intentions to invest in the market.
Speaker 4: Opportunities be in Nigeria because the dance prop does normally
Speaker 4: that the Nigeria market cannot find leverage.
Speaker 3: Look at the Nigeria stock market.
Speaker 4: It's a big immune towards is happening to Trump t
Speaker 4: us because Nigeria community is kind of decoupled.
Speaker 3: And also you look at headings from many of these companies.
Speaker 6: Impressive Press School, Press.
Speaker 2: School at don sixty percent this year, you know, and
Speaker 2: look at the lookout coming to strong results.
Speaker 6: So people that really took advantage and had their pets.
Speaker 2: You know, then you also pay less premium and.
Speaker 9: People that have to change and now to the dollar
Speaker 9: through the black market or think they're create many of
Speaker 9: you guys change that.
Speaker 3: Between one and seven and one night.
Speaker 2: Now the stocks are down thirty forty percent. It will
Speaker 2: take you at least nine months for you to get
Speaker 2: half of those ponds.
Speaker 3: Back because markets don't run.
Speaker 2: In speed of a crypto.
Speaker 4: So you really need to understand transaction cost, opportunity cost,
Speaker 4: and the locality and investments Favery portal for us to
Speaker 4: copper Cali.
Speaker 1: Okay, you and I want to just look the point again. Guys,
Speaker 1: do again. I always say this all the time. Don't
Speaker 1: invest because of returns. Don't say because money market is
Speaker 1: paying more. I would invest. You invest according to your objectives.
Speaker 1: So if you have an objective today to say, listen,
Speaker 1: I want to retire in five years or in three years,
Speaker 1: you have no business and stops even the stocks are
Speaker 1: paying more. If you're a younger person. If you are younger,
Speaker 1: you just at your job you are twenty five years,
Speaker 1: or you know you have an arrassy retirement things account.
Speaker 1: They will ask in the arrass what fund do you
Speaker 1: want to invest in? I think Fund one is equity heavy.
Speaker 1: Front four is more maybe fixed income heavy. As a
Speaker 1: younger person, you should be looking more at that fund
Speaker 1: one because you have a longer time to compound, so
Speaker 1: the more you come pound it favors equity. So this
Speaker 1: is not one hundred percent rule, but overall, equities do
Speaker 1: better over the long term because you can compound your returns.
Speaker 1: Fixed income are more like I said, you don't lose
Speaker 1: your principle, but you're getting something fixed and secured. It
Speaker 1: doesn't bit inflation, but it's there for you. So again,
Speaker 1: invest according to your objectives, don't invest according to what
Speaker 1: you want to make limit. This is a good time
Speaker 1: to talk about to go to the tariffs now? Is
Speaker 1: it a good time to just because that's the elephant
Speaker 1: in room now and everything we're saying here has it
Speaker 1: is not going to work to one Monday. So we
Speaker 1: have let me let's let me get Ts and Real
Speaker 1: to just talk and then we'll go to Tarif's proper tys.
Speaker 1: You've got to flow tiers, go ahead, Ts and Reef.
Speaker 10: Yeah, yes you are, Yeah, thank you, thank you for
Speaker 10: the opportunity to what's going to speak on this space.
Speaker 2: And you only have two questions. I'm not too much a.
Speaker 10: Not much than not accounting Google or something like or
Speaker 10: do have working banking sect for the past six to
Speaker 10: seven years?
Speaker 2: I have to course. Number one is with the.
Speaker 10: Amount of profit that our banks are declaring, is it
Speaker 10: good for us to say that the banking or the
Speaker 10: banking or the world of bankings ecadially is ripping off
Speaker 10: the SB or the engine of.
Speaker 2: Growth of nitarian economy. That's number one.
Speaker 10: Number two is for some of us or for me personally,
Speaker 10: I like am impact driven. It's not just about making
Speaker 10: money because they have a lot of ways to make money,
Speaker 10: bits legally and illegally. I did say banks are making
Speaker 10: money legally? Should I say legally illegally? Because the way
Speaker 10: they're actually making the money sometimes you feel like some
Speaker 10: people actually paying for it.
Speaker 2: You go to the market, a lot of shops.
Speaker 10: Are closing, some companies are closing down, and then you
Speaker 10: see a bank the very big, big profits. So for
Speaker 10: some of us, now we impagreement. We sect of the
Speaker 10: economy you think offer as it is to be in
Speaker 10: terms of investment outside banking stock that does that?
Speaker 2: Do ye well? Here?
Speaker 1: So you know when I used to when I started
Speaker 1: buying stock that actually broke out a long time ago.
Speaker 1: How do I know what to buy? And he told me,
Speaker 1: what do you buy with your money every day? Or
Speaker 1: what is in your fridge? Or go to your house,
Speaker 1: look around your house. What do you see? The biggest
Speaker 1: expense for a Nigeria today the household fifty seven percent
Speaker 1: is food. Fifte percent of the average expenditure of any
Speaker 1: household goes to food. So anything that you can invest
Speaker 1: in that is food related, whether it's the actual food,
Speaker 1: the logistics to get to the food, the storage of
Speaker 1: the food, or who is paying for the part of
Speaker 1: the food, you are in good spot. Look at the
Speaker 1: boa foods and how much they're making and all that
Speaker 1: many not quota. So that's the difficulty. But look at
Speaker 1: a Cooma oil right, it's gone to the moon. Look
Speaker 1: at even Presco gone to the moon. There are risks there,
Speaker 1: but food is a major expense, and food is recession proof.
Speaker 1: It's either you eat or you don't eat. You can
Speaker 1: say no, bring down the price of rice to tent
Speaker 1: no no no no is that you buy the rice
Speaker 1: or you don't. You can say I'm going to cut
Speaker 1: off food and work the STV so food decision proof, right,
Speaker 1: that's number one. What a sectors you look at. I
Speaker 1: used to like petroleum, I EA the retail guys, but
Speaker 1: we're waiting for Dangote because dan Is don't come in
Speaker 1: and disrupt that wole space. So for now it's wait
Speaker 1: and see on that avenue. You don't like banks, so
Speaker 1: I was say, okay, let's leave banks out of the way.
Speaker 1: What about the industrials. They were dead zone before, but
Speaker 1: now you have Dangote, you have Bua, you have all
Speaker 1: those guys. Do in Cement like it or not. Nigers
Speaker 1: are also building homes whereas in Cement to build our roads.
Speaker 1: Because of Dankoter Cement alone, the last five years or sixes,
Speaker 1: I believe Niger was the highest performance stock in the
Speaker 1: entire world. That Niger Index was the highest perform the
Speaker 1: entire world because the returns from them to Cement alone.
Speaker 1: It's not a utility stock. You buy it, you get dividends.
Speaker 1: I under I suspect said, I not in that company private,
Speaker 1: but I like those kind of companies. They are boring,
Speaker 1: just make a profit. They pay your dividends. In Nigeria,
Speaker 1: dividends are important for you because that gives you some
Speaker 1: income you don't have to sell.
Speaker 2: That's just my take.
Speaker 1: Look that you want to do you have any other
Speaker 1: sectors for him?
Speaker 4: And I was a bit surprised that the banker had
Speaker 4: reservations about the bank and the huge case.
Speaker 2: Well, I really understand where it's come from.
Speaker 3: And you know, you put need to look at the
Speaker 3: function of banks.
Speaker 9: They provide liquidity, the sub and mepism to as economic goods.
Speaker 3: In defensive fotble, we said, you.
Speaker 4: Don't just a calibration with inforation is relatively high. Econic
Speaker 4: consumption policies has been inconsistent. So you see exudos or businesses.
Speaker 4: You see business coming coming out and insecurity also busy
Speaker 4: qu You know, you look at companies and guinners. You
Speaker 4: never the insecurities is not really affected their raw materials
Speaker 4: and at some points there was a correlation at that time,
Speaker 4: and those stocks remain su pressful a couple of times
Speaker 4: and plenty.
Speaker 2: To do new stocks that you so goodman.
Speaker 3: It so really even if you're willing on.
Speaker 4: The fact that nagera city, look in question your access,
Speaker 4: what that imagines and what you're watching because you look
Speaker 4: at Nigeria stocks, you don't look at Gaian stocks like
Speaker 4: invest in American stocks. The first things you look at
Speaker 4: two days look at what is your eternal investment. You
Speaker 4: look at the fundamental of the stock and what excites
Speaker 4: the stock.
Speaker 3: So for example, n you are then you give then paying.
Speaker 4: Stocks really exciting vestors. Then the banking stocks. You know,
Speaker 4: cash flow banking stocks.
Speaker 2: Are very liquate.
Speaker 3: You know, if you have wanted the older.
Speaker 4: I want to cash your pack stalks, It's quite easy.
Speaker 4: It's difficult in different kind of segments.
Speaker 3: Then you also look at the fact that.
Speaker 4: The president has been strong on energy reforms, and since
Speaker 4: it came on board, you see that the energy sector
Speaker 4: has impressively don't very well. So debas is that when
Speaker 4: Down got the NMPs come on board, definitely are going
Speaker 4: to see up chip.
Speaker 2: It looks like the wors is over to dives coming
Speaker 2: in good prices.
Speaker 4: Coming down my way or saved that arad energy if
Speaker 4: you shot made them.
Speaker 2: But from the matter, it just stocks are slowly. They
Speaker 2: have been asset acquisition.
Speaker 3: The president has.
Speaker 2: Output them low delays, so we have to increase production.
Speaker 4: And he gamblises that the energy sector will be.
Speaker 2: Pretty much keep up the paste.
Speaker 3: So yeah, good of for sector.
Speaker 2: I'm not buying.
Speaker 3: I hold it.
Speaker 4: Nursty has one of the best businesses. But if you
Speaker 4: look at Nursty Stalk, it has been as toll as
Speaker 4: he woke his meal and pretty much because air pair
Speaker 4: influenced is quite low, because heir pair is really buy
Speaker 4: the eavyway stocks like the Downcoda the.
Speaker 2: End Nesta the ZE plot, So if you look at Ze.
Speaker 4: Plot, also interestingly average powers for those that are in UK.
Speaker 2: For example, if a buyer xem plats in the UK
Speaker 2: are buying.
Speaker 4: Forty percent that are Brited opportunity right now and I
Speaker 4: think it will close at some point. So I will
Speaker 4: not really as as anyone to look at food sector
Speaker 4: like you're looking at pank or energy sector, because if
Speaker 4: you look at performance or those talks PA's way in
Speaker 4: an environment behind now.
Speaker 2: It's going to be look quite risky.
Speaker 4: Cligory surprisingly has done well in the last few months,
Speaker 4: but it's one of the adultives.
Speaker 2: So probably you need to understand the point of the
Speaker 2: matter when you're investing in the stock.
Speaker 4: And that's why I also say we use the investment
Speaker 4: constant bookly when you put a stop brief as you
Speaker 4: get mistakes, as we get the caplarity of the stock
Speaker 4: and make two decisions based on your compunitive.
Speaker 1: Yeah, and if you don't know what to buy, buy
Speaker 1: the index. If you don't know what to buy, you
Speaker 1: can buy the whole share index. We missure buying Nigeria,
Speaker 1: then you go to bed Okay. If you don't want
Speaker 1: to buy Nigeria, you want to drill down more on
Speaker 1: you top down you can buy the money market or
Speaker 1: you can buy the equity. Do it fifty fifty. So
Speaker 1: you have money market, you have equity index. It's a portfolio.
Speaker 1: You live it like that, or you break it down more.
Speaker 1: You buy money market, you buy dollar money market, you
Speaker 1: buy property, you buy equity. So force sectors but all
Speaker 1: the Nigeria. So if you don't know like to do this,
Speaker 1: Internet is a bit difficult. Buy the sector, close your eyes,
Speaker 1: move on. If you want dividends, but there's a dividend
Speaker 1: index for you that I think it's called the MOZ.
Speaker 1: The name a free dividends index. Inject after index dividends
Speaker 1: not doing too well. Now generally it did seven percent,
Speaker 1: then it just crashed. In February and March it's doing
Speaker 1: zero point seventy. But there's something there for you.
Speaker 8: So when they're investing in.
Speaker 4: Index and Angie reast vestventrolst, it's not as it's not
Speaker 4: as weekly as words in the stuff should be.
Speaker 2: Like for example, the market wacuages exposed.
Speaker 9: The marketmakers that ask market efficiency here, they're buying in
Speaker 9: the expanse we don't grumble, doesn't understand that you might.
Speaker 3: Not get favored when I favor it may not be
Speaker 3: at the price to pay for.
Speaker 2: And you might not say that said, because I have
Speaker 2: a couple of ideas that I really do so well,
Speaker 2: but telling them I have been quite equal.
Speaker 4: So for the start, as I usually describe, it's better
Speaker 4: you start with things that are liquid, things that you understand.
Speaker 2: When you become moreso deicated, then yeah, you can start
Speaker 2: on that head.
Speaker 1: And it was the one question you have to ask
Speaker 1: you a pause. When do I want my money? That's
Speaker 1: the point.
Speaker 2: And when do I want my money?
Speaker 1: If you want money in ten years, do the equities
Speaker 1: that's you consider it, not do considerate if you want
Speaker 1: a money two years time, don't do equities at all,
Speaker 1: even if it's liquid. So when do I need my money?
Speaker 1: So tis I think sort.
Speaker 2: Of giving you a view? Yeah yeah, so so one does.
Speaker 10: One last thing will be when ann physic good goes
Speaker 10: publicly say by.
Speaker 2: Performance.
Speaker 1: It depends on how its structed. If it's a whole
Speaker 1: that whole company is NPCE at a discount, Don't look
Speaker 1: at it this way, it's n NPC at a discount.
Speaker 1: As a previm. What's n NPC's asset today is the
Speaker 1: oil reserves. It's not their refineries, it's their gas license
Speaker 1: and so the gas Nigeria is owned by them, the
Speaker 1: pipeline is owned by them, and then the reserves owned
Speaker 1: by them. If I was Nigeria, I would switch its
Speaker 1: company up. I would sell the pipeline company separate from NPC.
Speaker 1: I would sell the oil. I would get a company
Speaker 1: that would own that oil field. It doesn't have to
Speaker 1: be sold. There can be something different to raise capital
Speaker 1: for them. I would sell the refinery and air pains
Speaker 1: different from you know ones make three or four companies
Speaker 1: from the NPS you have today, quote them, list them,
Speaker 1: make them a bit agile so they can then go
Speaker 1: to the market and then become markets in Africa even
Speaker 1: in Europe. But because that whole NPS is just too
Speaker 1: big and too slow, there are some subdivisions in that
Speaker 1: n npiece that if you listen today, will be multi
Speaker 1: million corporation. That pains they're gonna do all the state.
Speaker 1: They are very very good. But any pieces just to
Speaker 1: the headquarters alone. Do they need that headquarters what they
Speaker 1: need for?
Speaker 2: You know?
Speaker 1: So if it was the business, the privacy of the
Speaker 1: business is easy by any pieces Nigerian Federation. If you're
Speaker 1: touching that, you'll tell you, Oh, you're taking that money
Speaker 1: that I was going to go to fuck things like that.
Speaker 1: But our company should be privatized, sold completely one hundred
Speaker 1: percent and just tax the company new owner, give it
Speaker 1: to give it to Dangote, tax him in dollars, move on,
Speaker 1: Move on.
Speaker 4: They won't because I think the new management, yeah, condence,
Speaker 4: you know, with.
Speaker 1: All due respect to the gentleman, I don't know him.
Speaker 1: With due respect to him, we've had this story before.
Speaker 1: Our say they are do you respect to the guy
Speaker 1: a lot?
Speaker 4: Hitting him?
Speaker 2: There's the difference. So the difference for me is like the.
Speaker 9: The timing, the agenda and why why, I think is different.
Speaker 9: So for me, I'm looking at the fact that the
Speaker 9: assinable people that will definitely make for investors consider invested.
