Speaker 1: Who says investing is not something that happens over night.
Speaker 1: It takes a lot of work, research and did risk,
Speaker 1: proper management, book advice, and now this is.
Speaker 2: Recognition very important. You know before.
Speaker 1: You aware that recreation is to protect you.
Speaker 3: Not to brand me.
Speaker 4: We need to talk about Well, they will be here
Speaker 4: for three hours and we see the room full, so
Speaker 4: I think that's just what to wind it down so
Speaker 4: folks can go sleep for Monday. So everyone on space
Speaker 4: now will speak, but that's because it's going to be it,
Speaker 4: so we just have those speakers. I just thought everyone's
Speaker 4: is going to speak and then we'll just.
Speaker 3: Wind it down. I appreciate everyone. This is not like
Speaker 3: a round.
Speaker 4: It's not a sexy topic. But we have nearly six
Speaker 4: on the PO that I have stayed here night. So
Speaker 4: a m P a MP from me, is that what
Speaker 4: I'm saying? AMP, go ahead, you got.
Speaker 2: Thank you?
Speaker 3: Hello? Hi everyone? What's up? No a m P speaking?
Speaker 3: Oh everything?
Speaker 2: Yeah, a m P.
Speaker 3: Everyone everyone's gonna speak. Let me just speak. Yeah, I
Speaker 3: just want to go down.
Speaker 2: Answer.
Speaker 4: Oh I really can't hear what's going on? AMP, go
Speaker 4: ahead everything you can hear him. If you can't hearm,
Speaker 4: go out. And come back and I'll add you back.
Speaker 4: If you can hear you, go ahead, everything go out.
Speaker 3: You back here anyway, Thank you. Your audio is falling
Speaker 3: low a MP go ahead, your audience, okay, I have
Speaker 3: my bluters on, probably go for it. I can hear me.
Speaker 3: I'll just come back up. I can, I can. I
Speaker 3: can hear you. Go ahead, I can hear you. Go ahead, okay,
Speaker 3: just no, Actually it was a really nice discussion. I
Speaker 3: don't know.
Speaker 5: If you can't here, just let me know. Just come
Speaker 5: back up anyway. Two questions kind of thank you.
Speaker 3: I see you. I went to Amazon. I see you
Speaker 3: the Boken stuff. I didn't you know. I don't know
Speaker 3: if you did an audio audio.
Speaker 2: Original.
Speaker 3: I don't know.
Speaker 5: These people on the way, you know, they would rather
Speaker 5: have this kind of stuff.
Speaker 3: Yeah, other ones on the way. We're working on it. Yeah, okay, chairs,
Speaker 3: that's nice stuff. Be nice.
Speaker 2: I like that cover the same time.
Speaker 3: Very handsome, right, cheers.
Speaker 2: Thank you.
Speaker 5: The reason I came up was actually I see I
Speaker 5: was reading one of your tweets, and I see your
Speaker 5: fifth China is coming up with fifty one billion bucks
Speaker 5: in terms of finance Africanist, and I'm like, okay, and
Speaker 5: then you put up that number like they were poorer
Speaker 5: or not poor, like the poor the.
Speaker 3: Entire African nations.
Speaker 5: Yeah, the nineteen sixty five from if I remember correctly,
Speaker 5: and what were will I mean we can go from
Speaker 5: as a country or as as a continent. What are
Speaker 5: we lacking that to see that kind of significant difference
Speaker 5: that we're still there and they're up here? So I
Speaker 5: just wanted to give me your you know, not we
Speaker 5: greated the whole thing, but just what made what what
Speaker 5: was your assessment? What was your what are we lacking
Speaker 5: as an like as a continent or as the countries as.
Speaker 3: Yet the people contributed.
Speaker 5: To their own country and it's still their country or
Speaker 5: what is it?
Speaker 3: Just giving an idea? Just try I can.
Speaker 2: Yeah.
Speaker 3: And the next one.
Speaker 5: Is I don't know if you if you half at
Speaker 5: the time, if I can add one more question? So
Speaker 5: the next one is I've seen like you put up
Speaker 5: that ninety sixty five Still my mind, I looked after
Speaker 5: Nigeria and Starck Exchange established nineteen sixty one and now
Speaker 5: we're here twenty twenty four for you like fifty six
Speaker 5: trillion nairah market cup, I'm like, okay, if you or
Speaker 5: anyone can tell me what's the population in Nigeria contribute
Speaker 5: to the house it bedfitting the people in a what
Speaker 5: makes it to that level? And the reason I'm asking
Speaker 5: this question as actually, you know, it's been a long
Speaker 5: wait or having about to open up out of the
Speaker 5: very first start exchange in its Yoga beginning of Jenue.
Speaker 3: We're excited.
Speaker 2: I'm excited.
Speaker 5: I'm not used in the States, but I mean really
Speaker 5: really interested to you know, invest in my country and stuff.
Speaker 3: But tell me what was.
Speaker 5: A contribution to the contribution and there is turned through
Speaker 5: the population.
Speaker 3: Of the Nigeria.
Speaker 5: Having that can change for the very long time.
Speaker 3: So I appreciate your time.
Speaker 2: Thank you.
Speaker 4: Yeah, so let's take a second question first. If you
Speaker 4: look at the direct contribution i e. The retail market
Speaker 4: for Nigerians, Nigerians make up I would say whom they
Speaker 4: can back me up here the fund flow is I
Speaker 4: would say fifty to fifty sixty forty Nigerian and foreigners.
Speaker 4: The fund flow what means that foreigners bringing money but
Speaker 4: lost Nigeans making money. But how many Nigerians are active
Speaker 4: in the stock market i e. Have an account trading.
Speaker 3: Not a lot.
Speaker 4: Recently we had empty and issue shares. Then we got
Speaker 4: a huge response, especially from Nigerian women. The gentlemen did
Speaker 4: a lot of investment in EMPTN because it was online
Speaker 4: and they were able to buy a lot of equity there.
Speaker 4: But it was very very strange that nigerentlemen were very
Speaker 4: very well know they are the top investors in MTN
Speaker 4: on that online share.
Speaker 3: But in terms of the.
Speaker 4: Retail market in Nigeria that people are buying and selling
Speaker 4: day to day, not a lot but contribution. I would
Speaker 4: say there's been a lot of contribution because Nigeria has
Speaker 4: axe banks who are very very large. To list those
Speaker 4: banks listed, so lots of Nigerians have a stake in
Speaker 4: the bank because they were listed right and that I
Speaker 4: think brought a lot of investors to the market. That's
Speaker 4: one good thing they've done. Before those banks were listed,
Speaker 4: stock markets were seen as something that people that people
Speaker 4: do on the side by very small portion of Nigeria market.
Speaker 4: But the biggest companies in Nigeria, the Dangodes Cement is listed.
Speaker 4: The largest other companies MT and eight are also listed.
Speaker 4: So there's this sense that in Nigeria, the big, the
Speaker 4: rich people understand that they have to also invest in
Speaker 4: the stock market to raise funds. Dangote limit, do you
Speaker 4: want to also make a comment on that before we
Speaker 4: go to general.
Speaker 6: Yeah, I wanted to add to When he asked that question,
Speaker 6: I was kind of dig lit already.
Speaker 7: So just a hundred thousand, about adred thousand plus people
Speaker 7: who are actively involving your stock market, and.
Speaker 1: The stock market is opened by about fifteen point.
Speaker 6: Five trillion there and just about twelve a dozen people
Speaker 6: are responsible for half.
Speaker 2: Of the profits you mentioned. Dankote, you mentioned, you mentioned.
Speaker 6: Timovia In mentioned to you, you mentioned Peter.
Speaker 2: At a bitter side, and that's basically you know.
Speaker 1: So it just tells you that GROS is concentrated, you know,
Speaker 1: among the very few men that you cannot invest because
Speaker 1: spoke about for retail.
Speaker 7: It used to be that amount, but recently it's now
Speaker 7: basically live for every if the attorney vestors nice lookal
Speaker 7: one is for me and pretty much because stock.
Speaker 1: Market was down guarded by two.
Speaker 2: Multiages so.
Speaker 7: Foreing investors are not really.
Speaker 1: Stops like other market side India, so it's pretty much
Speaker 1: into missive.
Speaker 6: So that's the abilablity that we have.
Speaker 3: Enough.
Speaker 4: So the summary is that AMP summary is that it's
Speaker 4: a large market, but very very top heavy. The top
Speaker 4: heavy guys are driving those transactions just petentially are seen.
Speaker 4: If you remove the bank capraition, you will not see
Speaker 4: a lot of niger stock market. I even think it's
Speaker 4: that numbers. It's even high because the bank sold shares,
Speaker 4: so their staff, their employees, ip went, we did the
Speaker 4: banks five billion ip O. There's a lot of nigerancy
Speaker 4: won't even look at the stock market. So that's just
Speaker 4: the answer for you in terms of that for that
Speaker 4: stock market side, Let's go to China. What I put
Speaker 4: nineteen six, I justesdn't want to want to argue with
Speaker 4: me if you go as far as nineteen seventy is
Speaker 4: the same indices that the Chinese as a country and
Speaker 4: as the people were poor, and literally all of Africa.
Speaker 4: Even if he has nineteen seventy, I think we nineteen
Speaker 4: seventy eighty, Chinese was still suffering from farmings. Seventy eight
Speaker 4: or so, they had the great doss some from farmings.
