Speaker 1: Hey, folks, I'm good evening. Welcome to another money space.
Speaker 1: Of course with me calu Aja on the space, we're
Speaker 1: talking money, the economy and of course finance.
Speaker 2: So welcome guys.
Speaker 1: This week, we have a guest i'mn't seeing yet, but
Speaker 1: we're gonna talk around the investment options, focus on Nigeria.
Speaker 1: Bonnovie who can take it abroad as well. Hi's a
Speaker 1: very very season season investor. You guys to know who
Speaker 1: is once he comes online, mister Ebbe, Who's gonna talk
Speaker 1: talk us around what are the investment options? I have
Speaker 1: four questions for him, really, and I think I shared
Speaker 1: on the space. It's gonna be like a review of
Speaker 1: the twenty twenty five investment climate. We're gonna look at
Speaker 1: the twenty twenty six investment climate, what are the opportunities
Speaker 1: out there and all that for investors. They want to
Speaker 1: talk around the tax of what that has been and
Speaker 1: how it affects investments. Where should we look at, where
Speaker 1: is exciting? Where should we go to? And then of
Speaker 1: course we're not ask him to give us this portfolio.
Speaker 1: I've tried to do two portfolios. If I'm a tight
Speaker 1: year old Nigerian, weish i invest if I'm a sixty
Speaker 1: year old Nigerian wish that I invest. So are my
Speaker 1: four questions for him. He's not gonna spend a lot
Speaker 1: of time with us, but let's see if I get
Speaker 1: the best from him.
Speaker 2: Mister.
Speaker 1: Good day, sir, You're welcome. You want to kindly on mute,
Speaker 1: it doesn't reduce yourself, sir.
Speaker 3: Okay, good evening, mister hal gooodibning everyone.
Speaker 4: It's great to be here, thanks for all you do.
Speaker 4: My name is Thedjbo and I'm an investment professional, so
Speaker 4: I'll be happy to share my experience on how we
Speaker 4: can better optimize our income as well as nick good
Speaker 4: use of our savings, so for at least an insteady
Speaker 4: and they can advantage of investment opportunity. So it's always
Speaker 4: great to be here and happy to also answer your questions.
Speaker 4: Thank you so much.
Speaker 1: Thank you for being here, sir. Let's just get straight
Speaker 1: to it right. Let's do a review of twenty twenty five.
Speaker 1: I saw the stock marketed very very well. What if
Speaker 1: fixed income? What a bitcoin? Just give us an overview
Speaker 1: of tw twenty five if you cancer.
Speaker 4: Okay, yes, I would say that twenty twenty five was
Speaker 4: really an interesting year. Across different asset classes. So if
Speaker 4: I look at it, and if I look at even
Speaker 4: from we start from the equities market, say for the
Speaker 4: market to return about fifty one per cent to one
Speaker 4: point one ninety twenty twenty five, which means that for
Speaker 4: those that you know, we have called the ETF petty
Speaker 4: that tracks the top thirty stocks that come for over
Speaker 4: seventy t eighty percent of market activity liquidity they like.
Speaker 4: So if you have invested there have been a passive
Speaker 4: investor minimum, you are also gained close about fifty percent.
Speaker 4: Where you have inflation, whether it's the old mental newmentor
Speaker 4: that's fifteen twenty percent, and where you look at this
Speaker 4: sector that actually performed well. So there's almost a trend
Speaker 4: that is establishing. For those sectors that were impacted by
Speaker 4: ETHETS twenty twenty form that had negative shallers from that
Speaker 4: recorded losses, those stuff delivered over one hundred percent, or
Speaker 4: Zuma good or resent delivered about one twenty nine point
Speaker 4: six percents. You see. The insurance sector on the back
Speaker 4: of the announcement of the recapitalization in twenty twenty five
Speaker 4: delivered about sixty five percents. The industrial goods you look
Speaker 4: at the worst in men down face event delivered about
Speaker 4: sixty percent, and even banking, if you look at some
Speaker 4: of the top brands save for US Access Bank only
Speaker 4: we will one year Horizon almost delivered close to our
Speaker 4: sixty seventy percent. So it was really want to target
Speaker 4: like it's super god here for investors that were willing
Speaker 4: to to take the risk.
Speaker 2: You know why.
Speaker 4: We know that the the equities markets has his own risk.
Speaker 4: But what I always like, I always say, if you
Speaker 4: don't if you invest in what you understand, If so,
Speaker 4: if I don't need to tell you too much on
Speaker 4: how they make money, if you don't want to know
Speaker 4: the ratio the analysis, like what a bulper will say,
Speaker 4: invest in a business, there's no way you would. You
Speaker 4: will hardly get it wrong. And even when market is down,
Speaker 4: if you understand, if you are always if you are,
Speaker 4: if you are both higher when market is down, you
Speaker 4: should be more excited to buy at a discount. I
Speaker 4: will say buy at probo price. Yeah, So it was
Speaker 4: that was really stressed. When we also look at the
Speaker 4: fixed income the first half of the year average you
Speaker 4: was yield from the shorter end of the cup too
Speaker 4: long was around eighteen twenty percent. You got to as
Speaker 4: high for traity bus assires twenty six percent last year
Speaker 4: for ramming the family market for one year, so you
Speaker 4: would see that even odd for a very conservative investor.
Speaker 4: Also still enjoyed the youth because money market phones started
Speaker 4: as high as twenty four twenty three percent, maybe closed
Speaker 4: around eighteen percent platforms, so that is also really very
Speaker 4: positive for fixed income. We saw the MGM savings bond
Speaker 4: for some of the months was as igh last year
Speaker 4: as seventeen eighteen percent. For those that are doctoring, current
Speaker 4: is about thirteen for twelve to thirteen percent, so those
Speaker 4: are blocking will stick continue to enjoy that high rate
Speaker 4: for the next two years or three years. We also
Speaker 4: saw that that's interesting. It was also a year of
Speaker 4: massive commercial papers. But I always put the cabinete that
Speaker 4: always look at the rating when you want accompanix issue
Speaker 4: for martial paper, state it like you are borrowing them money.
Speaker 4: So if you don't understand what you do, there's no
Speaker 4: point trying to give their new names. Try to reach
Speaker 4: about it evenly. Don't rely on whether it's the investment
Speaker 4: house or the asset manager sending you the email asked questions.
Speaker 4: If you don't know that because you are the one
Speaker 4: carrying the risk. If there's any defaults, it's on you,
Speaker 4: So it's not on house because you are the one
Speaker 4: that elected to go for that cipy. So you have
Speaker 4: to and that's outrage even on a net basis return
Speaker 4: between twenty two and twenty five percent last last year,
Speaker 4: you say that overall the market was really very positive
Speaker 4: for those that did not remain passive. I'm hopeful for
Speaker 4: some that maybe just leaving your money in savings, I
Speaker 4: can imagine we would have received will be about four
Speaker 4: percent fit deposits. If you don't have signatures amount of money,
Speaker 4: maybe abrade of pend for detail one banks. If you
Speaker 4: get ten percent, that would even be great, ten to
Speaker 4: fifteen percent if you don't have a billions. So there's
Speaker 4: a need which I know would also get into it
Speaker 4: is that you can't afford to be leaving ib firms
Speaker 4: on the table. It's not you are not doing yourself
Speaker 4: any good by doing that. You must try based on
Speaker 4: your investment advertites objective you must look for at the
Speaker 4: news where you hand written as you are working, you're
Speaker 4: eight to five your business, let something also be working
Speaker 4: for you. That really very very key so overall, it's
Speaker 4: really an interesting year. So what we saw that through
Speaker 4: the spaner around the wheel towards the end of the
Speaker 4: year was the tax reforms the cigity, which I know,
Speaker 4: like you mentioned, will think going to So that set
Speaker 4: of this market or the end of last of last
Speaker 4: year for band large investors still smile to the bank
Speaker 4: was a good December for those that took advantage in
Speaker 4: January or within the year. So it's it's really investment
Speaker 4: really paid. Even if you look at crypto digital assets,
Speaker 4: it was also a fule here for the for digital assets.
Speaker 4: So overall, I would say that there's really no excuse
Speaker 4: for anyone to say that you've not made money. So
Speaker 4: what I would always say is don't speculate, because that's
Speaker 4: what if you speculate, don't chase stops where you see
Speaker 4: where you see that. It's when represent that you see
Speaker 4: everybody talking about it, that's when you're you may you
Speaker 4: may be the one within the bag.
Speaker 1: So hold holding the bag means that everybody has bought
Speaker 1: and sold, and you have bought the high price.
Speaker 4: Okay, you keep regretting checking what saying is reread you
Speaker 4: don't understand this market that it works bulltruck to the party.
Speaker 4: Look for the nest opportunity, all right, If you have
Speaker 4: to take the risk, let it be very small. Right.
Speaker 1: And again just to go back to what you said,
Speaker 1: So in twenty five in Nigeria, if you had bought,
Speaker 1: if you are taking more risk, you got more money.
Speaker 1: But if you had done even the federal government that
Speaker 1: is mostly risk free issue a risk free you also
Speaker 1: made money. Because you are talking about twenty five percent
Speaker 1: years on t bills and all that kind of stuff.
Speaker 1: But the guys that didn't make money were the ones
Speaker 1: that just were passive and left their money in the
Speaker 1: banks and didn't take need risk whatsoever. Is that what
Speaker 1: I if I could summarize that.
Speaker 4: Yes, yes, yeah, that's that's well summarized.
Speaker 2: Okay. Perfect.
Speaker 1: So also last year I did last year the best
Speaker 1: performing asset to a silver then followed by gold. Then
Speaker 1: we have the foreign stock markets Poland one hundred percent,
Speaker 1: South Korea one hundred percent, the nineteer a few twenty percent.
Speaker 1: What about guys that diversified? Was that also something that
Speaker 1: Ninegerians could have done twenty five and it's something that
Speaker 1: we should look as part of our till now.
Speaker 4: Yes, perfect, because when we talk about investments, it's we
Speaker 4: talked to receive it from a portfolio perspective. So you
Speaker 4: need to unlocate. So there was a time last year
Speaker 4: that was at people to buy the easy. So even
Speaker 4: if you have to be good DLD that tracks gold.
Speaker 4: There a new book Dangeria Exchange to that tracks go
Speaker 4: new gold. That still made that lead minimal fifty cents
Speaker 4: if I look at this minimum of twenty percent, if
Speaker 4: you're still in gold or the silver. So you always
Speaker 4: need to craft a portfolio. Don't put like be used
Speaker 4: to the language of not putting all your eggs in
Speaker 4: one basket. It's not about just stops it. Don't You
Speaker 4: look at fixed in home, you look at alternative assets,
Speaker 4: look at high youth investments for the very young ones,
Speaker 4: the weather five percent, you look at crypto. So you
Speaker 4: need to have that portfolio because most times gold in
Speaker 4: the last two years don't very well. If we check
Speaker 4: their history, I don't think they've done that superb in history.
Speaker 4: Maybe the last twenty thirty years when you check and return,
Speaker 4: so it's really spectacular. Yeah, that doesn't we don't know
Speaker 4: when that pulls back, when there will be a correction.
Speaker 4: But when you have your portfolio is ballance. Well you
Speaker 4: look at its overall return.
Speaker 2: Gotcha, all right?
Speaker 1: Find see Let's move to the next topic, which is
Speaker 1: going to be more less our twenty twenty six investment Outlook.
Speaker 1: What are we looking for now as an investor? So
Speaker 1: we have investors in Nigeria, what should we looking for?
Speaker 4: Okay, firstly, we need to look at if we're going
Speaker 4: to do like a top bottom analysis. One, we know
Speaker 4: that we cross the There's been a lot of very
Speaker 4: hard reforms that we saw in the last two two years,
Speaker 4: which we feel that there's been a bit of stability
Speaker 4: going forward. So when you look at your analyze the
Speaker 4: CIBY and Business Survey, Credit Survey, the Confidence Index, it's
Speaker 4: pointing that the economy is stabilizing, which means that they
Speaker 4: will continue to be more opportunity. So on those before
Speaker 4: I get to those assets, you look at the years.
Speaker 4: So we expect the projection that GDP about four percent.