Speaker 2: Because I'm looking at n IPC.
Speaker 4: Fluting between five to fifteen percent, just like around Cousini.
Speaker 2: I don't think they won't foot beyond dob. The kits
Speaker 2: up to toxics like to be same five to nine percent,
Speaker 2: you know, and.
Speaker 9: I think the evaluation would definitely be on that because
Speaker 9: the AMS would be quite.
Speaker 4: Interesting and I think it to be attractive compared to
Speaker 4: a lot A lot of people are thinking about now
Speaker 4: the concerns about their business is like the they are
Speaker 4: inconstancy with disinformation of information, more problems up about the industry.
Speaker 4: It's like they have one of the worst communication department
Speaker 4: seen on plannet.
Speaker 3: It and because I don't know we have with employment
Speaker 3: and strategy that.
Speaker 9: I think it makes national market reporting insulting where you
Speaker 9: bring in influencers.
Speaker 2: And truths to pastial messages.
Speaker 9: Because if you look at over the years, I think
Speaker 9: an NBC has really been having problems with the Nigerian
Speaker 9: populice in terms of optics, in terms of relationals, interms
Speaker 9: of passing the messages and get through.
Speaker 2: I think it's been arable. So I think.
Speaker 1: Them right now the grip fine is that any piece
Speaker 1: is fighting dan GOT and it's a wrong grip fine
Speaker 1: or wrong implicating rumor issue.
Speaker 2: We'll still be saying it to.
Speaker 1: Their own n NPC has she hasn't done got. But
Speaker 1: the equoting.
Speaker 3: Piece is going to be people for now.
Speaker 2: It's just that I won't hope they really Cameline of
Speaker 2: I would be team because the techno class to excuse
Speaker 2: this expected to will and they have support.
Speaker 1: They have support that we're wove headed before. So again
Speaker 1: you know Kevin was here. Kevin was here last week
Speaker 1: and Kevin said, NNPC can't cross with Beni. The pipelines
Speaker 1: they are taken from a Jacota to the north. They
Speaker 1: haven't been able to cross the river Niger. They have
Speaker 1: no Chinese financing. So NNPC is a national We shouldn't
Speaker 1: be subsidizing in n NPCs were subsidizing imports. Known the
Speaker 1: Nigerian people are subsidizing inn NPC subsidy is we are
Speaker 1: the ones paying for NYPC in efficiency. There's no reason
Speaker 1: why we shouldn't get petrol at the lower price. If
Speaker 1: NPC has crude oil, they can refine. They have no
Speaker 1: refineries that are working for none are working. They have pipelines,
Speaker 1: the pipers are not connected in the southeast. In the south,
Speaker 1: like Kevin was talking about here, we have no gas
Speaker 1: in the north. They've been be Nija for how many
Speaker 1: years they haven't gotten this things. We've had oil booms
Speaker 1: two or three times in this period, so I'm cautiously optimistic.
Speaker 2: Again, the army was there.
Speaker 1: But if NNPC is around Nigeren legualified natural gas, it
Speaker 1: would have been like Lema. But you don't come that
Speaker 1: they had before Lemma was owned by n NPC, it crashed.
Speaker 1: It crashed if foreigner came and bought it. Now Lema
Speaker 1: is worth billions of dollars. It's exact same that will
Speaker 1: happened to NPC. If you bring your foreigner today to
Speaker 1: this same NNPC give it five years and like a RAMCO.
Speaker 2: But a we say, how I know NP means like
Speaker 2: I behave and so I feel like that, well might
Speaker 2: look at the fact.
Speaker 4: That we have troubled as if we missed the opportunities
Speaker 4: they had. But look at what they are holding and quarts,
Speaker 4: and then you have about this life being on.
Speaker 2: Battle of you can't petty gains that you guys want
Speaker 2: the higher student.
Speaker 1: Gas by now, any position I've been taken day by
Speaker 1: now and prilie to before befohone call who will be
Speaker 1: is it made at the beginning and then befohrene call
Speaker 1: who will complet? Then before the monopoly monpoly for years?
Speaker 1: They have their assets. If I find oil in my
Speaker 1: in my village land, it's theirs. It's there, so how
Speaker 1: how are they profitable? It's my it's mine. So again
Speaker 1: on the any position which I've been connecting West Africa
Speaker 1: with gas with gas, so that you'll force those West
Speaker 1: calls to buy gas in naira. In one full swep,
Speaker 1: you have solved Nigeria's inflation problem. You've solved our better
Speaker 1: deficits las. Every year, all the West Africans, all the
Speaker 1: folks that are content gas will come to Nigerian banks
Speaker 1: and buying naira all day by nira with dollar or sefer.
Speaker 1: So every year you are getting three dollars free surfer
Speaker 1: from West countries from anyone else to buy the gas.
Speaker 1: You pay in naira, so it will come to g
Speaker 1: TB or you being said, oh we have two million
Speaker 1: dollars want to buy nira to buy Nigerian gas. So
Speaker 1: every year you are just getting the subsidized dollar inflow.
Speaker 1: But they haven't done it West Africa, they haven't done it.
Speaker 1: Same with gas inside Nigeria, West African gas, everything anything
Speaker 1: should have owned Africa owned it.
Speaker 2: But let's let's you've missed the opportunities.
Speaker 3: And I think.
Speaker 1: That's let's get.
Speaker 2: Is there, let's do briefface.
Speaker 3: Sure, I don't know if you want to pivot all
Speaker 3: the terrors.
Speaker 1: Yeah, we're gonna do that. We're just too I mean,
Speaker 1: what the heck I mean tariffs.
Speaker 2: Let's do tariffs. So it's important.
Speaker 1: It's important we lay tariffs before we talk about it.
Speaker 9: Disclaimer, I think you know just the financial the partici
Speaker 9: actual multipointics are because I.
Speaker 1: Don't get politics. Yeah, I know.
Speaker 4: As many poltics are because you know, I don't very compotational,
Speaker 4: and you know, the space to be required because.
Speaker 2: The discussure to be okay, we look at a financial pation.
Speaker 2: So I don't give me if you look at if
Speaker 2: you look at the market, for example, I remember when
Speaker 2: you were like was it that? But I said that
Speaker 2: Trump pretty or.
Speaker 4: The market somewhere that night level looks ordinary and if
Speaker 4: you look at data two days in the past.
Speaker 2: Week, was was the nine level?
Speaker 9: Yeah, you know, you cannot undermine presence Trump's economicy.
Speaker 2: He has some of the start as people and he's
Speaker 2: trying to realize the free market magazine.
Speaker 4: It feels that Americas have been at this advantage and
Speaker 4: it feels that there's a risk were.
Speaker 2: Supply ches im outstandished.
Speaker 9: It was like China, which I totally bad and also
Speaker 9: feels like, oh, well, medal this countries has also been
Speaker 9: fair to America, which largely makes sense because if you
Speaker 9: look at tires to post per certain countries on America,
Speaker 9: it's quite right.
Speaker 4: And if you look at historical data from then the
Speaker 4: Great Depression to the time with peak US Turius have
Speaker 4: been pretty much new. But there are two things that
Speaker 4: confuse me. First, the US is the order of result currency. Secondly,
Speaker 4: the US has the most efficient markets in the world.
Speaker 2: There's no there's no substitute. So this also comes as
Speaker 2: a cushion.
Speaker 3: Now you're trying to just arrange the other.
Speaker 2: At the same time you're starting your market because.
Speaker 4: Or if you really don't right now, if you look
Speaker 4: at black Rock data in Q one in level Pulia,
Speaker 4: do that has moved to.
Speaker 9: Europe teas by America investor, you can form manayers as said,
Speaker 9: America investors are moving from.
Speaker 2: To the market.
Speaker 9: And also you look at the fact that Tiger economies
Speaker 9: are also expanded their market to receive. So my fear
Speaker 9: is that if your eyes are now merging with your
Speaker 9: supposed enemies, he brings in a police carisk which I don't.
Speaker 2: Want to talk about, but you know, just to count
Speaker 2: down the discussion.
Speaker 9: My fear this week is that like I does pray
Speaker 9: because I looked at my just as I was speaking
Speaker 9: to you, doesn't me check it for the TA.
Speaker 2: I didn't want to becrouble seven if the market, if
Speaker 2: there's no news this night, card of my face that
Speaker 2: was more happened in the coming days.
Speaker 4: I think the president of the country, if I was president, people,
Speaker 4: I think what they do should be beside me and
Speaker 4: is a petual adverson. It's hardly how to rook the
Speaker 4: economic project because.
Speaker 2: If you look at our margers from kudos.
Speaker 4: Going less day by day and the pass that I
Speaker 4: couldn't shouldrop by other than dollars, we're in tip in
Speaker 4: tip mess, you know, if not the trader by many
Speaker 4: of these police characnomics.
Speaker 2: I say Niger has to reduce that or that's the fact, like.
Speaker 4: Because if you look at the fact, why like jazz
Speaker 4: generation from one as we did that you just clip
Speaker 4: on oil revenue has dropped, it's because they'll be short
Speaker 4: forced and relying on it. But we don't have anything
Speaker 4: that has given us the fings called. So that's spent country.
Speaker 1: Okay, really, first, don't want you speak, but I want
Speaker 1: to just give folks that are listening, it's good to
Speaker 1: talk about the history of this whole thing. It's not
Speaker 1: a tarret. It's not really a financial thing. Let's go
Speaker 1: back to nineteen forty five. Nineteen forty five, the Second
Speaker 1: World War had ended. Europe was completely destroyed. No economy
Speaker 1: in Europe, Italy, Germany, France, there was nothing, literally nothing.
Speaker 1: So in forty five, two things happened. In forty four,
Speaker 1: two things happened. Number one the World Bank and the IMF,
Speaker 1: And of course the US had gone. There was only
Speaker 1: the US had the gold. So US said number one,
Speaker 1: our currency would be the global reserve currency. What does
Speaker 1: that mean? That means that Italy had no currency, The
Speaker 1: leader was worthless. The German mark was hyperinflated, so we
Speaker 1: would allow you to trade with the US dollar. So
Speaker 1: what would happen is Germany. West Germany would come to
Speaker 1: the US and say would want to buy oil from Nigeria.
Speaker 1: West Germany would borrow dollars from the US fed pay
Speaker 1: to Nigeria that US taught. But Niger will not accept
Speaker 1: West German marks, they are worthless. The Niger accept nine
Speaker 1: US dollars and sell crude oil to West Germany. So
Speaker 1: that's how the dollar became the global currency of settlement,
Speaker 1: together with the petro dollar. Because there was no dollar
Speaker 1: in Europe. That was not Europe, only America. And what
Speaker 1: that was the Cold War? So that's currency. What about
Speaker 1: trade again, Italy, France, Island all devastated. So the US said,
Speaker 1: would allow you because tariff is a tax on imports.
Speaker 1: So when you tariff me and my people paint, when
Speaker 1: I tarify you if people are pain, okay, US said,
Speaker 1: will allow you Germany, Italy, and France to impose a
Speaker 1: higher tariff on US so you can raise money and
Speaker 1: build your economies. So the US will tariff France two percent,
Speaker 1: but France can tariff US twenty percent. They all said
Speaker 1: that's fine because France needed that money to rebuild an
Speaker 1: economy that was broken. This was nineteen forty four, nineteen
Speaker 1: forty five. Now we have moved on till twenty twenty five.
Speaker 1: Let me read you the budget of America. This is
Speaker 1: the actual, not the budget. America in twenty twenty three
Speaker 1: brought in six point one trillion, sorry, brought in four
Speaker 1: point four trillion. That year, America brought in four point
Speaker 1: four trillion in the America's budget. And what we call
Speaker 1: mandaty spending, which is social security and of course healthcare.
Speaker 1: You can't touch it. Even Trump cannot touch Social Security
Speaker 1: or Medicare.
Speaker 2: He will lose the election.
Speaker 1: No one can touch it. So anything that is going
Speaker 1: for Social Security, that's going for Medicare is what we
Speaker 1: call mandatory. Migratory spending America is three point eight trillion.
Speaker 1: So total inflow again four point four trillion, Medicare, Medicaid, Medicare.
Speaker 1: There wasn't a Medicare are three point eight trillion with
Speaker 1: means that already the total revenues America receives has gone
Speaker 1: to Medicare Medicaid alone. And you can't touch it. Then
Speaker 1: where's a lot of money go to? Interest?
Speaker 2: Interest?
Speaker 1: Parents in America today are more than defense spending interest spend.
Speaker 1: What is America spend to pay interest on his budget
Speaker 1: is more than what it pays for the defense. I
Speaker 1: will know what America is. Defense is about eight or
Speaker 1: do pot three billion? America is paying more in interest.
Speaker 1: So what am I saying? America is broke? America is broke.
Speaker 1: And if it's your country is broke, what do you do?
Speaker 1: Either cut down spending or you raise taxes. Either cut
Speaker 1: down spending or you raise taxes. You can't cut spend
Speaker 1: in America because you can't touch medicare. You can't touch medicaid.
Speaker 1: You can't touch what they called in mandatory.
Speaker 2: So what else do you do?
Speaker 1: You have to raise spending. Sorry, you have to raise revenues.
Speaker 1: How do you raise revenues? They are Republicans, They're not
Speaker 1: going to raise taxes.
Speaker 2: So what do they do? They're going after tariffs.
Speaker 1: What is the tariff? A tariff is a consumption tax,
Speaker 1: the same tariffs Democrats Republicans have supported it. As at
Speaker 1: nineteen thirteen, America had no income tax. America's government got
Speaker 1: this money from only tariffs. There was no IRS. IRS
Speaker 1: was invented because the American folks said, Okay, we're going
Speaker 1: to have a grand bargain, will allow you to tax
Speaker 1: alcohol in return. Sorry, you are, We're going to ban
Speaker 1: alcohol and to replace the revenue I're gonna lose from alcohol,
Speaker 1: you can tax income. That's how they have IRUs because
Speaker 1: of alcohol. Alcohol was at number one thing. They take
Speaker 1: away alcohol. You can tax income. So fast forward to
Speaker 1: Trump two twenty five. He has inherited an economy that
Speaker 1: is broke. The economy is completely broke, So tariffs are revenues.
Speaker 1: He's got to raise revenues from somewhere. So he's doing tariffs.
Speaker 1: Now are they organized? Is it that we're taxing penguins.
Speaker 1: We're not taxing penguins. But it doesn't take away the
Speaker 1: central fact that you have to do two things. Either
Speaker 1: you caught revenues or sorry, you caught expenditures, or you
Speaker 1: raise revenues and both have to happen. Believe that's what's
Speaker 1: going on. That's exactly what.
Speaker 2: Is going on.
Speaker 1: And we can I read the politics of it.
Speaker 2: You're just talking about Look at the markets now, you
Speaker 2: can the markets now? White?
Speaker 3: Sure, sure, sure.
Speaker 9: I was telling you Fad that for good to be
Speaker 9: down to dollars, he's telling me that investors are equals
Speaker 9: selling their age.
Speaker 1: Okay, that's what I say. Give the other side the limited.
Speaker 1: If stocks go down, what also goes down? What no
Speaker 1: bond bonds go off?
Speaker 2: When we started living?
Speaker 1: If I have a hundred dollars, this is a fact
Speaker 1: to olimited. If I have a one hundred dollars, you're saying, callum,
Speaker 1: But what is Trum trying to do?
Speaker 2: Trump?
Speaker 1: They need to pay five trillion interest on five trillion.
Speaker 1: They need to pay that money. How are they need
Speaker 1: to pay five when interested in America at four percent
Speaker 1: they can afford it. They cannot afford to pay interest
Speaker 1: on the maturing debt. So what do they want to do.
Speaker 1: They want to force people. They want to force people
Speaker 1: like go Illuminate to sell his shares. If a Loomity
Speaker 1: sells his shares to the stock market, it crashes. Why
Speaker 1: doesn't limit they take his money to Lima, take his
Speaker 1: money to the bond market. When they go to the
Speaker 1: bond market, bond yields four, so the US government can
Speaker 1: refinance their bonds at the lower That's what they're doing.
