WEBVTT 1 00:00:06.160 --> 00:00:10.480 Hey, folks, I'm good evening. Welcome to another money space. 2 00:00:10.519 --> 00:00:13.640 Of course with me calu Aja on the space, we're 3 00:00:13.679 --> 00:00:17.440 talking money, the economy and of course finance. 4 00:00:17.440 --> 00:00:18.280 So welcome guys. 5 00:00:20.280 --> 00:00:23.160 This week, we have a guest i'mn't seeing yet, but 6 00:00:23.239 --> 00:00:27.559 we're gonna talk around the investment options, focus on Nigeria. 7 00:00:27.760 --> 00:00:30.679 Bonnovie who can take it abroad as well. Hi's a 8 00:00:30.760 --> 00:00:35.600 very very season season investor. You guys to know who 9 00:00:35.759 --> 00:00:38.719 is once he comes online, mister Ebbe, Who's gonna talk 10 00:00:38.840 --> 00:00:41.159 talk us around what are the investment options? I have 11 00:00:41.240 --> 00:00:43.240 four questions for him, really, and I think I shared 12 00:00:43.359 --> 00:00:46.159 on the space. It's gonna be like a review of 13 00:00:46.240 --> 00:00:51.000 the twenty twenty five investment climate. We're gonna look at 14 00:00:51.000 --> 00:00:54.640 the twenty twenty six investment climate, what are the opportunities 15 00:00:54.719 --> 00:00:57.520 out there and all that for investors. They want to 16 00:00:57.560 --> 00:01:00.439 talk around the tax of what that has been and 17 00:01:00.600 --> 00:01:04.400 how it affects investments. Where should we look at, where 18 00:01:04.480 --> 00:01:07.439 is exciting? Where should we go to? And then of 19 00:01:07.480 --> 00:01:09.799 course we're not ask him to give us this portfolio. 20 00:01:10.200 --> 00:01:12.599 I've tried to do two portfolios. If I'm a tight 21 00:01:12.680 --> 00:01:16.719 year old Nigerian, weish i invest if I'm a sixty 22 00:01:16.760 --> 00:01:19.480 year old Nigerian wish that I invest. So are my 23 00:01:19.599 --> 00:01:22.040 four questions for him. He's not gonna spend a lot 24 00:01:22.040 --> 00:01:23.599 of time with us, but let's see if I get 25 00:01:23.599 --> 00:01:24.599 the best from him. 26 00:01:24.599 --> 00:01:24.840 Mister. 27 00:01:25.439 --> 00:01:28.359 Good day, sir, You're welcome. You want to kindly on mute, 28 00:01:28.359 --> 00:01:29.439 it doesn't reduce yourself, sir. 29 00:01:30.599 --> 00:01:34.480 Okay, good evening, mister hal gooodibning everyone. 30 00:01:35.439 --> 00:01:38.560 It's great to be here, thanks for all you do. 31 00:01:38.799 --> 00:01:43.799 My name is Thedjbo and I'm an investment professional, so 32 00:01:44.200 --> 00:01:48.040 I'll be happy to share my experience on how we 33 00:01:48.159 --> 00:01:53.640 can better optimize our income as well as nick good 34 00:01:53.719 --> 00:01:59.239 use of our savings, so for at least an insteady 35 00:02:01.200 --> 00:02:04.120 and they can advantage of investment opportunity. So it's always 36 00:02:04.200 --> 00:02:10.560 great to be here and happy to also answer your questions. 37 00:02:10.639 --> 00:02:11.400 Thank you so much. 38 00:02:11.719 --> 00:02:13.919 Thank you for being here, sir. Let's just get straight 39 00:02:13.960 --> 00:02:17.120 to it right. Let's do a review of twenty twenty five. 40 00:02:17.759 --> 00:02:20.599 I saw the stock marketed very very well. What if 41 00:02:20.599 --> 00:02:23.280 fixed income? What a bitcoin? Just give us an overview 42 00:02:23.319 --> 00:02:25.240 of tw twenty five if you cancer. 43 00:02:26.199 --> 00:02:30.360 Okay, yes, I would say that twenty twenty five was 44 00:02:30.560 --> 00:02:35.840 really an interesting year. Across different asset classes. So if 45 00:02:35.879 --> 00:02:40.159 I look at it, and if I look at even 46 00:02:40.240 --> 00:02:43.759 from we start from the equities market, say for the 47 00:02:43.879 --> 00:02:47.240 market to return about fifty one per cent to one 48 00:02:47.280 --> 00:02:51.080 point one ninety twenty twenty five, which means that for 49 00:02:51.240 --> 00:02:56.360 those that you know, we have called the ETF petty 50 00:02:56.520 --> 00:02:59.240 that tracks the top thirty stocks that come for over 51 00:02:59.400 --> 00:03:05.280 seventy t eighty percent of market activity liquidity they like. 52 00:03:05.400 --> 00:03:09.039 So if you have invested there have been a passive 53 00:03:09.159 --> 00:03:13.199 investor minimum, you are also gained close about fifty percent. 