Speaker 4: There's also expectation that would early oil production would at
Speaker 4: least continue to keep very high above the target of
Speaker 4: one point five million barrels. Inflation is expected to still
Speaker 4: be low and see a lot of whether we look
Speaker 4: at the new repass that we think that maybe from February,
Speaker 4: generally februarytings. So based on the difference the methodology that
Speaker 4: has been used in calculating lists, which should still be
Speaker 4: within the maybe fourteen fourteen, fifteen percent and range and
Speaker 4: the frustrates and giving a look at the budgets almost
Speaker 4: treble trillion projet deficits, it means that which are already
Speaker 4: seen that the first half of the year interest rate
Speaker 4: will remain high. And what investors should be doing is
Speaker 4: take advantage similar trend for last year locking for long
Speaker 4: term majorities. You see trade your bills at twenty two percent,
Speaker 4: you buy one if you have, if you can wait
Speaker 4: by want if you have. When you see as we
Speaker 4: progress following what you see FG savings bond moving to
Speaker 4: fifteen sixteen percent and almost seventeen lock locking at that
Speaker 4: rate for two years three years because once those ten
Speaker 4: percent eleven percent level, I don't advise to lock locking
Speaker 4: your money for two three years. That's you will miss
Speaker 4: out of opportunities. You miss out of opportunity.
Speaker 1: No locking website is do you is it the federal
Speaker 1: side or the common private side I e CP is
Speaker 1: where what's the best way for to lock in and
Speaker 1: I know we're.
Speaker 2: Going to talk.
Speaker 4: Yeah, thank you very much. So the first one when
Speaker 4: we look at fixed thing and when you want to
Speaker 4: lock it, you look at formational paper. You hardly loong
Speaker 4: haated ones because whatever the issue would always reflects the
Speaker 4: correct interest rate environment. Try to build primary markets or
Speaker 4: whether it's secondary markets. They are there majorities from almost
Speaker 4: as it is to risks something there. So if I'm investing,
Speaker 4: I will be doing the races for this. For funds
Speaker 4: I know I'm in no need for one year and
Speaker 4: take advantage of that. Above twenty percent rates, you also
Speaker 4: want to look at the egen savings bond to three years,
Speaker 4: invest in the longer one. Once interest rate is eyes
Speaker 4: and once is glue. Go to money market. Build your
Speaker 4: captor because money marketer will benefits. There's the years of
Speaker 4: taking your money, exit and entry for money market that
Speaker 4: funds when interested not attractive in some of these bonds
Speaker 4: that you cannot easily exist. Move to money market. Build
Speaker 4: your capital when you see the opportunity. Move your money
Speaker 4: because there's return or mutual funds are not guaranteed and
Speaker 4: I would like to stay there. The new rule that
Speaker 4: the SEC released I think late last year that asset
Speaker 4: managers should begin to mark to market their mutual funds,
Speaker 4: even money market. So to break that down to simplify
Speaker 4: that is that if an investment outfit or asset manager
Speaker 4: bought bonds at ninety nine er before, they keep it
Speaker 4: at that night. Now, because they had the sell in
Speaker 4: the funds, they always keep building it. There's no pressure.
Speaker 4: But now if we have a major shop in the system,
Speaker 4: it means that a bond that is at ninety prices
Speaker 4: where they'll be keeping the net asset value. They value
Speaker 4: that muture fund every day based on the instrument that
Speaker 4: is within it. So when the prices of those instruments
Speaker 4: goes down, it means that the return on that investment
Speaker 4: would also be impacted. And if we have it bad year,
Speaker 4: it may also impact significantly, so the stability that we
Speaker 4: used to enjoy. I think they're giving our fames about
Speaker 4: two years to do that, which means that maybe about
Speaker 4: one and a half years to go to move from
Speaker 4: reporting it as held to maturity. So forget the terminology
Speaker 4: report that cost. Now they want them to be reporting
Speaker 4: it as based on market value.
Speaker 1: So so would that means that if the if the
Speaker 1: company has bought the bonds years ago, when these bonds
Speaker 1: were even no issue at a lower coupon, and now
Speaker 1: interest rates have gone up, that company would just do
Speaker 1: well simply because of its holdings. Is that what it means?
Speaker 4: Direct? Okay, course do well, But also the other way around.
Speaker 4: If there are some major instruments that you bought at
Speaker 4: very high price and market down, it's also impact on it.
Speaker 4: So over time I think it will be grand right
Speaker 4: not to send the major shop. But I always say
Speaker 4: it's important that you know that it's targets written based
Speaker 4: on the professional the rule. Your phone gives you target return,
Speaker 4: but it's also a way to accommodate and viuild your
Speaker 4: capital easily and to take advantage of other forms of investments.
Speaker 1: Question for you, sir, is it is it wise to
Speaker 1: buy this mutual phone at a lower enevy and then
Speaker 1: move on that mutual phone at a lower enavy to
Speaker 1: take advantage of that on capital appreciation that you think
Speaker 1: has not been capitaled. Is that a good strategy? Or
Speaker 1: you just buy the mutual phone just to end the returns?
Speaker 1: Do you treat them or you just hold and wait
Speaker 1: for the coupons?
Speaker 2: What do you think?
Speaker 4: So? Yeah, so I think that is to just buy
Speaker 4: moving around because you don't understand. You don't know when
Speaker 4: they will be reclassifying and they will be repricing, so
Speaker 4: that will turn to speculation. So it will just be
Speaker 4: good because they are through the return on those investments
Speaker 4: on a daily basis. So just by continue to accumulate
Speaker 4: portally for most money market motoraphon paidivid importally compound, continue
Speaker 4: to build. But once you see that you're building it
Speaker 4: and is becoming significant, rather than putting those fonts in moutraphones,
Speaker 4: you can identifying the instrument directly. You see trade you
Speaker 4: used primary market, call your bank about your investment firm.
Speaker 4: So you want to go for the option one year,
Speaker 4: get your percent. You know that that it is what
Speaker 4: you see. That's what you get. You already know even
Speaker 4: with tax, which will get so that has been introduced
Speaker 4: for this year now on most of those short term
Speaker 4: data instruments. But you know that there's no flamtation in
Speaker 4: your return and you can pretty big what you eat
Speaker 4: when you want to exceed. Thank you.
Speaker 1: So that's fixed in come Nigerian. What about fixing come
Speaker 1: should we see this for the text thing or what
Speaker 1: about fixing come for it is then opportunition there for Nigerians.
Speaker 4: Yes, so I think that therefore, especially for those that
Speaker 4: have made your phones a few the opportunities. You know,
Speaker 4: when the airth that we expect that interest rates to
Speaker 4: come down, which means that the prices of those instruments
Speaker 4: who work doesn't understand there so which is its positive?
Speaker 4: You lock it you're luck in now or you invest.
Speaker 4: Let me use it term knowledge is lucky and yeah,
Speaker 4: so you invest now when the rates looks when prices
Speaker 4: are low and youth looks high. But as the FED
Speaker 4: whether it's FED or the UK cyby and the UK
Speaker 4: bank is also cut in rates, we begin to see
Speaker 4: the prices of those instruments will be going on and
Speaker 4: we also expect that there will be especially you look
Speaker 4: at the US that will be a bit of expansionary
Speaker 4: policy this year to ensure that to support groups, which
Speaker 4: means that there will be more money supply to buy
Speaker 4: into those instruments. And as a result, the as they
Speaker 4: are buying into those instruments, the prices of those instruments
Speaker 4: who begin to go up. With your benefit from uh
Speaker 4: look at the foreign even mortgages. You this for those
Speaker 4: that can take advantage now because because rates are high,
Speaker 4: the demand is low. So it's those that are able
Speaker 4: to lock in ahead of when we begin to see
Speaker 4: when mortgage rates come them become more attractive. And that
Speaker 4: you know, it's the market of demander supply, which the
Speaker 4: market is more efficient. So if you look now, we
Speaker 4: will begin to also benefit. You also benefit from from.
Speaker 1: The Okay, let me ask you a question that we
Speaker 1: always get from our Nigerians. Right, So I live in
Speaker 1: n and Canada, live in America, live in the u UK.
Speaker 1: I want to borrow carry trade. I want to borrow
Speaker 1: those currencies in their fort in that currency, pay at
Speaker 1: the lower interest rate, bring it to Nigeria by a
Speaker 1: fixed in combination. That's going to pay me twenty percent.
Speaker 1: Do you think in twenty twenty six that trade still
Speaker 1: happens because you can borrow like cert in the US
Speaker 1: now for three to six percent, and you are any
Speaker 1: almost twenty percent. Is that's still is not going to
Speaker 1: be a trade in Nigeria going for twenty twenty six.
Speaker 4: So I think it will still be possible in twenty
Speaker 4: twenty six, but as we approach election period, you may
Speaker 4: need to reduce your exposure on the carry trade.
Speaker 2: That's Nigeria Nigerian election.
Speaker 4: Yes, you know already prepared to twenty twenty seven. Again,
Speaker 4: when you know that, a lot of our certainties will
Speaker 4: say beforeign investors trying to pull out, so there may
Speaker 4: be a bit of pressure on the effects. So yeah,
Speaker 4: so that's that is really very important that we need
Speaker 4: to take into consideration. But ban like we don't expect
Speaker 4: we can depreciation of the naira this year. Discipline, we
Speaker 4: still like to ensure that they sustained. That's that needle
Speaker 4: were enjoyed for the last one year. So when you're
Speaker 4: able to get funds as thirty four percent broader and
Speaker 4: you converted to nyra, are you able to get twenty
Speaker 4: twenty one percent here? I think that's that is fine.
Speaker 4: If if you're also able to hedge, able to protect
Speaker 4: your them, we say a bit of premium may also better.
Speaker 4: But having those positions, I think this year will still
Speaker 4: work out. But if within your portfolio, don't let it
Speaker 4: be that all your investment is worth you're combating. Still
Speaker 4: know that you have those foreign currency position too, so
Speaker 4: that on in net business at times it may reduce
Speaker 4: the presure if we see if whatever the unexpected apples,
Speaker 4: So you won't be to post.
Speaker 1: Gotcha. Okay, So I think we've talked about fixed income.
Speaker 1: Have you have you talked about equities or should we
Speaker 1: go to commodities now for this six.
Speaker 4: Now, okay, let me speak about I think equities is
Speaker 4: still going to be very It's still going to be
Speaker 4: very interesting this year. Where I would look at it
Speaker 4: from different sector also with you would you would see
Speaker 4: that there were a bit of recapitalization. That's when look
Speaker 4: at the bank recapitalization and so far this year, the
Speaker 4: banks have not enjoyed any major already this year. So
Speaker 4: I think that there will still be upside when we
Speaker 4: begin to see their results because don't have the interest
Speaker 4: it remain very high. If new long term fooding that
Speaker 4: if been able to get that would want to be
Speaker 4: very positive. The economy stabilizing means that they may be
Speaker 4: able to give more lending. And if we gets this
Speaker 4: erea of credits calling rights that they want to link
Speaker 4: to N I M into your path and give you
Speaker 4: a rating, that is going to be a major game
Speaker 4: changer because within with your bb N I M you
Speaker 4: can see all the areas where you have and you
Speaker 4: can see your credit rating, and that will send a
Speaker 4: strong signal to even serial borrowers defaults rather that don't payer,
Speaker 4: So that would enable give confidence to the bounds to
Speaker 4: lend more so, which expect then the banking space, I know,
Speaker 4: the pharmaceutical space, the packs benefits. So there's been major
Speaker 4: rally and maybe most investors that mist that you will
Speaker 4: for the pullback and position as they see that the
Speaker 4: result because some of the tax exemption of VAD input
Speaker 4: VID some of their asset classes based on the inputs
Speaker 4: that they use that they are being exempted. You know,
Speaker 4: they call the classified from as it's gone that essential,
Speaker 4: so that would be more money for them, which were
Speaker 4: already seen. Namet Mea and Baker were fits in. Most
Speaker 4: of them have moved, but we as markets we do
Speaker 4: there will always be a time for a pullback, so
Speaker 4: that's will continue to be an attractive sector. Insurance sector,
Speaker 4: the recapitalization which lapsed this year, the ob bands. There's
Speaker 4: not a recommendation, but you can do your additional due diligence.
Speaker 4: Look at the likes of Ico Manzadmuture Benefits, conner Stone,
Speaker 4: those talk top five men that's looks at them, they
Speaker 4: should be comfortably be able to meet up and raising
Speaker 4: a chant means that even if you don't expand immediately
Speaker 4: the income, you'll hand on equity capital because you may
Speaker 4: not pay immediately as dividend and it's not that it's
Speaker 4: not fixed income or debt capital that you have to
Speaker 4: pay interest on. Would also be a major post the
Speaker 4: active the telecommunications sector. He will continue to sustain data
Speaker 4: his life. Like we'll say in Nigeria, people even those
Speaker 4: that are not maybe apart from food that after food,
Speaker 4: everybody wants to get data. So they will continue to
Speaker 4: hand that space. Who continue to also do well the
Speaker 4: oil and gas space with oil production sustaining that level,
Speaker 4: which will also expect that things will continue excuse me,
Speaker 4: and we continue to also do also do very well,
Speaker 4: which are the sec Yeah.