Speaker 1: It's on purpose. This this get quite on purpose. Of
Speaker 1: course it's working. It's a market not down.
Speaker 4: Okay, it was temper I'm giving in ex spectrum now
Speaker 4: because I'm looking at him expectrum car and kind of
Speaker 4: saying that they're not putting money us on again, say,
Speaker 4: won't take I want to.
Speaker 2: Put money in good.
Speaker 1: God, they don't have the off gold in the world.
Speaker 4: And I was stelling with illstand you're coming from I
Speaker 4: need to us pushed on.
Speaker 2: Interesting Now I'm telling the optics.
Speaker 3: I'm telling the contaction happening in the market.
Speaker 4: Is I get what the president is doing, and I
Speaker 4: understand the coalition of detaining you with defense and investors
Speaker 4: and the.
Speaker 9: Cost of boring, and I get you can put the
Speaker 9: average with two on this space.
Speaker 4: What's really concerned now is man my testars low cuticated
Speaker 4: in span of itty what is really happy? And now
Speaker 4: you talking about black money? Can you acated? You have age,
Speaker 4: you know the most powerfuct economy.
Speaker 7: You really have to problem.
Speaker 1: You can't compare those someone follow all my follow one, K,
Speaker 1: my ira are all invested here. They looked at them
Speaker 1: and then they crashed. I'm looking at the point I'm
Speaker 1: making against the sooliminated. The risk is the bigger risk
Speaker 1: would have been if America said, look, let me, let
Speaker 1: me make it tell you all a lot of you
Speaker 1: listening there, just google what I'm telling you. Go and
Speaker 1: google the correlation between the federal reserves spending money at
Speaker 1: the stock market. Just google it. The most on them
Speaker 1: does make this point to put number. Then the point
Speaker 1: I'm not aarguing about you. I'm not aguing about your facts.
Speaker 1: They are correct.
Speaker 2: But the problem is that I'm telling you that this
Speaker 2: is not what we are looking at in this part
Speaker 2: of the world. And this is no more.
Speaker 1: Of America. He's not a present Nigeria looking at.
Speaker 9: The fact that wild I'm looking at the fact that
Speaker 9: could like Trump drammar has.
Speaker 1: Caused insented is exempted from tarist only there you.
Speaker 4: Can can a letter for tires but lost them as
Speaker 4: past week and you speak now it looks like he's
Speaker 4: because it looks like a cat.
Speaker 2: Is from me. You know what's happened to be called
Speaker 2: as the people can it's nothing faster than expirity.
Speaker 1: I want to let me make this point. I want
Speaker 1: to let me this point. I want to put to Google.
Speaker 1: I want you guys to google the Federal Reserve correlation
Speaker 1: to the stock market. I've posted it from the tag
Speaker 1: can possibly again. If you want to know what the
Speaker 1: stock market will do tomorrow, look at what the Federal
Speaker 1: Reserve will spend. There's amount of wid the Federal Reserve
Speaker 1: is spending is directly correlated to the stockbas The Americans,
Speaker 1: what am I saying for them is speak English. American
Speaker 1: stock market used to return five six percent every year.
Speaker 1: This is from eighteen hundreds, right, eighteen seventy five six
Speaker 1: percent in the last I would say, fifteen years after
Speaker 1: Obama or do it from Obama till date is been
Speaker 1: returning fifteen twenty five eleven. What's happening Obama, bro Well,
Speaker 1: call the quantitative easing, which means you simply print money.
Speaker 1: When that money was printed, That's what correlates what all
Speaker 1: these tech companies you see today, they got cheap financing,
Speaker 1: they get chip financing. You can do it in Nvidia,
Speaker 1: you can do Meta, you can do Google. Because you
Speaker 1: are taking risks, you are investing in service.
Speaker 2: Right.
Speaker 1: So the Federar reserves free capital allowed in the American
Speaker 1: economy to borrow cheaper, to take risks cheaper, and to invest.
Speaker 1: If you pull the chart, direct correlation Fedruar reserves, balance
Speaker 1: sheet and the stock market. All mister Trump has done
Speaker 1: with Scott and they said it during the campaign. They
Speaker 1: set it over and over. They have simply stopped the
Speaker 1: free money. They stopped it once they stopped that free money.
Speaker 1: You see the stop stop markets is reacting to the
Speaker 1: outflow of the free money. But the question is I'm asking,
Speaker 1: is this Nike don't want stop that was up this
Speaker 1: this year this week Nike, Nike stock was over. The
Speaker 1: Nikes sell more shoes or sellers shoes.
Speaker 2: No change.
Speaker 1: But Vietnam and the US are talking and they want
Speaker 1: to do zero talent. So Ivesia are saying if there's
Speaker 1: zero talents, then Nike shoes will enter America for free.
Speaker 2: This is the point I'm making this talkback.
Speaker 1: It's not the economy.
Speaker 3: This talk is not the economy.
Speaker 2: You are speaking like an American and I get.
Speaker 4: It, understand to view, but we're tooking from from anibstal
Speaker 4: perspective as people that.
Speaker 2: Are okay as far as the market. Se Drammar has disported.
Speaker 1: About that, it's not drama. He has to pay the
Speaker 1: bills Nigeria. So when when when when we have Shagary,
Speaker 1: When Nigeria has Shahu Shagary. Right before she Shagary, we
Speaker 1: had the oil boom. We had a lot of money.
Speaker 1: Then we now had Shaveho Shagary. And when Sharkane we
Speaker 1: could not pay our bills. Then what happened?
Speaker 2: What happened?
Speaker 1: Where they cool? Because it was economic issues? The coup
Speaker 1: came in so to stop that if thing happening, we
Speaker 1: were having a cook.
Speaker 2: We had Buhari, then we had IBB.
Speaker 1: What when Nigeria suffered with IBB, Bo, Harry and Badger
Speaker 1: is because we refuse to do what mister Trump is
Speaker 1: doing today. We tried to keep our life style without
Speaker 1: going into what we call an austerity.
Speaker 2: That's what it's doing. If you don't do it, somebody
Speaker 2: has to do it.
Speaker 8: Somebody happened.
Speaker 1: Okay, that's that's that's not having space. We have a
Speaker 1: lot of that's not having space.
Speaker 2: I don't want to do the image of that.
Speaker 4: So I'm looking at the fact that the prices who
Speaker 4: were there and mostly we can because I really cared
Speaker 4: for them, not the portices behind it.
Speaker 1: And I feel like this is a time for It's
Speaker 1: an opportunity for Nigeria. I saw Ethiopia, I don't. I
Speaker 1: saw a twitt from I saw a tweet from the
Speaker 1: Ethiopian I think is a minister in Ethiopia. They are saying, Wow,
Speaker 1: they're going to export to the US at ten percent,
Speaker 1: Asians are going to pay thirty forty percent. So it's
Speaker 1: your parents saying that they're now rejiging their economy to
Speaker 1: take orders from Asia.
Speaker 2: They are being smart.
Speaker 1: They are saying this is an opportunity for us, because
Speaker 1: I've American has a goa African growth opportunities at witness
Speaker 1: that Africans can export to the US at a lower tariff.
Speaker 1: Africans have it. It's your pay's only publish yourself, so
Speaker 1: we we have to take an advantage. We then traded bays.
Speaker 1: Whose fault is it Trump that built Calabatto base for
Speaker 1: you fault? Who's fall? Did Nigeria not build up an
Speaker 1: export based Whose fault is it trump sport?
Speaker 2: We didn't.
Speaker 1: We don't prepare ourselves. And the rey came and I said,
Speaker 1: want to buy umbrella? It's your payer has got miles
Speaker 1: and and it's clusters of export goods. Madagascar, it's a Rumanda, Namibia,
Speaker 1: They're already what were we doing.
Speaker 2: America? First?
Speaker 9: I think the hokey is trying to maint country's economy because.
Speaker 2: We didn't do our own work supposed the issues.
Speaker 11: So the exactly the world works, Lego States has, Lego
Speaker 11: State has built a deep sea port, They've built a
Speaker 11: light tril, they're investing in roads.
Speaker 1: So all that skid that didn't do their work and
Speaker 1: not co Lego State vat. That's what the argument you
Speaker 1: are making. Legos deep sea ports. Now, Legos is a
Speaker 1: number one destination in West Africa for deep going to
Speaker 1: cargo in the whole of West Africa. The same where
Speaker 1: ITSIP has invested in Chinese built export clusters. Say with Youruanda,
Speaker 1: same with Madagascar, same with Namibia, save with the Africos,
Speaker 1: Tu Nichia and Morocco are exporting cars to EU. Now
Speaker 1: those same are going to now export carts to the
Speaker 1: US because bing W come to Morocco, do their cars
Speaker 1: in Roco and export to the US. Because they have
Speaker 1: built their economy over time. Nigeria did be nothing. We
Speaker 1: have no railway in Nigeria from the east to the west.
Speaker 1: And that we're content. We're blaming Trump. We have no
Speaker 1: power supply. We have no power supply. Who's fought on
Speaker 1: the We can't blame mister Trump.
Speaker 4: Isn't that we should take into somebody while meaning the means, because.
Speaker 1: Can't you Why why did Tiopia Why did Legos that
Speaker 1: build a deep seaport? Why because of trade the full
Speaker 1: sight of Legosty government over the years build a deep seaport.
Speaker 1: Why has quite but not built the deep seaport? Why
Speaker 1: is not that darriage? So again, only you can't blame
Speaker 1: anybody but yourself. We can't blame Trump. This talent thing
Speaker 1: was he has We said it since nineteen eighty seven.
Speaker 1: Go back and pull mister Trump's so during the campaign
Speaker 1: I watched the I watch for it. He was sending
Speaker 1: there he's gonna be postcarriage.
Speaker 2: Yeah, so what would argue, I don't think you let's get.
Speaker 1: Don't you looking forward?
Speaker 6: Sorry, let's president for trying to optimize his own economy.
Speaker 3: For that to old calling to can go as selfish.
Speaker 7: It should be American first, should be a GIA first,
Speaker 7: according to in a gillion and should be gan first.
Speaker 7: So the president or the Replican social call for all
Speaker 7: jet meeting or I can tank flow, how can we
Speaker 7: massimize the present reality?
Speaker 2: So actually take it? What can we do?
Speaker 12: Yeah, let's just go. Yes, we're spoken, Yes, we're spoken.
Speaker 12: Hold up that me, mute y, see you go ahead.
Speaker 12: See you got the flow. Let's let's get focus. I
Speaker 12: don't mont monoplze and Mike see you got the floor ahead.
Speaker 4: Yeah.
Speaker 13: So I'm listening to what you know you've been saying
Speaker 13: and hundred percent. So we talk about trade. I think
Speaker 13: with the tirest issue in my opinion, because I've wrote
Speaker 13: a lot about it in times are for two reasons
Speaker 13: in one opinion, revenue raising and then protectionist policies.
Speaker 2: So now the issue is, in my opinion, we've been
Speaker 2: in a situation where like for me, there is.
Speaker 13: Nothing I don't I don't know believe in the concept
Speaker 13: of free trade because all over the world countries do
Speaker 13: have trade barriers, non trade barriers, all those kind of things.
Speaker 13: So that's one second, levall, why are we doing these
Speaker 13: protections policies? Look at China for example, China's business model
Speaker 13: or investment model is skewed towards investments.
Speaker 2: Skewed towards exports.
Speaker 13: So you know, the country where you have forty percent
Speaker 13: of you know, consumption, in our countries like the West, you're.
Speaker 2: Seeing sixty seventy percent. That's the way he then get
Speaker 2: some of these trade and balances, and that is where
Speaker 2: the frustration.
Speaker 3: Is coming from.
Speaker 13: China's exports economy has really hurts global countries and not
Speaker 13: just the US as well, So that's where it is.
Speaker 2: Second of all, Calora already talked, how do you talk
Speaker 2: about revenue raising? If that's the case there are using
Speaker 2: tires as a way to raise revenue.
Speaker 13: I don't really think it's an efficient mode to raise revenue.
Speaker 13: And you know that is why, for example, all these
Speaker 13: things are pointing towards the extension or making the permanent
Speaker 13: the tax cuts. If you look at the graph, right,
Speaker 13: if you put revenues and in contaxt, if you look
Speaker 13: at the revenue as a percential of GDP, it is
Speaker 13: ready to be flat like flat. And if you look
Speaker 13: at income tax, it's really skewed all the whale.
Speaker 2: Right. I don't know if I could oppost it here.
Speaker 3: I'm probably doing some other type, but that is what
Speaker 3: I'm trying to say.
Speaker 13: That revenue is a tire iff as revenue rate is
Speaker 13: not efficient because you need to have a tire rate
Speaker 13: high enough.
Speaker 2: Would I do am I against tireffs?
Speaker 1: No?
Speaker 2: I like it.
Speaker 13: I think it's good to reorder the global economy and
Speaker 13: financial system. But people need to understand that if you
Speaker 13: put a tariff at that rate, it's a shock.
Speaker 2: It's a major supply supply and demanding balands. Right. Second
Speaker 2: of all, what are the consequences of this? Right? In
Speaker 2: my opinion, I look at this in two ways.
Speaker 13: So if you're as this weaponize in trade, which you're doing,
Speaker 13: what are these other countries doing to do they don't
Speaker 13: necessarily have to Wow?
Speaker 1: Okay, okay, wow, okay. Let me ask a question. The
Speaker 1: US and the entire world had a meeting and passed
Speaker 1: a ten percent minimum tax. Only two countries didn't sign,
Speaker 1: and I praise them Ireland and Nigeria. I aware of
Speaker 1: that tax, ten percent minimum tax across the border. We
Speaker 1: aware of that tax. Correct, ten percent minimum time. Niger
Speaker 1: did not sign. Ireland did not sign. What's the difference
Speaker 1: with that tax and the tariff?
Speaker 2: A tariff access and consumption tax. So what I'm what
Speaker 2: I'm busy trying to see is that, now.
Speaker 1: What's the difference. What's the difference with that global tax
Speaker 1: and the tarret that Trump has done? That says anywhere
Speaker 1: you are, That tax says anywhere you are on Earth,
Speaker 1: once you manufacture a product, you would pay ten percent tax.
Speaker 1: Nigerli if it's a sign, And I wrote about it,
Speaker 1: because what what are you trying to do is is
Speaker 1: they're want to take away the advantage of Nigeria. So
Speaker 1: companies move to Nigeria and nest book Nigeria and do
Speaker 1: nestling Nigeria. Make Currelak an expert to say in Mexico,
Speaker 1: US comes and says, nest in Nigeria, they're going to
Speaker 1: add a ten percent tax, not in addition to Nijera's tax,
Speaker 1: so they will pay an extra ten percent tax with
Speaker 1: me is that they now it could make the cost
Speaker 1: of nest Niger to go up by ten percent, so
Speaker 1: they can now compete with Nestley Houston and I just said, no,
Speaker 1: only Nigeria and Ireland. If you decide, what's the difference. Now,
Speaker 1: you say weaponizes every You start up by saying everybody
Speaker 1: pays tax.
Speaker 2: I don't know what I mean by weaponizing that the world.
Speaker 2: I don't see the organizing bots.
Speaker 13: Other people will say, Okay, if you're weaponizing trade with
Speaker 13: also the rest of the world, you would then do
Speaker 13: One of the consequences of that, in my opinion, is
Speaker 13: to retaliate your stupid because the best thing to do
Speaker 13: in a tiff like this is to stay come. If
Speaker 13: you're retaliate, you're going to innovative real you know, raised
Speaker 13: prices of good and services in your country. But long term,
Speaker 13: I think the tires are going to be deflationary.
Speaker 1: Okay, So I think that Trump's target is ten percent.
Speaker 3: I say China to be for.