Speaker 4: What the Chinese did well was that when they had
Speaker 4: this new president I think it was the Jianping. I
Speaker 4: can't princes named the Gata went to Hong Kong. The
Speaker 4: Chinese guy he went to Hong Kong, and China back
Speaker 4: then was a communist nation, one hundred percent communists. It
Speaker 4: was top down planning. Chinese say, want to build a factory,
Speaker 4: They take and build a factory.
Speaker 3: End of story.
Speaker 4: There's no planning, there's no entrepreneurship, there's no capitalism.
Speaker 3: Communists.
Speaker 4: But he went to Hong Kong and when they went
Speaker 4: to Hong Kong, Hong Kong is China or was China.
Speaker 4: He saw the same Chinese people in Hong Kong, but
Speaker 4: they were richer. The same work ethic, the same food,
Speaker 4: the same culture, but they are richer. Why they're richer
Speaker 4: because in Hong Kong they allowed capitalism to take hold.
Speaker 3: That if you kill a cow, you eat the cow.
Speaker 4: So he came back to China and they said, okay,
Speaker 4: we're gonna get one part of China.
Speaker 3: We're gonna do an experiment.
Speaker 4: We're gonna allow this part of China to be capitalists,
Speaker 4: and let's see what will happen. And he came back
Speaker 4: to China and he said the famous school, it doesn't
Speaker 4: matter if the cat is white or black, as long
Speaker 4: as it catches mice. To say, it doesn't matter if
Speaker 4: we call ourselves communists or capitalists, as long as the
Speaker 4: economy is booming and we're creating jobs. So they went
Speaker 4: to the coast of China and they created a place
Speaker 4: there that was what will corner with free trade zone.
Speaker 3: And in that place it was not China.
Speaker 4: The foreigners came in, could establish a business, could use
Speaker 4: very very cheap Chinese labor, and then manufacture goods and
Speaker 4: then export kept the airway from China. But what they
Speaker 4: did was to then actually Chinese to copy exactly what
Speaker 4: the guys wives were doing and replicated in China.
Speaker 3: But they built this up with a base of education.
Speaker 4: The Chinese went back and educated every Chinese man. So
Speaker 4: it's not just to bring in the westerners, but they
Speaker 4: educated a quality education. So the rural areas you had
Speaker 4: kids there that were educated, well taught. Then they studied
Speaker 4: agricultural revolution from the rural areas, not from the townships.
Speaker 4: So if you lived in the village, you had food,
Speaker 4: you were educated. Where did you go to work? They
Speaker 4: moved them from the rural to the town to the
Speaker 4: coastal cities to go learn to do the jobs that
Speaker 4: they the white folks brought to the coast of China.
Speaker 3: And what they do next.
Speaker 4: They then created their own Chinese versions in China, so
Speaker 4: they copied what the Chinese were doing, apply the Chinese
Speaker 4: method of bottom up, and then build their own industries
Speaker 4: from China. And it was a joke back then, but
Speaker 4: they kept on learning, kept on being better, having ten
Speaker 4: year vision plans. There was no politics of elections, so
Speaker 4: they have a ten year plan. We're going to build
Speaker 4: a bridge over the river because we have a factory
Speaker 4: here at the bridge will be built, right, They were
Speaker 4: going to do this, It will be done.
Speaker 3: There was no Democrats coming in, Republican coming in.
Speaker 4: It was a Chinese government ten year plans, and they
Speaker 4: focused on the quality of leadership. So before you can
Speaker 4: become a governor in China, you must have shown yourself
Speaker 4: as a local council law, as a council law, as
Speaker 4: a local government chairman. You have been tested and tried.
Speaker 4: So they didn't do this nepotism. It was you have
Speaker 4: to show what you have done. So only quality people
Speaker 4: led the country. They invested in infrastructure and education, They
Speaker 4: copied what works from the coast and they just built China.
Speaker 4: So it was a vision China. I said, it's a
Speaker 4: story of a vision that was implemented. That's the difference
Speaker 4: between China and Africa. Africa has better economic plans. If
Speaker 4: you come to Nigeria, we had the Nigeria Development Plan one,
Speaker 4: two and three. Nigeria was written in China. The Chinese
Speaker 4: came to Nigeria to study. Back then in nineteen seventy,
Speaker 4: Nijera had what were called overhead bridges. Very few nations
Speaker 4: on Earth had overhead bridges. Nigeria had them. So we
Speaker 4: went to the estate called Legos. We built almost nine
Speaker 4: overhead bridges, or than overhead bridges. You build a bridge
Speaker 4: over a road revolutionary, so you have two.
Speaker 3: Roads on the same geographical space. Nigeria had it.
Speaker 4: We had street lights, we had satellite towns called Festak.
Speaker 4: The Chinese came to Nigeria and going to go to
Speaker 4: the west because we were communists. They studied it. They
Speaker 4: went up to China and they stared to learn how
Speaker 4: to build it. And over the years they focused on
Speaker 4: an export economy because they had cheap libor, so they
Speaker 4: focused on what they could do well. They had cheap labor.
Speaker 4: The worst has to come to China, we would learn
Speaker 4: and they slowly released communism. So from having communism on
Speaker 4: the coasts. They allowed the Chinese farmer keep more of
Speaker 4: his goods then chance fromand they made more money. He
Speaker 4: could then send his son to the town to open
Speaker 4: up a shop. They slowly released communism, so the communist
Speaker 4: China became more capitalists, while nations like Ghana became more capitalist.
Speaker 4: Nations like your country Ethiopia became more Maoists and more communists.
Speaker 3: Nigeria became more socialists.
Speaker 4: Where we had the military saying federal character and everything
Speaker 4: had to be mover.
Speaker 3: The same piece. So China became more capitalist.
Speaker 4: Africa became more communists and more socialists and more Maoist.
Speaker 4: They cut the capitalist in bog became richer, built infrastructure
Speaker 4: and havn't stopped. Africa regressed. It went from hom An
Speaker 4: emperor to mengize Tu to the farmings. Nigeria went from
Speaker 4: having the fastest growing region the whole entire world that
Speaker 4: was growing total economic output to then slowing down to
Speaker 4: a mono economy driven only by a crude earl and
Speaker 4: gas division. And then the plants that we had, industrial
Speaker 4: plants that we had, we stopped them.
Speaker 3: We then started to focus on.
Speaker 4: Imports because we had crude oil were complained that our
Speaker 4: problem was we didn't have know how to spend the money.
Speaker 4: We didn't generate any more world we just spend the
Speaker 4: oil money we had.
Speaker 3: If you fast forward this still today.
Speaker 4: The Chinese Communist Party still runs China, but the Chinese
Speaker 4: economy is one hundred percent capitalist.
Speaker 3: In Africa, you still have portions.
Speaker 4: Even in Nigeria, we're a democracy, but our economy is
Speaker 4: still not so we say capitalists. We still have government
Speaker 4: fixed of prices. We still have the government will tell
Speaker 4: you cannot build a refinery here because it's so with
Speaker 4: the vision we had in Africa, we didn't implement it.
Speaker 4: The vision they had in China implemented it and that's
Speaker 4: where they are today.
Speaker 3: There is no magic.
Speaker 4: Rwanda has copied China, have a vision implemented, same way
Speaker 4: in MAURITIAWS Botswana. You don't have to copy China per se,
Speaker 4: but have a vision implement. It doesn't matter who is
Speaker 4: in office. Trump is going to tak about January the
Speaker 4: twenty Yet, whoever is the president of Testif America, there
Speaker 4: will still be bosses speaking up kids to go to school.
Speaker 4: If you call nine one one, police will still come.
Speaker 4: If you go to the managety room. In America, the
Speaker 4: hospital still work. That's the difference. Africa is still if
Speaker 4: this guy is a good president, things are good. If
Speaker 4: this guy's a bad president, things are bad. We haven't
Speaker 4: institutionalized development. It's still personalized. So if we're lucky like
Speaker 4: how Rwan, it's lucky they have a good president, they're developing.
Speaker 4: But the day they have a bad guy. Look at
Speaker 4: Ivory Coast. For twenty five years, Hybrid Coast had the
Speaker 4: good president. So the Aric Coast was the Paris of
Speaker 4: West Africa. Then certainly they had rebels and now they're
Speaker 4: going back to have been the Paris of West Africa.
Speaker 3: So that's the difference with us with not institutionalized growth.
Speaker 4: Even Ethiopia, you guys are fighting in the civil war
Speaker 4: no one only knows about in the world at the
Speaker 4: big civil war you've gone from the You guys are
Speaker 4: still the fastest.
Speaker 3: Growing country in Africa. But imagine if you weren't fighting
Speaker 3: that war.
Speaker 4: Imagine if you still had your part over are in
Speaker 4: richer way, cheap pair would be it. Pay is the
Speaker 4: second largest country by population of of Nigeria. So you
Speaker 4: guys are the worst chasing Nigeria and you would have
Speaker 4: even overtaken Nigeria evenough for those things that you have
Speaker 4: pulling you back. But you have no oil and Nigeria
Speaker 4: house oil and were struggling. So I could go on,
Speaker 4: but I hope you get the point I'm making.
Speaker 3: Wow, thank you. I hope I'm out double again.
Speaker 8: But it was.
Speaker 2: It was very detailed. Thank you so much. Yeah. Yeah,
Speaker 2: well we'll try.
Speaker 3: And current situation. Of course, if we don't.
Speaker 9: Have that kind of situation, I think it would be great,
Speaker 9: Like you said it. Perhaps I've seen a article I
Speaker 9: don't know if you see it by the gold On
Speaker 9: Sax or something, the fifty years projection according to this current.
Speaker 10: Doubling down, this GDP stuff in the past five.
