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In this weeks episode of "Pushing the Limits" I interview one of my idols in the world of health optimisation medicine, hyperbaric oxygen therapy and cellular health Dr Scott Sherr, a repeat guest to the show. In this episode we go deep into the benefits of: Hyperbaric Oxygen Therapy, what it does, the pathways it affects from: Stem cell production to inflammation downregulation to lymphatic support to angiogenesis We discuss the health issues this powerful therapy can benefit We discuss protocols, the different types of chambers and pressures and how to build a foundational health protocol around the person's treatment. We also do a deep dive into one of my favorite research subjects at the moment - Methylene Blue and it's myriad of effects in the body and how it may help support: energy production by bypassing the first two complexes in the electron transport chain in the mitochondria what ailments it may help with from alzheimers and cognitive declines to TBI to UTI's to depression to athletic performance to carbon monoxide poisoning, mitochondrial dysfunction to malaria and it's use as the world's first antibiotic and more We dive into it's long history and where the current science stands on this exciting compound. We look at how it has a biphasic response curve and how it works as both an antioxidant and pro oxidant and why pharmaceutical grade is crucial. Then we dive into the GABA system and how it affects recovery and sleep and formulations that support this system besides taking actual GABA that alone doesn't cross into the blood brain barrier. We also discuss Dr Scott's and Dr Ted Achacoso's non profit educational arm https://homehope.org/ where doctors and practitioners can advance their learning in the holobiont. They provide the framework for doctors and health care practitioners to learn how to optimize their clients' health, rather than treat disease. Health Optimization Medicine (HOMe) was founded in the Philippines by Dr. Theodore Achacoso after realizing that illness medicine, in which he is trained and excels as an interventional neuroradiologist and pharmacologist, was reactive, interventional, and could benefit from an entirely different approach: one that optimized health rather than treated disease. Over several years, he became an expert in the intricacies and power of metabolomic, gut, and hormone optimization, along with the additional pillars of what became HOMe. How to find Dr Scott and his work You can visit Dr Scott's hyperbaric oxygen therapy clinics at https://www.hyperbaricmedicalsolutions.com Visit his supplement company Troscriptions where they have formulations including methylene Blue among others here You can use the code LISA His hyperbaric educational company One Base Health here Transcription products from Dr Scotts company are not available for New Zealanders unfortunately however if you are interested in getting methylene Blue please reach out to us directly at support@lisatamati.com BIO Dr. Scott Sherr is a Board Certified Internal Medicine Physician Certified to Practice Health Optimization Medicine (HOMe) and a specialist in Hyperbaric Oxygen Therapy (HBOT). He graduated Summa Cum Laude from UCLA as an undergraduate and Magna Cum Laude with Alpha Omega Alpha distinction from the University of Maryland Medical School. Dr. Scott is the founder of HOMe-SF, the first HOMe clinic in the United States, and is also the Chief Operating Officer of Health Optimization Medicine and Practice (HOMe/HOPe)–USA, a nonprofit education company. The HOMe/HOPe essential certification (plus two advanced modules in Peptides and Cannabis) teaches doctors and healthcare practitioners how to detect and correct the root causes of health, not disease. In addition, Dr. Scott is also COO of Smarter Not Harder, the for-profit arm of HOMe/HOPe. SNH is the company behind Troscriptions, a line of buccal troches that are Democratizing Enlightenment by addressing the bottlenecks along the path to optimal health. They have several products on the market including Blue Cannatine, Just Blue, Tro Calm, and Tro Zzz Dr. Scott's clinical practice includes HOMe as its foundation plus an integrative approach to hyperbaric oxygen therapy that includes cutting-edge and dynamic HBOT protocols, comprehensive laboratory testing (using the HOMe framework), targeted supplementation, personal practices, synergistic technologies (new and ancient), and more. Dr. Scott lives in Louisville, CO with his wife and his 4 children. Personalised Health Optimisation Consulting with Lisa Tamati Lisa offers solution focused coaching sessions to help you find the right answers to your challenges. Topics Lisa can help with: Lisa is a Genetics Practitioner, Health Optimisation Coach, High Performance and Mindset Coach. She is a qualified Ph360 Epigenetics coach and a clinician with The DNA Company and has done years of research into brain rehabilitation, neurodegenerative diseases and biohacking. She has extensive knowledge on such therapies as hyperbaric oxygen, intravenous vitamin C, sports performance, functional genomics, Thyroid, Hormones, Cancer and much more. She can assist with all functional medicine testing. Testing