Speaker 1: So what let's not go to commodities like just because
Speaker 1: of how well they did in twenty twenty five. The gold,
Speaker 1: the silver, the oil, is that still something we should
Speaker 1: look out for in twenty twenty six already already if
Speaker 1: you look at the markets now, they've called the tariffs
Speaker 1: because the issue in Japan, Japan is blowing up, their
Speaker 1: eels are going on, people are running to safety, and
Speaker 1: so gold is still looking very very strong. Bitcoin is
Speaker 1: falling as I speak, So is that still an investment
Speaker 1: out there in twent twenty six for Nigerians?
Speaker 4: Okay? So for me, I would say, because I have
Speaker 4: looked at one principle that always if I've missed a train.
Speaker 4: That means when you see somethings that are most significantly,
Speaker 4: then jumping on it is always in fifty fifty. It's
Speaker 4: always difficult to what's advice on those the apal decommodity
Speaker 4: gold silver that have moved up significant? Is that invest
Speaker 4: maybe small amounts or investment pulled back? Okay, don't don't
Speaker 4: jump on him, like I would say, don't jump on
Speaker 4: him moving train. The opportunity still exists. But when we
Speaker 4: look at the last two years that return, at one
Speaker 4: point there will be a correction. That is market may
Speaker 4: not be this yet, but at one point there will
Speaker 4: be a major correction in that market. So you have
Speaker 4: to and if you have made money, don't don't be
Speaker 4: too greedy. Take some profit. I'm not saying sell or.
Speaker 4: That's so that paper profit is different from booking the
Speaker 4: main profit. So I think that they will with a
Speaker 4: lot of certainty political certainty. Yeah, there will be opportunities,
Speaker 4: but I would want people to will be too aggressive
Speaker 4: about it in case it has a major correction before
Speaker 4: the end of the Yeah.
Speaker 2: Yeah.
Speaker 1: So what I did only if I could do what
Speaker 1: I did this year, was I could a new portfolio
Speaker 1: and I called it my my Trump portfolio. And when
Speaker 1: I'm just doing is that internet market goes down, I
Speaker 1: buy the market does five percent pure treading accounts.
Speaker 2: I'm going to wear a.
Speaker 1: Lot of taxes, but I'm trying to do an experiment
Speaker 1: to see if just buying and selling on the news alone,
Speaker 1: by twenty twenty seven, if I'm going to make a profit.
Speaker 1: I know it's going to be a lot of taxes
Speaker 1: short term, but I'm just want to see what would
Speaker 1: be because there's just so much on stitas that if
Speaker 1: you buy, sell, buy, sell, what do you think.
Speaker 4: I think that's very smart because we would say even
Speaker 4: this week, you would see that that there's always that
Speaker 4: opportunity for those that are able to follow the market.
Speaker 4: We saw for Trump announced that said I was going
Speaker 4: to the Tarry Place star ebon the europe countries, and
Speaker 4: within twenty four for tit, I was reversing that. So
Speaker 4: we always see that and I think that apart from
Speaker 4: the concert around pacts, if you see that you're getting
Speaker 4: a gains of about five percents and maybe able to
Speaker 4: do ten rounds even this year alone, that's almost fifty
Speaker 4: percents by the time you also take So I think
Speaker 4: that it's also really revery smart. One. What one can
Speaker 4: also just look at again is what are these sectors
Speaker 4: that the Trump administration would also favor. We know of
Speaker 4: those that within the producing the producing war ammunitions, we
Speaker 4: would also do well this ye. So at the end
Speaker 4: this space with AI, all these things will be condoning
Speaker 4: energy work well this year. So these are some of
Speaker 4: the areas that investors can look at. And I tell
Speaker 4: people that even if you don't want to take any risk,
Speaker 4: I try to analyze well called vio hod that charts
Speaker 4: the top five hundred company less than five hundred in
Speaker 4: the last five years that's done an average of fifteen percents.
Speaker 4: So say for twenty twenty two, dours down had the
Speaker 4: return almost doubled. So for those that maybe you do
Speaker 4: on a monthly basis, which helps you to be disciplined,
Speaker 4: whether it's five dollars monthly, you want to be putting
Speaker 4: their ten dollar monthly hundred dollar monthly, you would have
Speaker 4: up to average of twenty percents if you are consistent
Speaker 4: with that. And if you check a fifty year record,
Speaker 4: after fifty years that I try to look at not
Speaker 4: more than ten years that the stock market and the
Speaker 4: overall stock markets have been done. Years that precede those
Speaker 4: as are always very massive. So if you don't want
Speaker 4: to be pickings or be selective about stops, look at itis.
Speaker 4: There's KIKIQ that tracks the top ondred Yell that tracks
Speaker 4: the top five hundred, especially for Nigerian. So if I'm
Speaker 4: Nigerian and I'm in Nigerian rather and I'm ending fifteen
Speaker 4: percent return dollar return factoring in any NIRAD depreciation every
Speaker 4: year is higher than eurobons is higher than and whatever
Speaker 4: I will get in any dollar placements, that's off. And
Speaker 4: you see it's it's not always go for vio to
Speaker 4: lose five percent. It means the lives of those stop
Speaker 4: stuff that have lost about twenty percent in need. Yeah,
Speaker 4: so that's another strategy that's very conservative because that don't
Speaker 4: have time can begin to also have dubs to build portfolio.
Speaker 4: They PAYDV, then you continue to road add that DV.
Speaker 4: Then to your investments.
Speaker 1: Yeah, it's actually the v O that I'm actually doing
Speaker 1: that strategy on the Bay and Cells. I just picked
Speaker 1: the v O I bought last week because of the
Speaker 1: Trump thing with Greenland.
Speaker 2: It fell. I bought this Monday.
Speaker 1: Again, I'm already seen that it's going to fall because
Speaker 1: the news on the Canadian tariffs and Japan will buy again.
Speaker 1: When Trump makes peace, will sell again. They want to,
Speaker 1: like you said, defense where here and they want to
Speaker 1: bomb Iran again. So in defense rate on Tomashawks F
Speaker 1: testy fives, that's going to go up. We're also seeing
Speaker 1: that the US wants to invest in strategic minerals. They
Speaker 1: invested in what they call in MP anything to do
Speaker 1: with rare. They're also investing. So again, like you said,
Speaker 1: so it's just to look at where the where the
Speaker 1: money is going to and then to invest there. Okay,
Speaker 1: So so again just just to reset the room, we're
Speaker 1: talking to mister Iridj about the the investment of twenty
Speaker 1: six will look at twenty twenty four stocks, bonds, commodities.
Speaker 1: We have four topics we've done too. Once we're done,
Speaker 1: if we want to speak, if I just request to speak,
Speaker 1: we're going to just do two more topics now and
Speaker 1: then you guys can come and ask you a question.
Speaker 1: It's going to be here till about and it has
Speaker 1: less than an hour to go, so he's not going
Speaker 1: to be here for a long time. So let's go
Speaker 1: to the next topic, which is not going to be
Speaker 1: Niger has passed this new tax reform Act. What does
Speaker 1: this tax reform change how investors should look at the market?
Speaker 1: Is stocks, fixed income, commodities, real estate? Does it change anything?
Speaker 1: And if it does, what should we as investors be
Speaker 1: looking at them?
Speaker 4: Okay, thank you very much. So tax planning and record
Speaker 4: keeping will now be very important. And record keeping will
Speaker 4: now be very important. So the first thing when we
Speaker 4: look at the capital game paths capital game packs which
Speaker 4: applies to equity investors or does that buying has set?
Speaker 4: So we got for investment who look at that investor?
Speaker 4: It used to be ten percent flat before this year
Speaker 4: based on your alliance with your personal incompact rates and
Speaker 4: it's capped at twenty five percent. So you will need
Speaker 4: to look keep your records for the threashold that has
Speaker 4: been set. We will know that if the total investments
Speaker 4: that you are trading. So the way it's going to
Speaker 4: be done.
Speaker 5: Is that.
Speaker 4: Let's say you buy ten million what of kitibank you
Speaker 4: said it it will keep accumulating, So it's not until
Speaker 4: you buy one fifty The treashow is one fifty million.
Speaker 4: So I buy ten million today, I say ten million.
Speaker 4: That's twenty million. I buy a million tomorrow.
Speaker 2: I said.
Speaker 4: That's so if you eat that treashold, you would whatever
Speaker 4: income you have made, you would pay PA based on
Speaker 4: your personal incompact rates, which is mans or if the
Speaker 4: gains that you'll be making you you will make from
Speaker 4: that investment. So even if the total ton over don't
Speaker 4: is fifteen million, but I made ten million, I will
Speaker 4: pay that on that ten million.
Speaker 1: Okay, So what mister again, just to make this point,
Speaker 1: just to turn we get this point because we've been
Speaker 1: going back and forth on this point. So you're saying
Speaker 1: that if I just sell ten million NRA wards of
Speaker 1: a stock ten million water of a stock, but I
Speaker 1: made a profit on that tien water of stock, I
Speaker 1: made eleven millionaire profit. You are saying that the capital
Speaker 1: against tax would apply to me.
Speaker 4: Correct, Because I had to confound this directly from the chairman.
Speaker 4: So when they were a lot of back and forth too,
Speaker 4: so the.
Speaker 1: Wow, yes, so can someone treat that? Can someone just
Speaker 1: tweet that?
Speaker 2: Please? Just can someone just tweet that up?
Speaker 1: Because last week we have as iron we were going
Speaker 1: back comportant this so if not, can just tweat that.
Speaker 2: Just so ware were clear.
Speaker 1: It's not just the one fifty it is the profit
Speaker 1: or it's all not and okay.
Speaker 4: It rue but then had but once you it's one
Speaker 4: of if you so when you look at the conditions,
Speaker 4: so when you meet one of those conditions, it means
Speaker 4: that you would be liable to pay THATA. So if
Speaker 4: the total conover is one fifty million and my profit
Speaker 4: is five million, of our reasons, I will pay tax
Speaker 4: on that five million, because i've it's one of the conditions, howiver,
Speaker 4: even if my total the second one, which is even
Speaker 4: if the total proceed is ten million and my profit
Speaker 4: is above ten million, that means amede one hundred percent, right,
Speaker 4: I have to you would pay tax on that ten million. Gotcha, yes,
Speaker 4: so you'll pay that on that ten minion. But what
Speaker 4: you can also do some of the plannings that you
Speaker 4: can see is in your portfolio. For instance, if you're
Speaker 4: carrying some stocks that are that you are making a loss.
Speaker 4: So rather than going to pay ten million, I may
Speaker 4: sell and crystallize some of those losses to reduce the
Speaker 4: percentage of tax that I will pay, so you don't
Speaker 4: keep just holding and selling those profits. So there's a
Speaker 4: need to plan it. So you'll do your If you
Speaker 4: crystallized loss of two million, what's the AAC savings that
Speaker 4: you will get from your profit? So you need to
Speaker 4: do that calculation and most times need to eat. It
Speaker 4: may be better for you to just crystallize the loss
Speaker 4: and reduce the amount of tax that you're paying. So
Speaker 4: it's really going to be very interesting time. But if
Speaker 4: you know you will not Based on the statistics, it's
Speaker 4: expected that for the retail investor for almost eighty percent
Speaker 4: of them may not or of the retail investors rather
Speaker 4: will not. It's that particular treashold. So it's only those
Speaker 4: that know that their total came over will get there
Speaker 4: that the start the planning and also keep your records.
Speaker 4: You know how that is done in ninerior. They don't
Speaker 4: have the perfect record because administration is also one thing
Speaker 4: that is on top of the discussion. They will just
Speaker 4: they can just write you that Sam mister Taloo with
Speaker 4: discover that you yeah, your taxability is one hundred million.
Speaker 4: Mister Hallou say please guys, calm down, let me show
Speaker 4: you my record. It is not one hundred it is five.
Speaker 4: But if you do have records, you cannot prove. You can't.
Speaker 4: You must be able to prove. So if you're selling,
Speaker 4: be keeping your records. Are for your statements promptly, especially
Speaker 4: for them knows knows that know that they will meet
Speaker 4: that treasure. So it's important that you're keeping your your
Speaker 4: records yourself. And if you have a major investor, you
Speaker 4: may even want to engage for a small amount and
Speaker 4: engage the tax on sometimes so that you're already planning
Speaker 4: some of these things and you're seeing the implications. So
Speaker 4: like we're always seeing the developed markets, US market, UK
Speaker 4: market that December, you see a lot of transactions going
Speaker 4: on because their tax planning is going on. People are
Speaker 4: trying to see what to sell. We'll begin to see
Speaker 4: that from this year to in nine career that's not
Speaker 4: just people selling to take profit, but people selling to
Speaker 4: make bad to plan their tacks.