Speaker 3: Years saying the seventeen is a.
Speaker 5: Place, the seventeen placethop.
Speaker 3: Yeah. Yeah, you know, if you see that one.
Speaker 4: In the world, you guys should not fall apart. You
Speaker 4: guys are don't fall apart. You you are, you are,
Speaker 4: you don't fall apart.
Speaker 5: We were reunited as more than ever actually, be honest,
Speaker 5: I'm proud of yeah.
Speaker 2: And you know for what we all.
Speaker 5: Over the world all right, excellent, Yeah, Well that's what
Speaker 5: I want to discuss most people.
Speaker 11: You know, we like investing and talk about the waste
Speaker 11: aga market and stuff, but we don't dare to go
Speaker 11: in details and share our intelligence.
Speaker 4: I mean Ethiopia, it's Ethiopia is China, I'm not seeing.
Speaker 4: But what Ethiopia has done with manufacturing and exports, how
Speaker 4: they have built this you know industry. About what you
Speaker 4: guys do sewing and clothes for manufacturing locally to export
Speaker 4: out of Ethiopia using Chinese capital.
Speaker 3: It's just amazing.
Speaker 10: But let's do there.
Speaker 4: Got to get the space work. What kind of shut
Speaker 4: down and let's get ster. Thank you someone, Let's get
Speaker 4: mister Chris, good, mister christ and SB. Then today you're welcome. Hey,
Speaker 4: mister Chris, what are you mind, mister Craig, it's uh,
Speaker 4: mister Chris going once, mister Chris going twice. Hey, mister hacking.
Speaker 4: Sorry I said it's SB SB. Please go ahead. Then
Speaker 4: we do hacking SB. Then we'll do hacking. Yeah, yeah,
Speaker 4: thank you so much for the opportunity to speak on.
Speaker 12: So actually it's my first time of joining your space,
Speaker 12: and it's been since the first minute because everything I'm
Speaker 12: hearing is something I need to know.
Speaker 2: Even though I studied finance.
Speaker 12: Well, I've not had the chance to like have a
Speaker 12: practical experience of investments, but yeah, I'm opened in from
Speaker 12: the experience once. But yeah, from the previous things that
Speaker 12: you've said about investments, I just have a question to
Speaker 12: quickly ask because you mentioned the particular type of investment
Speaker 12: for kids, and it sounded like it's the type that
Speaker 12: you can fund at different intervals.
Speaker 2: I don't know if the funding has to be fixed.
Speaker 2: You also mentioned one.
Speaker 12: Way it can be stated that the kids is in
Speaker 12: and then the salary goes straight into the investment, right.
Speaker 4: Yeah, I mentioned I mentioned the US version and Nigeran version.
Speaker 4: In the US version, we have what's called an ira
Speaker 4: roth ira, and I'm saying that's just an individual retirement account.
Speaker 4: So the way you do it that your kid has
Speaker 4: got to be legally employed. Let's se your child is
Speaker 4: four years old. Your kid can be a model. You
Speaker 4: take a picture of your kid is a model for
Speaker 4: your website, So you are paying him a salary from
Speaker 4: your organization. Right, so you pay him a salary, but
Speaker 4: our salary doesn't go to the kid, it goes to
Speaker 4: his individual retirement has a contribution. So your kid pays
Speaker 4: no taxes correct. That one is then in that rot
Speaker 4: era and then invested for the kid's life. He's from
Speaker 4: four years old till when he's eighteen. When he's eighteen,
Speaker 4: he goes to school. You can keep on. He can
Speaker 4: keep on working and investing in his ira till is
Speaker 4: twenty five. He can then use that ira and then
Speaker 4: take it over and then keep on working. So he's
Speaker 4: been investing for more. Another kid to have invested and
Speaker 4: it's a roth ira. Any growth in the roth ira
Speaker 4: is not taxable. After five years, your kid can withdraw
Speaker 4: the money without paying taxes. So it's a big, big,
Speaker 4: big hack. The same you can use in Nigeria. In
Speaker 4: Nigeria is use the arress version retirement servis account version
Speaker 4: you can.
Speaker 3: Open if you have a company.
Speaker 4: You can open up a company, employ your wife and
Speaker 4: your kids in your company as staff. Your kid can
Speaker 4: clean the office, your wife can be your secretary. You
Speaker 4: pay them a salary, basic housing and transportation. Witness the
Speaker 4: contributes to your IRA. That reduces your company tax that
Speaker 4: you pay. That ensures your kids have got a savings
Speaker 4: account that they start off when they are young where
Speaker 4: they can use when they.
Speaker 3: Start to work.
Speaker 4: So you are doubling their compounding period from having a
Speaker 4: tax free savings account secured by the government, by the
Speaker 4: kids biometric. That's essentially what an arras say is a
Speaker 4: tax free long term savings account. So you want to
Speaker 4: take advantage of those two and do it. That's the
Speaker 4: point I was making this big.
Speaker 13: Yeah, that clarification, Jor My major question is about that
Speaker 13: particular face type dimensioned where he said money can comun
Speaker 13: at different intervals.
Speaker 4: It has to be it has to be end income.
Speaker 4: You can't just put money into the k account. You
Speaker 4: must pay salary. So you just can't say I'm constry
Speaker 4: with mon into your kids account. It doesn't work that way.
Speaker 4: He must and it's your child. You must have an
Speaker 4: employment contract. He is employed. That's why he ends the IRA, right.
Speaker 4: It has to be employment.
Speaker 3: Yeah.
Speaker 2: Oh so now I get it.
Speaker 12: I get it clear now because I was even going
Speaker 12: to ask, what if somebody doesn't have a kidiot and
Speaker 12: you're interested in that kind of.
Speaker 3: Long term you can't do that.
Speaker 4: If you can open up an ERA for yourself, you
Speaker 4: can of an era rot. So IRA can be traditional,
Speaker 4: it can be rot. The difference is with rot r
Speaker 4: oth roth IRA. Any money you put in you pay
Speaker 4: tax today, but when you take it out, you don't
Speaker 4: pay tax again. So it's very very good for you
Speaker 4: if you are younger, because you end less, hence your
Speaker 4: tax is less. If you're going to a roth ira today,
Speaker 4: you pay taxes today. Then you then use that roth
Speaker 4: error and you then buy shares. If the shares are
Speaker 4: appreciating value. When you sell those shares, you pay zero
Speaker 4: taxes because when they pay tax. When you open up
Speaker 4: the era to say, a good, good hack for you,
Speaker 4: it's so good that the US government would stop you
Speaker 4: from putting all your money in a rough era.
Speaker 3: You have a cap that you can put into an ira.
Speaker 4: You also have an income complication if you end one
Speaker 4: and I think this one is I don't give a figure,
Speaker 4: but if you end one of the setting amounts, you
Speaker 4: cannot have a roth ira. So if in the US
Speaker 4: you end, you want to ensure you have a roth
Speaker 4: ira and you max that one out first before you're
Speaker 4: gonna start to invest. It's a hack. It's a big, big,
Speaker 4: big tax advantage. We want to take advantage of it.
Speaker 3: Thank you so much, appreciate there. Welcome.
Speaker 14: Yeah, let's I'm definitely going to be getting your book.
Speaker 2: As Christmas killing.
Speaker 3: Someone.
Speaker 4: Yeah, everything, thanks for having for hopping back in. Yeah,
Speaker 4: everything's up.
Speaker 8: I'm good.
Speaker 2: Pleasure I actually came up.
Speaker 10: I've actually enjoyed the space, to be fair, given I
Speaker 10: came up to give some of my own opinions as
Speaker 10: clarifications about the individual that came to speak about advertification
Speaker 10: for cryptocurrencies. I want to speak on that, and I
Speaker 10: also want to speak on MST micro strategy.
Speaker 2: As well as their their strategy has learning.
Speaker 10: Them to be QQQ and probably maybe so that I
Speaker 10: would look at this so that I will be going
Speaker 10: to micro strategy. I wanted to say that for me,
Speaker 10: it really x me personally because I sort of understand
Speaker 10: the technical nuances when people say the diversification should involve crypto.
Speaker 10: MSTR for example, it's not necessarily branding themselves as a
Speaker 10: crypto company but solely as a bitcoin company.
Speaker 2: And I know that most people don't.
Speaker 10: Get the misnomer, but they lump all of them together.
Speaker 10: I just want to for the larger audience demystify that
Speaker 10: and let people know that there is a met your
Speaker 10: difference between bitcoin and the broad regular cryptocurrency, and also
Speaker 10: touch on your concern which curly was that because of
Speaker 10: the lack of what is deemed to be regulations, most
Speaker 10: people are scared to somewhat going to baitcoin. And I
Speaker 10: want to give you example of Michael Saylor, the MSDR
Speaker 10: chairman XCO. At the time when willing MSDR around August
Speaker 10: twenty twenty, there were no fast be regulations or fat
Speaker 10: for regulations or SECC relations. So had he probably decided
Speaker 10: to wait for like the South twenty.
Speaker 3: One that now allows for.
Speaker 10: Accounting by institutions that want to use this treasury model, perhaps.
Speaker 1: That might not have been.
Speaker 2: He might not be ripping the fruit of his label
Speaker 2: this much.
Speaker 10: That's that's one and the secondly, are you aware of
Speaker 10: any African institution slash company using the micro strategy approach?
Speaker 10: Because I have someone asked this question as what to
Speaker 10: look at that this is an open playbook that they
Speaker 10: even open source their their methodology and put it on
Speaker 10: GitHub for any corporate, uh body slash institution to copy.