54 00:03:13.319 --> 00:03:16.800 Where you have inflation, whether it's the old mental newmentor 55 00:03:16.879 --> 00:03:21.520 that's fifteen twenty percent, and where you look at this 56 00:03:21.680 --> 00:03:25.599 sector that actually performed well. So there's almost a trend 57 00:03:25.599 --> 00:03:29.439 that is establishing. For those sectors that were impacted by 58 00:03:29.479 --> 00:03:34.719 ETHETS twenty twenty form that had negative shallers from that 59 00:03:35.039 --> 00:03:38.719 recorded losses, those stuff delivered over one hundred percent, or 60 00:03:38.800 --> 00:03:42.840 Zuma good or resent delivered about one twenty nine point 61 00:03:42.960 --> 00:03:46.840 six percents. You see. The insurance sector on the back 62 00:03:46.919 --> 00:03:50.280 of the announcement of the recapitalization in twenty twenty five 63 00:03:50.319 --> 00:03:54.879 delivered about sixty five percents. The industrial goods you look 64 00:03:54.919 --> 00:03:57.400 at the worst in men down face event delivered about 65 00:03:57.439 --> 00:04:01.240 sixty percent, and even banking, if you look at some 66 00:04:01.319 --> 00:04:06.159 of the top brands save for US Access Bank only 67 00:04:06.400 --> 00:04:10.479 we will one year Horizon almost delivered close to our 68 00:04:10.560 --> 00:04:15.159 sixty seventy percent. So it was really want to target 69 00:04:15.280 --> 00:04:20.399 like it's super god here for investors that were willing 70 00:04:20.480 --> 00:04:22.439 to to take the risk. 71 00:04:22.600 --> 00:04:23.040 You know why. 72 00:04:23.120 --> 00:04:28.439 We know that the the equities markets has his own risk. 73 00:04:28.600 --> 00:04:31.759 But what I always like, I always say, if you 74 00:04:31.920 --> 00:04:35.800 don't if you invest in what you understand, If so, 75 00:04:35.879 --> 00:04:37.360 if I don't need to tell you too much on 76 00:04:37.519 --> 00:04:40.160 how they make money, if you don't want to know 77 00:04:40.240 --> 00:04:43.600 the ratio the analysis, like what a bulper will say, 78 00:04:43.639 --> 00:04:46.959 invest in a business, there's no way you would. You 79 00:04:47.000 --> 00:04:49.639 will hardly get it wrong. And even when market is down, 80 00:04:49.839 --> 00:04:52.040 if you understand, if you are always if you are, 81 00:04:52.120 --> 00:04:54.199 if you are both higher when market is down, you 82 00:04:54.199 --> 00:04:57.160 should be more excited to buy at a discount. I 83 00:04:57.199 --> 00:05:00.720 will say buy at probo price. Yeah, So it was 84 00:05:01.040 --> 00:05:03.199 that was really stressed. When we also look at the 85 00:05:03.279 --> 00:05:06.399 fixed income the first half of the year average you 86 00:05:06.680 --> 00:05:09.839 was yield from the shorter end of the cup too 87 00:05:09.879 --> 00:05:14.000 long was around eighteen twenty percent. You got to as 88 00:05:14.079 --> 00:05:17.480 high for traity bus assires twenty six percent last year 89 00:05:17.519 --> 00:05:21.360 for ramming the family market for one year, so you 90 00:05:21.399 --> 00:05:27.120 would see that even odd for a very conservative investor. 91 00:05:27.720 --> 00:05:32.399 Also still enjoyed the youth because money market phones started 92 00:05:32.439 --> 00:05:35.800 as high as twenty four twenty three percent, maybe closed 93 00:05:35.839 --> 00:05:42.000 around eighteen percent platforms, so that is also really very 94 00:05:42.319 --> 00:05:45.959 positive for fixed income. We saw the MGM savings bond 95 00:05:48.040 --> 00:05:50.680 for some of the months was as igh last year 96 00:05:50.720 --> 00:05:54.560 as seventeen eighteen percent. For those that are doctoring, current 97 00:05:54.720 --> 00:05:58.800 is about thirteen for twelve to thirteen percent, so those 98 00:05:58.800 --> 00:06:01.680 are blocking will stick continue to enjoy that high rate 99 00:06:02.600 --> 00:06:06.399 for the next two years or three years. We also 100 00:06:06.439 --> 00:06:09.199 saw that that's interesting. It was also a year of 101 00:06:09.399 --> 00:06:13.360 massive commercial papers. But I always put the cabinete that 102 00:06:14.879 --> 00:06:19.240 always look at the rating when you want accompanix issue 103 00:06:19.240 --> 00:06:22.360 for martial paper, state it like you are borrowing them money. 