Options Comprehensive Thyroid testing DUTCH Hormone testing Adrenal Testing Organic Acid Testing Microbiome Testing Cell Blueprint Testing Epigenetics Testing DNA testing Basic Blood Test analysis Heavy Metals Nutristat Omega 3 to 6 status and more Lisa and her functional medicine colleagues in the practice can help you navigate the confusing world of health and medicine . She can also advise on the latest research and where to get help if mainstream medicine hasn't got the answers you are searching for whatever the challenge you are facing from cancer to gut issues, from depression and anxiety, weight loss issues, from head injuries to burn out to hormone optimisation to the latest in longevity science. Book your consultation with Lisa Join our Patron program and support the show Pushing the Limits' has been free to air for over 8 years. Providing leading edge information to anyone who needs it. But we need help on our mission. Please join our patron community and get exclusive member benefits (more to roll out later this year) and support this educational platform for the price of a coffee or two You can join by going to Lisa's Patron Community Or if you just want to support Lisa with a "coffee" go to https://www.buymeacoffee.com/LisaT to donate $3 Lisa's Anti-Aging and Longevity Supplements Lisa has spent years curating a very specialized range of exclusive longevity, health optimizing supplements from leading scientists, researchers and companies all around the world. This is an unprecedented collection. The stuff Lisa wanted for her family but couldn't get in NZ that's what it's in her range. Lisa is constantly researching and interviewing the top scientists and researchers in the world to get you the best cutting edge supplements to optimize your life. Subscribe to our popular Youtube channel with over 600 videos, millions of views, a number of full length documentaries, and much more. You don't want to miss out on all the great content on our Lisa's youtube channel. Youtube Order Lisa's Books Lisa has published 5 books: Running Hot, Running to Extremes, Relentless, What your oncologist isn't telling you and her latest "Thriving on the Edge" Check them all out at https://shop.lisatamati.com/collections/books Perfect Amino Supplement by Dr David Minkoff Introducing PerfectAmino PerfectAmino is an amino acid supplement that is 99% utilized by the body to make protein. PerfectAmino is 3-6x the protein of other sources with almost no calories. 100% vegan and non-GMO. The coated PerfectAmino tablets are a slightly different shape and have a natural, non-GMO, certified organic vegan coating on them so they will glide down your throat easily. Fully absorbed within 20-30 minutes! No other form of protein comes close to PerfectAminos Listen to the episode with Dr Minkoff here: Use code "tamati" at checkout to get a 10% discount on any of their devices. Red Light Therapy: Lisa is a huge fan of Red Light Therapy and runs a Hyperbaric and Red Light Therapy clinic. If you are wanting to get the best products try Flexbeam: A wearable Red Light Device https://recharge.health/product/flexbeam-aff/?ref=A9svb6YLz79r38 Or Try Vielights' advanced Photobiomodulation Devices Vielight brain photobiomodulation devices combine electrical engineering and neuroscience. To find out more about photobiomodulation, current studies underway and already completed and for the devices mentioned in this video go to www.vielight.com and use code “tamati” to get 10% off Enjoyed This Podcast? If you did, subscribe and share it with your friends! If you enjoyed tuning in, then leave us a review and share this with your family and friends. Have any questions? You can contact my team through email (support@lisatamati.com) or find me on Facebook, Twitter, Instagram and YouTube. For more episode updates, visit my website. You may also tune in on Apple Podcasts. To pushing the limits, Lisa and team
Dr. Scott Sherr is a Board Certified Internal Medicine Physician Certified to Practice Health Optimization Medicine (HOMe) and a specialist in Hyperbaric Oxygen Therapy (HBOT).He the founder of HOMe-SF, the first HOMe clinic in the United states, and is also the Chief Operating Officer of Health Optimization Medicine and Practice (HOMe/HOPe)–USA, a nonprofit education company pioneered training doctors and healthcare practitioners how to detect and correct the root causes of health, not disease. In addition, Dr. Scott is also COO of Smarter Not Harder, the for-profit arm of HOMeHOPe. SNH is the company behind Troscriptions, a line of buccal troches that are Democratizing Enlightenment by addressing the bottlenecks along the path to optimal health. They have three products on the market now including Blue Cannatine, Just Blue, and Tro Calm. Dr. Scott's clinical practice includes HOMe as it's foundation plus an integrative approach to hyperbaric oxygen therapy that includes cutting edge and dynamic HBOT protocols, comprehensive laboratory testing (using the HOMe framework), targeted supplementation, personal practices, synergistic technologies (new and ancient), and more.He has also consulted on a number of wellness projects including the Bulletproof Lab (LA), Remedy Place (LA), LMS Wellness (London), Beyond Clinic (Australia), and many others. Dr. Scott lives in Louisville, CO with his wife and his 4 children. SHOWNOTES:
In this week's podcast Heather Satterly, the Director of Education and Media for Woodard sits down with Eric to discuss the highlights of this year's conference, and she and Eric discuss why the conference is such an unbelievable experience for both training and software solutions. Want to check out Scaling New Heights in 2024? It's here: SNH 2024
Do you find yourself battling with anxiety that grips your chest or insomnia that keeps you tossing and turning through the night? If so, this episode equips you with actionable strategies that lead toward a calmer, more revitalized you. Dive into the depths of neurotransmitter science with Dr. Scott Sherr as he unravels the mysteries of GABA modulation and helps you discover how rebalancing GABA levels can calm the storms of anxiety, pave the way for restful sleep, and unlock a path to overall well-being. Dr. Scott Sherr is a Board Certified Internal Medicine Physician certified to practice Health Optimization Medicine (HOMe) and a specialist in hyperbaric oxygen therapy (HBOT). He is the founder of HOMe-SF, the first HOMe clinic in the United States, and the Chief Operating Officer of Health Optimization Medicine and Practice (HOMe/HOPe)–USA, a nonprofit education company training doctors and healthcare practitioners in detecting and correcting the root causes of health, not just disease. Additionally, Dr. Scott is also the COO of Smarter Not Harder (SNH), the for-profit arm of HOMe/HOPe. SNH is the company behind Troscriptions, a line of precision-dosed buccal troches that address the bottlenecks along the path to optimal health. They have five products on the market, now including Blue Cannatine, Just Blue, Tro+ Blue, Tro Calm, and Tro Zzz. Dr. Scott is also the co-founder of OneBase Health, an innovative HBOT ecosystem leveraging synergistic technologies to accelerate results. His clinical practice includes HOMe as its foundation, along with an integrative approach to hyperbaric oxygen therapy. This approach encompasses cutting-edge and dynamic HBOT protocols, comprehensive laboratory testing (using the HOMe framework), targeted supplementation, personal practices, synergistic technologies (new and ancient), and more. Prepare to embark on a fascinating journey into the intricate world of GABA. Join me and Dr. Scott as we unravel the profound impact of this neurotransmitter on anxiety, sleep, and your overall well-being. This enlightening discussion is brimming with practical insights to help you optimize your GABA levels and elevate your quality of life. For the full show notes, visit: https://bengreenfieldlife.com/gabapodcast Episode Sponsors: JoyMode: Go to usejoymode.com/GREENFIELD or enter GREENFIELD at checkout for 20% off your first order. BiOptimizers Magnesium Breakthrough: Go to bioptimizers.com/ben now and use code BEN10 to get 10% off any order. Manukora: Go to manukora.com/ben or use code BEN, and get a free pack of honey sticks with your order. Timeline Nutrition: Go to timelinenutrition.com/BEN and use code BEN to get 10% off your order. Clearlight Sauna: Go to HealwithHeat.com and use code BEN for a discount and free shipping.See omnystudio.com/listener for privacy information.
This week I have had the pleasure of a half an hour or so in the company of Nick Kempe. He's a blogger, campaigner - and one of the nicest obsessives you could hope to meet! He helped create our access laws, was on the board of SNH and now holds our national parks to account.Fine out if he believes:The access laws need revision"King" Charles should change his behaviourSocial work helps your campaigningWe need to invest in tourismRogue landowners should be taken to taskHis large dossier on the Loch Lomond park needs attention...!Can you guess which answer is no!? I'll almost certainly come back to Nick in the next podcast series. Meanwhile sign up, follow, subscribe and give me feedback - it is a pleasure to do this work and to know that it's valued by so many people. Find me on Facebook, Linkedin, X (@ScotNatureCorr), Instagram...Music created for this podcast by Nottingham's own Rob Baynes https://www.facebook.com/Beeeaaanz/ - hit him up if you want your own specially created music! Hosted on Acast. See acast.com/privacy for more information.
Dr. Kahn is dedicated to meticulous research on natural products, often testing them on himself before recommending them. After touching upon a few mini-topics in this episode, he unveils his new role as a brand ambassador for SNH, a company he has trusted and used for years. Discover more about SNH at https://symphonynaturalhealth.com/. Delving deeper, Dr. Kahn elucidates the benefits of "phytomelatonin" Herbatonin compared to the synthetic alternatives that dominate 99% of the market. Notably, Herbatonin boasts a superior anti-inflammatory and antioxidant profile. Later, he delves into the therapeutic potential of maca for various hormonal disorders and highlights the SNH product line, sharing his extensive experience with these products. For listeners interested in trying SNH products, Dr. Kahn provides a special discount code: Kahn10, available on the SNH website.