Speaker 3: But so far it.
Speaker 10: Doesn't seem like Africans even aware of micro strategy.
Speaker 2: Now, I think twenty.
Speaker 3: Four and everything we have to I get what you said.
Speaker 2: Let's have a question of.
Speaker 10: Probably just chiming on MSDR the African approaches the MSDR.
Speaker 3: I mean looking at that.
Speaker 4: SDR model, there is there is there a US version
Speaker 4: of mstr no, because you know what he what he
Speaker 4: has done, and what you can't replicate is that he
Speaker 4: has bought an asset at a very very low average price.
Speaker 4: To do what he has done now is impossible because
Speaker 4: you can't buy bitcoin at that low average price anymore.
Speaker 4: So here he is now the leader, right and if
Speaker 4: we can copy it but at a higher price. So
Speaker 4: if if if it now goes to five hundred thousand, good,
Speaker 4: you know then but he is going to be the
Speaker 4: leader because he has a lower prices, has a lower
Speaker 4: average price, which is by the asset whold issue equity
Speaker 4: to pay back the debt he is locked in. So
Speaker 4: he has won because BTC has gone up in priced.
Speaker 4: You know that he took a bet better spade of
Speaker 4: for now. I don't think anybody else can manchine because
Speaker 4: of the high increasing the cost of bitcoin. So we're
Speaker 4: looking at stage two now, which is for us, what
Speaker 4: does that mean for us as an investor on this space?
Speaker 4: Do we go buy bts see should we get exposed
Speaker 4: to be That's now the question for us because we're
Speaker 4: not going to do, Michael.
Speaker 3: We don't have that.
Speaker 4: We don't have ninety billion dollars. So again that's what
Speaker 4: I'm saying. Yes, it's now, it's your asset class. Yes,
Speaker 4: if you can think about putting it in your portfolio.
Speaker 3: The anside is.
Speaker 4: Going to be what percentage should you do? One percent,
Speaker 4: ten percent, fifty percent. The way I look at it
Speaker 4: is still this way. If you are younger, it should
Speaker 4: be a larger PERSENTI of your portfolio. If you are older,
Speaker 4: to try to reduce the amount of of the portfolio
Speaker 4: that you have exposed to that. That's really what's going
Speaker 4: to be Yours your concept of risk. If you want
Speaker 4: to take that risk, grab it. Everything is risky. So
Speaker 4: we're not saying this is riskier than any other thing,
Speaker 4: but everything is risky. But if you're younger, you can
Speaker 4: absorb risk. And it's an asset quas that is still at.
Speaker 3: The beginning stages. We don't know where it's going to
Speaker 3: go tomorrow.
Speaker 4: So I would say having your portfolio, but the number
Speaker 4: should be based on your objected, your age, and your
Speaker 4: at you to risk. That's how I'll say to really, Yeah,
Speaker 4: but this your topic has to be brought up too
Speaker 4: different and then we'll talk about it, not somebody. We're
Speaker 4: just doing five minutes. Hey manke it, you've got the floor.
Speaker 4: I've got make it and don't get We'll do Clinton,
Speaker 4: what's gonna wrap up? Guys, so we can all go.
Speaker 4: Don't worry, make it, don't do make it then Clinton?
Speaker 3: Make it? Go ahead?
Speaker 4: Please menke it. Well, let's get to I gala man. Sorry, Clinton,
Speaker 4: So let's go Clinton and the galle Man. Clinton, all right,
Speaker 4: what's happening?
Speaker 2: Good day?
Speaker 3: What's up?
Speaker 2: I'm fine.
Speaker 14: It's good to be speaking with you because it's been
Speaker 14: long since I've been trying to get here.
Speaker 8: So you and me day out held me in my
Speaker 8: financial journey here.
Speaker 3: I'm olived.
Speaker 4: Lost him cause he's still hear him. I'm not hearing
Speaker 4: cannibly hear him.
Speaker 1: Yeah I can, okay, okay, okay.
Speaker 3: I said, I just ordered your book from Robin.
Speaker 14: Height so since yes Saturday. So I'm just too waiting
Speaker 14: for it. And my question here is I'm investing with
Speaker 14: truth truth up. So and the problem is that I
Speaker 14: don't have.
Speaker 3: C S c S number.
Speaker 2: So, and I asked them, they say that I wasn't.
Speaker 14: That I'm trading with custodial accounts unless I switched to
Speaker 14: individual accounts, and there.
Speaker 3: The ten days that I was start.
Speaker 14: Filing my dividends, so I decided to just leave it
Speaker 14: like that because I just sense that filing my dividien
Speaker 14: might take me a lot of stress instead of getting
Speaker 14: it automatically. So that's the question I want to ask,
Speaker 14: because the reason why I put interested in this because
Speaker 14: there was advice on people.
Speaker 3: But is it foreign stocks or local stocks? Foreign or
Speaker 3: local stocks?
Speaker 2: Local stocks, local stocks? That's stocks?
Speaker 14: Yeah?
Speaker 3: Really, yeah, only there is right now. So it just
Speaker 3: depends on what you want to do.
Speaker 4: If your CSCs means it's in your like if you're
Speaker 4: doing bitcore, like that's your own wallet.
Speaker 3: If you have your own wallet, you buy, you put
Speaker 3: it there.
Speaker 4: You can still say they can do costed out for you,
Speaker 4: like they've told you, and it's maybe more convenient for you.
Speaker 3: It's your care, you know.
Speaker 4: I always advise having your own CSS because then it's
Speaker 4: in your possession, right, But if you don't put your ses,
Speaker 4: it's not the end of the world. But it's your
Speaker 4: call what you want to if you feel comfortable with that,
Speaker 4: because that is with them, right, Yeah, it's your call.
Speaker 3: They're correct, but it's your call.
Speaker 14: There was the question here is that filing for my
Speaker 14: GIVD and visit or hard process.
Speaker 3: It's not, it's not. It's not. You guys want it's not.
Speaker 4: You can go to registry and do registrate with You
Speaker 4: can go get your bank account.
Speaker 8: And most broadcasts.
Speaker 15: Now like I got most of my banks without even.
Speaker 2: Finding anything that's into my bank account. Split you see.
Speaker 15: What you need to understand is that if your phone
Speaker 15: are custodia and the business needs goal bank grout and.
Speaker 8: Your your own, but if.
Speaker 15: Your phone is, you don't need to be You need
Speaker 15: to understand. That's why you said that you need to
Speaker 15: be aware of the risk. Put it way into something.
Speaker 15: You need to understand the risk.
Speaker 3: Whatever we say.
Speaker 16: Because where your fund is on this ceres Ceres account
Speaker 16: in depends, it's not exposed to the defunt the bank
Speaker 16: of the top is not.
Speaker 15: Not exposed to so that gives you a form of security.
Speaker 2: And that's why I said that that is nobody very potant.
Speaker 1: In fact, when you want to move your stocks and
Speaker 1: that's what you actually.
Speaker 17: Then you.
Speaker 4: Yes, welcome, welcome, so let's get some hackim then do
Speaker 4: then do Paul and Hakim Hakim go ahead please.
Speaker 3: Hakim Quimi Yeah, I can hear you go ahead.
Speaker 2: Okay, thank you for all you have been doing on
Speaker 2: this space. My first time on your space, and mine
Speaker 2: is just a request. I really appreciate if the recording
Speaker 2: of this episode can be posted on your ex profile.
Speaker 3: Yeah, it's all.
Speaker 4: All episodes are posted on the podcast and on the
Speaker 4: ex So if you go to my you see the
Speaker 4: podcast app.
Speaker 3: All episodes are there, all of them.
Speaker 4: So once what once we're done is being recorded, once
Speaker 4: we're done to put on the podcasts going there.
Speaker 3: Thank you, thank you, You're welcome. Yeah, let's get so
Speaker 3: does Paul.
Speaker 8: Yeah, thanks, mister Carlos, thanks for all educational insights. So
Speaker 8: my question is around you know, the US talk market
Speaker 8: and so basically when you invest in the stock market
Speaker 8: plan for residents and citizens and they have tax obligations
Speaker 8: and then they can write off their losses in terms
Speaker 8: of you know, getting some kinds of tax rebits. But
Speaker 8: for the Nigerian and apps, do we have those.
Speaker 2: Kind of opplications?
Speaker 8: I hear Bamboo, I hear Trouve. How does it work?
Speaker 4: I think it's almost the same thing we talked about that.
Speaker 4: When you buy those alps, there's an you pay those taxes.
Speaker 4: There was a guy that came here, don't telling, was
Speaker 4: buying through Ireland to avoid those taxes. So when you
Speaker 4: buy to those as the courses the course to those
Speaker 4: sentiment is happening in America. Yes, you're exposed to those taxes. Yeah,
Speaker 4: were to hold the taxes and all that, or you
Speaker 4: do a W eight and all that kind of stuff.
Speaker 4: But yes, you're exposed to them.
Speaker 8: Okay, it's already built into I guess cover stop Vocalier
Speaker 8: isn't okay.
Speaker 3: Yeah, And then my.
Speaker 8: Second is just a contribution. I mean a lot of
Speaker 8: us lend the hard way. When I went into the
Speaker 8: stock market, initially it was all about buying individual stocks
Speaker 8: and then realized the vetification in the name of the game,
Speaker 8: you know, getting into index ones and things like that
Speaker 8: helps us spread your risk. I would also recommend the
Speaker 8: intelligent investor because you've preached it, which is the right
Speaker 8: thing to do. But for people to want to have
Speaker 8: the conviction of why you should buy the index ones,
Speaker 8: if you really intelligent investor, it just gives you historic
Speaker 8: background on why the index ones are performed. I don't
Speaker 8: know whether it's ninety percent or something.