104 00:06:22.399 --> 00:06:26.319 So if you don't understand what you do, there's no 105 00:06:26.439 --> 00:06:29.279 point trying to give their new names. Try to reach 106 00:06:30.160 --> 00:06:35.279 about it evenly. Don't rely on whether it's the investment 107 00:06:35.399 --> 00:06:40.240 house or the asset manager sending you the email asked questions. 108 00:06:40.279 --> 00:06:42.399 If you don't know that because you are the one 109 00:06:42.480 --> 00:06:46.399 carrying the risk. If there's any defaults, it's on you, 110 00:06:46.839 --> 00:06:49.079 So it's not on house because you are the one 111 00:06:49.079 --> 00:06:51.800 that elected to go for that cipy. So you have 112 00:06:51.959 --> 00:06:55.199 to and that's outrage even on a net basis return 113 00:06:55.319 --> 00:06:58.680 between twenty two and twenty five percent last last year, 114 00:07:00.079 --> 00:07:06.839 you say that overall the market was really very positive 115 00:07:06.879 --> 00:07:12.360 for those that did not remain passive. I'm hopeful for 116 00:07:12.480 --> 00:07:15.040 some that maybe just leaving your money in savings, I 117 00:07:15.120 --> 00:07:18.319 can imagine we would have received will be about four 118 00:07:18.360 --> 00:07:24.439 percent fit deposits. If you don't have signatures amount of money, 119 00:07:24.600 --> 00:07:28.279 maybe abrade of pend for detail one banks. If you 120 00:07:28.360 --> 00:07:31.079 get ten percent, that would even be great, ten to 121 00:07:31.120 --> 00:07:34.439 fifteen percent if you don't have a billions. So there's 122 00:07:34.480 --> 00:07:37.839 a need which I know would also get into it 123 00:07:37.879 --> 00:07:41.600 is that you can't afford to be leaving ib firms 124 00:07:42.040 --> 00:07:45.120 on the table. It's not you are not doing yourself 125 00:07:45.160 --> 00:07:49.879 any good by doing that. You must try based on 126 00:07:50.000 --> 00:07:54.480 your investment advertites objective you must look for at the 127 00:07:54.639 --> 00:07:57.839 news where you hand written as you are working, you're 128 00:07:57.879 --> 00:08:02.439 eight to five your business, let something also be working 129 00:08:02.519 --> 00:08:07.319 for you. That really very very key so overall, it's 130 00:08:07.399 --> 00:08:09.839 really an interesting year. So what we saw that through 131 00:08:10.000 --> 00:08:13.759 the spaner around the wheel towards the end of the 132 00:08:13.839 --> 00:08:17.240 year was the tax reforms the cigity, which I know, 133 00:08:17.480 --> 00:08:20.560 like you mentioned, will think going to So that set 134 00:08:20.639 --> 00:08:25.240 of this market or the end of last of last 135 00:08:25.319 --> 00:08:28.680 year for band large investors still smile to the bank 136 00:08:29.360 --> 00:08:32.759 was a good December for those that took advantage in 137 00:08:32.960 --> 00:08:38.080 January or within the year. So it's it's really investment 138 00:08:38.159 --> 00:08:41.000 really paid. Even if you look at crypto digital assets, 139 00:08:41.240 --> 00:08:45.320 it was also a fule here for the for digital assets. 140 00:08:45.360 --> 00:08:49.639 So overall, I would say that there's really no excuse 141 00:08:49.720 --> 00:08:52.799 for anyone to say that you've not made money. So 142 00:08:52.840 --> 00:08:56.159 what I would always say is don't speculate, because that's 143 00:08:56.200 --> 00:09:00.919 what if you speculate, don't chase stops where you see 144 00:09:01.000 --> 00:09:04.080 where you see that. It's when represent that you see 145 00:09:04.080 --> 00:09:07.840 everybody talking about it, that's when you're you may you 146 00:09:07.879 --> 00:09:09.320 may be the one within the bag. 147 00:09:11.639 --> 00:09:15.320 So hold holding the bag means that everybody has bought 148 00:09:15.360 --> 00:09:17.519 and sold, and you have bought the high price. 149 00:09:17.679 --> 00:09:21.879 Okay, you keep regretting checking what saying is reread you 150 00:09:21.919 --> 00:09:26.360 don't understand this market that it works bulltruck to the party. 151 00:09:26.720 --> 00:09:29.919 Look for the nest opportunity, all right, If you have 152 00:09:30.039 --> 00:09:33.120 to take the risk, let it be very small. Right. 