Scott Sherr joins the show to talk about methylene blue and its amazing health benefits, like fighting infections, boosting your mood, boosting your energy production, and boosting your resilience and your health in general. Scott goes over the origin of using methylene blue for health, how it can greatly reduce the effects of jet lag, and the many other benefits of using this lesser known product. If you're looking for easy solutions to improve your overall energy, or maybe just get off of a long flight without the fatigue, make sure to tune in! On today's podcast, you will learn: What exactly is methylene blue? How methylene blue can boost and protect your mitochondria. The top health benefits of methylene blue including boosting your mood. How methylene blue can help stop the symptoms of jet lag. Why using methylene blue can actually improve the benefits of red light therapy. Who should not take methylene blue. The incredible benefits of Scott's variety of methylene blue products. How to take methylene blue for the best results. Dr. Scott Sherr's Bio: Dr. Scott Sherr is a Board Certified Internal Medicine Physician Certified to Practice Health Optimization Medicine (HOMe) and a specialist in Hyperbaric Oxygen Therapy (HBOT). He graduated Summa Cum Laude from UCLA as an undergraduate and Magna Cum Laude with Alpha Omega Alpha distinction from the University of Maryland Medical School. Dr. Scott is the founder of HOMe-SF, the first HOMe clinic in the United States, and is also the Chief Operating Officer of Health Optimization Medicine and Practice (HOMe/HOPe)USA, a nonprofit education company pioneered by Dr. Ted Achacoso. The HOMe/HOPe essential certification (plus two advanced modules in Peptides and Cannabis) is teaching doctors and healthcare practitioners how to detect and correct the root causes of health, not disease. In addition, Dr. Scott is also COO of Smarter Not Harder, the for-profit arm of HOMe/HOPe. SNH is the company behind Troscriptions, a line of buccal troches that are Democratizing Enlightenment by addressing the bottlenecks along the path to optimal health. They have three products on the market now including Blue Cannatine, Just Blue, and Tro Calm. Dr. Scotts clinical practice includes HOMe as its foundation plus an integrative approach to hyperbaric oxygen therapy that includes cutting-edge and dynamic HBOT protocols, comprehensive laboratory testing (using the HOMe framework), targeted supplementation, personal practices, synergistic technologies (new and ancient), and more. He has also consulted on a number of wellness projects including the Bulletproof Lab (LA), Remedy Place (LA), LMS Wellness (London), Beyond Clinic (Australia), and many others. You can learn more about Scott and his work at www.troscriptions.com ✨SUBSCRIBE✨ http://bit.ly/38pyo1U
dd Disappearing dividends Just this week Spar (JSE code: SPP), MultiChoice (JSE code: MCG) and Telkom (JSE code:TKG) have all cut dividend to zero. We had big dividend payer Coronation (JSE code: CML) drop theirs to provision for the SARS fine and historically good dividend payer Pick n Pay (JSE code: PIK) reduce theirs. This shows the pain that companies are experiencing, not all, but certainly some, It perhaps also shows quality, for example Shoprite* (JSE code: SHP) increased their dividend. The problem is we love dividends for cash flow and they tend to grow ahead of inflation, sometimes well ahead of inflation. They're also taxed better than traditional income from bonds or cash (albeit not as low as CGT). But the downside is that any dividend can disappear at any time. For investors such as myself, reduced dividend is not a big problem. I like the cash flow but don't need the income for expenses. For those living on dividends the pain is real. If the income is required you need a good amount of bond and cash investments and REITs that aside from the pandemic pay consistently, albeit REITs reduced over the last 5 or 6 years. Another option is something like dividend aristocrats (we have a local and offshore ETF for these). Here we have companies with decade long track record of paying dividends, but remember Steinhoff (JSE code: SNH) was in the local dividend aristocrat ETF, so even this is not guaranteed. But a basket or ETF works well. Simon Shares US CPI for May 4.0%, lowest since March 2021. Latest IEA global oil market outlook: peak oil combustion by 2028? Petrol demand to peak this year Road transport oil demand peak 2025 All transport by 2026 Overall oil for combustion peak 2028 ZAR 18.33 Massive moves expected in Richemont (JSE code: CFR) on Thursday 15 June as the index rebalances. Could see ±R4billion of selling. * I hold ungeared positions. Simon Brown
Simon Shares MPC announcement Thursday. Purple Group* (JSE code: PPE) git the 120c bottom of the range, but has suddenly rallied. Steinhoff (JSE code: SNH), we now know what as the "Board agrees on a radical draft plan to enter into an insolvency process with creditors". The problem with dividends - they not tax efficient. They are great But tax. Dividend Withholding Tax (DWT) is 20%. The maximum Capital Gains Tax (CGT) is 18% after the annual R40k exclusion. And DWT you pay along the way, eroding your return over time whereas CGT you only pay at the end. Warren Buffett Berkshire Hathaway has never paid a dividend and he says they never will. Rather sell he says, more tax efficient. Share buys backs are more efficient, but done at high valuations destroy capital. No easy answer, but maybe we should temper our love? * I hold ungeared positions. Backup power on a budget Is the spread important when buying an ETF? Simon Brown
Simon Shares Federal Reserve FOMC raises 0.25% and the market drops as Fed says almost at the top. Local CPI comes in slightly higher at 7.0%. MPC meets next week, hold on rates or another +0.25%? Credit Suisse 'sold' to UBS. Steinhoff (JSE code: SNH) votes against the debt deal, now what? Bankruptcy surely? Transaction Capital (JSE codeL TCP) bounces, where's the value?