Speaker 2: Given the professional book reaches.
Speaker 4: Yeah, let me that book is a very very technical book.
Speaker 4: That's the book that we're on. Buffets read and all
Speaker 4: that all those poll read. I personally, I personally you
Speaker 4: are right, but I will not recommend that book for
Speaker 4: just a lead of the land person. The book by Bogle,
Speaker 4: any book by Bogo bio gl is very very good
Speaker 4: because the concept that are in that book is basically
Speaker 4: what all the books say. Even my own book is
Speaker 4: taking concert from that book, but a very very technical book.
Speaker 4: The idea is that even if you pull up the
Speaker 4: returns to gain in the US top market, many fund
Speaker 4: investors will not beat the index. One on Buffett says
Speaker 4: the best way to invest is to just buy the index.
Speaker 4: He says when he dies is just buy the index
Speaker 4: and put his money in there. Right, That's what he says.
Speaker 4: So it's a very very simple thing. That's why people
Speaker 4: don't follow it. You know, it's a very very simple thing.
Speaker 4: If you want to invest, buy the average.
Speaker 3: Stay.
Speaker 4: You won't get the one hundred percent, you won't get this,
Speaker 4: maybe the low, but you are average because you're buying
Speaker 4: all the stocks good and bad. You can even come
Speaker 4: in and say, Okay, I don't want the index. I
Speaker 4: just want the top five hundred stocks that's VEO or
Speaker 4: things like that.
Speaker 3: But that's the point.
Speaker 4: The index gives you the specification at a lower price, right,
Speaker 4: So yeah.
Speaker 8: Yeah, I think it's counter in twitting because most people
Speaker 8: almost feel like you have to be doing something right,
Speaker 8: so correct because I think it's that you might have
Speaker 8: a gans where you feel like, I mean, I should
Speaker 8: be doing something, and.
Speaker 4: Then the ability to stay and do nothing is a
Speaker 4: super It's a super it's a super skill just to
Speaker 4: sit in a room when the markets are going up
Speaker 4: and downs that ninety percent really of your investment socks
Speaker 4: just to do nothing. You know, don't look at the market.
Speaker 4: The stocks are going up and going that sea. These
Speaker 4: are news programs are designed to get viewers. If you
Speaker 4: can pull up the map of the stock market in
Speaker 4: America from say eighteen or nineteen hundred, it's just going up.
Speaker 4: You see up, down, updown, But it's just gone up.
Speaker 4: So there's war, there's farming, there's golf, war, there's but
Speaker 4: it just goes up. So but if you pull off
Speaker 4: the news tomorrow, you hear him saying, oh this is
Speaker 4: going to happen. It's noise, right, so it's white noise.
Speaker 4: Look for a good company, buy it, reinvest your dividends,
Speaker 4: go to sleep.
Speaker 8: And I then that's why they said the most successful
Speaker 8: investors that the dead investors, right, they don't.
Speaker 3: Think, don't touch it. The index would correct for you.
Speaker 4: The index would would take away the laggards and add
Speaker 4: the Now Microsoft is in the index, and they must
Speaker 4: have dropped somebody, you know.
Speaker 3: So I think Microsoft is one of the few companies
Speaker 3: that has been in the index the long that be.
Speaker 4: Micros have been on the dows for maybe twenty respect
Speaker 4: that company.
Speaker 3: But many companies years. Yeah, but many companies many with
Speaker 3: with that you yeah, like only I think has been
Speaker 3: there from for a long time. Yeah. The rest it's
Speaker 3: very hard to do. You there for that huge P
Speaker 3: and G.
Speaker 4: You can't wake up and say you so small boy, alright, sir,
Speaker 4: So thanks a lot, Paul, appreciate you. Let's dog Casey
Speaker 4: and tooth ferry and.
Speaker 3: They will call it samuell. It wasn't mine. Some wuell.
Speaker 3: I just wanted to go and go ahead quick, all right, good,
Speaker 3: never one.
Speaker 18: So I just just add to the bar that w
Speaker 18: and you don't do invest much, but finance much. So
Speaker 18: you remember twenty sixteen during this day amendment and they
Speaker 18: klipto both of twenty twenty, I mean not eighteen or so.
Speaker 18: So it reminds me that we anderas we like the
Speaker 18: idea of money when it is first not.
Speaker 2: The regular thing.
Speaker 18: Then I remember when I used to sell insurance in Legos.
Speaker 18: Have met people like in Ladiko or in the matter
Speaker 18: and you say, big businessman who doesn't have insurance and if.
Speaker 8: You tell him, you tell U, kid's a good idea.
Speaker 18: But if there is no incident with the return.
Speaker 8: Is money to him?
Speaker 2: Like it doesn't make sense.
Speaker 8: And these are the things that I think we should
Speaker 8: have more creators in the finite in finance, Nigeria, like a.
Speaker 18: Lot of us should create more because we don't have
Speaker 18: a lot of people creating right now in finance as
Speaker 18: I told you, and money Africa right are the ladies
Speaker 18: doing a fantastic job. So I think we should just
Speaker 18: have more relators in Anngeria in Africa crossboard because I
Speaker 18: think we're liking way behind when it comes to eating
Speaker 18: money and finance. And also I think the literary regime
Speaker 18: and Anguria are just so horrible.
Speaker 2: Where it is better.
Speaker 3: We just have one revelator where where we.
Speaker 18: Have models for insurance, models for realtime instead of the Nikom,
Speaker 18: the pen Come, the everything altogether, it's just a lot,
Speaker 18: So I think it's just one of the same.
Speaker 3: Then the last point is from history.
Speaker 18: Most of the banks are they almost most banks in Anguria,
Speaker 18: they don't communicate well when it comes to the product
Speaker 18: they offer. Like if you if you just got any
Speaker 18: afric brank in Anginia and you're going to see enough
Speaker 18: the product they have. They don't even recommend it to us.
Speaker 18: They don't even find a way to market it or
Speaker 18: talk about it. And we've reduced banking to just withdraw
Speaker 18: money safe, you.
Speaker 3: Know, stuff like that.
Speaker 18: So I think it's just starting. We just need to
Speaker 18: inform ourselves more. Then you can just move ahead, like
Speaker 18: in the next a couple of years. I think that's
Speaker 18: just what I needed to add to this good point.
Speaker 3: Good point. Appreciate that. Let's get so Samuel Casey and
Speaker 3: someone you're ready to speak.
Speaker 2: Now, yeah, I'm ready, good evening, do you hear me?
Speaker 3: Yes?
Speaker 12: I canswer go ahead, yeah, believing I follow you and
Speaker 12: Lumidi very very often.
Speaker 3: Well, thanks for the.
Speaker 2: Information condition now to us. Yeah, so my question is answer.
Speaker 2: He goes to Lumidia.
Speaker 9: I've been actually trying to raise my aunts to speak since,
Speaker 9: but I've been I've been.
Speaker 2: Issued my communication. So yeah, so it's just this question
Speaker 2: is just basically about I would also say maybe the
Speaker 2: irregularities or of the Nigerian stock exchange. Recently, Jiti bank website.
Speaker 14: Was hurt and so by that time they have been
Speaker 14: issues about banks dedopting money from people's account.
Speaker 4: But at this period of time, we I noticed that
Speaker 4: this this these issues did not affect the.
Speaker 2: Stock value of this ah of these banks, okay.
Speaker 10: But recently crowdstrickers as crowd crowd.
Speaker 8: Struck this issue of.
Speaker 19: Of uh a.
Speaker 4: Downtime on their system that affected a lot of businesses
Speaker 4: all around the world.
Speaker 3: And we see the the effect.
Speaker 4: So it's like there is some kind of I don't know,
Speaker 4: maybe an integrity check or something.
Speaker 10: Else to do with clarity as regards and adirastock extreme.
Speaker 1: So I want.
Speaker 2: Allmited to fairly speak about this. Maybe it's because I.
Speaker 3: Don't actually see.
Speaker 2: How that GIT bank stock did not go down.
Speaker 1: Then I know we're going to and I think I
Speaker 1: guess maysout, saying once again, so.
Speaker 6: Remember the indices I gave about the number of Nigers
Speaker 6: that are active investors, right about one hundred thousand.
Speaker 2: That's zero point zero five of the populations.
Speaker 3: Do you understand.
Speaker 6: If you look at the fact that the big players
Speaker 6: in Nigeria stock market are passion funds, are the medior
Speaker 6: founders and followed the other gil but the team management.
Speaker 1: FPI for you than they are cool.
Speaker 2: They are less likely to react to news like that.
Speaker 6: So you see, we tend to try to compare America
Speaker 6: with Nigia.
Speaker 1: Americans are active investors now detire in America. The America
Speaker 1: is a country of Overkminian people, fourty million Americans. Our
Speaker 1: directors are indirectly exposed to the US top market.
Speaker 2: That's the difference in Nigia.
Speaker 6: Even if you add the passion for managers have passion
Speaker 6: for you.
Speaker 1: If you add the director died to take a lot
Speaker 1: to get to one point five millions, so we don't.
Speaker 6: I find it very funny and very sacrissed where people
Speaker 6: want the Gian stocks react based on us that the
Speaker 6: fields are.
Speaker 3: So this is namet who.
Speaker 1: Stocks that what reacted to when the wine potas came
Speaker 1: in Git lost almost fifteen percent of its value.