Speaker 2: That's called tax loss harvesting, right.
Speaker 4: Yes, that's avest correct. So you would also also see
Speaker 4: that it looks.
Speaker 2: Very interesting.
Speaker 1: I think it's it brings a lot of complexity, not
Speaker 1: just just a bit of stickational to nigen market where
Speaker 1: you see folks, like you said, selling positions that are
Speaker 1: at a loss simply because they have made a profit
Speaker 1: and they want to post for that year in a
Speaker 1: balanced incomposition.
Speaker 2: Not to avoid taxes. Very very interesting, very interesting.
Speaker 1: So, but just to go more specific, there's also something
Speaker 1: a lot that says if I buy collective schemes, it
Speaker 1: is exempt, right, But if so, that means that the
Speaker 1: mutual funds, the ETFs have solutely quote unquote advantage over
Speaker 1: individual stories.
Speaker 2: Is that what I'm reading as well?
Speaker 4: No, so you would see that for the emotional fund
Speaker 4: of collecting investment schemes, the portfilo manager already paid those taxes,
Speaker 4: so it will impact on the net return that you'll
Speaker 4: be getting. You don't because as a portfolio manager, I
Speaker 4: portflium man voice as I buy trade abuse, government will
Speaker 4: not exempt that trade abuse from withold in tax. So
Speaker 4: I would have paid it with all intacts on the
Speaker 4: able on that font. So they know why they're doing
Speaker 4: that is to avoid double tax because you have already
Speaker 4: paid it indirectly. I've given you one million when you
Speaker 4: were using you to bitter Abius. As part of this thing,
Speaker 4: one hundred people have come together put one million. When
Speaker 4: they are buying strike Ubius. They already paid ten percent
Speaker 4: with those impax and all the applicable taxes would have
Speaker 4: been applied before the distributes, so the tax will still
Speaker 4: appet to you indirectly. But the reason for that why
Speaker 4: government is putting in that way is that the only
Speaker 4: double taxes because if they're taxing you again after you
Speaker 4: have paid tax indirectly, because what comes to you is
Speaker 4: the nets yield, the net return at the end of
Speaker 4: the day, before any distribution, you would you would even
Speaker 4: see that management fee of the Portfrolio manager would have
Speaker 4: been deducted. Of course, in all those fees are so
Speaker 4: the adopted before retons have judging paid.
Speaker 2: So it's it's just to avoid that double tax.
Speaker 1: Where a company and ETF has bought his share paid
Speaker 1: with oldin taxes, then you then buy that with that ETF.
Speaker 1: You shouldn't pay the tax twice. That's what it's for about, right,
Speaker 1: Yes you know?
Speaker 4: Yes, For instance, that tracks the top ten stocks when
Speaker 4: they are buying they're paying bad paying all the different
Speaker 4: access as TRANSA is already so they are paid it.
Speaker 1: Okay, it is the X that comes back to what
Speaker 1: about the person where he talks about if I make
Speaker 1: income from foreign foreign investments, so rents, dividends, coupons that
Speaker 1: and I bring them back to Nigeria through approved channels.
Speaker 2: I also don't pay tax.
Speaker 1: So I'm thinking if I buy b n D, which
Speaker 1: is an ETF that tracks US Treasury bills US bond,
Speaker 1: So I buy the b n D from Nigeria and
Speaker 1: they pay me a dividend in Nigeria from dollars. It's
Speaker 1: the time acting that this dibidated I get from America
Speaker 1: is not going to be taxed because it's coming back
Speaker 1: to Nigeria through a proof channels.
Speaker 4: Is that what you're saying, Yes, that's that's what you're saying.
Speaker 4: That this is just like a concession to encourage more effects,
Speaker 4: so that they want to see what that would help bring.
Speaker 2: In more more effects.
Speaker 4: Desperation is still not clear. So I buy through let's
Speaker 4: say Pluto's new by after invest bambook that I'm paying
Speaker 4: to deferm how we they also know because that is
Speaker 4: not coming through any official channel. So I feel that
Speaker 4: what those that would will affect more is those that
Speaker 4: invest on platforms in the ASPERA. So I think focus
Speaker 4: is the asperants that they don't actually invest from year
Speaker 4: from Nigeria. Those ones is you're when you have bringing
Speaker 4: your funds, reportrating them, you're coming through to Sibian commentary,
Speaker 4: the bags, the original and the the official channel. That
Speaker 4: is when you can be tax example, it wants if
Speaker 4: I put a combine my nana two dollars investing stops
Speaker 4: through it in Nigerian platform, I've already even puts a
Speaker 4: bit of pressure on EFEX already, so there will be
Speaker 4: no tax advantage that we're enjoying because I got the
Speaker 4: dollar from Nigeria. That's because the platforms we get those
Speaker 4: who serves those dollars from Nigeria and paid the counterparty
Speaker 4: in the US.
Speaker 1: All right, and just to be clear, just be clear,
Speaker 1: the capital against taxes is animal right, So does it
Speaker 1: reset every year? If I do want fifty this year,
Speaker 1: next day I go back to zero and I start again,
Speaker 1: or it's accumulative. Just to be clear, No, it's every
Speaker 1: year every year.
Speaker 4: What has been what has been intro used is that
Speaker 4: even the prices will resets every year. The clarity that
Speaker 4: will the prices will reset every year, right because we will.
Speaker 4: If you bought GTI Bank at seventy and by December
Speaker 4: it is ninety. When when you moved to the following
Speaker 4: year and it's nine hundred, you will be charged based
Speaker 4: on seventy that you bought it. It will be the
Speaker 4: ninety of that. So every end of the year prices
Speaker 4: of stocks will be very important because that's going to
Speaker 4: be the tread the reference points. But that would be
Speaker 4: the reference point for the pacsman.
Speaker 1: So just just oncl So you're saying that, of course
Speaker 1: the beginning price, the ending prices, that means the capital gain.
Speaker 1: That's what you're saying, right the beginning Yes, okay, yes, okay, perfect,
Speaker 1: all right, So so that doesn't two two that I saw.
Speaker 1: So the dollars coming in is taxing exemptive coming in
Speaker 1: through approved channels. You don't pay tax on collective schemes
Speaker 1: and all that. What else had did I see in
Speaker 1: terms of investment there that I want to bring up?
Speaker 1: I think that's reallyant. So's just quickly, sir, do your
Speaker 1: portfolio right your your your portfolio for in Nigerian that.
Speaker 2: Is basically earning.
Speaker 1: Thirty year old Nigerian and a sixty year old Nigerian
Speaker 1: based on all what you've said, based on the tax
Speaker 1: latter has been passed. You know, the thirty old Nigerian
Speaker 1: wants to invest thirty yels, is not married. He's making
Speaker 1: money five not a year. What would you how would
Speaker 1: have you did you build out that portfolio?
Speaker 4: Sir?
Speaker 1: And again guys, after this we're going to take your question.
Speaker 1: So if you ever, if you want to speak, those
Speaker 1: requests to speak after this question, will just take me
Speaker 1: to your questions and so go ahead, sir.
Speaker 4: Okay, thanks, So model in the portfolio for thirty years,
Speaker 4: so I will call the one for thirty yearl like
Speaker 4: a groups portfolio as sixted depend dependability portfolio, which because
Speaker 4: at that age you're just aftering. So starting with the one,
Speaker 4: which is the aggressive we are growth portfolio, petty, I
Speaker 4: would advise that you put sixty percent in equities eputies. Yes,
Speaker 4: as sixty percent, but within that equities also have its
Speaker 4: should be around thirty to forty percent to normalize the
Speaker 4: impact of latility stock market vulatility on your portfolio and
Speaker 4: ensure that you understand what you are buying. If you
Speaker 4: are going to road stocks should not be more than
Speaker 4: thirty percent. At most roads stocks are they have always
Speaker 4: veriable at type, but they also deliver high return over
Speaker 4: the long term if business grow. And for fixed income,
Speaker 4: I would say you can which will capture boots excuse me,
Speaker 4: both bonds, redibiles. You can't look at twenty percent percent
Speaker 4: fixed income? Yeah, talking periods. When you see that I interestrate.
Speaker 4: I love what some people did last year bonds were
Speaker 4: traded as I have twenty two percent. They locked in
Speaker 4: at that twenty two So when it bonds yeld games about.
Speaker 2: Sixteen they went they wanted the money.
Speaker 4: Okay, yep, the money. Second, you also look at money
Speaker 4: markets cash because you need money market, Yes, because you
Speaker 4: need the emergency phone is for liquidity about ten percent,
Speaker 4: so they will not be sorry.
Speaker 2: This twenty perent is for bonds. The twenty percent earlier
Speaker 2: was for bonds.
Speaker 4: Is for ponds, Yes, fixed income or bonds. Yeah, okay,
Speaker 4: for bonds. For the money markets lash cash, which be
Speaker 4: eight percents. Emergency phones so that you won't be forced
Speaker 4: to liquidate some of the investments if they are not
Speaker 4: in the money. Then alternity would also be important. We've
Speaker 4: spoken about crypto. Maybe you about five percent, and you
Speaker 4: can look at the traditional ones if you're just by
Speaker 4: the top to top three most times when you look
Speaker 4: for those that the traditional wants, you mean, you will
Speaker 4: hardly miss it when they're down. Just buy and keep
Speaker 4: and monitor your portfolio reads. You look at god the alternity,
Speaker 4: look at gold silver. If you have another five percent
Speaker 4: in those alternity, you just pick them every year. So
Speaker 4: even they're the correction, you're still buying because you are
Speaker 4: Let's assume that you're setting aside ONNRED every month for tamings.
Speaker 4: You know how you are located like that, then that
Speaker 4: would give you at least when you look at the return,
Speaker 4: you should have an average you have authentically decent every year.
Speaker 4: But coming to the one for age sixty, which would
Speaker 4: be like the income preservation portfolio, twenty percent should be
Speaker 4: in stocks, which would be just high dividend paying stocks
Speaker 4: and blue chips. No time to take risks at that level.
Speaker 4: Fifty percent in high youth bonds and try your bills.
Speaker 4: You know those instruments. Those bonds are not easily tread leable.
Speaker 4: You're only investing for the return and wait for maturity.
Speaker 4: So you have about fifty percent, then you're getting your
Speaker 4: open as when deal and for the money market you
Speaker 4: need more cash at that point, So twenty five percent
Speaker 4: should be for that start builting and you're monthly to odder. Yeah,
Speaker 4: you also need to just set aside that and for
Speaker 4: therternity if you have to do it. The good the
Speaker 4: real estate and stuff may no more than five percents,
Speaker 4: so that you give you an average about twenty percent
Speaker 4: in a year. So that if you do that, I
Speaker 4: think that you would, you would, you would, you would.
Speaker 4: The return on your investmental or will be stable. So
Speaker 4: I would say that inflation, which has is potential to
Speaker 4: be going to stick going double digits. So you know,
Speaker 4: standard savings account we get a little five percent means
Speaker 4: you are losing almost nearly ten percent of your purchasing power,
Speaker 4: not if you're not investing. So cash is trash. So
Speaker 4: in twenty you must you must not be you must
Speaker 4: not don't try to keep cash no.
Speaker 1: Cash, Yes, okay, fantastic. So I just shared this thirty
Speaker 1: of portfolio. I'm sharing the fifty populos, so twenty percent stock,
Speaker 1: percent bonds, thirty percent cash or money market near cart
Speaker 1: and the alternative is going to be five fifty eighty. Okay,
Speaker 1: I got it here, so yeah, so thanks for that.
Speaker 1: So sir, let me allow for folks from the problem
Speaker 1: waiting a long time. We've got about an hour or
Speaker 1: so left to you. Let let's get.
Speaker 2: Is it her fortune dobatedby your first go ahead? Sir?
Speaker 6: Yeah, Colora good ego, mister A, did you thank you
Speaker 6: for this space?
Speaker 4: Right?
Speaker 6: I'm quite sure, glad, And I want to keep to
Speaker 6: the officer and the young folks investments. Yeah, so I've
Speaker 6: been doing this investment, you know, right, I've doing the
Speaker 6: whole investment stuff.
Speaker 4: And I wanted to please explain.
Speaker 6: Something about Pennis stalks because we understand this liking risky world,
Speaker 6: high risk, high world kind of investments.
Speaker 4: Right, I'm senserable.