153 00:09:33.480 --> 00:09:35.240 And again just to go back to what you said, 154 00:09:35.279 --> 00:09:38.200 So in twenty five in Nigeria, if you had bought, 155 00:09:38.240 --> 00:09:40.399 if you are taking more risk, you got more money. 156 00:09:40.639 --> 00:09:44.159 But if you had done even the federal government that 157 00:09:44.360 --> 00:09:47.600 is mostly risk free issue a risk free you also 158 00:09:47.720 --> 00:09:50.559 made money. Because you are talking about twenty five percent 159 00:09:50.679 --> 00:09:52.639 years on t bills and all that kind of stuff. 160 00:09:53.000 --> 00:09:55.000 But the guys that didn't make money were the ones 161 00:09:55.039 --> 00:09:58.000 that just were passive and left their money in the 162 00:09:58.120 --> 00:10:01.720 banks and didn't take need risk whatsoever. Is that what 163 00:10:01.759 --> 00:10:03.279 I if I could summarize that. 164 00:10:04.039 --> 00:10:06.960 Yes, yes, yeah, that's that's well summarized. 165 00:10:07.679 --> 00:10:08.360 Okay. Perfect. 166 00:10:08.639 --> 00:10:11.200 So also last year I did last year the best 167 00:10:11.200 --> 00:10:15.200 performing asset to a silver then followed by gold. Then 168 00:10:15.360 --> 00:10:19.240 we have the foreign stock markets Poland one hundred percent, 169 00:10:19.679 --> 00:10:23.519 South Korea one hundred percent, the nineteer a few twenty percent. 170 00:10:24.200 --> 00:10:27.000 What about guys that diversified? Was that also something that 171 00:10:27.120 --> 00:10:29.840 Ninegerians could have done twenty five and it's something that 172 00:10:29.840 --> 00:10:31.960 we should look as part of our till now. 173 00:10:33.759 --> 00:10:37.919 Yes, perfect, because when we talk about investments, it's we 174 00:10:38.039 --> 00:10:41.200 talked to receive it from a portfolio perspective. So you 175 00:10:41.320 --> 00:10:43.960 need to unlocate. So there was a time last year 176 00:10:44.039 --> 00:10:46.919 that was at people to buy the easy. So even 177 00:10:47.000 --> 00:10:50.879 if you have to be good DLD that tracks gold. 178 00:10:51.279 --> 00:10:54.200 There a new book Dangeria Exchange to that tracks go 179 00:10:54.440 --> 00:10:58.519 new gold. That still made that lead minimal fifty cents 180 00:10:58.960 --> 00:11:01.840 if I look at this minimum of twenty percent, if 181 00:11:01.840 --> 00:11:05.960 you're still in gold or the silver. So you always 182 00:11:06.039 --> 00:11:09.840 need to craft a portfolio. Don't put like be used 183 00:11:09.879 --> 00:11:12.960 to the language of not putting all your eggs in 184 00:11:13.000 --> 00:11:15.679 one basket. It's not about just stops it. Don't You 185 00:11:15.759 --> 00:11:20.240 look at fixed in home, you look at alternative assets, 186 00:11:20.480 --> 00:11:25.399 look at high youth investments for the very young ones, 187 00:11:25.480 --> 00:11:28.240 the weather five percent, you look at crypto. So you 188 00:11:28.840 --> 00:11:32.519 need to have that portfolio because most times gold in 189 00:11:32.559 --> 00:11:35.200 the last two years don't very well. If we check 190 00:11:35.240 --> 00:11:40.399 their history, I don't think they've done that superb in history. 191 00:11:40.519 --> 00:11:44.519 Maybe the last twenty thirty years when you check and return, 192 00:11:45.039 --> 00:11:48.639 so it's really spectacular. Yeah, that doesn't we don't know 193 00:11:48.679 --> 00:11:50.960 when that pulls back, when there will be a correction. 194 00:11:52.039 --> 00:11:55.559 But when you have your portfolio is ballance. Well you 195 00:11:55.559 --> 00:11:57.039 look at its overall return. 196 00:11:57.320 --> 00:11:59.519 Gotcha, all right? 197 00:11:59.679 --> 00:12:01.519 Find see Let's move to the next topic, which is 198 00:12:01.559 --> 00:12:06.320 going to be more less our twenty twenty six investment Outlook. 