Speaker 2: You being lost higher.
Speaker 1: Be many of these bank stocks and that was where
Speaker 1: many of us got into.
Speaker 20: So people need to understand that niger stock market has
Speaker 20: peculiar reactivity and the people that we matter in stock
Speaker 20: because we know that the people on social media are
Speaker 20: not the people that really invest and not and not
Speaker 20: the people that as they quit because you tend to
Speaker 20: carry the way that because you are there shouting that
Speaker 20: you talk like no, it doesn't.
Speaker 1: Look like that like your talk. Market reacted with photat
Speaker 1: they choose not to react to the fundametters of Git
Speaker 1: is too strong that it makes a lot of money
Speaker 1: through the treasury and through channels that seems not to
Speaker 1: be affected. So it's showed us decision, not the juy
Speaker 1: on social media to decide. So I find it from
Speaker 1: the way we need to take social media's reaction.
Speaker 2: I had the decisions or shoulders.
Speaker 4: Okay, okay, well limited, Well said, nobody's just too limited?
Speaker 4: Well said, yeah, all right, let's get cases Samuel, appreciate
Speaker 4: you Casey. You've got Casey, then too very Casey, Casey.
Speaker 4: All right, let's get too fairy, too very, Hey, what's
Speaker 4: up what's up?
Speaker 18: Okay?
Speaker 2: Hi?
Speaker 21: Fine, So I joined the Big Leads. So I guess
Speaker 21: maybe question in my answer has already been an answer,
Speaker 21: but I look forward to listening to the recording. So
Speaker 21: my question is this, Yeah, and I just started elie
Speaker 21: in my career now too, and I've read a lot
Speaker 21: of finances from Money Africa, from Psychology.
Speaker 2: Of Money and all of that, and I've done a
Speaker 2: bit of investing myself.
Speaker 21: But then the question is this, and I feel like
Speaker 21: investing in Nigerian stocks it it doesn't exactly yield a
Speaker 21: lot for me because when I went through my portfolio
Speaker 21: and I saw that I was really really I know
Speaker 21: in investing it played the long term game. But I
Speaker 21: just feel like the Nigerian economy is not really really
Speaker 21: stable and it will affect me in the long run.
Speaker 2: So I decided to move into Maybe.
Speaker 21: I feel like I'm planning to invest into more into
Speaker 21: ITV and in this song, just like it has been advised.
Speaker 3: And local local want or like foreign ones.
Speaker 22: There's the thing, I don't even know which which to invest.
Speaker 21: I don't even know that there's an ittio for local
Speaker 21: for that for local stocks now, so it's kind of
Speaker 21: like so confus using should I invest in the foreign and.
Speaker 2: If I were to go to the fund, but obviously
Speaker 2: have to.
Speaker 3: Use this thingtech because I.
Speaker 2: Already have Checker.
Speaker 21: I invested with Checker like twenty twenty one.
Speaker 2: So I stopped this for a while because I have
Speaker 2: like school and a lot of.
Speaker 21: Things to focus on by many at the time, because
Speaker 21: I know investing myself is more important at the time.
Speaker 21: So now that I want to get back in, and
Speaker 21: I keep reading articles about how, oh hey, Nigeria, it's
Speaker 21: not so stable, you could lose your money.
Speaker 2: We're not really insured and even though.
Speaker 22: We're insured, because like just also just a lot and
Speaker 22: just feeling complicated right now for me, and I don't
Speaker 22: just know where to start from the whole thing.
Speaker 3: Where should I go?
Speaker 4: And it's a great question to end the whole space.
Speaker 4: We summarized, we what we've talked about through the space.
Speaker 4: I think the main thing is this, right, whether you
Speaker 4: want to invest local or internationally, the first question has
Speaker 4: got to be why are you invested right? And if
Speaker 4: you get it out of the way, you're gonna come
Speaker 4: to your risk profile, if you are able to absorb risk,
Speaker 4: and if you're able to absorb volatility, Nigeria, the market
Speaker 4: in Nigeria and Nigeria as a whole, we have a
Speaker 4: higher volatility or higher risk profile than say the US
Speaker 4: or say the UK market.
Speaker 3: That's clear.
Speaker 4: So that means that means because we possess a higher
Speaker 4: level of risk, the return we should give you should
Speaker 4: be higher than the US or the UK because we're
Speaker 4: asking you to invest with us, so we should pay
Speaker 4: you more because we have a higher risk. Right, That's
Speaker 4: just it just goes hand in hand. So what's Nigeria
Speaker 4: doing right now? About if you invested a year to
Speaker 4: date Nigeria and all share indexes about thirty five percent
Speaker 4: with what the US stream right now, I would say
Speaker 4: it's maybe even near there. Right, So if you look
Speaker 4: at it this way, the risk that you get for
Speaker 4: investing in Nigeria, it doesn't it's it's not compensating you
Speaker 4: enough to put one in Nigeria.
Speaker 3: That's what I would say, just the top of the bat.
Speaker 3: But if you then go down the list and you.
Speaker 4: Say you want to invest in say oil and gas,
Speaker 4: it's giving you one hundred and sixty percent for instance,
Speaker 4: as one sixty percent if you're doing insurance ninety two percent, right,
Speaker 4: if you're doing, for instance, which don't want pension to
Speaker 4: six percent.
Speaker 3: If you're doing industrials, it's more so. The market in.
Speaker 4: Nigeria is pot it's you know, it's like it's like
Speaker 4: polka dots. Some are small and big, some are big
Speaker 4: and small. There's no rhyme or reason. But in Nigeria
Speaker 4: you find germs that if you clean them up, those
Speaker 4: are like carbon I have turned two diamonds. So then
Speaker 4: for you is simple can you take the risk in Nigeria?
Speaker 4: Because when do you buy a stock when it's down?
Speaker 4: If you buy your stock when it's up, you don't
Speaker 4: make any money. You buy it when it's down. That's
Speaker 4: number one, right. Number two is it doesn't matter if
Speaker 4: you're buying the individual stock or the ETI. It's that
Speaker 4: is that specifies you better when you buy via the
Speaker 4: mutual fund or the ETI because you're buying more with
Speaker 4: the same dollar that you're spreading your risks across the
Speaker 4: board and you.
Speaker 3: Can buy more with less.
Speaker 4: So as a general rule, I would say you want
Speaker 4: to consider that because how much are you going with?
Speaker 4: So if you buy the ets or the mutual funds
Speaker 4: or neutrals, you're able to get more in that market
Speaker 4: with less. If you know specific, if you have market information.
Speaker 4: Maybe you work in a company and you think this
Speaker 4: company is going to go do very very well. Sure
Speaker 4: you can go in and buy that individual's stock on
Speaker 4: its own merit right because you know, Okay, after my research,
Speaker 4: I think dank To Cement or Danktor Refine is gonna
Speaker 4: be a ten bagger, So.
Speaker 3: I'm going to invest in that. That's completely okay. So
Speaker 3: you can do that.
Speaker 4: But if if you simply want to, you are making income,
Speaker 4: you want to invest. You really don't know about these
Speaker 4: individual companies, you can do the research you want to
Speaker 4: spread your best. You want to be in banking, energy
Speaker 4: or insurance ETFs, mutual phones, you need trust offer you
Speaker 4: that exposure at limited costs, you know immediately, so that
Speaker 4: answers your ATF versus in your talks question. Well back
Speaker 4: to the question of should you invest in Nigeria, and
Speaker 4: I will say it's a difficult call. I can give
Speaker 4: you bad stories, I can give you good stories, and
Speaker 4: I would just say overall, if Niger has a bad story,
Speaker 4: then you want to invest in the bad story today
Speaker 4: if you want to take the risk. If not, you
Speaker 4: want to leave it alone and wait for it to
Speaker 4: get better than investing it. But you're going to pay
Speaker 4: a little bit of a premium on it. It's laid
Speaker 4: down to your attitude to risk. But whatever you do,
Speaker 4: you must be invested. You said you have Shaka already
Speaker 4: allows you to invest abroad already because I think Shocker
Speaker 4: Rise have this new partnership and Shacka is already secret
Speaker 4: star to invest abroad. So if you'd go to Shacka,
Speaker 4: you can invest in the mutual fund you didn't trust
Speaker 4: ETF abroad and DI specify that earnients. So perhaps the
Speaker 4: answer would be to do to do a portfolio and say, okay,
Speaker 4: what's the bigger part to be maybe foreign and there'll
Speaker 4: be a small part in Nigier. So that way you
Speaker 4: are eating in two markets, you know, sort of like
Speaker 4: you do eighty twenty or nighty ten or sixty forty.
Speaker 4: Maybe that might be an answer for the Nigerian offshore market.
Speaker 4: But the key is to to be invested. Don't wait
Speaker 4: till things get to good before you invest. Invest, but
Speaker 4: have your your diversification and self gont do this and
Speaker 4: this in Nigerian foreign and then determine if you're gonna
Speaker 4: do your ets or your or your individual stalks. I
Speaker 4: like the ETA, Like I said of the diverseecution on
Speaker 4: the cost, that's me personally, so that easier to give
Speaker 4: you an answer on etif as an individual, it's also
Speaker 4: give an answer in the terms of okay, be invested.
Speaker 3: But Nigeria US is going to be your call.
Speaker 4: It's your risk profile is higher. Think of the night
Speaker 4: Niger said. It's not a it's not a basket case
Speaker 4: like that. There's just some good things there.
Speaker 1: So you have to do that.
Speaker 3: Spread it. I will say level.