What's that you say? The South Notts Hussars are back?? Pete and Gary are travelling through podcast time and space, and revisiting their very first series on the South Notts Hussars, a Second World War artillery unit. In this special episode, Pete and Gary discover what became of the SNH after the war.Presenters: Peter Hart and Gary BainPublisher: Mat McLachlanProducer: Jess StebnickiBecome a member to listen ad-free and receive special bonus content for only £2 per month: https://plus.acast.com/s/pete-and-garys-military-historySupport the show with a one-off contribution: www.buymeacoffee.com/pgmhFor more great history content, visit www.LivingHistoryTV.com, or subscribe to our YouTube channel at www.youtube.com/c/LivingHistoryTVTo walk in the footsteps of the soldiers of the First and Second World Wars, join one of our battlefield tours! Full details at www.battlefields.com.au Become a member at https://plus.acast.com/s/pete-and-garys-military-history. Hosted on Acast. See acast.com/privacy for more information.
Today I am speaking with Dr. Scott Sherr, we are going to over the most up to date science on Hyperbaric Oxygen Therapy and mitochondrial optimization with methylene blue. Dr. Scott Sherr is a Board Certified Internal Medicine Physician Certified to Practice Health Optimization Medicine (HOMe) and a specialist in Hyperbaric Oxygen Therapy (HBOT). His clinical practice includes HOMe as its foundation plus an integrative approach to hyperbaric oxygen therapy that includes cutting-edge and dynamic HBOT protocols, comprehensive laboratory testing (using the HOMe framework), targeted supplementation, personal practices, synergistic technologies (new and ancient), and more. In addition, Dr. Scott is also the COO of Smarter Not Harder (SNH). SNH is the company behind Troscriptions, a line of buccal troches that Democratize Enlightenment by addressing the bottlenecks along the path to optimal health. They have three products on the market now: Blue Cannatine, Just Blue, and Tro Calm. Use code Kayla to save on Troscriptions. Follow Dr. Scott @drscottsherr @troscriptions @onebasehealth
Meet Jason Richelson: LinkedIn: https://www.linkedin.com/in/jasonrichelson/Twitter: https://twitter.com/JrichelsonLearn more about Bookkeephttps://www.bookkeep.com/Need CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpeGet in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts Podchaser: http://cloudacctpod.link/podchaser Spotify: http://cloudacctpod.link/Spotify Stitcher: http://cloudacctpod.link/Stitcher Overcast: http://cloudacctpod.link/Overcast Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? Hit the link below to get more info.Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd Full Transcript Available Upon Request - info@cloudaccountingpodcast.com
Glencore, le groupe anglo-suisse spécialisé dans le négoce de matières premières, déclare avoir versé des pots-de-vin pour 7 milliards de francs CFA (environ 10,5 millions d'euros) à la Société nationale des hydrocarbures (SNH) et à la Sonara, deux sociétés publiques. L'opposition exige que toute la lumière soit faite sur cette affaire de corruption qui fait grand bruit. Marcel Amoko, correspondant de France 24 à Yaoundé, fait le point sur la situation.