Speaker 6: Given't differense portfolios for age grabs and differences. You really
Speaker 6: say anything about penny stocks. I understandies full time. It
Speaker 6: could also yield quite some return, right. And also I
Speaker 6: looked into the real estate Harry real estate investments for
Speaker 6: I do know of others I see realestate investments for
Speaker 6: investments funds need risk stroke reward, right, I don't see
Speaker 6: there's high level risk reward because yes, it's in Nigeria.
Speaker 6: Real estate is kind of the big thing now. Okay,
Speaker 6: so if it's a kind of it's a it's a
Speaker 6: post publive.
Speaker 4: But if you go.
Speaker 6: Into there's something coming out for you.
Speaker 4: But there is also what that could.
Speaker 6: Mary percent of fifty percent of your capital if you
Speaker 6: venture into it. But that is not I'm just looking
Speaker 6: at the tennis stalks right, snow money how the markets
Speaker 6: treat this this stock and how.
Speaker 2: It flits the money and all right penny stocks.
Speaker 4: Yeah, so really very interesting because like this, yeah, but
Speaker 4: some of the fundamental and so where like in some
Speaker 4: of these spindice stops, those that are not even doing
Speaker 4: any to have done under the trends. So why but
Speaker 4: you must understand, I like what the world you use
Speaker 4: that Irish early world, it's this. We also saw that
Speaker 4: trend last year. Most of what happens there if you're
Speaker 4: unable to monitor or you don't have the right strategy
Speaker 4: to get your fingers pomed. What advice is to allocate
Speaker 4: yes for some of those spend stops when you see them.
Speaker 4: Also try to go to their financials and even see
Speaker 4: whether they are the returns. You know, when a small
Speaker 4: company is starting, there's a lot of shops that they
Speaker 4: get that we call them group stocks. Compared to those
Speaker 4: that have stabilized. They having no cash flow, they can
Speaker 4: we stand pressure. Even those that are strong when periods
Speaker 4: when there are major shops in the economy, we see
Speaker 4: what they go through. Compare when you're not relative to
Speaker 4: those that won't just for me up. So you need
Speaker 4: to stay a loocate this period. It looks like the
Speaker 4: technical guys that are really shine in ebom stock, that's
Speaker 4: when you check their results, are not doing anything to
Speaker 4: return one hundred percent. But at least from my own
Speaker 4: small experience, I've almost been in this market from close
Speaker 4: to twenty years. Markets would always reward furnamentors, so don't
Speaker 4: get caught up. So watch your strategy can do. If
Speaker 4: you have made money from some of the penny stocks
Speaker 4: and you check their fundamentals and you're not sure what
Speaker 4: they're doing, take some of those profits and be investing
Speaker 4: it in strong stocks. To diversity. Yes, because the saving
Speaker 4: grace is that in Nigeria maximum losses ten percent. You
Speaker 4: know if you try any penny talking guess, you can
Speaker 4: lose on hundred percent in one day, So be careful.
Speaker 4: Have your location on DS where any saying improvements on
Speaker 4: reds because of real estate. So he can that's you know,
Speaker 4: when I'm doing it, when I'm doing their location and
Speaker 4: turning to you. So even having five percents, it's not
Speaker 4: also not it's not a bad idea of having that
Speaker 4: in rates. So it's it's that's that's what I would
Speaker 4: say on that.
Speaker 1: Thank you perfect, Thank you so much for that, sir.
Speaker 1: And let's hop on to Viva essence Viva, go ahead
Speaker 1: viav essence. All right, let's get to Stephen Steve Viva
Speaker 1: real quick. Yes, I can hear you now go ahead.
Speaker 7: Right, good even sir, Thank you so much for the platform.
Speaker 7: And I actually want to tell you how do I
Speaker 7: really want to communicate you privately?
Speaker 5: Please?
Speaker 7: From regarding the investment I talked about I wrote you online.
Speaker 4: Anyways, I me D.
Speaker 2: I'll send you a DM. No worries. What's the question? Yeah,
Speaker 2: go for it.
Speaker 4: No, that's what I'm saying. It just has to do
Speaker 4: with my investments.
Speaker 7: I'm okay, I've listened a lot, a lot.
Speaker 1: Okay, send me a DM, sen me a DM. Yeah
Speaker 1: you seve me a DM.
Speaker 5: Yeah, all right, thank you very much. Thanks.
Speaker 2: Yes, So we've got mister Stephen, Stephen, go ahead, h.
Speaker 8: Believe in mister, my boy brought us bench funds and
Speaker 8: how folds school leverages, you know, and this is particularly
Speaker 8: for below fifty because just about fifty and only you
Speaker 8: know the infundt and so those below fifty basically have
Speaker 8: between from fort to you know, to play around this.
Speaker 4: And here lies my question.
Speaker 6: If we are young, and maybe it is the about
Speaker 6: the ten years to Colorking fifteen, who do you advise
Speaker 6: such folds too, you know, reach out to their pah
Speaker 6: and intentionally switch from from two.
Speaker 8: To front one because by default you are in from two.
Speaker 8: If you're lesser fifty, would you advise that they switch
Speaker 8: to fund one, knowing that front one is a bit
Speaker 8: wait towards equity and given that they see I'll stay
Speaker 8: up the.
Speaker 4: Tender to cooking futy you advise. Yeah, I love that.
Speaker 2: I love that question.
Speaker 4: Yeah, yes, I think that's very very interesting. So when
Speaker 4: you look at on from three based on their location,
Speaker 4: is that twenty more or twenty percent in equities apparent
Speaker 4: as stops? So I would say that yes, because even
Speaker 4: it's the when you look at the investments profile, there's
Speaker 4: still moderately conservative. So eighty percent fixed income twenty percent stop,
Speaker 4: so it's not really hiring. So and there's potential for
Speaker 4: higher return if you are lower than fifty. So I
Speaker 4: would suggest that that for those that if you can
Speaker 4: switch in if you're still below fifty, you can switch
Speaker 4: and enjoy the high return in the market that help
Speaker 4: you to compound. Yes, so I think that that's because
Speaker 4: when you the PFI is also a cacteria where they
Speaker 4: look at when they invest, you know some about the
Speaker 4: respects that we're talking because of their fund they will
Speaker 4: not even touch it, and they would invest more in
Speaker 4: stocks that are strong fundamentors and also deliver dividend signal
Speaker 4: and dividiend. There's a role if you don't pay dividend
Speaker 4: out of but then they three out of five years,
Speaker 4: then they can invest in those stocks. So I think
Speaker 4: not a bad idea, that's very fantastic.
Speaker 1: So just so that's a bit of active passive. You're
Speaker 1: you're doing active passive, but you're also been active in
Speaker 1: choosing the exact funds you want your phone to being
Speaker 1: not not a bad one.
Speaker 2: Yeah, nice one. Let's gets a check weal, how are
Speaker 2: you doing?
Speaker 4: Hey? I'm all right, you very much always Yeah, what
Speaker 4: you have what you do for us, you know Nigeriam,
Speaker 4: thank you Missia? Did you thank you for being here?
Speaker 4: First off, that was the time I dropped you a.
Speaker 9: DM right because me and a group of my friends
Speaker 9: wanted to go straight when.
Speaker 4: It comes to TVs, go straight to the market.
Speaker 9: And I know Calo always repost your your post and
Speaker 9: you said it here one of the times you visited
Speaker 9: that if you have fifty m and above that you
Speaker 9: can go straight, and essentially it didn't but.
Speaker 4: I didn't get a response. Please can you have.
Speaker 5: Look at that?
Speaker 4: Apologies, but I can hope that added to your question.
Speaker 9: Now, okay, cool, So my question I just want to
Speaker 9: I just want to re ecod this so that the
Speaker 9: people at the back, like may will hear. I think
Speaker 9: it's it's a good news. So you said as I
Speaker 9: would listening to you, and kind of.
Speaker 4: That the price, the CGT, the capital.
Speaker 9: Get tax right, I think, Carlo correct me if I'm wrong.
Speaker 9: There was an amendment to it that the prizes will
Speaker 9: always reset every year January. So if someone bought a
Speaker 9: stock for let's say ten era and the stop now
Speaker 9: around to thirteen era in December, as long as you
Speaker 9: did not sell by January, it will reset to thirteen.
Speaker 4: Era being your purchase price. Am I correct?
Speaker 9: That means if you sell after January, you will only
Speaker 9: pay captain tax from what the prize was from January?
Speaker 4: Please? Am I correct?
Speaker 2: That's what I came up to it, mister? Is that
Speaker 2: a correct?
Speaker 4: Can you can?
Speaker 5: You?
Speaker 4: Can you repeat that again?
Speaker 1: He said, go ahead as makic with will shop so
Speaker 1: he gets you.
Speaker 4: Okay, okay, this, this is this, this is it too.
Speaker 9: If I got a stock in Jey in December and
Speaker 9: for ten era, and the stock ran to thirteen era.
Speaker 5: Right in January, the price.
Speaker 9: I bought that stop will reset according to the new
Speaker 9: law that affects adity to thirteen era. So if I
Speaker 9: sailed from January, let's say it turns to thirty five
Speaker 9: and era and I sell it in February, my capital
Speaker 9: game TAD will be measured from January, which was thirty bucks,
Speaker 9: to when it was thirty five when I sold.
Speaker 4: Exact clear it?
Speaker 2: Yes, that's each year. Each year.
Speaker 4: The call you reset itto reset.
Speaker 1: Because what where he's going to sign is not in America.
Speaker 1: He doesn't reset your basis. So if you bought a stock,
Speaker 1: this stock has a basis and as we be big
Speaker 1: in America, where if your father bought a stock twenty
Speaker 1: years ago and then your father passes away, then your
Speaker 1: base resets to the price at the date of him passing.
Speaker 1: So in Nigeria's case, it's actually good news that if
Speaker 1: it's resetting every year, we don't have that captal against
Speaker 1: tax on our backs every year. That's what I'm hearing, sir.
Speaker 4: Yeah, so it's actually okay, that's that's correct. Perfect, Yes,
Speaker 4: then sorry on your p and question. But before I
Speaker 4: answer that, please there the question starts staying asked. I
Speaker 4: think I mixed it up. They found three, which is
Speaker 4: twenty percent our location, and they form two is about
Speaker 4: fifty five percent. So to me, adam, go.
Speaker 10: Ahead, yes, great, yes, I know for one.
Speaker 4: To stay lits more with it than twenty percent. Yes,
Speaker 4: so from two is about fifty five percent. Manage my exposure,
Speaker 4: so me for retirement from you below. I think that's
Speaker 4: really on the high sight, I will not take that
Speaker 4: bet that's individually. I'm very conservative because I'm also getting
Speaker 4: close to that. But I think that it's a fifty
Speaker 4: five percent. It is really a lot. If I would
Speaker 4: prefer to even invest in its myself, and on it
Speaker 4: on my performance or stuff to support whatever contribution I'm making.
Speaker 4: So I think that's going to be my view on that.
Speaker 1: But okay, just to follo upon Steven's point, if you're
Speaker 1: in Nigerian and you hear that equities in about the
Speaker 1: last three years I've done very very well. Visit base inflation.
Speaker 1: So if you bought bonds and you went in equities,
Speaker 1: you didn't beat inflation. If you bought equities, you beat
Speaker 1: inflation and you are retiring. I think it makes that's
Speaker 1: the point that if I'm exposed to equities, I have
Speaker 1: a better chance as in Nicerian. Yeah, so I think
Speaker 1: that's a very important point that that's I like this
Speaker 1: question a lot. Okay, so let's get to Thristics Ta
Speaker 1: and my good friend Thristics Ty.
Speaker 2: Sorry go ahead, sorry.
Speaker 3: The last question for mister Oh sorry ahead, Yes, So
Speaker 3: to invest in the in the for hear me, just
Speaker 3: contact either your bank or your investment once you send
Speaker 3: them and send them your rates that.
Speaker 4: You want to go. As you know, when you check
Speaker 4: the rates, there's well about the stop rate. You have
Speaker 4: to check that stop rate and look at through the
Speaker 4: you that you're comfortable with the last stop rate was
Speaker 4: around eighteen point three seven. For instance, we give you
Speaker 4: yield of both. Yes, so you can go directly contact
Speaker 4: your bank field inform, send them an email and you
Speaker 4: would they will confirmed to you after the hop show.
Speaker 1: Thank you, gotcha. Let's get three sixty. So again just
Speaker 1: a quick one. So as in Nigerian, just to be
Speaker 1: clear in Nigerian. In Nigeria, can I do this directed
Speaker 1: bills only for foreigners? Just to clarify that if you
Speaker 1: don't mind.