199 00:12:06.399 --> 00:12:08.519 What are we looking for now as an investor? So 200 00:12:08.559 --> 00:12:11.720 we have investors in Nigeria, what should we looking for? 201 00:12:13.240 --> 00:12:16.480 Okay, firstly, we need to look at if we're going 202 00:12:16.519 --> 00:12:21.000 to do like a top bottom analysis. One, we know 203 00:12:21.080 --> 00:12:23.919 that we cross the There's been a lot of very 204 00:12:23.960 --> 00:12:29.480 hard reforms that we saw in the last two two years, 205 00:12:30.000 --> 00:12:33.759 which we feel that there's been a bit of stability 206 00:12:33.840 --> 00:12:37.279 going forward. So when you look at your analyze the 207 00:12:37.320 --> 00:12:44.759 CIBY and Business Survey, Credit Survey, the Confidence Index, it's 208 00:12:45.320 --> 00:12:50.320 pointing that the economy is stabilizing, which means that they 209 00:12:50.320 --> 00:12:54.440 will continue to be more opportunity. So on those before 210 00:12:54.480 --> 00:12:57.840 I get to those assets, you look at the years. 211 00:12:57.840 --> 00:13:01.000 So we expect the projection that GDP about four percent. 212 00:13:01.960 --> 00:13:06.399 There's also expectation that would early oil production would at 213 00:13:06.440 --> 00:13:10.519 least continue to keep very high above the target of 214 00:13:11.000 --> 00:13:14.720 one point five million barrels. Inflation is expected to still 215 00:13:14.759 --> 00:13:19.399 be low and see a lot of whether we look 216 00:13:19.440 --> 00:13:22.360 at the new repass that we think that maybe from February, 217 00:13:22.720 --> 00:13:27.799 generally februarytings. So based on the difference the methodology that 218 00:13:27.840 --> 00:13:31.879 has been used in calculating lists, which should still be 219 00:13:31.919 --> 00:13:37.240 within the maybe fourteen fourteen, fifteen percent and range and 220 00:13:37.440 --> 00:13:41.320 the frustrates and giving a look at the budgets almost 221 00:13:41.720 --> 00:13:46.919 treble trillion projet deficits, it means that which are already 222 00:13:47.000 --> 00:13:49.639 seen that the first half of the year interest rate 223 00:13:49.720 --> 00:13:53.919 will remain high. And what investors should be doing is 224 00:13:54.440 --> 00:13:59.759 take advantage similar trend for last year locking for long 225 00:13:59.799 --> 00:14:03.480 term majorities. You see trade your bills at twenty two percent, 226 00:14:03.600 --> 00:14:06.679 you buy one if you have, if you can wait 227 00:14:07.200 --> 00:14:12.000 by want if you have. When you see as we 228 00:14:12.159 --> 00:14:15.919 progress following what you see FG savings bond moving to 229 00:14:16.000 --> 00:14:21.799 fifteen sixteen percent and almost seventeen lock locking at that 230 00:14:22.080 --> 00:14:25.360 rate for two years three years because once those ten 231 00:14:25.399 --> 00:14:29.840 percent eleven percent level, I don't advise to lock locking 232 00:14:29.960 --> 00:14:32.720 your money for two three years. That's you will miss 233 00:14:33.000 --> 00:14:36.320 out of opportunities. You miss out of opportunity. 234 00:14:36.600 --> 00:14:40.720 No locking website is do you is it the federal 235 00:14:40.840 --> 00:14:43.399 side or the common private side I e CP is 236 00:14:43.960 --> 00:14:46.399 where what's the best way for to lock in and 237 00:14:46.399 --> 00:14:46.960 I know we're. 238 00:14:46.799 --> 00:14:47.200 Going to talk. 239 00:14:48.720 --> 00:14:50.799 Yeah, thank you very much. So the first one when 240 00:14:50.799 --> 00:14:52.799 we look at fixed thing and when you want to 241 00:14:52.919 --> 00:14:55.919 lock it, you look at formational paper. You hardly loong 242 00:14:56.159 --> 00:15:00.679 haated ones because whatever the issue would always reflects the 243 00:15:00.759 --> 00:15:05.240 correct interest rate environment. Try to build primary markets or 244 00:15:05.559 --> 00:15:10.159 whether it's secondary markets. They are there majorities from almost 245 00:15:10.240 --> 00:15:14.200 as it is to risks something there. So if I'm investing, 246 00:15:14.320 --> 00:15:16.879 I will be doing the races for this. For funds 247 00:15:16.919 --> 00:15:18.519 I know I'm in no need for one year and 248 00:15:18.679 --> 00:15:23.600 take advantage of that. Above twenty percent rates, you also 249 00:15:24.039 --> 00:15:26.799 want to look at the egen savings bond to three years, 250 00:15:27.039 --> 00:15:30.240 invest in the longer one. Once interest rate is eyes 251 00:15:30.320 --> 00:15:33.799 and once is glue. Go to money market. Build your 252 00:15:33.840 --> 00:15:36.759 captor because money marketer will benefits. There's the years of 253 00:15:36.840 --> 00:15:41.159 taking your money, exit and entry for money market that 254 00:15:41.399 --> 00:15:45.759 funds when interested not attractive in some of these bonds 255 00:15:45.759 --> 00:15:50.000 that you cannot easily exist. Move to money market. Build 256 00:15:50.000 --> 00:15:52.879 your capital when you see the opportunity. Move your money 257 00:15:53.120 --> 00:15:58.399 because there's return or mutual funds are not guaranteed and 258 00:15:58.639 --> 00:16:00.840 I would like to stay there. The new rule that 259 00:16:01.000 --> 00:16:05.919 the SEC released I think late last year that asset 260 00:16:06.039 --> 00:16:12.480 managers should begin to mark to market their mutual funds, 261 00:16:12.559 --> 00:16:15.720 even money market. So to break that down to simplify 262 00:16:15.799 --> 00:16:21.559 that is that if an investment outfit or asset manager 263 00:16:21.679 --> 00:16:26.759 bought bonds at ninety nine er before, they keep it 264 00:16:26.799 --> 00:16:29.159 at that night. Now, because they had the sell in 265 00:16:29.240 --> 00:16:32.279 the funds, they always keep building it. There's no pressure. 266 00:16:32.759 --> 00:16:38.440 But now if we have a major shop in the system, 267 00:16:39.000 --> 00:16:41.600 it means that a bond that is at ninety prices 268 00:16:41.600 --> 00:16:45.919 where they'll be keeping the net asset value. They value 269 00:16:46.120 --> 00:16:49.120 that muture fund every day based on the instrument that 270 00:16:49.240 --> 00:16:54.000 is within it. So when the prices of those instruments 271 00:16:54.039 --> 00:16:59.679 goes down, it means that the return on that investment 272 00:16:59.720 --> 00:17:03.360 would also be impacted. And if we have it bad year, 273 00:17:03.799 --> 00:17:08.359 it may also impact significantly, so the stability that we 274 00:17:08.480 --> 00:17:12.039 used to enjoy. I think they're giving our fames about 275 00:17:12.039 --> 00:17:14.880 two years to do that, which means that maybe about 276 00:17:15.160 --> 00:17:18.400 one and a half years to go to move from 277 00:17:18.759 --> 00:17:23.119 reporting it as held to maturity. So forget the terminology 278 00:17:24.240 --> 00:17:28.680 report that cost. Now they want them to be reporting 279 00:17:28.759 --> 00:17:31.599 it as based on market value. 280 00:17:33.160 --> 00:17:36.400 So so would that means that if the if the 281 00:17:36.440 --> 00:17:41.240 company has bought the bonds years ago, when these bonds 282 00:17:41.240 --> 00:17:45.960 were even no issue at a lower coupon, and now 283 00:17:46.119 --> 00:17:48.200 interest rates have gone up, that company would just do 284 00:17:48.279 --> 00:17:51.119 well simply because of its holdings. Is that what it means? 285 00:17:51.359 --> 00:17:56.240 Direct? Okay, course do well, But also the other way around. 286 00:17:56.279 --> 00:17:59.920 If there are some major instruments that you bought at 287 00:18:00.200 --> 00:18:04.640 very high price and market down, it's also impact on it. 288 00:18:04.720 --> 00:18:07.480 So over time I think it will be grand right 289 00:18:07.599 --> 00:18:10.519 not to send the major shop. But I always say 290 00:18:10.519 --> 00:18:14.160 it's important that you know that it's targets written based 291 00:18:14.200 --> 00:18:19.440 on the professional the rule. Your phone gives you target return, 292 00:18:19.680 --> 00:18:22.079 but it's also a way to accommodate and viuild your 293 00:18:22.119 --> 00:18:26.960 capital easily and to take advantage of other forms of investments. 294 00:18:27.319 --> 00:18:29.519 Question for you, sir, is it is it wise to 295 00:18:29.680 --> 00:18:33.039 buy this mutual phone at a lower enevy and then 296 00:18:33.160 --> 00:18:35.920 move on that mutual phone at a lower enavy to 297 00:18:35.960 --> 00:18:39.599 take advantage of that on capital appreciation that you think 298 00:18:39.640 --> 00:18:42.079 has not been capitaled. Is that a good strategy? Or 299 00:18:42.160 --> 00:18:44.920 you just buy the mutual phone just to end the returns? 300 00:18:44.960 --> 00:18:46.839 Do you treat them or you just hold and wait 301 00:18:46.880 --> 00:18:47.640 for the coupons? 