Simon Shares Strong Nedbank (JSE code NED) trading update. If you held Steinhoff (JSE code: SNH) when it all went wrong in 2017 you have until 15 May to submit a claim. Oceana (JSE code: OCE), now the CEO quits? * I hold ungeared positions. Upcoming events; 22 April ~ Introducing the CoreShares Total World ETF 06 March ~ JSE Power Hour: Finding income in JSE listings What's down with Purple Group* (JSE code: PPE), owners of EasyEquities? After a high of 349c a month ago it's now 261c. Firstly it's more sellers than buyers. The hype of the pandemic trading is fading and easy returns are fading. So less trading, slower new accounts (albeit reports that they still have great new account rates). Vacation is wild. For the year ending August 2021 737k active accounts (up 45.7%). Each account makes R69 profit. But as accounts age profits per account increase. What can we expect to see for the year ending August 2022? (NOTE, the interim results to end February will be out early April). 1million accounts? That's 263k new accounts and growth of 35%. Profit per account R76 (10% growth, older account more profitable BUT less market volatility means less transactions). = R76million profit (I ignore GT247 and Emperor Asset Management) With 1.2billion shares in issue that's HEPS of 6.3c = forward PE of ±40x That seems fair, but there are risks. The assumptions above could be wrong GT247 could lose money New projects cost money Dilution with new share issues I am only using EasyEquities, ignoring other business units. There are of course potential upside surprises as well The assumptions above could be wrong Growth is better GT247 makes money and EasyProperties kicks in strongly I sold 35% of my holding at 315c-345c on the way up, this was because it simply became too large within my portfolio (was the biggest holding after buying at 50c less than 2 years ago). But I am happy to continue holding.
Simon Shares PGMs are on the move, most notably palladium and rhodium. Oil also still moving, remember the ETN for that. Cashbuild (JSE code: CSB) update shows the pandemic home improvement boom is over. ArcelorMittal South Africa (JSE code: ACL) update sees them into profit and on a PE of under 2x. Steinhoff (JSE code: SNH) settlement approved, but still lots of debt. Markets are spooked Lots to be spooked by; FOMC, it's all happening in March Asset purchases are also to end in March, but what of the US$9trillion of bonds the Fed holds? Valuations are high. Rates are rising. Inflation is at decade highs. Value winning over growth for the first time in an age. Upcoming events; 09 February ~ Wealth Creation through Trading and Investing with ThinkMarkets
Nowy Tygodnik Kulturalny - nowe miejsce, znani goście, lubiani prowadzący, nowa energia i emocje!
Nowy odcinek podcastu NTK #014 do odsłuchania, a potem przeczytania, obejrzenia, posłuchania, przemyślenia! Dużo dobra. Prowadzenie: Jacek Wakar goście: Karolina Felberg, Jacek Kopciński, Ola Salwa, Bogusław Deptuła, Adam Suprynowicz gość specjalny: Wojciech Mazolewski
Adrian Kay, Senior Coastal Operations Officer for H.M. Coastguard, explains more about the 3 sections of the coastguard service, and how the 3000 volunteers make up the 400 UK crews. Understanding how these crews fit into the responder network, and what their roles, responsibilities and capabilities are, will allow BASICS Scotland Responders to make better use of these resources in the future. Top tips from this podcast: Call early- via ambulance control to the Coastguard Ops Room rather than local contacts Think creatively – HMCG can provide an adaptive rescue 'toolbox' to assist in remote areas Given all of the assets the Coastguard coordinates (air, sea and land), keep them in mind as a resource if you are stuck with a job Resources related to this podcast: Maritime & Coastguard Agency YouTube Channel HM Coastguard Operations Centres HM Coastguard website – www.mcga.gov.uk About Adrian Adrian initially moved to the West Highlands in 2000, to work for SNH on the Isle of Rum (population 25). This also give him his first experience of contact with HM Coastguard, as a volunteer on their small response team. He then joined Northern Constabulary, in various policing roles including CID, child protection and wildlife crime. He also served for four years on Benbecula and the Uists, which gave him a great insight into the challenges of remote rural policing. In 2006, he joined HM Coastguard as a Senior Coastal Operations Officer, training and supporting volunteer Coastguard Rescue Teams across the Argyll coast and islands. He ensures the teams maintain a high level of operational readiness, and is a technical instructor in water rescue, land search, casualty care and rope rescue techniques. Adrian has a particular interest in casualty care, and as well as introducing the enhanced Coastguard CERCC course locally and providing training support elsewhere on the coast, he is currently involved in the introduction of a robust clinical governance framework across the organisation.
Gary and Peter reveal the next chapter in the story of the South Notts Hussars, a WW2 artillery unit they are following throughout the war. This is the first of a two-part series which explores the Battle of Knightsbridge, the most bloody and heroic action the unit took part in. Presenters: Peter Hart and Gary Bain Publisher: Mat McLachlan Producer: Jess Stebnicki For more great history content, visit www.LivingHistoryTV.com, or subscribe to our YouTube channel at www.youtube.com/c/LivingHistoryTV Peter Hart's Military History is a Living History production.