Speaker 4: So there are two types of bills. There's the primary
Speaker 4: market tragedy abiuse. There's the Homo body open market operation.
Speaker 4: That's Sapien issues directly only to bands and and foreign investors.
Speaker 2: Okay.
Speaker 4: For the primary marketing tragio is available is available to everyone. Okay,
Speaker 4: that has fifty million, whether you're aspora, your money, but
Speaker 4: you can invest in dollars. You have to convert your
Speaker 4: money into naira before you can invest.
Speaker 1: Okay, I it was one that was only for foreigners. Okay, perfect,
Speaker 1: Let's do three sixty dipreniere hiding sir.
Speaker 4: I'm good, mister Carl believed in to thank you. Just
Speaker 4: a quick question though I know I think I want
Speaker 4: to tag from what as a as a chief Rob
Speaker 4: was saying earlier about the prize of stock crystal.
Speaker 11: Resetting every I think it's a really good one.
Speaker 5: Very Nigeria.
Speaker 4: Yeah. My question is now, given the fact that because
Speaker 4: we're just looking at.
Speaker 11: To get the investment options for to indicate assist and
Speaker 11: me understanding that Nigerian stocks actually did very very well,
Speaker 11: you know in the last year and even early.
Speaker 12: The c A, I have this question, like, if you
Speaker 12: are to be me right now and you are considering
Speaker 12: the Nigerian stock market and the currencies, giving the treads
Speaker 12: and all of that, which you think would be the
Speaker 12: best bit for me as.
Speaker 4: An investor, maybe looking at nan stocks.
Speaker 11: To invest on and comparing that the entire enterity of
Speaker 11: cryptocurrency is the best crypto a sense to actually invest
Speaker 11: Which do you think will give me better results or
Speaker 11: better use at the end of the year twenty twenty six.
Speaker 4: That's just a person trying to get plenty of things
Speaker 4: stocks and cryptocurrency, right, Wow, is that what you're saying?
Speaker 5: Yeah?
Speaker 4: Generan stocks, gen steeds and records. What's so understand level?
Speaker 4: The first? Yeah, polatility the first. Also the cot that
Speaker 4: you are also investing in also differct. I would say
Speaker 4: that they like your stuff will give you more stable
Speaker 4: return for the cryptocurrency. It's it's only unpredictable right if
Speaker 4: anybody is trying to just gets it. If you're not
Speaker 4: looking at long terms, because one year is to shop
Speaker 4: to predict crypto have to look at long term for that.
Speaker 4: So for me better on my understanding, I also have
Speaker 4: a bit to be of investment in crypto. So it's
Speaker 4: not that I'm totally but I would say that the
Speaker 4: Nigerian stock market will still deliver before this year, should
Speaker 4: deliver our use the words should not will better return
Speaker 4: because stablishing the economy, our efforts remain stable. When we
Speaker 4: begin to see more FPI is coming, prices were also
Speaker 4: mobile and we're also beginning to get more awareness amongst
Speaker 4: retail investments that are creating activities in their market. So
Speaker 4: look at the combination of that and companies delivering more
Speaker 4: positive results, we should be able to deliver more than
Speaker 4: cryptocurrency at the end of the year.
Speaker 1: So is that because of that cryptos are going down
Speaker 1: or because Nigerian stocks are going on up?
Speaker 4: No, Because as that period for crypto can be unpredictable,
Speaker 4: you know that December. Now you might go up fifty
Speaker 4: percent middle of June, and by the end of December
Speaker 4: it's also it's down. It's so pretty a lot of factors. Yeah,
Speaker 4: so if we're looking long term, we know that bit
Speaker 4: to C Misty get to two hundred thousand dollars right
Speaker 4: with all the top investment banks also buying Itterial macle
Speaker 4: but using for trying to project crypto over twelve months,
Speaker 4: A lot of things always happen from if we chect.
Speaker 1: History, gotcha, gotcha? Good, great, great, great questions. Let's get
Speaker 1: Ben Ben Hi. Mister ian has about fifteen minutes in
Speaker 1: with us, so let's get trying to get us focused
Speaker 1: on Dete Ben hiding Ben.
Speaker 2: Then it works. Ready, let's go yeah yeah, yeah, yeah, yeah, yeah,
Speaker 2: go ahead please yeah.
Speaker 4: To the guests, I just have two questions. The first
Speaker 4: question is.
Speaker 5: More like in general, I want for people for people who.
Speaker 13: Have, you know, some substancial level of liquidits and they're
Speaker 13: looking to invest, specifically in Nigeria, and they don't have
Speaker 13: the time, necessarily the times to start looking at balance
Speaker 13: sheets and the p and ls and moneying what's going
Speaker 13: on a n g X or going to bid for
Speaker 13: you know, what do they call it?
Speaker 5: Fixed? All those fixed in goverment A securities? Would you
Speaker 5: what do you think about?
Speaker 4: Basically, I'm saying, what do you think about mutual phones?
Speaker 4: You know ets?
Speaker 5: You know as specially especially for.
Speaker 13: People who don't necessarily have the time to study, you
Speaker 13: know what's going on in the market, and you know
Speaker 13: by those individuals stocks and bolds themselves.
Speaker 4: Okay, yeah, thanks, and I think I like this question
Speaker 4: for them surely for those that just want me to do.
Speaker 4: Marketfs is our ittfs are that health best close and
Speaker 4: they also deliver fantastic returns. So when you check those
Speaker 4: that are invested in ITTF tatty that the NX last
Speaker 4: year minimum. If you invest in January, you should have
Speaker 4: closer at least forty percent. That's a decent market. Fifty
Speaker 4: one for some maybe close to fifty percent. You know,
Speaker 4: depending on the navy that you came in and look
Speaker 4: at the US its seventy five hundred returns close about
Speaker 4: twenty two percent last year. It's done close to about
Speaker 4: seven or eight percent, So you would you would see
Speaker 4: that they are real opportunities. So you don't need to
Speaker 4: understand a lot about the market. I do. You would
Speaker 4: not also be going through the different major lactivities that
Speaker 4: you always see, you're always see the that you're always
Speaker 4: seeing the you always see in the market. So that's
Speaker 4: really very very good. Areas you guys look at it
Speaker 4: bisector like I started looking at quantum and putting and
Speaker 4: my mind start investing directly in those talks said, okay,
Speaker 4: let me look that would track on them. So I
Speaker 4: need that befortful the managers because they would have used
Speaker 4: different criteria to classify and identified those ones they want
Speaker 4: to be investing in. And the ever return has been
Speaker 4: really very good, it won't be as much as one
Speaker 4: or two of those stocks within so for good GLD
Speaker 4: for just that.
Speaker 14: If you look at that, and you can just be
Speaker 14: sure that you're gonna someone is has done your.
Speaker 4: Homework before coming up with those index because most times
Speaker 4: the deed perhaps the in this is different, in this
Speaker 4: is and and they've always been deliferent. If not, you
Speaker 4: will even most of those cities will there are not
Speaker 4: performing at all. Okay, all of our meture phones, what
Speaker 4: do they have meture phones? Yes, Mutra phone is also
Speaker 4: very very good. But as the volume of your investment
Speaker 4: begins to increase, you can you may need to get
Speaker 4: the bit of knowledge or maybe even get your motulo
Speaker 4: manager that and you engage with and tells you how. Okay,
Speaker 4: let's look at tragibiles. Let's look at bonds with go
Speaker 4: to the market on your behob and get the bonds
Speaker 4: in your portfolio. Can use the costudy help you to
Speaker 4: help recompense it within for you. So next once you
Speaker 4: begin to be both for your start champions is always
Speaker 4: very good. As low as one thousand, you build your
Speaker 4: investments and maybe you are getting to fifty million, getting too,
Speaker 4: then may begin to consider going directly than getting into
Speaker 4: the food.
Speaker 1: Okay, all right, My question then just about what the
Speaker 1: real real quick, real real quick, because we have he's
Speaker 1: living about fifteen minutes and we have those guys, so
Speaker 1: real quick, go ahead, so real quick.
Speaker 4: And that's the question I said, asked about the SEC.
Speaker 15: What does you think about the recent CC changes to
Speaker 15: the requirements?
Speaker 4: Will get or Britos Army markets and please I like
Speaker 4: to to pass. And I owed a lot of positions.
Speaker 4: So there are different unions that are spoken. Has spoken
Speaker 4: different organized also spoken to the man on the authority.
Speaker 4: So let need pass, thank you perfect Let's get let's
Speaker 4: get calum calum.
Speaker 5: Please.
Speaker 4: I know this is out of place for you. Please,
Speaker 4: can I keep you something about this?
Speaker 1: No, hold on, don't just just get bitter so few
Speaker 1: than working because fifteen minutes and of course have been waiting.
Speaker 1: I'm so sorry.
Speaker 4: He has to do with thet in Nigeria. Just clarification
Speaker 4: so that he really real, real quick. Okay, okay, mister.
Speaker 9: In the US, when you want to buy ETF you
Speaker 9: consider that assess value decay, you consider actively and passively manage,
Speaker 9: and you also consider expense ratio. Does this apply in Nigeria?
Speaker 2: Of course.
Speaker 4: I don't.
Speaker 2: Yeah, their size, of course yes.
Speaker 1: But besides you can ask it's asking it because that
Speaker 1: expense ratioes and enevies and all that when we buy
Speaker 1: it the same Sometimes use.
Speaker 4: That to compare that because the the percentage of the
Speaker 4: return the expense also varying across different at there's a
Speaker 4: cap by sec right that imagine one you can't charge. Yeah,
Speaker 4: so it's also good to confound that.
Speaker 1: Yeah. I mean, if you won't invest in ATFS, look
Speaker 1: at the go to a big firm with low expense ratue.
Speaker 1: I just find the same thing. V O o qq
Speaker 1: it's the same thing they're buying. Look at the expense issue,
Speaker 1: make sure they are big, and then you are good
Speaker 1: to go. Let's get Peter, don't get a full and
Speaker 1: we get hit K.
Speaker 2: Peter.
Speaker 1: Go ahead, Peter, you're as kind of muffled. You're just
Speaker 1: kind of muffled your audio. Can you fix that real quick?
Speaker 2: Go ahead?
Speaker 4: Is it better?
Speaker 2: Go ahead? Yes?
Speaker 1: It's perfect now, okay, okay, So still on the e
Speaker 1: TF and.
Speaker 4: Equity platform.
Speaker 16: So I to ask mister IRG, so as as well,
Speaker 16: you have ten million are your focus is on this
Speaker 16: diversification as said, how can you allocate your resources?
Speaker 5: Thank you.
Speaker 4: On the diversification ETF And sorry I didn't get that, Peter.
Speaker 2: What I'm asking Sorry, can't tell a game place Peter
Speaker 2: real quick.
Speaker 16: I'm just asking, like, thanks, which one is more advantageous
Speaker 16: looking at the historical returnation?
Speaker 4: Is data managed equity you F or et F?
Speaker 1: Oh? I think I said you're missing top, Peter. You
Speaker 1: can have an equity e t F. E t F
Speaker 1: is the is the basket. You can put shares or
Speaker 1: bonds in that basket. So yeah, you're sort of asking that,
Speaker 1: you know, your questions kind of juggled up if you
Speaker 1: if you don't have the time, I want to diversify,
Speaker 1: and you want an expert manager, you put one in
Speaker 1: an e t F. Now that et F can buy bonds,
Speaker 1: it can buy stocks, it can buy a combination of
Speaker 1: boat as a balanced ETF for you. So it's a
Speaker 1: bit of what you want to do as a Nigerian.
Speaker 1: And if you want to buy a US talk you
Speaker 1: don't going to buy everything. So buy the ETF that
Speaker 1: buys the whole US market, that equities, video or b
Speaker 1: and this is going to be bonds. That's the point
Speaker 1: it's making.
Speaker 2: That makes sense. Peter, all right, let's get to.
Speaker 17: John for high Yeah, thank you guys for your contribution
Speaker 17: and inside, thank you for organizing your dej Thank you
Speaker 17: for everything that you're offering.
Speaker 4: It's very knowledge of where we are letting it from you.
Speaker 17: My question is regarding the latility coming to election in Nigeria,
Speaker 17: which is you know to the world the tackled, what
Speaker 17: do you think about the currency and were we especial
Speaker 17: any evaluation in currency if we.
Speaker 4: Went to some model, come I invested in Nigeria.
Speaker 17: And at the same time, do you have any timeline
Speaker 17: for than go tell your refinery.
Speaker 1: Listen, two powerful powerful questions.