Speaker 4: Alumini maybe give you his own take as well, and
Speaker 4: if you want to do it, then we can. Yeah, Olimita,
Speaker 4: what's what's your take on that?
Speaker 1: Well, you said most of the things, Calu, but just
Speaker 1: to add up like you're just going to be aware
Speaker 1: of the risk.
Speaker 8: You know, the US talk.
Speaker 1: Packet is big, robust, efficient liquid, but also has its
Speaker 1: own problems and challenges. You know, coming from Nigeria, you
Speaker 1: have to consider for an stare risk except your heading dollars,
Speaker 1: you definitely go to pay Perial likes I said on Twitter,
Speaker 1: it don't go to be black market, gonna be think decret.
Speaker 2: Cret is about fifteen percent is up.
Speaker 1: Your black marchat with so you have to consider those contributions.
Speaker 1: But the most important to just like calight, it is
Speaker 1: that you must have from something you must learn and
Speaker 1: I think you know he went where in school we
Speaker 1: starve from one to three, not from deferstation calculus.
Speaker 2: We need to understand the integridity.
Speaker 1: Of financial market and theseiest places. Where is the cheapest
Speaker 1: and most successful places. That's Nigeria, whether we'd like to
Speaker 1: most of us time from Nigeria. So you need to
Speaker 1: look at the fundamentals. It helps you produce your knowledge
Speaker 1: about how companies will.
Speaker 2: Create, not just making money.
Speaker 1: We learned so many things and it is also be
Speaker 1: those skills that's got you that want.
Speaker 2: To build your condentials and finance.
Speaker 15: So he makes me know companies how they make money,
Speaker 15: Who had people that matter in the industry.
Speaker 19: Who should listen to the importance of compliance?
Speaker 1: Or did all these things? They help it lots. You know,
Speaker 1: knowledge is not wasted. And you know before I shut down,
Speaker 1: I think you also need to understandard ems and nadia
Speaker 1: are most liquid.
Speaker 2: By not liquid, you don't see them readily available, so because.
Speaker 3: Not so many people buy them.
Speaker 1: But the best place is to start the banking stocks.
Speaker 1: I said it because they are very liquid and you know,
Speaker 1: you really, yeah, I can't sell this bank stock.
Speaker 3: You really.
Speaker 1: We have a lots of distep banks and they are
Speaker 1: highly liquid. But when you start going down to manufacturing
Speaker 1: or take.
Speaker 2: It's a bit challenging.
Speaker 1: But the second Signature Chair Commission is really working on
Speaker 1: that to make merchad makers my eficient.
Speaker 2: But that's our.
Speaker 1: Challenge is Nagia is not really liquid economy.
Speaker 3: But you know I said that as they tell you
Speaker 3: that followed.
Speaker 2: The money the richest Nigeria's every day.
Speaker 1: I suppose nagan stock market with all people that buy
Speaker 1: the black markets, got the dance borers. We've noticing any
Speaker 1: that I've done better and the guys that I really
Speaker 1: exposed there.
Speaker 8: So you really really need to actual investment backer what
Speaker 8: are this.
Speaker 2: Guy is doing that you need to do?
Speaker 1: So, like you said, business exposure, intellectual exposure is also
Speaker 1: part of investing, you know, and that also put in
Speaker 1: your teackles in the industry. So I couldse with this,
Speaker 1: you know, they say, as a little bit on it
Speaker 1: the space for three hours.
Speaker 3: I think it's not just withles, but it was.
Speaker 1: Very very educative different speakers, different people put in their ideas,
Speaker 1: so it's for you to fine tune whatever works for you.
Speaker 2: It's not the place to look at who's right, who's wrong.
Speaker 2: It's a place for us to share my ideas.
Speaker 1: And most importantly have the ability to de serd information
Speaker 1: because that's what is lacking into this world. People don't
Speaker 1: know what is right and wrong. People who have the
Speaker 1: ability to research, to read and you know for you today,
Speaker 1: so sess with rest you say you must read as
Speaker 1: much as possible.
Speaker 2: Try to get clos book. I think, I don't think
Speaker 2: it's a big deal into this economy.
Speaker 15: Try and stop asking for soft copy.
Speaker 2: To share soft copy. That's why people ask questions.
Speaker 19: I do response because you don't want you don't want
Speaker 19: to say to the doers issues me and you get
Speaker 19: a leer from me. So this is clem offers to ask. Well,
Speaker 19: because these books are almost free, so just get them
Speaker 19: very much.
Speaker 4: Yeah, let me also enter so in Nigeria, right, because
Speaker 4: when you buy say Vanguard ETF, you know you can
Speaker 4: create your own. You can create your own ETFs what
Speaker 4: you want to do. Like for instance, look at the
Speaker 4: list of ETIF and Nigeria there's stand big Vertiva, Mary Stream,
Speaker 4: just get the one you want to buy.
Speaker 3: Look at what they are buying. Then by just buy
Speaker 3: what they are buying. So you can do your own.
Speaker 3: You can build your own. You can say, if you.
Speaker 4: Want to buy equities, right, I want to buy say
Speaker 4: the NSC thirty, go to the NSC thirty. If you
Speaker 4: go to the nigerenst, you go to the NNGX group.
Speaker 4: If you go to the NNGX group, you see all
Speaker 4: the indexes. They're all these sectors there. So you click
Speaker 4: on that NGX, but you click on the n GX
Speaker 4: Banking index and you look at what made up that index.
Speaker 4: Then just just copy it and buy yourself. So in essence,
Speaker 4: you are building your own index, but you're not buying
Speaker 4: the NGX index. That way, you are buying the individual stocks,
Speaker 4: but those individual stocks make up the components of the
Speaker 4: index itself.
Speaker 14: You can also do that.
Speaker 3: It's like it's like a hybrid. Right.
Speaker 4: If you want to buy the premium index, you can say, okay,
Speaker 4: click NNGX Premium index. See the stocks that make up
Speaker 4: the premium then just go buy all those stocks and
Speaker 4: that becomes your portfolio. Right, So you don't have to
Speaker 4: buy the index itself, or the stocks the indigenous stocks
Speaker 4: you bought the premium index itself.
Speaker 3: You know you know what I mean, right, That's one
Speaker 3: way of doing it.
Speaker 4: So that way, if you say you still want to
Speaker 4: buy individual stocks because you want to get.
Speaker 3: Didens in your name, you can do it that way.
Speaker 4: So if I'm buying, for instance, the Pension Bond Board Index,
Speaker 4: those are stocks that have paid the evidends for three
Speaker 4: out of five years minimum. So I'll simply go there.
Speaker 4: If there are twenty stocks there, I just start buying
Speaker 4: those twenty stalks. Let me start out the liquidity and
Speaker 4: the cash to do that. So if I buy all
Speaker 4: those talks, I've essentially created my own pension board index essentially,
Speaker 4: and once I look at the returns here.
Speaker 3: I know what my own has done as well.
Speaker 4: But I'm not paying the fee to the asset manager.
Speaker 4: I just paid the fees once and that set So
Speaker 4: that's all that way of looking at it.
Speaker 17: Yeah, okay, yeah, that's very incessful because that was the
Speaker 17: next question I was going to ask you about the
Speaker 17: asset management fee because from what I've read also, that's why.
Speaker 2: I read an anticle from.
Speaker 21: An investor say like he came up with his own
Speaker 21: idea and he said something about how he didn't like
Speaker 21: investing in nine Nstern because.
Speaker 2: Of the whole security and stuff. So he found platforms
Speaker 2: such as.
Speaker 21: Trade in two one two, where it was like a
Speaker 21: UK broke a house having to do that route. Because
Speaker 21: of that, I think, as I do not have that credit,
Speaker 21: is it to go that eround.
Speaker 4: You want to avoid fees as much as possible because
Speaker 4: fees are what is the different between making a profit
Speaker 4: and a loss. So when you pay a fee, you
Speaker 4: are paying a fee from your principle. If you give
Speaker 4: someone one hundred thousand, they're gonna buy you shares, but
Speaker 4: they're going to take a fee from your principle. So
Speaker 4: if you look at the return with fees and minus fees,
Speaker 4: you're already making a loss because fees have gone out
Speaker 4: of the window. So the one of the key traits
Speaker 4: of the trader is don't try try not to pay
Speaker 4: fees number one. Number two, try to reinvest your dividends.
Speaker 3: If you get a.
Speaker 4: Dividend from from the stock, try to buy about the
Speaker 4: same so that you average your cost downwards.
Speaker 3: So if I buy a share for ten Era and
Speaker 3: I get paid one dividend. Just give an example.
Speaker 4: If I use that one nyra and I buy the
Speaker 4: same stock again, the same tenra stock, my cost no
Speaker 4: longer is ten nira. Its not becomes nine ira, but
Speaker 4: the stock is still quoted at ten nira. So already
Speaker 4: I've made a percentage return by just reinvesting my dividends.
Speaker 4: If I keep on reinvesting my dividends, I keep on
Speaker 4: driving my average cost lower and lower and lower to
Speaker 4: a point that my average cost can be one nira
Speaker 4: and the market is still at eight nira.
Speaker 3: So while others are.
Speaker 4: Spending their dividends and when the stock goes to eight narrow,
Speaker 4: they are making a loss because I've averaged my cost
Speaker 4: down to onenra. Even if the stock price goes to
Speaker 4: eight nira, I'm still making a profit. That's why Warren
Speaker 4: Buffett can make that huge return he makes. He doesn't sell,
Speaker 4: so he keeps on re invest in an averagenous cost down.