As SNH's ‘chief inspiration officer', Zech Strauser never runs out of ideas nor passion for finding ways to do things better. Whether it's focusing on company skills and capability development, continuous improvement in risk management, snow and ice technologies, or leadership in environmental sustainability, Zech inspires a thriving workplace that's always looking for new ways to learn. Because Zech believes in inspiring from the top down but leading from the bottom up, employee engagement runs high, with an empowered organization that walks the talk on being a happy place to work, with work that is rigorously grounded in the betterment of nature through better education. As Zech works with his team to build the SNH platform for 2020, he is focused not only on being a learning-driven executive, but also a cheerleader for SNH's initiatives: to lead by example in all things sustainable, to inspire his region-wide team to be all they can be, to drive a vision that produces positive results, and to bring more innovation to opportunity. Zech is a leading voice and advocate for bringing green practices to the landscape and snow management industries, and for creating value through all-season eco-friendly best practices. He sits on several community boards, is founding member and helps run a give back to nature program, and is an active member of SIMA, NALP, ASCA, Come Alive Outside, Ecological Landscape Alliance, CAI, BOMA, CBLP, and his CEO peer group. Founded in 1998, Strauser's Nature Helpers (SNH) serves commercial Class A and HOA properties throughout Pennsylvania, New Jersey and New York from its locations in East Stroudsburg, Lehigh Valley and Lancaster, Pennsylvania. CONTACT: Zech Strauser zs@strausernature.com www.strauserature.com 570-424-9434 x 305
“This week’s episode of JSE Direct is courtesy of IG.com, our preferred supplier in trading products.” Simon Shares Day 105 of lockdown and Covid-19 cases are still spiking in South Africa. Omnia (JSE code: OMN) results. Suddenly everybody wants to own cyclical Quantum Foods (JSE code: QFH). Standard Bank ETNs are expiring next month. Gold stocks are flying and everybody is asking me if they've missed the boat? Likely not, especially as this pandemic is not just a 2020 event. Dis-Chem (JSE code: DCP) fined R1.2m for its ‘exploitative’ behaviour. They will appeal. Steinhoff JSE code: SNH) is selling its Conforama France for a nominal sum and some property for Euro70million. They paid Euro1.2billion for the business back in 2009. The Reserve Bank bought only R5.1billion of local government bonds in the secondary market in June. This after R10billion in May and R20billion in April. MultiChoice (JSE code: MCG) has launched a new streaming service, Showmax Pro, with live sport, music and news channels. Not yet in South Africa, it is likely to cost around R300 a month and will launch locally later in 2020. Taste (JSE code: TAS) has announced a name change to Luxe holdings and a 100:1 consolidation. Always be short a consolidation, or at the very least don't be long. Upcoming events; 15 July ~ Trading 101: Managing risk 16 July ~ JSE Power Hour: How to manage your portfolio during a pandemic Subscribe to our feed here Subscribe or review us in iTunes JSE – The JSE is a registered trademark of the JSE Limited. JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Just a quick update on where I'm at with SNH post Covid and looking forward to the next few months. Let me know any questions or topics you'd like me to discuss. Love.
My 2c on Coronavirus and how it's gonna impact SNH and my life personally. --- Send in a voice message: https://anchor.fm/bunspoddy/message
Simon Shares Tesla (Nasdaq code: TSLA), epic short squeeze. Steinhoff (JSE code: SNH), epic short squeeze. Coronavirus continues to spread, fast, with almost 25,000 confirmed cases. People are recovering and we now have two deaths outside China. Tongaat (JSE code: TON) results are out and the suspension has been lifted. The results were a horror show with debt of some R13billion and negative equity of almost R4billion. They need a rights issue of at least R4billion and the share lost over 50% when it resumed trading, currently at 488c after being suspended at 1321c. No Sasol* (JSE code: SOL) that was not "a satisfactory set of operational results for the six months". Both financially and operationally the last six months (six years?) has been a horror show. I hold Sasol since 1994 and haven't added since the 2009 lows, but will be exiting. Upcoming events; 20 February ~ A new Tax-free year starts * I hold ungeared positions. Subscriber to our feed here Subscribe or review us in iTunes Law of large numbers In a financial context, the law of large numbers indicates that a large entity which is growing rapidly cannot maintain that growth pace forever. Simple that the bigger you get the harder it is to grow and ultimately the growth slows to modest inflation or GDP adjustments. We see many companies fearing this rush out and make bad acquisitions - but that's another story. I want to focus on how this law can at times be broken when the underlying market fundamentally changes and the example is Microsoft (Nasdaq code: MSFT). On a PE of 30x it is expensive, but this US$1.37trillion company grew EPS by 40% making it cheap using a simple PEG ratio. It is up six fold in the last decade and in the decade before is was red. How is a trillion