Speaker 4: Based on prepare dis questions and stuff. Maybe latest second
Speaker 4: for that. But you know this most most of those
Speaker 4: things are always kept until they get all the approvers
Speaker 4: before they want to disclose, and it can keep moving
Speaker 4: depending on how the approval process is. What we are
Speaker 4: sure that to twenty six that would be that would
Speaker 4: be coming. Please, your first question.
Speaker 2: Is asking for it. There's going to be the valuation
Speaker 2: of the you.
Speaker 4: Know, they encouraged.
Speaker 17: Because money that somebody put in at the investment last
Speaker 17: year where you have several hundred to from several hundred
Speaker 17: to you knowles.
Speaker 4: If you have.
Speaker 7: That was interested.
Speaker 1: Hold on, hold up, hold up, Okay, answer the question
Speaker 1: asking about he's asking about it's going to be in
Speaker 1: evaluation soon. If you said devolution.
Speaker 17: Were expected the dollar too before thousand this year because
Speaker 17: of election?
Speaker 4: No, I don't know, no, because sorry, yeah, when you check,
Speaker 4: I was at an eventure today that they want Bismark.
Speaker 4: Mister Bismark run was talking about the defferentmental the logy
Speaker 4: he has used our night rights currently rightly priced. You
Speaker 4: know what we used to have before is that we
Speaker 4: don't are just when we when we were supposed to.
Speaker 4: But we're saying that is a bit of markets forces,
Speaker 4: this liquidity. The b match market is providing transparency, so
Speaker 4: we don't expect any major shock. I believe that if
Speaker 4: they serious preaure, who would see it reflect immediately even
Speaker 4: from the official market. So that's will not necessitate any
Speaker 4: major adjustment because markets will see that natural adjustment in
Speaker 4: the markets. And secondly, I don't see any I don't
Speaker 4: foresee personally looking at made maxumum of five five ten
Speaker 4: percent devaluation. If it will happen, it shouldn't so at
Speaker 4: ten percent at one five doers almost get into one
Speaker 4: seven one. It's so, and that's why you see spield
Speaker 4: that night. Investing in Nigeria and assets are twenty percent
Speaker 4: may still be better.
Speaker 2: And mister Ayo, just to.
Speaker 1: Make this point against gentlemen asking, so by second quarter,
Speaker 1: Donald Trump will have taken over the us FED. Either
Speaker 1: the current guy would have gone and Trump put a
Speaker 1: pointed new chairman, or who would have removed the tiner
Speaker 1: lady and put someone else there. If that happens. Trump
Speaker 1: has said he wants to reduce interest rate in America.
Speaker 1: So assuming he reduced interest in America, remember he's already
Speaker 1: pushing for ten percent. God, if interest rates in America,
Speaker 1: for what happens to the dollar, it will fall, what
Speaker 1: happens to naira and narra will go up because more
Speaker 1: Americans will simply take do this carry trade. So if
Speaker 1: look at the look at what's happening in the US
Speaker 1: clearly and look at then the effect in Nigeria, I
Speaker 1: don't see the dollar becoming stronger. Trump wants a weaker
Speaker 1: dollar because it allows him to do more export and
Speaker 1: all that outot too power. So that helps the naira
Speaker 1: in that because there is lower returns on the dollar,
Speaker 1: you can make more returns on.
Speaker 2: The dollar in Nigeria.
Speaker 1: Nigeria have dollar bonds being eighty nine percent, Nijera has
Speaker 1: eurobonds paying seven eight percent. So the same dollar in
Speaker 1: America will end you less than the same dollar in Nigeria.
Speaker 1: So if you start to that, in all things been equal,
Speaker 1: of course, that tells that when a city is huge
Speaker 1: for the dollar is strong Nigeria, so fast the dollar
Speaker 1: is weak Nigeria.
Speaker 2: Enjoy it. I'm gonna again with cell crude oil, so
Speaker 2: again give that that.
Speaker 1: Oh let's get I think we have y K I've
Speaker 1: got only only a lying CASA three go ahead, So
Speaker 1: we've got about for a minute.
Speaker 2: Sorry I'm Russian.
Speaker 4: Here, okay, believe near everyone. Hi, thanks for the session.
Speaker 18: So my question is regarding bention on most especially people
Speaker 18: laundry contribution.
Speaker 4: Recently, I engaged in the conversation.
Speaker 18: With one of my colleague and it was like these
Speaker 18: new talks, if you're being directly from you early to
Speaker 18: the laundry contribution that you're already having. I gain girls
Speaker 18: recatid to have retax rates for my big grade is
Speaker 18: around that eight ten percent. So you're like, okay, if
Speaker 18: you are a percent save on this your voluntary contribution
Speaker 18: rather than relating to be tax and you still be
Speaker 18: investing in the mutual fund that is giving maybe sixty percent,
Speaker 18: So what is your take on that?
Speaker 4: Thank you? So if you're if I get the question correctly,
Speaker 4: that you're if you increase your voluntary contribution, you can
Speaker 4: save tax and maybe up to eating percent. Mister Talb,
Speaker 4: I don't know if you can have that.
Speaker 1: No, the eighteen percent is the statute three, which is
Speaker 1: eight percent from you, ten percent from your company, so
Speaker 1: eighteen percent stattoo three.
Speaker 2: But if you do additional voltue contribution.
Speaker 1: You are reducing your income, which then reduces your taxable income.
Speaker 1: Because when you do AB, you've reduced your taxable income.
Speaker 1: That's the whole idea. Yes, sir, and remember you can
Speaker 1: take ABC out after five years.
Speaker 2: So look at it this way. If you want to
Speaker 2: send your.
Speaker 1: Daughter to school abroad, you can do ABC when she's born,
Speaker 1: and then after ten years you can withdraw that ABC
Speaker 1: before you retire tax except.
Speaker 2: Just keep that in mind.
Speaker 1: Another answer your question, Yes, thank you perfect last person sermonstar.
Speaker 1: Are your last person going to be ox lay Tech?
Speaker 1: And then we'll just last person Oxley Tech. Can you
Speaker 1: have your question real real quick if you don't mind
Speaker 1: ox lay Tech. After going once O there going twe
Speaker 1: Miss Dio. I can't thank you enough for coming in
Speaker 1: to just to talk to us. I think I've a
Speaker 1: lot of clarity. My dms just show the level of
Speaker 1: insight to be giving up today. Lots of people who
Speaker 1: want the recording after the session. Yes, it's to be
Speaker 1: recorded on podcasts. We're also still on the YouTube. Support
Speaker 1: the YouTube and the podcast to be recorded for you
Speaker 1: to go back and watch, and of course also on
Speaker 1: Twitter is going to be recorded. So if you do
Speaker 1: have questions? Did you have has a very open Twitter
Speaker 1: page ask him questions. I always share his twits about
Speaker 1: the bond market. Also, if I have a question for him,
Speaker 1: you can send to me and also send to him.
Speaker 1: I just want to thank you guys all for tuning
Speaker 1: in today. It's been a pleasure. I hope I'll see
Speaker 1: you guys next week again when we talk around education
Speaker 1: and using your tax to pay for education, I'm going
Speaker 1: to do that topic, misterio.
Speaker 2: If you have any closing words, sir.
Speaker 4: Okay, thank you, Thank you very much. And my closing
Speaker 4: words passing words would be that twenty twenty six, you
Speaker 4: should just ensure that you don't leave any I do.
Speaker 4: I do funks. It's really very import attents. Don't keep
Speaker 4: any high performs in twenty twenty six. We so expect
Speaker 4: that there's say a lot of opportunities and idea has
Speaker 4: gone through the it worst, and I would say at
Speaker 4: least with the last two three years, there should be
Speaker 4: time that we should be able to reward ourselves. So
Speaker 4: take investments. You just try to learn and invest an
Speaker 4: overall you will thank yourself, thank your future for taking
Speaker 4: those steps. Thank you so much, mister hardy for with
Speaker 4: this great opportunity. Thanks for all you do for us.
Speaker 1: I appreciate you, sir, thank you, thank you for coming.
Speaker 1: Say again I really are that so again, guys, thanks
Speaker 1: a lot.
Speaker 2: We all want to learn.
Speaker 1: This is the time of the year where we learn
Speaker 1: about investments so we can then take advantage going forward.
Speaker 1: You know, like mister Iaohas said, just try to be
Speaker 1: very very simple about this. If you don't know what
Speaker 1: to do, try to buy a managed fund. You can
Speaker 1: buy equity, manage fonts, you can buy fixed in combandage fonts.
Speaker 1: You can put that money in and an expert will
Speaker 1: essentially manage that money for you. Look at it this way.
Speaker 1: If you are in Nigeria, I want to do what
Speaker 1: mister Ayo has said. There are lots of apps that
Speaker 1: arrested by sex. There's Bamboo, there's Shaka, there's Cawi wise
Speaker 1: which have I not mentioned the arrested in Nigeria. You
Speaker 1: can take your naira, invest in naira, buy those apps
Speaker 1: and you are the specified. Last I think it was
Speaker 1: two weeks ago, I give you guys the V strategy.
Speaker 1: The V strategy where I said, if you want to
Speaker 1: buy equities, you don't know what you are doing. Just
Speaker 1: look at the v VS Vanguard. If you do VT VT,
Speaker 1: if you just google VT, that's going to be an
Speaker 1: et F where you are buying all.
Speaker 2: The stocks quote unquote that are good in the world.
Speaker 1: Right, So you are buy your some Song, you are
Speaker 1: buying your Nvidia, you are buy your Ali Baba, you
Speaker 1: are buying Mercedes, You're buying all those stocks that are
Speaker 1: quote unquote. That VT a sort of Collette collater into
Speaker 1: one ETF. So you buy twenty five dollars ETF. What
Speaker 1: is fractional shares? You're getting exposure to VT. Now, what
Speaker 1: if you don't want to buy just America, you don't
Speaker 1: want to buy the whole world, or you bought the
Speaker 1: whole world. Now you want to go and buy the
Speaker 1: largest market in the whole world with America, you can
Speaker 1: buy VT I and VT is going to give you
Speaker 1: experts about forty five hundred American stocks VT I. So
Speaker 1: you buy your Microsoft, your Texla, your Nvidia. You bug
Speaker 1: of America just by buying that one ETIER. But then
Speaker 1: what if you you don't want for the five pod,
Speaker 1: they want to buy some too smaller. You can then
Speaker 1: go buy v O O and view is going to
Speaker 1: give you exposure to American stocks, but only five hundred
Speaker 1: of those four forty five hundred they're getting about five
Speaker 1: in v O Oh. But what if you say, Okay,
Speaker 1: I don't want to buy America stalks, I want to
Speaker 1: buy just stalks outside America, but not the whole VT.
Speaker 1: You can buy v x u X, which is v
Speaker 1: x x US, not the US. So you buy your
Speaker 1: some songs, your Toyota, your glass of Midland Beacher, but
Speaker 1: you're not buying American Stoctor's v x US and it
Speaker 1: goes on. You can buy VA if you want to
Speaker 1: do or buy if you does the real estate, you
Speaker 1: can buy the v y n A. If you're just
Speaker 1: looking to buy stocks that will pay you a dividends.
Speaker 1: So just go to Vanguard right google their ETFs and
Speaker 1: you can do a buffet. I want to get equities
Speaker 1: or I want to get dividends. I want to get property.
Speaker 1: Across the world, we used to have Nigerian ets it's
Speaker 1: now sadly gone, but you can sort of mirror Nigerian ETFs.
Speaker 2: You can create your own.
Speaker 1: If you look at the Nigeria market, you see IBTC thirty,
Speaker 1: you see Marristrem.
Speaker 2: You see, even just when I want to say.
Speaker 1: That this company also has an ETA, just look at
Speaker 1: the components of that ETF and just compete and just
Speaker 1: design your own if you want to do that. But
Speaker 1: it's a good way for you to die pasify with
Speaker 1: just one investment. Like he said, this year, going forward,
Speaker 1: we not have tax harvesting, we not have capital gains.
Speaker 1: We didn't have it before. So the normal way you
Speaker 1: bought stalks in the past has got to change. Because
Speaker 1: if you buy a stock now and you heading said
Speaker 1: you sell that stock, even though you're not selling one
Speaker 1: fifty million, if you make eleven million are profit, you're
Speaker 1: gonna pay tax on that. So when you are buying
Speaker 1: and selling record keeping and strategy that becomes very very
Speaker 1: important because you've got to take advantage of that of that. So, actually,
Speaker 1: I don't know if you if you had your question,
Speaker 1: it's a io has gone. If anyone has a question,
Speaker 1: mister Io has gone. We can take that question, or
Speaker 1: we can just thank you guys for hanging out with us.
Speaker 1: We'll hope to see you guys here again next week.