302 00:18:47.720 --> 00:18:48.240 What do you think? 303 00:18:48.279 --> 00:18:52.799 So? Yeah, so I think that is to just buy 304 00:18:53.799 --> 00:18:57.200 moving around because you don't understand. You don't know when 305 00:18:57.440 --> 00:19:00.640 they will be reclassifying and they will be repricing, so 306 00:19:01.119 --> 00:19:04.200 that will turn to speculation. So it will just be 307 00:19:04.400 --> 00:19:07.160 good because they are through the return on those investments 308 00:19:07.240 --> 00:19:11.400 on a daily basis. So just by continue to accumulate 309 00:19:11.759 --> 00:19:17.519 portally for most money market motoraphon paidivid importally compound, continue 310 00:19:17.559 --> 00:19:20.240 to build. But once you see that you're building it 311 00:19:20.359 --> 00:19:25.319 and is becoming significant, rather than putting those fonts in moutraphones, 312 00:19:25.519 --> 00:19:30.039 you can identifying the instrument directly. You see trade you 313 00:19:30.240 --> 00:19:34.279 used primary market, call your bank about your investment firm. 314 00:19:34.640 --> 00:19:37.480 So you want to go for the option one year, 315 00:19:38.079 --> 00:19:41.720 get your percent. You know that that it is what 316 00:19:42.039 --> 00:19:45.640 you see. That's what you get. You already know even 317 00:19:46.000 --> 00:19:48.880 with tax, which will get so that has been introduced 318 00:19:48.920 --> 00:19:51.799 for this year now on most of those short term 319 00:19:51.880 --> 00:19:57.799 data instruments. But you know that there's no flamtation in 320 00:19:57.839 --> 00:20:02.039 your return and you can pretty big what you eat 321 00:20:02.480 --> 00:20:04.279 when you want to exceed. Thank you. 322 00:20:04.319 --> 00:20:06.920 So that's fixed in come Nigerian. What about fixing come 323 00:20:07.839 --> 00:20:09.839 should we see this for the text thing or what 324 00:20:09.920 --> 00:20:13.759 about fixing come for it is then opportunition there for Nigerians. 325 00:20:14.960 --> 00:20:18.680 Yes, so I think that therefore, especially for those that 326 00:20:18.839 --> 00:20:22.240 have made your phones a few the opportunities. You know, 327 00:20:22.279 --> 00:20:24.599 when the airth that we expect that interest rates to 328 00:20:24.759 --> 00:20:28.599 come down, which means that the prices of those instruments 329 00:20:28.640 --> 00:20:33.519 who work doesn't understand there so which is its positive? 330 00:20:33.599 --> 00:20:36.079 You lock it you're luck in now or you invest. 331 00:20:36.480 --> 00:20:38.519 Let me use it term knowledge is lucky and yeah, 332 00:20:38.559 --> 00:20:43.200 so you invest now when the rates looks when prices 333 00:20:43.240 --> 00:20:46.960 are low and youth looks high. But as the FED 334 00:20:47.039 --> 00:20:53.079 whether it's FED or the UK cyby and the UK 335 00:20:53.240 --> 00:20:56.839 bank is also cut in rates, we begin to see 336 00:20:56.880 --> 00:20:59.559 the prices of those instruments will be going on and 337 00:20:59.640 --> 00:21:03.759 we also expect that there will be especially you look 338 00:21:03.799 --> 00:21:07.000 at the US that will be a bit of expansionary 339 00:21:07.079 --> 00:21:11.559 policy this year to ensure that to support groups, which 340 00:21:11.759 --> 00:21:15.400 means that there will be more money supply to buy 341 00:21:15.440 --> 00:21:20.160 into those instruments. And as a result, the as they 342 00:21:20.200 --> 00:21:23.759 are buying into those instruments, the prices of those instruments 343 00:21:23.799 --> 00:21:27.359 who begin to go up. With your benefit from uh 344 00:21:27.680 --> 00:21:32.400 look at the foreign even mortgages. You this for those 345 00:21:32.440 --> 00:21:37.119 that can take advantage now because because rates are high, 346 00:21:37.640 --> 00:21:40.759 the demand is low. So it's those that are able 347 00:21:40.839 --> 00:21:43.400 to lock in ahead of when we begin to see 348 00:21:43.480 --> 00:21:49.000 when mortgage rates come them become more attractive. And that 349 00:21:49.200 --> 00:21:52.440 you know, it's the market of demander supply, which the 350 00:21:52.559 --> 00:21:56.000 market is more efficient. So if you look now, we 351 00:21:56.039 --> 