Speaker 2: You know, if you if you talent, if you realiate,
Speaker 2: you're not sensible because if you're in the yeah, if
Speaker 2: you retaliate in.
Speaker 1: Yeah, Oliver, I can argue China trying is wrong China.
Speaker 1: China already has tires on the US. Then the US
Speaker 1: retaliated to China. Then channel retire.
Speaker 2: Where does this?
Speaker 1: Who first put the tariffs on?
Speaker 2: Who?
Speaker 1: Let's start where we look? Who put the tariffs first?
Speaker 1: If you, I can share it again, if you pull
Speaker 1: off the tariffs. America was challenging China to centering America more.
Speaker 1: Then America went off. Then Channa has now quote unquote retaliator.
Speaker 1: But who put the talents on first? That's someone has
Speaker 1: a retaliation can limit? I live in Canada?
Speaker 8: Actually, who created you the first?
Speaker 3: America?
Speaker 6: See America createated the rules and countries who worked around
Speaker 6: the rules.
Speaker 2: You have the reserve currency.
Speaker 3: You are the home of finals. You know, countries put.
Speaker 4: Their forms into treasury like you can't all you guys,
Speaker 4: Let's be honest that you can't have That's what is weak.
Speaker 1: But younger, this is why, this is why, this is
Speaker 1: why it started from nineteen forty four. Because many people
Speaker 1: are looking at tariffs from twenty twenty five, you have
Speaker 1: to go back to the genesis of how America allowed tariffs.
Speaker 1: Tariffs were a subsidy to Europe. China When when when China?
Speaker 1: When China hold up. When China joined w C TIGO,
Speaker 1: China was quoted as a developing nation. That's why Channel
Speaker 1: was allowed to tarret the US. When Tanna joined the WTO,
Speaker 1: they were not as economically advanced as they are today.
Speaker 1: So w trade Ovation China is listed the same way
Speaker 1: Jibouti is listed developing country. So America says, no, this
Speaker 1: is wrong. China is not the second Lives economy. If
Speaker 1: you do PvP, they are Latin in America, you cannot
Speaker 1: allow them to tariff US as a determination.
Speaker 2: W T says no.
Speaker 1: So America now does what they call faithboudation status and
Speaker 1: they now paralyzed Channel for cursity depreciation. But we have
Speaker 1: to start the story from the beginning, not from the
Speaker 1: twenty five. Please go ahead, sat take it. See see
Speaker 1: look how to get out to speak and see you
Speaker 1: Nelson go ahead, okay, thank you very much.
Speaker 2: Cando. I must thank you for thinking.
Speaker 7: It depends to illucinate this history and to paint and
Speaker 7: even began globbalut. Make sure what is happening to the
Speaker 7: US is not using too the US. It's a general
Speaker 7: stuff for the entires of Europe. It's just that the
Speaker 7: government in Europe have not fasted. If you check a
Speaker 7: little research, the average depths to glipirati across Europe is
Speaker 7: between eighty to one twenty percent. So it means that
Speaker 7: the fiscal hedroome is simply not there. And the tax
Speaker 7: rate in small these countries is about thirty five to
Speaker 7: even forty percent in some cases when you add both
Speaker 7: state and federal taxes.
Speaker 2: So what that means is that these countries are.
Speaker 7: Already in debts, that marks are in debt, and they
Speaker 7: don't have the apparatus to raise more money to pay
Speaker 7: to meet their dept applications. US has a similar problem,
Speaker 7: but not as bad as Europe.
Speaker 14: Trump.
Speaker 7: Yes, they have the reserve currency, but the reserve curs
Speaker 7: is not helping them because the more you print, the
Speaker 7: infationary region attaches up with you, and eventually, if other
Speaker 7: countries choose not to use your currency, you don't. So
Speaker 7: having the reserve cressy is a good thing to have,
Speaker 7: but it does not protect them from the effect to
Speaker 7: other stupid it.
Speaker 3: Now, for those who are complain about the.
Speaker 7: The stock market, let us tell us the truth that
Speaker 7: we're looking at growth pass development what Trump is going after.
Speaker 2: If I understand courrebly is development to.
Speaker 7: Build the competitive base of the manufacturing base for the
Speaker 7: country because it is currently in the hands of the enemy.
Speaker 7: China's an enemy not just on a trade perspective, but
Speaker 7: from a political perspective. They're not thinking the samptoms and
Speaker 7: it cannot allow your enemy to build the manufacturing base
Speaker 7: for your economy. Now that said, we cannot come through
Speaker 7: these development option is work.
Speaker 2: Can we do?
Speaker 7: What should be our response? A couple of two years ago,
Speaker 7: I was in career. We made a firm that was
Speaker 7: willing a career friend. I was willing to bring issue
Speaker 7: manufacturing facility idea to police. They were put to our
Speaker 7: fifty thousand persons simply because our level is really relative,
Speaker 7: but two hundred dollars by multi fay compared to what
Speaker 7: you have later to four hundred dollars.
Speaker 2: So the question is this, what.
Speaker 7: Are we going to do to you know, if possible,
Speaker 7: you know, take some of the light.
Speaker 2: Manufacturing industry that the US will.
Speaker 7: Never be competitive as because I don't think their goal
Speaker 7: for African China is to is to start manufacturing issues
Speaker 7: and the cloth in US. No, those are low hanging fruits,
Speaker 7: the big ticket items as the high end industries.
Speaker 2: So this whole world is an left to levers item.
Speaker 7: We need to pick the low hanging fruit, which is
Speaker 7: what the tap is trying to do, and that should
Speaker 7: be the point of our focus.
Speaker 2: And for investors, we should.
Speaker 7: Find those more firms or imagine small firms you know
Speaker 7: who are you know tap into that space. That what
Speaker 7: ter final is a good is a good idea of
Speaker 7: what naderia to focus on, not just defined patrolling itself,
Speaker 7: but the other bad process of dire finery, the plastics,
Speaker 7: you know, the other chemicals, which is who we are
Speaker 7: a lot more valid and even be added beyond the
Speaker 7: tip go Petroud. So that said, we should look beyond
Speaker 7: the world. The stock markets had the stop gets responded.
Speaker 7: These have propped up economies that have been.
Speaker 2: Propped up for many years.
Speaker 7: These talks asp us tucks have impropped up. If you
Speaker 7: check the average returns as stop price, you know, you.
Speaker 3: Can see that the margins show that the is just
Speaker 3: because there's too much money in.
Speaker 7: The economy, not because these talks are really creating more
Speaker 7: value for.
Speaker 2: The body share for shure that just have to appreciation.
Speaker 7: So that said, it will drop, yes, but I think
Speaker 7: Croop and Core are willing to pay the prize and
Speaker 7: say a fair price to.
Speaker 2: Pay thank you.
Speaker 1: I think as well, just to make a point, stocks
Speaker 1: there's Snapchat matter. They make products, they are making profit.
Speaker 1: They are the economy that is fantastic. I think the
Speaker 1: point that must be understood these days America is broke.
Speaker 1: If you look around. They brought those to do efficiency
Speaker 1: b to cut government without or as report. That's what
Speaker 1: they're doing to cut the waste. This tarentt is a
Speaker 1: revenue generator. And like I said, I asked gentlemen, as
Speaker 1: put before, when Biden was the present, the entire world
Speaker 1: got together and passed a ten percent minimum tax on
Speaker 1: all nations.
Speaker 2: Whether you like it or not, that was a tariff.
Speaker 1: Did we sign up for it? But they passed it
Speaker 1: and nobody complained the Trump I believe it's going for
Speaker 1: ten percent global tariffs. That's why I think it's target
Speaker 1: is the forty percent was to force food to go
Speaker 1: and negotiate. I hear now Vietnam and what's in news
Speaker 1: now Vietnam has come to us and said we want zero.
Speaker 1: Don't give us ten give us zero percent tariffs or
Speaker 1: won't charge you, you won't charge yours. Same with israel I.
Speaker 1: Hear Argentina is also working to do zero zero times India.
Speaker 1: India is doing zero percent. I think it's target is
Speaker 1: to have ten percent across the board.
Speaker 2: But if.
Speaker 4: At it this way, Tea can is arguing about strong.
Speaker 4: It's not trying to wake up Americans in this traditions,
Speaker 4: which to me I think is lead.
Speaker 2: But he's trying to make it up. But look at
Speaker 2: it this week.
Speaker 3: You are bullying Canada.
Speaker 9: At the same time you're making the Europeans look like
Speaker 9: so because see car in America.
Speaker 3: You don't really know out of the.
Speaker 2: Outside world is taking this. The man doesn't.
Speaker 1: Doesn't you keep making this point. The man is lettered
Speaker 1: by Americans. That's the point you keep from making. Well,
Speaker 1: I don't like so I'm in Nigerian. So I'm in Nigerian,
Speaker 1: but the guy he's elected by Americans. It's the same
Speaker 1: when I Tui book came to the assays there was
Speaker 1: any faisy in Nigeria. If NI book comes to the
Speaker 1: unsays it wants to protect it, I will now say,
Speaker 1: oh no, no, no, dolible. Let's worry about Angola and Sudan, no.
Speaker 2: America and this.
Speaker 4: Economic Google Eccomist built on free trade, right, and you're
Speaker 4: trying to write it properly.
Speaker 1: But how can free trade when everyone is turping? Just America?
Speaker 2: I want the market and it's a very for me.
Speaker 2: I think it's very scary.
Speaker 1: Trump is a bully, he's a brush guy. He's on culture,
Speaker 1: he doesn't speak well, he's all those things. I agree
Speaker 1: he's not he's not very subtle. Somebody else would have
Speaker 1: done the same tariffs in a very very subtle way,
Speaker 1: got the same results.
Speaker 2: But this is what the guy is.
Speaker 1: Is anybody surprised of how he tweets? Are you surprised
Speaker 1: whole that he's how twe If you're surprised and you
Speaker 1: just woke up today, this is the man.
Speaker 2: This is the guy, this one. I wanted to speak
Speaker 2: like an American. I want I want to speak like
Speaker 2: an American. Now.
Speaker 10: If yes, theoretically and most likely experimentally, everything Trump is
Speaker 10: doing or intends.
Speaker 2: To achieve looks good, well, I don't mean to treat.
Speaker 10: At anybody yeah or any busy person. Yeah is acting
Speaker 10: like you know the same way we did and removed subsidies.
Speaker 2: Just say subsidy is gone and it's gone. Acting. I
Speaker 2: don't want to use big, big words.
Speaker 10: Well, if your intention is to balance trade for America,
Speaker 10: in which you know that you are going to harris
Speaker 10: almost all the country in the globe, why do you
Speaker 10: start by threatening Mexico Canada.
Speaker 2: Now we are driving at this.
Speaker 10: Mexico brings in a lot of foods into America, which
Speaker 10: effectively reduce food inflection in the country. Canada and the
Speaker 10: other way supplies America with a lot of real arts
Speaker 10: and critic company as that powers the.
Speaker 2: Industry in America. If your intention is to also.
Speaker 10: Okay, based on what he said, his agenda is to
Speaker 10: kind of reduce our balance trade. And then the Brook,
Speaker 10: the Brook country. You know this your your your go
Speaker 10: put you to achieve it. We're going to haunt people
Speaker 10: because by then you start stariffing countries your consumers.
Speaker 2: Like when I would pay the tariff, I like it.
Speaker 1: I like to say, Okay, let's let me let let's
Speaker 1: say you yes, yeah. Let's let's start with let's start
Speaker 1: with take it from Let's start with Noble's comment. TBO
Speaker 1: when good Luck was the president, was against subsidiary Moval
Speaker 1: his sponsored support to go to Ojata. They paid them
Speaker 1: and people stopped the removal of subsidy then, as the
Speaker 1: president now says, subsidy is gone. Go back to Donald
Speaker 1: Trump nineteen eighty eight under Oprah Winfrey.
Speaker 2: He said it there.
Speaker 1: What is doing today is what he said in nineteen
Speaker 1: eighty eight. So the man has not changed. This is
Speaker 1: just maybe the way to do it, but he has
Speaker 1: not changed. That's come to to to Canada and Mexico.
Speaker 1: The target in this entire tariff is China, Vietnam, Canada, Mexico,
Speaker 1: they're in the way. The target is China. Now when
Speaker 1: you go to Canada and Mexico, it's something called NAFTA
Speaker 1: that was now made the USMCA. What China did when
Speaker 1: America signed NAFTA, China was not a huge exporter we
Speaker 1: have today, so they signed NAFTA perfect. They created a
Speaker 1: fretrains between Mexico and Canada and America. Canada went to
Speaker 1: Mexico and built factories in Mexico to then export motor
Speaker 1: parts and motos into the US. So if you tariff China,
Speaker 1: you're w seeing your time. They just come to Mexico
Speaker 1: and a lot and maybe Canada and just import the goods.
Speaker 3: Not the car.
Speaker 1: Remember they make the car parts in China. Ship the
Speaker 1: car pass to Mexico. Then American chassis drive on train
Speaker 1: from America to Mexico, and Mexico workers assemble the Chinese
Speaker 1: parts on American car, so it's on an American car.
Speaker 1: This is a loophole that Trump saw and then did
Speaker 1: the USMCEE. He did that USMC, but he still didn't
Speaker 1: stop China. They've gone a few wrap around and they've
Speaker 1: come back into the US. So now Trump is in
Speaker 1: the excuse of fentanyl to say no, no, no, no,
Speaker 1: we have to come back. I negotiate USMC. What I
Speaker 1: want to do to ATM. The called country of origin
Speaker 1: is exactly what the African Continental Pictures Zone has. Nigeria
Speaker 1: refused to sign the African Contract Pictures Zone because Nigeria argued,
Speaker 1: say with mister Trump that China will simply come to
Speaker 1: Betary Republic, build a fat in Very Republic and put
Speaker 1: goods from Benary Republic to Nigeria and kill all industries.
Speaker 1: So African Contract Pictriots Zone included what they call origin.
Speaker 1: Start us with me that even if I'm a factory
Speaker 1: in Bennet, if you don't get the good from Benet
Speaker 1: or have a high local contact from Bennett, we will
Speaker 1: tax you as it's going from China. That's what African
Speaker 1: pictrains all did with exactly what Trump is saying. So
Speaker 1: Trump is saying, if you bring that car from Mexico today,
Speaker 1: if that car is inspected, it has a certain proportion
Speaker 1: higher than what you make in Canada or Mexico were
Speaker 1: talifed twenty five forty percent. It's perfectly legal. Again again
Speaker 1: this is I think it's let not go there. But
Speaker 1: what you're saying is what olcodists are doing. You can't
Speaker 1: You can't take a car to China today, and it's
Speaker 1: in political Chinese. It will tire if your ass out
Speaker 1: of China.
Speaker 2: The same way.
Speaker 3: And Korea and in our friends on.
Speaker 1: All the current sport to the US, I mean yours
Speaker 1: to saying what would this, what would they do there?
Speaker 2: Not export? Say again, can look at the numbers.
Speaker 1: When Trump says you have no cards, he's been arrogant,
Speaker 1: but he's been correct. China is an export economy. Without
Speaker 1: exporting to the US, the economy will not function if
Speaker 1: the tariff themselves, China will out of goods to tariff
Speaker 1: in America. If Americans are good to tip in China,
Speaker 1: Walmart is China the entire Walmart is China. How many
Speaker 1: goods are sold in China American goods? How many Boeing forward,
Speaker 1: what else? So they will run out of goods first.
Speaker 1: So Trump is using we call it bullying, but it's
Speaker 1: the exact same way. When you go to the reply
Speaker 1: and ply, I'll tell you I want to pay you
Speaker 1: this and I want to resume on Monday. You have
Speaker 1: no cards, so you go in first of all and
Speaker 1: you it's your again again, it's your cads are Africa.
Speaker 1: They're also tariffed like us. Yeah, I'm saying, listen, this
Speaker 1: is ten percent, but only use this ten percent to
Speaker 1: not export more to the US. We'll put a ten percent.