Speaker 1: Next week we're gonna have some guys we want to
Speaker 1: talk around education and how we can use the tax
Speaker 1: policy investing and trust to fund education. That's whatly do
Speaker 1: that next next week it's going to be very riching.
Speaker 1: So that way we sort of open our minds to
Speaker 1: this idea of using traw and tax benefits towards funding something.
Speaker 1: It's not all bad. It's some minutings here are good.
Speaker 1: It's not all bad. I would just say keep records.
Speaker 1: I just don't keep records. Try to keep records. We
Speaker 1: will tak track your expenses, try to do the best
Speaker 1: way to keep records is to use just your debit
Speaker 1: card for transactions, if you don't use cash, and you
Speaker 1: do all your debit card.
Speaker 2: As they go ahead, my.
Speaker 10: Apologies, I was I was charged, well you called okay.
Speaker 15: The question I have is.
Speaker 4: I w was taken into somebody going around you thank
Speaker 4: on home for No. One on two and three.
Speaker 10: We're going all those categories one day.
Speaker 4: However, the older and like there do you have do
Speaker 4: you have do you have any what the world?
Speaker 2: Now?
Speaker 4: Do you have any atholity?
Speaker 10: Or can you decide on you to be I think
Speaker 10: it's not that you live in the profession of the PF.
Speaker 4: And also they regulation allows regulations to.
Speaker 10: Say if you are you know I don't. I'm thinking
Speaker 10: you have a pay we call you.
Speaker 4: To be on Yes, no, no, we have the main
Speaker 4: use of your owning.
Speaker 2: And no you can.
Speaker 1: No, no, you can decide what funds you want to
Speaker 1: be in what the PF. The PF has said, and
Speaker 1: we have four funds, and those four funds are as
Speaker 1: you get older. It's like it's like a target age fund.
Speaker 1: But they have four separate funds. So when you come
Speaker 1: into the p F A system as you are younger,
Speaker 1: the first fund is more exposed to equities because that's
Speaker 1: going to give you more return, right, but it carries
Speaker 1: more risk. So as you are young, but you're supposed
Speaker 1: to be in stage one, but as you get older,
Speaker 1: they have a retiring fund and they have Fund three.
Speaker 2: So the gentleman was.
Speaker 1: Asking, can he decide to say, listen, I'm supposed to
Speaker 1: be in Fund three, but I want you guys take
Speaker 1: me to Fund one because I want to have more
Speaker 1: exposure to equities.
Speaker 2: Which would make me more money.
Speaker 1: The point Sirey was saying was that you can do that,
Speaker 1: but remember you are now exposing yourself to more risk.
Speaker 1: As you are retiring. You're supposed to be slowing down
Speaker 1: on the amount of risks you take. What is the
Speaker 1: whole stock I get crashes tomorrow, your arrestor is going
Speaker 1: to crash what you're about to retire. So you've got
Speaker 1: to balance the rewards and the risks. I wouldn't advise
Speaker 1: that if you are retiring, you put bulk of your
Speaker 1: funds in front one. I wouldn't advise that you have
Speaker 1: to have a balance.
Speaker 2: You can't.
Speaker 1: They ask mister Buffett to say, you can't impregnant eight
Speaker 1: nine women and have a child in one month. It
Speaker 1: doesn't work that way. So the thingness start to first
Speaker 1: early so that it can compound and you can move
Speaker 1: naturally from fund one to the retire fund. I don't advise.
Speaker 1: It's a good strategy if you can take the risk,
Speaker 1: but it's not advisable to just take all your.
Speaker 2: Money and take a lot of risks because you want to.
Speaker 1: Make a return. You are exposing yourself to a lot
Speaker 1: of return risks. You can't do it. You can't do it,
Speaker 1: but be aware of the risks if you want to
Speaker 1: take the risks.
Speaker 2: It's all right.
Speaker 10: Yes, My wipers is for people that have account If
Speaker 10: you would know that your PA maybe every other sells
Speaker 10: on those phone, so you will see the avay that
Speaker 10: are in terms of retards that are helping recall for one,
Speaker 10: maybe you see something or do you will see.
Speaker 4: Or so.
Speaker 10: And al say, if I belong to a particular a
Speaker 10: say and I, for example, epothetically for you and my
Speaker 10: getting for you.
Speaker 4: Why did I'm gonna? Why did I'm gonna? Because I'm
Speaker 4: seeing that when the fund out, I think which.
Speaker 10: Other thing is the PF is my real It's so
Speaker 10: not actually be.
Speaker 1: Left with no just just just understand what what's what
Speaker 1: we're saying. Right when you are in front one, you
Speaker 1: have a larger exposure to equities, and it's.
Speaker 2: Across all p fs.
Speaker 1: It's not one p FE. All the p fs would
Speaker 1: have a fund one that has a higher allocation to equity.
Speaker 1: So the question I take it to Stephen was asking,
Speaker 1: was can I, as an older person, tell my PF
Speaker 1: that listen, Yes, I know I'm going to retire, but
Speaker 1: I want you guys to put my money in front
Speaker 1: one because I want to be exposed to equities, the
Speaker 1: idea being I want to make more return.
Speaker 2: The anside is you can.
Speaker 1: But again we're carvetting that answer by said and when
Speaker 1: you do that, you are exposing yourself to more risk.
Speaker 1: The fifty one percent that the stock market did last
Speaker 1: year came on the back of a higher volatility. If
Speaker 1: you look at the sharp issue and all that, it's
Speaker 1: higher for stocks than for bond. So it's left to
Speaker 1: the individual. There's no an investments, no right or wrong
Speaker 1: as an investor. If an individual says I want to
Speaker 1: take the risk, all you can do is to advice.
Speaker 2: You can't say don't if you ask me.
Speaker 1: If you came to me and your said I want
Speaker 1: to do it, I will tell you be very careful
Speaker 1: because you are exposing yourself to the diminition of principle.
Speaker 1: If you want to go ahead and do it, it's
Speaker 1: your money. So the ansier is, yes, you can, but
Speaker 1: be careful. Obviously, that's really the answer. Yeah, Ben wants
Speaker 1: to have Ben you have a follow up?
Speaker 4: Ben?
Speaker 2: Do you have a follow up on us?
Speaker 5: Yes? Yes, yes, yes, yes.
Speaker 4: On the pr fhees and you know their.
Speaker 5: Fund one another.
Speaker 19: I think in fund one they are allowed informed one
Speaker 19: to push their are none none. Let me describe it
Speaker 19: as non fixed income investments that investment in asset classes
Speaker 19: that are not fixed income, which if you understand.
Speaker 5: What this means.
Speaker 15: It means that the risk level bilding to be higher
Speaker 15: to the mido stocks, the midile bonds, the middle stocks,
Speaker 15: to other asset classes that are not fixing comulated.
Speaker 5: They can they can push up to seventy.
Speaker 15: Five percents on fund one to those asset classes. But
Speaker 15: out there you this for in fact, they don't get
Speaker 15: close to that seventy five percent in the last In
Speaker 15: the last five to seven years, pre fees are not
Speaker 15: beaten inflation. They've not even been able to have a
Speaker 15: year way they delivered up steady pertence. That's generally the
Speaker 15: u you know. So they've been very, very concious. And
Speaker 15: it's not just because it's not just because they're scared.
Speaker 15: It's also because of the weed the investment landscaping Nigeria was,
Speaker 15: you know, and there was there was a reluck dance
Speaker 15: to channel pension funds outside the country.
Speaker 5: There was a heavy relock dance to do that.
Speaker 15: And it makes sense because most countries don't take their
Speaker 15: pension funds outside their country, because the pension fund is
Speaker 15: the backbone off of investments in every in every properly
Speaker 15: working country, is supposed to be how you fund things
Speaker 15: within your country, you know.
Speaker 5: So there's a preader tonight. Now there's pressure on them to.
Speaker 15: Collaborate with a lot of motel that there are, to
Speaker 15: collaborate with a lot of the other fund managers and
Speaker 15: all that to find their way to deploy their capital
Speaker 15: in environments that they go to aid them to make
Speaker 15: the risk very minimal.
Speaker 5: So if there's a picking for a deal.
Speaker 15: That involves governmental privates it is be infrastructure deal, they
Speaker 15: can't deploy it.
Speaker 5: So that's so that's deployed to that.
Speaker 15: Whe however they want to do maybe private which directly
Speaker 15: you can deploy it to that you to make money,
Speaker 15: so that a type of avenue is that they are
Speaker 15: currently looking at so be able to at least delivered
Speaker 15: testified percent. It's very bad that a passion your patient
Speaker 15: forms the total patient force is coning about twenty seven.
Speaker 15: It's very bad that they've not been able to get
Speaker 15: to at least five percents.
Speaker 12: You know.
Speaker 5: It's it means that as you're as you're planning to
Speaker 5: retire and you're waiting for a retire memory to come.
Speaker 15: If they continue this retirement retirement money come, inflation would
Speaker 15: have made it look not speak at alls you it
Speaker 15: to be disappointed in my time, you see it, you know,
Speaker 15: So this is this is something that's they're currently working
Speaker 15: on because there's there's a lot of that guy says,
Speaker 15: a lot of you agitation to to do more.
Speaker 5: You know, they have to do more as best pfies.
Speaker 1: So also think I also think that the issue with
Speaker 1: the pfface is that they cannot just invest in anything
Speaker 1: like if they have to invest in only companies that
Speaker 1: paid dividends three out of five years. So if you
Speaker 1: go to the Niterian stock market, how many the pfs
Speaker 1: have their own index.
Speaker 15: Exactly even on the stop they're.
Speaker 1: Limited to and it's and it's there for a reason
Speaker 1: because nobody wants to lose money. If if I if
Speaker 1: I tell a pensioner, I'm going to buy stocks for you,
Speaker 1: at least, as you say, at least you're.
Speaker 2: Getting a dividend. So it's safety first.
Speaker 1: You know what We're coming from a confromsation where by
Speaker 1: pensioners used to step on the streets in legos before
Speaker 1: because they're going to get their pension.
Speaker 2: So now the government does not want to take any
Speaker 2: chance with pensioners.
Speaker 1: Moneys, it's better they give you back your principle, than
Speaker 1: they owe you that principle. And I think for me,
Speaker 1: so for now, now they've have four funds that be good.
Speaker 1: Before they only had one fund. You can only get
Speaker 1: that one return. Not they have four returns, maybe they
Speaker 1: a fifty ton. Maybe going forward, that will say wow,
Speaker 1: if you're a younger, you want to do crypto, you
Speaker 1: want to buy stocks, you can go to this one
Speaker 1: fund and that would then allow in America you can
Speaker 1: do you can buy, go to your IRA, you can
Speaker 1: do whatever you like with your investment. But if with
Speaker 1: your investment crashes, you can want to the government. So
Speaker 1: perhaps ninten I would as we develope, maybe you look
Speaker 1: at that. But for now, I think it's retturn on principle,
Speaker 1: and it's a tax free savings for you. So if
Speaker 1: you have an arress, you're able to put money away
Speaker 1: without it being taxed. You're able to compound without paying fees.
Speaker 1: So I would say I tell people, indeed, look at
Speaker 1: this whole tax regime. The one place you can make
Speaker 1: maximum tax serviences in your RSS. I don't see tax
Speaker 1: serviance in your life insurance. I don't see it even
Speaker 1: in rents. Rent it's five hundred thousand a year. Where
Speaker 1: you can really make an impact is to make put
Speaker 1: more money into your additional punt contribution. Imagine if you're
Speaker 1: putting a million in a year into that ABC, that's
Speaker 1: five million a year.
Speaker 2: You can take that money out if you plan properly,
Speaker 2: if you know what you're doing.
Speaker 1: You want to Jack bar or you're going to retire
Speaker 1: in fifteen years, start today to plan to put money
Speaker 1: that ABC, because you know I don't take the money
Speaker 1: out in five years. But if you wait, you can
Speaker 1: just put money today and take it out tomorrow will
Speaker 1: tax you. So long term planning, talk to your adviceor
Speaker 1: this money I have, I want to jack ba, I
Speaker 1: want to retire in ten years?
Speaker 2: What should I do?
Speaker 1: Your RSL has got to be in the picture. You
Speaker 1: just can't leave it to the chance and say, oh,
Speaker 1: when we get there, we'll sorry that. That's just the
Speaker 1: way you want to look at it. Yeah, fantastic, So guys,
Speaker 1: I think that's called today. Thank you so much for
Speaker 1: being here. Real quick, I tak.
Speaker 2: Jesse, Jesse, do you have a question real quick for
Speaker 2: shut down? Jesse? Jesse going once, Jesse going twice. All right, guys,