00:22:00.000 will begin to also benefit. You also benefit from from. 352 00:21:59.839 --> 00:22:01.960 The Okay, let me ask you a question that we 353 00:22:02.000 --> 00:22:04.920 always get from our Nigerians. Right, So I live in 354 00:22:05.000 --> 00:22:07.400 n and Canada, live in America, live in the u UK. 355 00:22:07.720 --> 00:22:11.240 I want to borrow carry trade. I want to borrow 356 00:22:11.680 --> 00:22:15.200 those currencies in their fort in that currency, pay at 357 00:22:15.200 --> 00:22:18.799 the lower interest rate, bring it to Nigeria by a 358 00:22:18.839 --> 00:22:21.400 fixed in combination. That's going to pay me twenty percent. 359 00:22:22.440 --> 00:22:25.119 Do you think in twenty twenty six that trade still 360 00:22:25.160 --> 00:22:27.680 happens because you can borrow like cert in the US 361 00:22:27.720 --> 00:22:31.039 now for three to six percent, and you are any 362 00:22:31.079 --> 00:22:33.559 almost twenty percent. Is that's still is not going to 363 00:22:33.599 --> 00:22:36.000 be a trade in Nigeria going for twenty twenty six. 364 00:22:37.079 --> 00:22:40.359 So I think it will still be possible in twenty 365 00:22:40.400 --> 00:22:45.680 twenty six, but as we approach election period, you may 366 00:22:45.720 --> 00:22:48.279 need to reduce your exposure on the carry trade. 367 00:22:48.319 --> 00:22:49.839 That's Nigeria Nigerian election. 368 00:22:51.680 --> 00:22:55.400 Yes, you know already prepared to twenty twenty seven. Again, 369 00:22:56.680 --> 00:22:59.680 when you know that, a lot of our certainties will 370 00:22:59.720 --> 00:23:02.319 say beforeign investors trying to pull out, so there may 371 00:23:02.359 --> 00:23:08.240 be a bit of pressure on the effects. So yeah, 372 00:23:08.440 --> 00:23:11.720 so that's that is really very important that we need 373 00:23:11.759 --> 00:23:16.440 to take into consideration. But ban like we don't expect 374 00:23:16.720 --> 00:23:20.279 we can depreciation of the naira this year. Discipline, we 375 00:23:20.440 --> 00:23:25.119 still like to ensure that they sustained. That's that needle 376 00:23:25.160 --> 00:23:27.640 were enjoyed for the last one year. So when you're 377 00:23:27.640 --> 00:23:31.640 able to get funds as thirty four percent broader and 378 00:23:32.119 --> 00:23:34.960 you converted to nyra, are you able to get twenty 379 00:23:35.000 --> 00:23:39.039 twenty one percent here? I think that's that is fine. 380 00:23:39.160 --> 00:23:43.839 If if you're also able to hedge, able to protect 381 00:23:43.880 --> 00:23:47.359 your them, we say a bit of premium may also better. 382 00:23:47.440 --> 00:23:53.200 But having those positions, I think this year will still 383 00:23:53.240 --> 00:23:57.240 work out. But if within your portfolio, don't let it 384 00:23:57.279 --> 00:23:59.839 be that all your investment is worth you're combating. Still 385 00:24:00.079 --> 00:24:04.559 know that you have those foreign currency position too, so 386 00:24:04.640 --> 00:24:09.400 that on in net business at times it may reduce 387 00:24:09.480 --> 00:24:13.279 the presure if we see if whatever the unexpected apples, 388 00:24:13.319 --> 00:24:14.920 So you won't be to post. 389 00:24:16.279 --> 00:24:18.839 Gotcha. Okay, So I think we've talked about fixed income. 390 00:24:18.880 --> 00:24:21.079 Have you have you talked about equities or should we 391 00:24:21.119 --> 00:24:23.440 go to commodities now for this six. 392 00:24:23.400 --> 00:24:26.599 Now, okay, let me speak about I think equities is 393 00:24:26.680 --> 00:24:29.559 still going to be very It's still going to be 394 00:24:29.640 --> 00:24:33.279 very interesting this year. Where I would look at it 395 00:24:33.400 --> 00:24:37.920 from different sector also with you would you would see 396 00:24:37.960 --> 00:24:42.680 that there were a bit of recapitalization. That's when look 397 00:24:42.720 --> 00:24:46.000 at the bank recapitalization and so far this year, the 398 00:24:46.079 --> 00:24:53.119 banks have not enjoyed any major already this year. So 399 00:24:53.200 --> 00:24:55.279 I think that there will still be upside when we 400 00:24:55.279 --> 00:24:59.039 begin to see their results because don't have the interest 401 00:24:59.200 --> 00:25:04.599