Speaker 1: A long time ago, a guy came to Ingo States
Speaker 1: and planted planning paraple in Ingo States. He's from Mexico.
Speaker 1: If he exports pineapples from Mexico to EU, they tax him.
Speaker 1: So he came all the way to Nigeria planted paraples
Speaker 1: in Nigeria. He's exported his panaples from Nigeria to the EU.
Speaker 1: No tax.
Speaker 2: Exact same thing.
Speaker 1: We could so for us to be arguing Trump, even
Speaker 1: America live, Trump, let's talk about us. What can we
Speaker 1: then do as an investors here to then take advantage
Speaker 1: of what Trump has done.
Speaker 2: Go ahead, sir, and so at first of all, I
Speaker 2: think you're only on a lot of all the information
Speaker 2: about the Chinese economy.
Speaker 8: First goal, and China is no more exports the economy.
Speaker 1: In fact, then someone justin talking.
Speaker 8: About the numbers, and I'm really reverting.
Speaker 15: I have expert at nineteen point seven percent of GDP
Speaker 15: down from thirty six percent in two.
Speaker 2: Thousand and six.
Speaker 15: US is up eleven percent, Japardy is at twenty one
Speaker 15: point eight percent. Is there at thirty point six percent,
Speaker 15: EUK at thirty one point.
Speaker 1: Seven Maths math, the maths, No worry, the math, the match,
Speaker 1: the Maths stadium, the Mad studio. If if if the
Speaker 1: Chinese economy has grown, then the GDP will fall. It's
Speaker 1: Mad denominator, nominator. If your GDP was one hundred billion,
Speaker 1: that is exactly what's going on.
Speaker 8: The world average is twenty nine point three percent.
Speaker 15: Now, that is the website that will show you that
Speaker 15: it is no longer the export grogram.
Speaker 3: No, it is now, I mean.
Speaker 2: Techitely.
Speaker 15: Secondly, you're talking about so you start your trade algument
Speaker 15: or your trade history from nineteen forty.
Speaker 2: Four during the Breton with A era, You of course not.
Speaker 15: Talk about eighteen ninety. You won't talk about nineteen thirty.
Speaker 15: What happened in those periods. You had again a Republican
Speaker 15: administration in eighteen nineteen, the clearing, they brought in lots
Speaker 15: of parents.
Speaker 2: Within one two years they realized the whole They led.
Speaker 15: To inflation and what the Republicans of course lost the
Speaker 15: presidents of the House the semi in nineteen thirty because
Speaker 15: they had a really bad recession in nineteen twenty nine.
Speaker 15: The next year Republicans brought in a Beautie Jacob carry Free.
Speaker 8: What happened, the economisan got weaker to the.
Speaker 15: Extend that literally in bank Putic a lot of uitelys
Speaker 15: only that would otherwise have survived if twenty bad decisions
Speaker 15: actually go.
Speaker 2: Bankrty our year. Let's or about about point is this.
Speaker 3: Away FDA or nothing FDR actually has.
Speaker 15: It's seen a lot of those times, because it's got
Speaker 15: so bad that a lot of Americans experts cannot export.
Speaker 15: And in your way, people, you will say that that
Speaker 15: is one of the things that led Germany to the
Speaker 15: hands of Nazis, because German had a lot of great
Speaker 15: from more the way, and when they could no longer.
Speaker 8: Say into the American market.
Speaker 15: After the Sarent got it, people go radicalize in terms
Speaker 15: of the politics the German economic collapse. Now you're talking
Speaker 15: of nineteen forty four. By in nineteen forty four.
Speaker 8: CARENT rate had already dropped slitically.
Speaker 15: Because of the the life on like exchange that EDGR did.
Speaker 15: Carriflge strapped within four years afterwards. This point you're making
Speaker 15: about about Axis and all of that is that even
Speaker 15: CARNA doesn't rese that the doing is America's attacks on
Speaker 15: its stain points. If you say twenty percent, it will
Speaker 15: not be able to PLoP them over two trillion dollar gap.
Speaker 8: It's not we be able to raise Act two hundred
Speaker 8: billion dollars out of the two trillion dollars gap that
Speaker 8: jus complete is actually basic like as we're talking it
Speaker 8: all about year, lets simply just saying, oh, last everything
Speaker 8: on the issue of on issue of the of who
Speaker 8: is protecting American jobs?
Speaker 3: I know.
Speaker 8: It would leads to it will lead to no Manu
Speaker 8: patn and and everything. Let me give you a very
Speaker 8: good example of how difficult and how work day that
Speaker 8: arguing is.
Speaker 3: You had so a few years ago.
Speaker 8: You had gave that we had to be with it
Speaker 8: for one stage.
Speaker 15: I think it was from South Carolina and North Carolina
Speaker 15: down to another southern state.
Speaker 2: That was the right to walk. See this truble, this.
Speaker 15: Almost had the idea that somehow supplanted just changed because.
Speaker 2: Ye said, why would you agree that it's.
Speaker 1: Not going to happen? Okay, So let's okay, Okay, we
Speaker 1: have to move China. Okay, so we just can't let
Speaker 1: you talk. I'll let you speak. So let's just move.
Speaker 1: So lots of great points there. Let's start with the
Speaker 1: first one. This s meets Harley Act in eighteen. So
Speaker 1: again you're talking about eighteen. There was no China. Back then,
Speaker 1: there was a Europe, there was America. The Tariff Act
Speaker 1: was passed, America had the Great Recession, so you cannot
Speaker 1: even see if that tariff at worked or did not work.
Speaker 1: The recession came after the tarrists were passed, not before.
Speaker 1: So whatever we have then, we can't measure it. Again,
Speaker 1: there was no China. Go back to nineteen thirties. What
Speaker 1: America is doing to China today is what America to
Speaker 1: Japan in nineteen thirties.
Speaker 2: Japan was a growing power.
Speaker 1: America surrounded them, refused to allow them to grow. That's
Speaker 1: why China invaded Maturia and we were to invade in
Speaker 1: the back. Then what we call it Indusia was a
Speaker 1: Dutch Indies to get their cup oil. That's why that
Speaker 1: Common bombed Pearl Harbor. The point I'm making is this
Speaker 1: America's DNA cs that no other country will be greater
Speaker 1: than them. Trump didn't writed it's from their very very
Speaker 1: very very first principle. Please allow me to speak from
Speaker 1: the very very first principle that no country will be
Speaker 1: allowed politically, economically, or military to get bigger than them.
Speaker 1: They went after China. Sorry, they went up that pan
Speaker 1: They went at a Nazi Germany, they went after Japan.
Speaker 1: Now they're going after China. It's not a Trump thing,
Speaker 1: not that. So let's take that SMIT Wholly team out
Speaker 1: of the way. Remember what I said, income taxes are
Speaker 1: brand new in America. As at nineteen oh five, there
Speaker 1: are no income tax in America. Americas wanted to ban
Speaker 1: alcohol because states were getting revenues from alcohol. The only
Speaker 1: way they could let the states stop taxing alcohols say okay,
Speaker 1: state governments, go ahead and tax income, but don't tax
Speaker 1: more than three percent. Tax only at three percent. Then
Speaker 1: replace tariffs with alcohol with personal income taxes. That's where
Speaker 1: we get personal incompact is from the America you see
Speaker 1: today was built one hundred percent by tariffs. Let's now
Speaker 1: come to the point of making about you and not
Speaker 1: being in a sport juggernaut. Did Chinese at economy today
Speaker 1: buy PPP is larger than America. So when you say
Speaker 1: sixteen percent of ten or sixteen percent of a thousand,
Speaker 1: which is larger, China's economy is larger than America. It
Speaker 1: is driven by export. They've got three trillion in reserves
Speaker 1: in China. They buy dollars to artificially keep the yuan
Speaker 1: cheap to allow them export to Walmart. Walmart is the
Speaker 1: Republic of China. Any name, any company in China that
Speaker 1: America sales goes to the way Walmart carries American goods.
Speaker 1: Every Walmart, every store in America is a Republic of China.
Speaker 1: Low income goods, shoes, socks, hungers, low income. But that's
Speaker 1: not what Trump is. After Trump is like I said
Speaker 1: that after the high value chips have they all stoped
Speaker 1: Netherlands exporting chips to China. They have as the alcalogic
Speaker 1: exportship to China. They've stopped the whole company, right from
Speaker 1: the whole company, whoever, who are we arrested way in Canada.
Speaker 1: So they are coming for China. All this is our destructions.
Speaker 1: They want to raise revenues, but their core mission is
Speaker 1: to restrict China. And where you see Canada coming, we
Speaker 1: can make the agree. But China went to Canal, they
Speaker 1: took Palama Canal. So Trump went there. Greenland the same thing.
Speaker 1: They want to come to Greenland, same thing. Look at China.
Speaker 1: This all makes sense. So let's get to where to speak.
Speaker 1: So I allegedly pick out with.
Speaker 2: The soy do it? So they think it's China US version.
Speaker 8: Really, you can't start China at this point.
Speaker 2: This is I'm not arguing for or against. I'm just
Speaker 2: given a picture everything.
Speaker 1: I hear you. But I'm not arguing that. I'm not America.
Speaker 1: I'm not arguing that. I'm not arguing that. I'm just
Speaker 1: giving color to the fact. When you come and say
Speaker 1: China is an exporting juggernaut. The largest economy in the
Speaker 1: world today is China. Largest export in the world today
Speaker 1: is China. They are exporting economy China, Germany, these are
Speaker 1: the last economies in the world. They export, that's what
Speaker 1: they do. We can't change that fact by quoting GDP numbers.
Speaker 1: That's what they do. That's this is your person, but
Speaker 1: I'm also giving your facts. If you pull off lives
Speaker 1: export is China, So there's no need to say, don't worry.
Speaker 2: I think.
Speaker 1: So if you pull off the lightest export that we
Speaker 1: all have, Google, pull all lecens put in the world,
Speaker 1: is China's China. Pull it off Google. Because the economy
Speaker 1: has grown. So is the mathematics against sir. Is the
Speaker 1: mathematics that I'm trying to explain, Sir. Ten percent of
Speaker 1: one hundred is ten right, what is ten percent of
Speaker 1: the base expands ten cent of tune and will fall.
Speaker 1: So your share of export to fall not because you're
Speaker 1: exporting less, but because your denominator has grown. The economy
Speaker 1: of China has has tripled or quadrupled. So you can't
Speaker 1: use the same numbers said because the GDP two export
Speaker 1: has fallen. No again, Walmart is the largest employer of
Speaker 1: labor in America. This America, Walmart.
Speaker 3: The end.
Speaker 1: See, you can't count the goods are not from from
Speaker 1: China and Walmart. Name the corresponding country in any part
Speaker 1: of the world where you have the store, where the
Speaker 1: entire goods in that store are important. Name any country
Speaker 1: on earth, whether any country anyone give me me.
Speaker 2: As it does.
Speaker 1: You have to be smart, have to work. No, my brother,
Speaker 1: they have to pay five trillion this year, so it's
Speaker 1: immediate they have to pay. So this whole thing, it's
Speaker 1: no clear clear hold on, hold on. What they want
Speaker 1: to do is to cause the market to crash so
Speaker 1: that boundary will form. That's how they paid the deficit.
Speaker 1: That's that different things happening. There's the tariff angle. There's
Speaker 1: a stock luminous about stock markets. If the stock markets
Speaker 1: come down, they yields go down, they can pay their
Speaker 1: debts cheaper. That's what they are doing. Also with that,
Speaker 1: let's move, let's get bonafide bonafide brand. Thanks you bonafide brand.
Speaker 1: But the floor it's not ready.
Speaker 8: Yeah, I really said.
Speaker 2: I I enjoyed the discussion going on.
Speaker 14: Where I requested the micro was that physically interests me
Speaker 14: how to to capitalize the tariffs and see how we
Speaker 14: can liberation and make me only or make the tariff
Speaker 14: Looking at it, how it's affecting the global economy. We
Speaker 14: as in Nigeria, how we can take advantage of it,
Speaker 14: be able.
Speaker 2: To make money again.
Speaker 1: Thank you for bringing us back to to to to
Speaker 1: ground floor. If you ask me, if you ask me,
Speaker 1: if I was a president today, I would declare cross
Speaker 1: River State, cross Riverstate a tax free, zero taxes in
Speaker 1: cross River and ask them to target America zero not
Speaker 1: I mean zero taxes, no state, no federal, no local
Speaker 1: government on the condition is only for FDI, only for FDI.
Speaker 1: Let me tell you when I Trumps close or comes
Speaker 1: to say this thing has started, it's not going to
Speaker 1: go away. Trump imposts tariffs on China. They bidn't take away.
Speaker 1: Did Biden with the taxes? No Before Trump imposts taxes.
Speaker 2: George W.
Speaker 1: Bush imposts taris on China, Clinton in post talists on China,
Speaker 1: Obama in post tarists on China, Trump in post tiests
Speaker 1: on China, Biden in post ties on China. Trump again
Speaker 1: has imposed tires on China. This is not a Trump thing.
Speaker 1: They want to corral China. So if you are Nigeria,
Speaker 1: you want to say, hmm, we are nearer to America.
Speaker 1: We just have the Atlantic China and America wants some
Speaker 1: product they don't like Mexico got all this thing with China.
Speaker 1: Let us build an export state the state then they
Speaker 1: get to exports. So you go and build their railways,
Speaker 1: you give them gas power, you build manufacturing clusters, and
Speaker 1: it's only for exports. They do intern Nigeria. So let
Speaker 1: the Chinese to pull content to that export cluster. Do
Speaker 1: their textiles and exports. It's not intern Nigeria. That's what
Speaker 1: we we're talking about. You would employ thousands, but that's
Speaker 1: what I said. Yeah, but Clinton was a president happy
Speaker 1: decade ago. Clinton in post tarists on China or I'm
Speaker 1: in posters on China. George blue Bush imposters on this.
Speaker 1: This is twenty years ago.
Speaker 16: I would personal for you so because I think as
Speaker 16: people to speak, but we very being doing it. Personal
Speaker 16: for me was like midiicate less about the impact thousands
Speaker 16: of words.
Speaker 3: Yes, I understand the fact that I know.
Speaker 1: I'm not taking side, but people are listening to us
Speaker 1: to say what's going on. What I'm saying is that
Speaker 1: I'm talking about I'm explaining what is happening.
Speaker 2: I know.
Speaker 1: See, I mean I lost If I lose the ship,
Speaker 1: I won't come and say, I hate that ship. Crude
Speaker 1: oil is like you said, it's not one expert and
Speaker 1: I we're not to understand what's going on. Crude oil
Speaker 1: is also not tariff that I was scared that they're
Speaker 1: going to tarift that go to it because I don't know.
Speaker 1: I don't know how I would go and negotiate with
Speaker 1: Trump if TOO was going to go and ship with Trump.
Speaker 1: So I was very happy that Trump did not include
Speaker 1: oil and gas in talent, so that these experts are
Speaker 1: safe for now.
Speaker 8: So I was marget that down and down like you.
Speaker 2: But we knew this. Now.
Speaker 1: Did we think that I could only seventy our health
Speaker 1: spaces here only man, you've been a head for the
Speaker 1: space here?
Speaker 9: What we said, Yeah, I been, I go to fifty ever,
Speaker 9: so yeah, ye can't you missed out our budget?
Speaker 2: Only that?
Speaker 1: What is your points that that.
Speaker 2: We knew that point prices would get lower, But now
Speaker 2: it's moving fast? Is multi fastal it's.
Speaker 1: Your government that that is borrowing in dollars. N NPC
Speaker 1: has sold forward sales of how much? How many billions?
Speaker 1: Who is it from the cost that one? Your government
Speaker 1: did it. They've sold the oil of tomorrow caust that
Speaker 1: money today. Where's the money today?
Speaker 2: What?
Speaker 17: What?