Speaker 4: He doesn't pay taxes because it's not selling, it makes
Speaker 4: no income, So by just the rolling over of those
Speaker 4: returns year to year, his averages is costs down. So
Speaker 4: when the stock price moves up in the market, he's
Speaker 4: making an oversized return.
Speaker 3: On investment. So try not to pay fees. You can't
Speaker 3: avoid it. What you will pay fees.
Speaker 4: We try not to sell over and over, you're just
Speaker 4: turning and creating revenues for your broker. Try to invest
Speaker 4: your dividends even if you when you buy shares, open
Speaker 4: up a separate bank account. Pay all your dividends day
Speaker 4: if you want to buy the same stock, try to
Speaker 4: capture all the dividends denial, denial or US that flew
Speaker 4: from your your portfolo, try to capture it in a
Speaker 4: separate place. Don't use your debidence and buy ashore be
Speaker 4: your deblience investment returns, they should go back to your investment.
Speaker 4: That way, you are making your portfolio moral robust. Right
Speaker 4: in America that they always have what they call him
Speaker 4: drip debian reinvestment plans where you can say you can
Speaker 4: click the button there when you buy the share, you
Speaker 4: automatically can keep on buying dividian investment. I always clicked
Speaker 4: the drip always. In Nigeria they don't have drips, so
Speaker 4: when you read the dividends, you have to share back
Speaker 4: to the company and reinvest, so it's a bit harder
Speaker 4: for you and you can easily use the money and
Speaker 4: buy Diesel for the generator, which shouldn't be So try
Speaker 4: to separate your dividends, reinvested dividends, grow your portfolio, especially
Speaker 4: the very very good stock right the traces of the trade.
Speaker 22: One last question, please please think before you go.
Speaker 2: Thank you very much.
Speaker 21: So the next question I have is around the CSS number,
Speaker 21: and Clinton mentioned yeah, So the thing is this. When
Speaker 21: I opened and Shaka, I didn't get a CSS number,
Speaker 21: but then I went ahead and opened an account with
Speaker 21: a free a free invest investor. I think so, yes,
Speaker 21: so I got a CESS number. So is the way
Speaker 21: to link that. I know you it's like an account
Speaker 21: number for stocks where you just need one for like
Speaker 21: I haven't found a way to link that CSS number
Speaker 21: to check in cases that re investing because right now
Speaker 21: I do not have any investment.
Speaker 2: Again on chatter, yeah.
Speaker 3: I think it's I think it's possible doing that.
Speaker 14: Right.
Speaker 4: You can just tell Chacker your CSS and the link it.
Speaker 4: But then you lose the costudio because what Chracker is
Speaker 4: doing Checker has brought you shares with their own CSS,
Speaker 4: so when they buy and sell is.
Speaker 3: In their CSS advantage. It's not bad.
Speaker 4: Look at the advantage of that when you tell checker
Speaker 4: to sell, they are selling from their position, so you can.
Speaker 4: That's why you can sell immediately and buy immediately because
Speaker 4: it's on Shackers costudio.
Speaker 3: If you move it from Chackers cost studio, you have.
Speaker 4: To then move it back to their costudio or to
Speaker 4: a broadcast cost studio before you can buy and sell.
Speaker 4: So the costoler is just your pill box. So we
Speaker 4: want to set up take from your pill box to
Speaker 4: the broker to sell. So there's an advantage understand advantage
Speaker 4: of it. But if you want to buy and hold,
Speaker 4: if you're not to get that trades, yes, have your
Speaker 4: own c S yes, but if you trader maybe in
Speaker 4: my costure, I was leaving it there because if you
Speaker 4: want to buy and sell, it has to build the
Speaker 4: cost to the.
Speaker 3: Purse to buy and sell.
Speaker 4: So because of why you how long you want to
Speaker 4: hold your objective all that kind of stuff.
Speaker 2: Okay, well another yes, yes.
Speaker 4: So contact your say you have the cost to that
Speaker 4: can then move the shares to your to your c
Speaker 4: s S. Yeah, you can, you can do that accident
Speaker 4: the movie the move before you do have to get
Speaker 4: the physical shues then they will transfer to your c
Speaker 4: S C then you just get to one C S
Speaker 4: S number and the.
Speaker 3: Shares will be there.
Speaker 2: Perfect.
Speaker 3: It's not a problem. Yeah, it shouldn't be a problem.
Speaker 3: All thank you very much.
Speaker 2: I don't think I've asted all the questions I have.
Speaker 3: Thank you so much, excellently, thank you, all right, excellent.
Speaker 4: All right, guys, believe it or not, we've been here
Speaker 4: for four hours, four hours and nine and ten minutes
Speaker 4: talking about investing as an allocation.
Speaker 3: Boring topic, but I appreciate everyone that has been here.
Speaker 4: We're learning, making ourselves better, and I think everyone has
Speaker 4: left here with something new today. Of course it's a
Speaker 4: spaces are all recorded, so once we're done, we put
Speaker 4: on the podcast. You can go back and read losing
Speaker 4: the podcast. It's called The Way I See It. It's
Speaker 4: also going to be on the Twitter recording, so you
Speaker 4: have you can reference back and basically listen to all
Speaker 4: all those topics. Last week we did the financial health check,
Speaker 4: your income, your expenses, asset liabilities. Now we've done the
Speaker 4: asked allocation, how to invest, and all that kind of stuff.
Speaker 4: I had hoped that the tax reform builds have been passed.
Speaker 4: What I've giving you guys, how to basically in twenty
Speaker 4: twenty five, how to set up your set yourself up
Speaker 4: now to say, as this year is starting, this is
Speaker 4: what I'm going to do, right, I'm going to do
Speaker 4: this to avoid taxes because tax avoidance is legal. It's
Speaker 4: not legal, right, So maybe next space is Christmas, but
Speaker 4: maybe one after that we'll talk about how to then set.
Speaker 3: Yourself up into twenty five.
Speaker 4: What should you do tast like buying insurance by yourself
Speaker 4: and your wife to get a tax benefit, setting off
Speaker 4: a business ira arisis things like that, just how you
Speaker 4: want to set yourself up. You know, investing is also
Speaker 4: the structure. It's not just the buy sell, but also
Speaker 4: the structure. If you invest as a person and invest
Speaker 4: as a company, it's a difference. Or on Buffett pays
Speaker 4: less taxes than his secretary wife because Buffett is investing
Speaker 4: as an investor. So when he gets his taxes, he
Speaker 4: pays on guide interest, not on income, not the normal
Speaker 4: personal income. But those those laws are there and you
Speaker 4: you also can take advantage of them. So how you
Speaker 4: want to it's not a legal space, Well, how do
Speaker 4: you want to set yourself up?
Speaker 3: Take advantage of setting exclusions, exceptions and best practices.
Speaker 4: Maybe we'll do that as well. So that way you're
Speaker 4: doing your budgeting. Now you know how to do as
Speaker 4: a location. Then you now know how to set yourself up.
Speaker 4: So if you if you work for a company, I
Speaker 4: want to give charity, do you want to have a
Speaker 4: set up an completer trustee? If you want to buy shares,
Speaker 4: you buy shares as a cooperation as a person in
Speaker 4: the US in Nigeria.
Speaker 3: That sort of space.
Speaker 4: So maybe we have that and you guys are all
Speaker 4: set up for twenty five, then you have no excuse
Speaker 4: not to make a billion naira into in twenty five.
Speaker 3: Maybe that's a plan. Limited and any closing.
Speaker 2: Words, Thanks, thanks for opportunity.
Speaker 3: I've kept I've kept you up, man, I've kept you up.
Speaker 3: I've kept you up.
Speaker 2: I know this.
Speaker 3: This is what What time is it in Nigeria? Who
Speaker 3: knows very well?
Speaker 2: What time?
Speaker 14: What time is it?
Speaker 2: Now?
Speaker 3: Time?
Speaker 4: Well spend time? Well spend Yeah excellence, good, good job guys.
Speaker 4: All right, guys, so we'll see, I will talk and
Speaker 4: then we'll come back next week. It might be Christmas,
Speaker 4: so might do something and not be here. You guys,
Speaker 4: enjoy yourself. Stay safe, Stay safe. It's Nigeria. It's dead
Speaker 4: it whatever. Don't do not spend like the guys coming
Speaker 4: back to Nigeria that are coming back with dollars which
Speaker 4: in to naira.
Speaker 3: Don't spend like them.
Speaker 2: You have a.
Speaker 3: Budget for periods exactly like this. This is the period
Speaker 3: of irrational exuberance.
Speaker 4: But if you have a budget, you must have gotten
Speaker 4: a size of money for your quote unquote irrational exuberance.
Speaker 3: Spend that.
Speaker 4: Don't spend more than that. Make sure you still maintain
Speaker 4: fiscal discipline. Don't spend like Nigerian government. Maintain physical discipline
Speaker 4: throughout December, so that you start off to twenty five.
Speaker 4: There's gonna be school fees January turn twenty five, right,
Speaker 4: so make sure you are making money and not spending
Speaker 4: money in during the Christmas. That's your your that's your
Speaker 4: objective for next year. By next year Christmas five, you
Speaker 4: don't to be making money and not spending money. Chris,
Speaker 4: all right, folks, let you guys go have a Thanks
Speaker 4: you most fork, Thank you so much for being here.
Speaker 3: Appreciate you guys. Like I said, get the book. It's
Speaker 3: a help. You're welcome. Appreciate it all
Speaker 4: Right, folks, Alimini to everyone, thank you so much, see
Speaker 4: you guys, Bye bye,