Speaker 1: Where's what? What is in the money for today? Show
Speaker 1: me one project? Okay, what in coast star road? Should
Speaker 1: you and I go to that coastal road?
Speaker 2: There?
Speaker 1: We it's Oopia has export clusters today they have They
Speaker 1: didn't build it yesterday, they better have it today. Ethiopia,
Speaker 1: Madagascar has na has so we can't blame Trump Trump
Speaker 1: Trump Trump is like wind don't blow far enough, don't
Speaker 1: open and that she is now open? So those are
Speaker 1: not invest again and sounds why. Using Legos as an example,
Speaker 1: a quie bomb has more money. You're any fun on
Speaker 1: the let's companies. You are quite a quiey bomb state
Speaker 1: has more cash than Lego states are quite bumped. They
Speaker 1: have more cash and Legos and a quite bump state.
Speaker 2: They have more cash.
Speaker 1: I yes, what they have more cash and Lego state.
Speaker 1: But Legos has a deep sea port I'm talking about
Speaker 1: bracker deep but doesn't really have the money to build.
Speaker 1: They built spaceship cathedral point giving us look, say you're
Speaker 1: giving it too minutes. The point I'm making this is
Speaker 1: if a quai bout today has no deep supports, who
Speaker 1: are they going to blame me? Trump or themselves. They
Speaker 1: are the cathedral work has cathedral church cathedral there. Why
Speaker 1: didn't they do the deep report? You see in the end,
Speaker 1: we have take responsibility. Like I said, go to Ethiopia.
Speaker 1: They're celebrating this. There are saying an opportunity for us
Speaker 1: in Ethiopiachia has oil.
Speaker 3: We should.
Speaker 1: Now I'm saying we should take an advantage of it.
Speaker 1: We have a Goa, we have a Niger the Aspera.
Speaker 1: So every night er now go to your If you
Speaker 1: work in America today you say, okay, where do I work?
Speaker 1: Can I go and tell them that I can do
Speaker 1: manufacturing for them in Legos or in a quad, in
Speaker 1: a bar or in Canoe, go to meet you said,
Speaker 1: if they're giving you too more time here, come to Nigeria.
Speaker 1: That's your opportunity. That's how they in Ebo land world
Speaker 1: probably are here. You look for somebody that is booming
Speaker 1: you brings Nigeria. Are you important?
Speaker 3: Now?
Speaker 1: The business is exports. Look for something that's been tarrift
Speaker 1: that Americans apparented be good as expected, brings Nigera and exported.
Speaker 2: We have to take advantage.
Speaker 1: If you think that only the skills will come, we
Speaker 1: didn't have the skills for it. We did not have
Speaker 1: the skills or live there for it twenty five years ago.
Speaker 1: We didn't have the skills for coding twenty five years ago.
Speaker 1: Today when the second code, why can't you compare to olimited?
Speaker 1: Why can't you compare? I didn't know what windows was
Speaker 1: twenty five years ago. Today everybody knows what windows is.
Speaker 1: Why can't we compare? If you are a serious government today,
Speaker 1: you can train people on what they need to export trade.
Speaker 1: We do it on this space here. There are many
Speaker 1: folks that want to do exports. We can't export coco
Speaker 1: to eat, mugation. Whose faults? Who's sports? You can't export to?
Speaker 2: Who's fault?
Speaker 1: If a guy came here and said he takes his
Speaker 1: his his head yer, the head of the yam from Nigeria,
Speaker 1: he goes to Ghana and plants it. So he's taken
Speaker 1: Nigeria and yam. Then he exposed that year to Canada.
Speaker 1: Why can't you export from Nigeria? Two things NAMA will
Speaker 1: fail will fail hygiene number two high cost. So in
Speaker 1: Nigeria is going taking head yam on this old space,
Speaker 1: so to Ghana to plants Who's for?
Speaker 2: Let's get culture let's get that's fine. That's why elness Ela.
Speaker 1: We can't. We have to put the government on blast
Speaker 1: to take the right decisions.
Speaker 3: We can't.
Speaker 4: You know that Nijeras are socieet and he's pare for
Speaker 4: us who also that years, who will also be attacking like.
Speaker 18: They are attacking. I'm not attacking. I've given so listen
Speaker 18: here I'll be critical. But for police is the place
Speaker 18: right now? So can the advisor I give is long day.
Speaker 18: What I expect you to say is that what you
Speaker 18: tell you every you have that's invested in the top market,
Speaker 18: that energy that.
Speaker 4: Has lost work in the last three months, what do
Speaker 4: you think you should do for five million?
Speaker 1: I have not changed my commentary. So two years ago
Speaker 1: I said hold your keep a dollar's closed. I won't
Speaker 1: updated that commentary. And okay, okay, they do what you
Speaker 1: want to do. I'm don't say this was just me.
Speaker 1: I'm it's your money. Do what you do with your money.
Speaker 1: So again, that's not what number two. Remember only I've
Speaker 1: had this space for three years now, every Sunday, every Sunday.
Speaker 1: If I wanted to attack government, I would do it.
Speaker 1: Go to my timeline. I will attack. I give solutions
Speaker 1: are write, I tweet, I do spaces. I have been
Speaker 1: giving advice for three years. Many of my advice have
Speaker 1: seen implemented. If I want to attack, it's easy. If
Speaker 1: I want to make money, it's easy. The point I'm
Speaker 1: making limited. I'm just a guy in Nigeria.
Speaker 2: Guy.
Speaker 1: The government has the advisers. They should do better. This
Speaker 1: government is the most private sector experience government we had
Speaker 1: elected into office since the creation of Nigeria. This particular
Speaker 1: government are the most private sector of friendly, the most educated,
Speaker 1: the most sophisticated, says the creation of Nigeria. This government
Speaker 1: is the most sophisticated, most privacy. No, let me learned
Speaker 1: I have we forgot you in nice night. Look you
Speaker 1: mean by privacy, I've got to.
Speaker 2: Because I ken't get to the type property. What do
Speaker 2: you mean?
Speaker 1: Because the folks they have are very exposed understands the
Speaker 1: gener economy. Weller was it was shot in Germ, in
Speaker 1: national Germ. She came with from America.
Speaker 3: I don't know that she came from America to.
Speaker 1: The point, but this government also has many people like that.
Speaker 1: Those guys delivered, you know, letting me finish my stents.
Speaker 1: That's why if you let me finish the girl, I
Speaker 1: won't going to land or doesn't your heart a good cabinet?
Speaker 1: Good Luck had a good cabinet. They delivered the same
Speaker 1: with these guys. These guys have to deliver. That's where
Speaker 1: I'm going to do this. They have no excuse. They
Speaker 1: are sophisticated, they are worldly.
Speaker 2: They are perhaps not.
Speaker 1: Driven the same way as good Luck's team, the same
Speaker 1: way as Obs team. Those two teams delivered. These guys
Speaker 1: have to deliver. We can't make excuses for them. They've
Speaker 1: got to deliver. They've been caught flat footed. I can
Speaker 1: pull up my tweets to the day where I ask
Speaker 1: the questions, what will happen if oil goes to fifty
Speaker 1: dollars in Barron and we prepared for it as today
Speaker 1: we have. Yet this time last year we had four budgets.
Speaker 1: Four budgets. Niger was borrowing two billion in December four
Speaker 1: to implement the twent twenty four budgets. In twenty twenty
Speaker 1: four December, we are borrowing two billion dollars to implement
Speaker 1: the December to come on. So if this eventing happens,
Speaker 1: we have to next year is elections. They will starting elections.
Speaker 1: Every thing will stop in ager for elections from next year.
Speaker 1: Trump is doing tariffs. That's the story of the of
Speaker 1: the global economy. Have you seen anybody come out with
Speaker 1: a response from this government to say, okay we have
Speaker 1: saying taists, this is what we.
Speaker 2: Want to do.
Speaker 1: Okay, we're going to reject this. Have you seen anyone
Speaker 1: you answer?
Speaker 2: Really know what they missed up?
Speaker 3: It?
Speaker 1: That call centers is something that we can do tomorrow.
Speaker 1: Call centers we speak English, would have been would have
Speaker 1: a bad accent. It doesn't cost a lot of money.
Speaker 1: We have lots of use in Nijera that it is substicated.
Speaker 1: You can go to those abandoned warehouse and mattery. You
Speaker 1: close it up, you put a c when you put
Speaker 1: styling there. You have a call center. You trade this
Speaker 1: kid or does the phone calls? Will you take that
Speaker 1: constant based from China, from Philippines, from Thailand to Nigeria.
Speaker 1: We have a good time.
Speaker 2: So are we doing it? Who will teach them to
Speaker 2: do it?
Speaker 1: Norllingwood was clittered from tin Air government and help fainted
Speaker 1: from tin Air government in help Ahmed. What has government
Speaker 1: created Nigeria since you were born? What industry are located Naja?
Speaker 1: Since you were born agriculture, they had not done it.
Speaker 1: Fi Najera waited today. What has government done since you
Speaker 1: were borned has survived even not for Nollywood in Niger today?
Speaker 1: What would a GP be trade Okay targo back with
Speaker 1: g SL tig off for him? But where is Niel?
Speaker 2: Where is that? Where's that? On all?
Speaker 1: That's just let's let's let's get us to Elvis. You
Speaker 1: wonder for Elvis.
Speaker 19: Elvis elis yeah, yes, yes, so I also make I
Speaker 19: was gonna make at some point.
Speaker 2: Right. The first is Nigeria taking advantage of the time.
Speaker 19: So just as you've been arguing with d we are
Speaker 19: not unfortunately as no well positions del right, we don't
Speaker 19: have the infrastructures.
Speaker 2: Right, policies are not predictable.
Speaker 19: So even if their start with your askings, I wants
Speaker 19: to continuity.
Speaker 2: That's that you're exported the US. Right, he still he's
Speaker 2: still gonna be afraid of your stable policies and right
Speaker 2: and again if you then manufacturer, he had to expect
Speaker 2: the the US. You got that.
Speaker 19: The whole goal of whatever Trump is doing is I've
Speaker 19: court to top top of China, right in terms of
Speaker 19: straight right, So Trump at some point might still come
Speaker 19: to tariff Nigeria more because he's he's had and find
Speaker 19: all those proxies right that companies are moving to bring
Speaker 19: us to the US. Right, so at some point you
Speaker 19: will still come back to tarift and there are not
Speaker 19: several factors that are make us not well.
Speaker 1: Total again where they are forty percent, that's where Tartal
Speaker 1: is forty percent. Yes, yeah, I know I know that, right.
Speaker 19: But what I'm saying is if let's let's let's say
Speaker 19: Chinese films cover an unto pogies and exports to the US, right,
Speaker 19: he wouldn't find Nigeria as a new proxy, right for
Speaker 19: those Chinese that sports.
Speaker 1: Right like yeah right, yeah, so yeah, like we don't
Speaker 1: know what we're called origin, so it favors us because
Speaker 1: we're not doing what they're called origin. So China will
Speaker 1: simply say we're going to put the capital. Then Nigeria's
Speaker 1: will get Nigerian cotton, Nigerian power supply and building fact
Speaker 1: it has more Nigerian content or would escape Vietnam's fits.
Speaker 1: You see the point I'm making what America is targeting
Speaker 1: is when China comes to your country and building factory
Speaker 1: like in Ethiopia, it go to Ethiopia. Those factis are
Speaker 1: old by the Chinese, not the Ethiopians. So in Nigeria's case,
Speaker 1: the like can I said, I'm going to give you
Speaker 1: guys the capital, you build it, but we're gonna use
Speaker 1: Nigerian cotton, Nigerian grm Arabic to make it more of
Speaker 1: higher Nigerian contest that will escape the American Chinese like
Speaker 1: that's what they're looking for. They don't care about. Yeah,
Speaker 1: the ones they don't want to do.
Speaker 2: Yeah.
Speaker 19: But again I believe that to our next time, right,
Speaker 19: whatever John's doing quite is coming quite late. Right, because
Speaker 19: one of the reasons why China became a major Photossian
Speaker 19: One of the reasons, right, there's theveral reasons because most
Speaker 19: of the most complete.
Speaker 2: The pos in the US.
Speaker 3: Right then left the US because liberal label cost is.
Speaker 2: Most Cuba in China, right, multipy Udia.
Speaker 19: Right, So that about this places where the cost of
Speaker 19: liberal is much cheaper right to produce. Right, So at
Speaker 19: the average American and Lucar worker, right, we'll not set
Speaker 19: the sagages that China.
Speaker 1: They don't work as had they don't they don't have
Speaker 1: to Elvis. Again, this is the world has changed America
Speaker 1: now has automation number one, so they can do the
Speaker 1: same things without using humans. Automation. That's number one. Number two,
Speaker 1: what does the tariff do? The talent raises the cost,
Speaker 1: so it makes that label that was cheap in China,
Speaker 1: it makes it irrelevant. So if you're going to make
Speaker 1: a pair of socks in China, it costs you a
Speaker 1: penny because you have cheap label. And when they talif
Speaker 1: you for the six percent like they've done, it goes
Speaker 1: to four cents. So with miss if it's four sets.
Speaker 1: American Tesla mixed cars in American Aby for mixed caers
Speaker 1: in America.
Speaker 19: I was like, I was on this botum where like
Speaker 19: there are several US business owners right, and they kept
Speaker 19: saying that the reason why most of them buy from
Speaker 19: China is because even with the target that Trump is imposing, right,
Speaker 19: it is still more cheaper for them to import from
Speaker 19: China than in the US.
Speaker 1: Yes, it's they're not targeting socks. They are targeting chips.
Speaker 1: They are targeting high value important. They don't care about
Speaker 1: socks important China and pay your talent that's you. But
Speaker 1: what their target And look at the Arizona TCMs is
Speaker 1: building six billion plant in Arizona. So that's that's what
Speaker 1: they're targeting.
Speaker 2: Right.
Speaker 1: They are not going to unshore every product to America.
Speaker 1: They don't want to. They know China will still go
Speaker 1: to Nigeria, to Vietnam, Vietnam. It's not it's not doing
Speaker 1: zero percent. You're still China. They don't care about that.
Speaker 1: You can do socks and sneakers all day long, but
Speaker 1: they are still still aluminium chips. That's what they're they're
Speaker 1: already focusing on. They will not let China bring in
Speaker 1: steel smart.
Speaker 2: There's a skill problem.
Speaker 20: Like I was watching We Love Especially Bad and said,
Speaker 20: I see, this is why you feel the Trumps like
Speaker 20: the jobs. Like, okay, if you're trying to bring jobs,
Speaker 20: where are the jobs? We are excused because this don't.
Speaker 1: Excus They will train them, They will train them.
Speaker 2: Said Apple.
Speaker 18: He said that cheers who trained the Chinese, who trained
Speaker 18: the Chinese?
Speaker 1: Americans? I mean the Chin just let it Americans the
Speaker 1: Chinese to build the phones.
Speaker 2: Now Americans may it is the cost of live or not.
Speaker 2: The training.
Speaker 1: No, but again that's what talents do. The talists eliminated
Speaker 1: that that advantage that China has. That's the whole idea
Speaker 1: raised the cost artificially eliminate their advantage. So they go
Speaker 1: to come back to America. But do you an president?
Speaker 2: Did you u W?
Speaker 1: The United Auto Workers president said that there is excess
Speaker 1: capacity in American factories to make cars tomorrow. He said
Speaker 1: immediately his words, that there's excess capus. So is it
Speaker 1: from a businessman, I would not make any kind of America.
Speaker 1: I would not because it costs me too much to
Speaker 1: make in America. I raither go to Mexico or Nigeria
Speaker 1: and bring my cars. I'll go to innocent and telling
Speaker 1: to make my cars. But but it is a tariff.
Speaker 1: That what's the point. They're not advantage. I come back
Speaker 1: to the US and they are targeting those kinds of sectors.
Speaker 1: Boeing planes, Boeing parts are middle over the world. I've
Speaker 1: gone to the Boeing factory. Boil is an assembly factory.
Speaker 1: Details are from Japan and Italy. You see them not
Speaker 1: coming up. They fly them in here. Then they assembly
Speaker 1: it's called Boeing assembly plants in Washington. They don't make
Speaker 1: the part in America, they assemble them in America.
Speaker 21: Soide right, so was saying that the price of oil
Speaker 21: only dropping and I think this tarring the tarring on bottles, right,
Speaker 21: I think it affects the price of a jobbing right
Speaker 21: because if people would buy fewer cars, right, then of
Speaker 21: course it means that the demand for crue good.
Speaker 1: Job why would go by? Why will pull buy fewer cars?
Speaker 3: Cars?
Speaker 2: Cars coming into America?
Speaker 1: But Americans make cars so that there will not increase there, right,
Speaker 1: Americans make cars, right, Americans make Ford Chrysler GM. It's
Speaker 1: all in America, so those ones will be cheaper. B
Speaker 1: BMW's made America. Bm is mad in America, Message in America,
Speaker 1: Kia Yu Di all mid in America. So why would
Speaker 1: the price go up if the paths are expensive? May
Speaker 1: bring the path to America means is exactly what Japan did.
Speaker 1: Now they tied Japan. Japan keeps Americans and built plants
Speaker 1: all over the South of America. Haundas in America, nicids
Speaker 1: in America. So they make those Toyota it's all over
Speaker 1: the place. The normal Americas in America is Toyota, Corolla,
Speaker 1: Toyota Camry to that that all in America. That's not
Speaker 1: important into America. They all made here, So why would
Speaker 1: does costs go up? That's what Trump is saying, make
Speaker 1: it here, make it here, the cost go up for
Speaker 1: libor B. Then he creates jobs in America. So you
Speaker 1: see how it's all tiding. Mister let me, mister osu
Speaker 1: or By, you want to hire you doing, sir?
Speaker 2: Welcome, Hi, ca, Hi, everybody. The conversation has gone in
Speaker 2: so many directions. I don't know.
Speaker 1: It's a wide topic, man, you know, I know it's
Speaker 1: going to go on, but I know it's going to
Speaker 1: go like this because it's wide.
Speaker 2: You know.
Speaker 1: Now, it's a wide topic that many things happen all
Speaker 1: at once. Many things happen all like once, stock market.
Speaker 22: So let me let me try to address the things
Speaker 22: that my mind can can we call now the first point?
Speaker 22: In order for capital to have confidence in any market,
Speaker 22: there must be stability policy, stability.
Speaker 3: In different physical and monetary policies.
Speaker 2: Right now, America doesn't have any of those things.
Speaker 23: Whatever Trump is doing now, there is no guarantee that
Speaker 23: the situation will be the same in three years time, four.
Speaker 22: Years time, or five years time. So as an investor,
Speaker 22: why would you want to take a gamble on a
Speaker 22: country that is politically and economically.
Speaker 1: So for the time, let me ask you a question.
Speaker 1: If you had a billion dollars to build a factory,
Speaker 1: would build it in China or America?
Speaker 23: To tell you the truth, with the stability in Chinese
Speaker 23: economic policy, physical policy, monitory policy, they seem to be.
Speaker 2: A lot more stable than the US right now.
Speaker 3: But then you can you know that that's something we
Speaker 3: can do.
Speaker 2: Where would they build it? Where would I build it?
Speaker 22: I don't I can't give you a direct answer to that,
Speaker 22: but I just made an observation.
Speaker 1: Look, you know, the point is you can't bully.
Speaker 2: Businesses into investing in your country.
Speaker 23: You've got to create the right climate and environment for
Speaker 23: them to put their money in your country. You know,
Speaker 23: starting a global playing war will not end well for anyone.
Speaker 2: It won't end well for the US.
Speaker 23: It won't end well for those that these parents are
Speaker 23: being imposed on because the world is so interconnected.
Speaker 2: I think Trump has this idea.
Speaker 23: That he only needs to do to set things in
Speaker 23: the way he would like America to be is to
Speaker 23: just come with a block and.
Speaker 2: Then intimidate every other nation into doing what he says.
Speaker 3: And it just doesn't work that way anymore.
Speaker 23: Now you are talking of American cars just now, Okay,
Speaker 23: you are at won with Canada, your neighbor. The American
Speaker 23: cars that you are talking about, they go between that
Speaker 23: have been manufactured in the US. They go between the
Speaker 23: US and Canada are seven times.
Speaker 2: While they are being made.
Speaker 24: And now you are imposing a tariffs on Canada. So
Speaker 24: when all those parts are moving to and fro back
Speaker 24: and thro you do know that they will be affected
Speaker 24: by the tariffs, right, you do know that, So those
Speaker 24: cars will also suffer at a price increase and the
Speaker 24: people who are going to buy those things that will
Speaker 24: be impacted.
Speaker 2: As a result of that. And these cars are supposed
Speaker 2: to be locally made. Another point I was also going
Speaker 2: to make. I find it very.
Speaker 8: Difficult to understand what he hopes. I mean you as
Speaker 8: as as a country like.
Speaker 2: You're saying that you should take advantage of the changes.
Speaker 25: You know that if you want to make major investments
Speaker 25: to take advantage of these changes, Ablubidy was pointing out earlier,
Speaker 25: you're going to spend a couple of years positioning yourself
Speaker 25: to take advantage.
Speaker 1: Of that market.
Speaker 2: You can't do it overnight, because you've already pointed out
Speaker 2: where in the area as well we could possibly take advantage.
Speaker 2: We're not ready yet. We don't have the infrastructure, we
Speaker 2: don't have the man.
Speaker 1: So who's thought that? So Trump should wait to be
Speaker 1: ready thought.
Speaker 2: Don't. Don't get me wrong.
Speaker 8: Trump is doing what he.
Speaker 26: Thinks will work for America even though he's wrong. But
Speaker 26: I'm just saying that if you're asking Nigeria or any
Speaker 26: other country to simply just turn turn the coin over,
Speaker 26: I start doing what will appeal to that market.
Speaker 8: That has just opened up, not knowing how stable little people?
Speaker 1: Okay, and then what what was the was the other
Speaker 1: outing to do? Do nothing?
Speaker 2: Is America the only market in the world.
Speaker 1: Name of that market you're gonna go to that is growing?
Speaker 1: And give me give me the markets you can go to.
Speaker 1: Give me that market you want to go to.
Speaker 2: Give me that there is nowhere to export anything in any.
Speaker 1: I just asked you a question. Give me, give me
Speaker 1: a market that is growing that. Give me a market
Speaker 1: like America. Give just give me a market, give me anyone.
Speaker 2: Okay, America is the huge market.
Speaker 1: That's why he's doing well. So again I get I
Speaker 1: get what you're saying. I hear you, and I think
Speaker 1: we're bringing personality traits into a business transaction. So many
Speaker 1: CEOs in America are quote unquote Escob's, but they make
Speaker 1: triple they make triple digits. Trump is a s ob.
Speaker 1: We are not here to canonize Trump. Trump is a
Speaker 1: narcissistic s ob. But it doesn't take away the policy
Speaker 1: of what he wants to do. I've highlighted here that
Speaker 1: number one he has maintains on his split. America is broke.
Speaker 1: He needs to pay five trillion interest very very soon.
Speaker 1: So tariff's coming. Why is the market crashing? It's on purpose.
Speaker 1: If oil prices go down, luminate Americans buy gas cheaper.
Speaker 1: They say, direct quasion between gas prices and America's present popularity.
Speaker 1: So Trump told Saudi Arabia, remember those two two months ago?
Speaker 1: Trump told Sadurbat to reduce to increase oil supply. Trump
Speaker 1: told Saudi Arabia and they said, yes, google it. That's
Speaker 1: why oil is coming down.
Speaker 2: Trump wants google eats.
Speaker 1: Don't don't know, just google, don't okay, don't just google.
Speaker 1: Trump told Sarah Abat to reduce to increase production, and
Speaker 1: they did. Okay.
Speaker 2: So yeah, but.
Speaker 1: So why we come saying it's just challenged. That's cossing.
Speaker 1: Trump wants more energy prices for Americans Okay, but Trump
Speaker 1: wants no gas crisis. That's the fact. So if it
Speaker 1: was so, if we don't like it, export additives. I mean,
Speaker 1: you've got that refinery, export your additives. So but let
Speaker 1: me take you let me take a few points. I mean,
Speaker 1: the America is the most stable market in the world today.
Speaker 1: Today there's rule of law, and don't also Trump, there's
Speaker 1: today can you suiting noble? Where can anybody suiting able
Speaker 1: when something is over? Today in America, they are suing
Speaker 1: Trump over the same talet states. Individuals are suing Trump
Speaker 1: over this, even though it has the power to do it.
Speaker 2: There's rule of law here. If you put the dollar
Speaker 2: in suppose that we used to take that America.
Speaker 1: God, but nothing has changed.
Speaker 2: Now they are suing themand.
Speaker 23: Looking at you know, look they're told you something and
Speaker 23: the other you in America, you still seem to see
Speaker 23: how we outside are looking at you and what is going.
Speaker 1: I think you are that that's that's a fair point
Speaker 1: because what I say is what I say is that
Speaker 1: I'm being partisan. People are listening to the space we
Speaker 1: have nearly for the people and explaining what is happening.
Speaker 2: I don't have to agree. You need to look at
Speaker 2: different You're not. Honestly, I don't.
Speaker 1: Get your argum. Alumina's agent is this Trump is bad
Speaker 1: for Nigeria, so side with Nigeria against Trump. That's a
Speaker 1: luminis argument.
Speaker 2: This is the argument.
Speaker 4: The argument is simple that rum has just people power,
Speaker 4: that national markets now in Africa, as meetings, as planning for.
Speaker 3: Countries like Nigeria.
Speaker 1: And I said, it's not sweeper statements, super statement, it's
Speaker 1: your pays celebrating Mather Gascar celebrating South Africa has sary
Speaker 1: we have fought in you.
Speaker 2: It okays more trying commodity country, commodity.
Speaker 1: Who's faw Okay, who's fault away? Committed country? Who's fault Trump?
Speaker 1: Why would we build our factories? That's what I'm saying.
Speaker 1: Can stop looking at.
Speaker 2: Everything from national American a teview.
Speaker 4: I'm saying, look at it from the fact that, Okay,
Speaker 4: there's some things that yeah, he's trying to do, but
Speaker 4: it is.
Speaker 2: Harming the Dubai economy. Nobody's saying what to do is
Speaker 2: no with for America?
Speaker 1: Okay, ask a question. And under Biden, Biden imposed a
Speaker 1: ten percent tax on Nigeria. And I just didn't vote
Speaker 1: for Biden, but then imposed a ten minimum tax on Nigeria.
Speaker 1: Do you agree with that tax or not?
Speaker 2: Sorry, guys, I'm sorry guys. You guys were talking about
Speaker 2: a GOA earlier.
Speaker 23: Please, I just want to remind you guys that a
Speaker 23: GOA is going to inspire in September.
Speaker 2: Okay, So what that was then? So then.
Speaker 1: That the guy that the guy that gave us a
Speaker 1: go should go lego ship. I mean, we're blaming America
Speaker 1: for our failures.
Speaker 2: I'm not blaming.
Speaker 1: I am just pointing out because Okay, if I go
Speaker 1: not to expire, let the America, let the African go
Speaker 1: and then go to America. If I go, I go
Speaker 1: to inspire what an Africa is doing, let him go
Speaker 1: to America negotiate.
Speaker 2: That.
Speaker 3: See, I know that's trumps U.
Speaker 1: I think you are.
Speaker 3: You are putting me.
Speaker 2: I can't get that, and they can. The condos are
Speaker 2: would go back to America. All connoisants quite disimple. You
Speaker 2: see Astro investment.
Speaker 1: You see, that's why I made That's why I was
Speaker 1: talking about and you guys, and we're talking about China.
Speaker 1: Look we can we're going back and forth, back and forth,
Speaker 1: back and for.
Speaker 23: The China China knows that America does not want to
Speaker 23: see them grow in global economic stature.
Speaker 2: They've already factored that into their plan for years.
Speaker 23: So if you're thinking that this staris are going to
Speaker 23: stop Chinese economic development and growth and the global influence, afraid.
Speaker 1: But LSA, listen, look at the history. The look at
Speaker 1: the history. I started when I said, that's why I
Speaker 1: took it.
Speaker 2: I took time to talk.
Speaker 1: About the history of America. Let me meet yourself. I
Speaker 1: took time to talk about the history of America. What
Speaker 1: America is unity today is what the digit Japan thirty
Speaker 1: or so years ago. No difference from the nineteen fourth,
Speaker 1: nineteen thirties where they blocked it Japan and getting crude
Speaker 1: oil to restrict his growth and it led to Pearl
Speaker 1: Harbor to let to America during the war. No difference.
Speaker 1: The point is that where I think we're focused on Trump,
Speaker 1: this is America's policy. Obama tarot China, George W. Bush
Speaker 1: tarot China, Clinton tarot China, Biden tarot China. If Trump
Speaker 1: goes today, the Democrat president will tarret China. I think
Speaker 1: these people are because it's Trump is easy to attack
Speaker 1: America and say no No, No, he's been a bully
Speaker 1: ten percent tax was implemented on every Nigerian consumer by
Speaker 1: President Joe Biden and the OECD. Did any Nigerian complain?
Speaker 1: Nigeria said no. That's one thing. Who Harry did the
Speaker 1: accommoday for I wrote an article I held the space.
Speaker 1: Did any Nigerian journalist come out here and say that
Speaker 1: Biden has been a bully ten percent minimum tax imposed?
Speaker 1: Did anybody complain?
Speaker 2: No?
Speaker 1: If Trump does it, it's bullying. Now Vietnam has come
Speaker 1: to America and the negotiating. That's what Nigeria should do.
Speaker 1: Go to America and say, okay, okay, what's your issue
Speaker 1: with us? This issue with us? Okay, we'll have to
Speaker 1: come back and renegotiate and vet them. Has said up
Speaker 1: to America, hold the talents for three months, give us
Speaker 1: three months, America, don't important inside for three months. Let
Speaker 1: us go back to Vietnam. We will talk and will
Speaker 1: come back to you. That's what I expected us to do.
Speaker 1: But not to stay here if you think it's about Trump.
Speaker 1: If it is about Trump, if a Democrat becomes the
Speaker 1: next president, they will not run this challenge, so they
Speaker 1: will not do it. Steadia America, very America before from
Speaker 1: sorry or media, if you just can give me.
Speaker 2: A second before Trump came. Okay, we didn't have America.
Speaker 3: As well with it all we did, we did, we did.
Speaker 1: Mexico imposed one head and I can I can share
Speaker 1: the issue. Mexico imposed a hundred percent tax on America's
Speaker 1: expert Mexico in nineteen nineteen twenty twenty two, or so
Speaker 1: I can share to you. Okay, I apologize that. Let's
Speaker 1: let's move on. Let's just move on, because I don't
Speaker 1: also get in morality. Cando calu?
Speaker 7: Please, can I just make at one point, just to
Speaker 7: encourage everyone, that's let let us kind of focus on
Speaker 7: what Nigeria can do. And I've had miniespeakers speak as
Speaker 7: if Langeria cannot do anything. It takes average of two
Speaker 7: to three is to set up their plants. And we'll
Speaker 7: have free trade zones along the coast of Nigeria in
Speaker 7: leaky axis, and we'll have a couple in other states,
Speaker 7: including even some noted states, so we can actually set
Speaker 7: up things. As I'm always involved in setting up a
Speaker 7: particular one in the Nords, I can tell you that the.
Speaker 2: Opportunities are actually very huge. Just to a point out.
Speaker 7: Some averaged VETDAM does ninety billion dollars of after export
Speaker 7: to the world ninety billion. Bangalandesh does about forty eight
Speaker 7: billion channel dos a lateral assisted llion.
Speaker 2: These are low hanging fruits that Langeria can label this
Speaker 2: and this is where you focus on the level.
Speaker 7: Were inveteras at three hundred dollars, banglas about one sixty
Speaker 7: dollars in Nigeria. If you pay one hundred dollars for seins,
Speaker 7: killed workers and bonds have very good.
Speaker 2: Back. For example, the average apprentice.
Speaker 3: We were doing a project there average.
Speaker 2: Apprentice in our bus and thirty five thousand.
Speaker 7: The average boss is adding average of less than one
Speaker 7: hundred dollars monthly income.
Speaker 3: So let's bring it home to.
Speaker 7: Ask ourselves because sometimes the indoors, the average national elits
Speaker 7: is a big fire removed from the senigans of industrialization
Speaker 7: because we lost a good generation that has no experience
Speaker 7: with manufacturing, that has the experience with you know, our
Speaker 7: producing things.
Speaker 3: Most of our elits doing another.
Speaker 7: Body on this platform that we're bankers, who are jury
Speaker 7: workers or were financial people.
Speaker 2: You know, very few people have experience producing.
Speaker 7: And it's so it's really that's this, that's a big
Speaker 7: discussion between our past, such.
Speaker 2: As what is possible and reality.
Speaker 7: So that said, the opportunity for US, if you ask me,
Speaker 7: is to look at the threade patterns between the US
Speaker 7: and the world, but not just US Europe, because I'm
Speaker 7: convinced that Europe will follow the same way that US
Speaker 7: is taken.
Speaker 2: Now, simple because you cannot. You cannot rely on a
Speaker 2: communist states.
Speaker 3: You know.
Speaker 1: That's why I have that question.
Speaker 18: Don't whether China is competitive or not.
Speaker 7: You simply cannot rely on China just because of this
Speaker 7: political makeup that said, they want to move away, and
Speaker 7: they should move away.
Speaker 2: The question is to go.
Speaker 7: Now, if we don't take a deliberate effort, you'll be surprised.
Speaker 7: Let's suto, lesuto. Those two are fifteen million dollars of
Speaker 7: exports in governments and access stress to the US too,
Speaker 7: and fifteen million dollars you know which industry Landinia is
Speaker 7: exported to have fifteen million dollars in the world about
Speaker 7: to ave that's crazy, that's increasy.
Speaker 3: But that negotiating because.
Speaker 2: That's my Yeah.
Speaker 1: But so that's not the point. You are the point
Speaker 1: and the table ship negotiate ahead.
Speaker 2: But you had, you had production based to negotiate with.
Speaker 2: We we have to ask ourselves were complaining Nigeria's like.
Speaker 7: Economy, how much can you raise? You assassle, how much
Speaker 7: can you raise? Which plants can you build? Because this
Speaker 7: and the puture should be asking ourselves. Dangote has done
Speaker 7: it over and over. It can be done at the
Speaker 7: biggest level. So if we don't move away from this
Speaker 7: mindset of analyzing to Paranoya, you know, and and you know,
Speaker 7: without moving to actual concrete steps.
Speaker 2: I think we jump waste our time.
Speaker 1: It is a point, Nelson I gain. The point is
Speaker 1: that we have to talk about what we like. I said,
Speaker 1: go to the state. I don't let us. It's a
Speaker 1: bit too crowded.
Speaker 2: Go to good.
Speaker 1: That's good, there's even buyers at those coasters. But like
Speaker 1: calaber because Ge was there, Ge went there, top one
Speaker 1: billion dollars something there that whole state designated no taxes,
Speaker 1: special status, no federal taxes, no state taxes, no federal
Speaker 1: nor states, nothing only for FDI. So if you if
Speaker 1: you're even if you're in Nigeria taking money abroad bringing back,
Speaker 1: go to Calabar, don't pay any tax. You have that
Speaker 1: set up in Calabar. You can export one hundred percent,
Speaker 1: no part duty nothing. When they come, where will their
Speaker 1: workers stay? Will they not stay in Nigeria? Won't they
Speaker 1: flying to Legos? Would they buy young from Candle? Would
Speaker 1: they buy shoes in Nigeria? Are big but you lose
Speaker 1: the taxes but you gained it? No how change did
Speaker 1: it with the coust cities.
Speaker 2: We have to copy.
Speaker 1: Water has worked fighting and it's like Victor US said,
Speaker 1: it's both ways. Even if you can't export to America.
Speaker 1: Remember Chance is not buying goods from Brazil to God.
Speaker 1: They're buying beef from Brazil. So when will Brazils customers
Speaker 1: go to because Brazil no longer has beef to sell
Speaker 1: to them, they will come to Nigeria. So the Nigeria
Speaker 1: has ranches and can do hallal meat. We can also
Speaker 1: export that meat. I talked on this space about and
Speaker 1: what's that plant our father in Arizona. They are fighting,
Speaker 1: not because our Saudis are buying land. Our father needs
Speaker 1: son hot sun and water, which will have in Nigeria
Speaker 1: hot sun and water. So the Saudis and the Catarists
Speaker 1: are going to to buy lots of land to plant.
Speaker 1: Our father just the grass, our father multimillion dollar in enterprise. Meanwhile,
Speaker 1: the lot of Nigeria is lying there furlow with lots
Speaker 1: of space. So if we if we look at the
Speaker 1: pluggin of how the global economy works, we can plug
Speaker 1: in Trump is going to be Trump tomorrow Monday, this
Speaker 1: morning's going to put on that tweet to our person's
Speaker 1: gonna do it tweet. Trump will be Trump. So you
Speaker 1: have to negotiate and to push yourself knowing that Trump
Speaker 1: is Trump. You can't be agreed that rain is bad.
Speaker 1: Rain is but it will still fall. Nephini, ceasy what
Speaker 1: I invite on villa not it is still fall. Let
Speaker 1: me get a free boat tarks of nding with your afy.
Speaker 27: What's as you said, this is a bit wide. I
Speaker 27: can even I'm not sure to even touch on a
Speaker 27: few questions way back.
Speaker 1: We left Nigeria and investing. But I think what's the
Speaker 1: last space specific for this just specific for times. But
Speaker 1: I think we've did a good job with the economic review.
Speaker 1: Will look agree to touch on.
Speaker 17: Alson mentioned that there is opportunity in the power of
Speaker 17: markets and Nigeria does need to position I think even
Speaker 17: the last but Nigel does this person first policy and infrastructure.
Speaker 28: I've had two separate power companies owned by Nigerian's last
Speaker 28: year who settled outside. So there's a Nigela power company
Speaker 28: that set up manufacturing in Morocco. They gotta found the
Speaker 28: last simply because of challenges in Nigeria.
Speaker 2: Wow. Another that's actually looking too based on their success.
Speaker 2: They're also in Nigeria. They're gonna they're looking to move
Speaker 2: Tomorrowco as well. So even the low.
Speaker 17: Hanging opportunities and know some points that Nigeria is losing
Speaker 17: out due to policy and under standard challenges with the market.
Speaker 1: As far as the so you're saying in Nigerian companies
Speaker 1: leave in Nigeria until the Morogo No.
Speaker 2: In Nigeriaka they left.
Speaker 17: There's a there's an Apparall company, the white label Appera
Speaker 17: company produced on behalf of Zarah's one of the brands.
Speaker 3: They already left.
Speaker 17: They got funding and they set up in market. They're gone.
Speaker 17: So this happened last year. I was on that deal,
Speaker 17: so that was my experience there. But they cited challenges
Speaker 17: in the markets in ninety four reasons for leaving. And
Speaker 17: they have their own brand as well that was in
Speaker 17: Rogue and Q They it's they really wanted to build
Speaker 17: in NINJURYA, but they were also I don't want to
Speaker 17: devate the conversation to as that point, but to build
Speaker 17: on that.
Speaker 2: Taking taking advantage of tariffs or the change of the
Speaker 2: current climate is not very easy.
Speaker 17: It does take a bit of time, even even to
Speaker 17: give our current administration terms of flag. It's not something
Speaker 17: that can easily be by entry happening. We don't even
Speaker 17: have the experience or the evidence that we can do
Speaker 17: it when we have a stable climate. So in this
Speaker 17: kind of this current climate, I know we have to
Speaker 17: do something not necessarily have, but I'm not I'm not
Speaker 17: positive that they will be able to adapt. Maybe on
Speaker 17: a private level, there might be pople states so as
Speaker 17: you mentioned, it might be able to make some changes,
Speaker 17: but as well as the country if we don't have
Speaker 17: that dynamism in the office at the moment, I don't
Speaker 17: just looking at the evidence, but.
Speaker 3: It's that's why the tariffs have been.
Speaker 2: Only critique on Film safe. It's it's a shotgun approach.
Speaker 17: You have a baseline that you said, TIFFs on almost
Speaker 17: all countries and then selectively higher types and certain countries.
Speaker 7: And we understand YEA, they want to bring manufacturer back,
Speaker 7: or it comes.
Speaker 17: From the position that they feel America has been taking
Speaker 17: advantage over the last decade or two decades. And you
Speaker 17: can argue here then whether you think that's true. They
Speaker 17: have been non tariff limitations on America. Look at China,
Speaker 17: they have their limitations with certain industries that can't be
Speaker 17: invested in by the US. Certain companies can't produce or
Speaker 17: provide their services in China. So from the US point
Speaker 17: of view, it's a constant battle. But also I don't
Speaker 17: think they could be mentioned that no one knows what's
Speaker 17: going to happen or whether this situation is going to
Speaker 17: stay the same.
Speaker 2: After he's gone in the next two years or next
Speaker 2: five years.
Speaker 17: But historically speaking, tariffstone they don't change the change of inverstation.
Speaker 2: They tend to eat those tariffs. On my point is
Speaker 2: this current climate we have isn't.
Speaker 17: Going anywhere over the next decade. Promos change the ecno
Speaker 17: glians landscape forever.
Speaker 1: Thanks for emphasizing that point. That's the point that I'm
Speaker 1: trying to emphasize that this has don't done with Trump,
Speaker 1: And what I mean is when he leaves, don't think
Speaker 1: this is they're going to reverse his policy.
Speaker 2: This is now the reality going forward. This is the
Speaker 2: this is really realguing for that.
Speaker 3: It's so if you look at stortainly historicals.
Speaker 7: Those those even by the starrups of the times.
Speaker 17: Before Obama's stay, they didn't they didn't change.
Speaker 2: They either add to them or maybe the tweak them
Speaker 2: a little bit. They don't change.
Speaker 3: It's it's seen as as long as it's seen as
Speaker 3: some sort.
Speaker 2: Of advantage that will keep them. And what that means
Speaker 2: is that everyone else either has has to adapt. You
Speaker 2: can fight them, most people will negotiate.
Speaker 17: And how do you feel whether it's a very brutish
Speaker 17: approach and it probably.
Speaker 7: Does more harm in the short term, but it's played well,
Speaker 7: it could.
Speaker 1: Work out for it. I mean, my my criticism of
Speaker 1: them is just that I don't think they explained this properly.
Speaker 1: I think I get I get better explanations when from
Speaker 1: the people flow they've already explained. I know they're trying
Speaker 1: to be purposefully opick, but they haven't really explained to Americans.
Speaker 2: Why they need to pose a tariff.
Speaker 1: If you call three guys in are going to get
Speaker 1: three different answers. So they have to do something very said,
Speaker 1: you know, and again it's you know.
Speaker 17: It's because it's been a while since it's been a
Speaker 17: while since you had this tarish climate, at least to
Speaker 17: the extreme.
Speaker 2: Last time, the last time he was in office. But
Speaker 2: prior to that, that hasn't been the means of.
Speaker 17: So a lot of the new age economics don't really
Speaker 17: have that experience with the climate.
Speaker 1: Yeah, but so far, I would you say, do you
Speaker 1: think it's working? Because I just I watched the guy
Speaker 1: the the Economic Advice a scene at fifty countries want
Speaker 1: to come to America and negotiate. So do you think
Speaker 1: this gamble is working? Do you think it's too early
Speaker 1: to call?
Speaker 28: It's too early to call, because for example, if we
Speaker 28: wake up tomorrow morning and the market.
Speaker 1: Goes down to it's going to go down that, yeah,
Speaker 1: the market is going to go down. The might is
Speaker 1: gonna go down. But again a little they look at
Speaker 1: I post.
Speaker 2: It for you, Roberts right, I'm gonna they will have
Speaker 2: a struggle.
Speaker 1: I post it what's right for you, Robert Fright said,
Speaker 1: the stock my face, not the economy're living there.
Speaker 2: That's is true.
Speaker 7: If I compose a question over if your thoughts on how.
Speaker 2: Sensitive market will be potentially this week left can stay started.
Speaker 2: I looked at my.
Speaker 17: Mine who Individu, and I was just looky emmy emi.
Speaker 4: So just on my platform was just taking and I
Speaker 4: also eatchager. I just stayed again and I saw Imperium
Speaker 4: at one thousand and five hundred and eighty while color
Speaker 4: Space was on one thousand.
Speaker 2: Everything was happening, you see.
Speaker 3: I before Carlos Space, I was reading good.
Speaker 29: Man Sacks, JPMorgan and Pepper and Jeffreys investment reports and
Speaker 29: they said please escaped me said that each fund, guys,
Speaker 29: we're going to liquid it about thirty billion dollars in
Speaker 29: the comedies if President Drupe doesn't come out with a
Speaker 29: positive response.
Speaker 2: To the market. And I thought that, okay, maybe this.
Speaker 9: Is a byside that most as well investment banks say sale,
Speaker 9: you do.
Speaker 2: To put it to buy.
Speaker 4: But what wills kept me more was when I saw
Speaker 4: a literiary reportform different fund managers say that.
Speaker 3: Trump has really missed the back up.
Speaker 4: You see what's happening, bitcom doing them don't give you
Speaker 4: an inside if you look at this week last week.
Speaker 4: But all the druma that happened, Bitcome was able to
Speaker 4: hold the into two thousand and five undreds superpuly I.
Speaker 3: Would really wor really why was that possible?
Speaker 2: Was because black.
Speaker 4: Rock has about fifty one billion what at the times
Speaker 4: was about it five thousand, so they have about five
Speaker 4: hundred thousand bits coins.
Speaker 2: If we look at macro Strategy, they have about four
Speaker 2: hundred thousand piece coin.
Speaker 4: If you look at us comment they have four hundred thousand.
Speaker 4: Look at Chinese government.
Speaker 2: So systemic editor's own piece coins. So you expect for
Speaker 2: form of stability look like the vulatity so in.
Speaker 4: COVID or years back, but right now become prove blue
Speaker 4: two thousand and the chat now looks like great tea.
Speaker 4: So if kind of saying that okay, Trump has good
Speaker 4: to be every I agree.
Speaker 2: But markets right now, the market.
Speaker 4: Is parableic, and you know that there's a positive condition
Speaker 4: between US talks and the people.
Speaker 2: Markets didn't represents something the market wants to year, we
Speaker 2: might be ready to go to the village. That's my opinion.
Speaker 1: But again the compact isn't that this is the plan.
Speaker 1: The plan is to cause stocks to fall so that
Speaker 1: funds flow to bonds and yields fall. So what you're saying,
Speaker 1: you're actually seeing that that plan is working. This is
Speaker 1: it is on purpose. Why this is happening. Bitcoin and
Speaker 1: stocks didn't wake up. That's what we're going to fall.
Speaker 1: They could have done this with letters and will know
Speaker 1: about it and the market to know how falling. They
Speaker 1: want the market to fall to force capitals to flow
Speaker 1: to bonds. There's a stock market, there's a bond market.
Speaker 1: The bond market is twenty billion trillion times bigger and
Speaker 1: more important than the stock market. That's what they're basically saying.
Speaker 1: But we buy stocks, so we know Tesla, we know snapchats.
Speaker 1: But the bond market is the gorilla that drives the
Speaker 1: global economy, the most important investment in the entire