dollar company able to grow earnings 40%? Broadly software as a service and cloud computing but the story is bigger, edge computing. Certainly the story is no longer Windows. Edge computing is the vast number of small devices that are invading our homes, offices and lives. Examples are; streaming music and movies, smart bulbs, security systems and virtual assistants. This is just a few examples, but they're fundamentally changing our lives and the demands on processes and data storage and importantly the data is close to the device to ensure speed, requiring data centers everywhere. Add to this the amount of data we create and need to store. For the first time in my life I have data that only exists in the cloud, simple because I have so much data. Now I am paranoid, so I keep it on two clouds, and wildy encrypted. Data storage or cloud computing was hardly even an idea a decade ago. All the talk was of slim clients with all processing and data in the cloud. Back then Google (Nasdaq code: GOOGL) was the leader, but it has exploded and Google now trails in third position and we never really got to slim clients (Chromebooks the exception and services like Stadio newly trying). This has changed companies such as Amazon (Nasdaq code: AMZN) and Microsoft (Google oddly lags in cloud) who are the leaders in cloud computing. The thing is one could have made a solid argument that even under new management Microsoft was largely ex-growth and a mature company. But then business models came along, they grabbed them with both hands and now they're growing faster then they have in over two decades. This growth changes the game for Microsoft, Amazon and others. I have no idea where it ends but this trend can go on for a lot longer and they can grow revenue by a bunch more and then, hello two trillion dollar company. What is noticeable that this is a tech issue and that traditional brick and mortar companies, miners and the like do not have this potential. They do hit the law of large numbers, but computing and the internet has changed the rules for tech stocks. Of course eventually the law of large numbers will come into play again and growth will slow. JSE – The JSE is a registered trademark of the JSE Limited. JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Upcoming events; 05 December ~ Position your portfolio for 2020 Subscriber to our feed here Subscribe or review us in iTunes Simon Shares Third quarter GDP came in at -0.6% making the fourth negative GDP in the last seven quarters (since Jan 2018). Our economy is dying. Important the economy is not the market, but it is still dying. Sygnia will not be charging you 0.34% to exit their Itrix ETFs. But man the communication around this was a horror show that a final tweet seems to suggest it only if you're directly exiting via the ManCo. So moot for us ordinary investors. Tongaat (JSE code: TON) report is out and it another horror show. They're going after previous executives, including the previous CEO and CFO. But are refusing to release the full report. Talking of reports, Steinhoff (JSE code: SNH) is being sued by the PIC for their full PWC report. They only released a short version of the +3,000 page report claiming it was confidential. But if shareholders are going to sue, and they are. Then this report is an important part of the case against Steinhoff and the former executives. Purple Capital (JSE code: PPE) owners of Easy Equities results show much improvement in terms of number of clients, revenue and ultimately a reducing loss. Their path to break even seems easy enough now, likely two - three years. That said the share still has some large sellers now at 33c/34c, above the 30c they camped at for some eighteen months. A thought on the trade wars which Trump is heating up rather than winning 'easy'. We(the world)has always assumed that Trump was largely in control and could end them at any point. But I think that narrative may be totally wrong. Firstly China wants any phase one to include going back to zero tariffs and Trump is saying no. But I also think that frankly China may just did in their heels and wait out the next 1-5 years Trump is in power. They're not happy with him signing the Hong Kong bill and they can manage the crisis way better than he can. A side note; bail out to farmers is now larger than the vehicle manufacturer bailout of 2008 and still farmer bankruptcies is up 24% this year. SAA. I have flown SAA every flight I could for 20 years. But no more and it is frankly time to let the airline go to the wall. Rumours are that's exactly what Moboweni wants, but Gordhan is digging in his heels, incorrectly at this point. Lots of hysteria about the CompCom declaring mobile operators must reduce data fees by 30%-50%. Firstly read the actual report, this is a recommendation for ICASA to deal with if the telcos don't respond within two months. Secondly, remember when ICASA enforced reduced interconnect rates? According to the telcos this was the end of the world. Funny how they still make massive profits. The short version is the telcos price gouge because they can and they won't willing stop. Here's an example; "(MTNs) 2nd most expensive pricing is in Rwanda where a GB of MTN data costs almost half of what it costs in its home market". "Only in the DRC ($8) does Vodacom charge its customers more, on average, for a gigabyte of data than in South Africa ($7.83)." Grand Parade (JSE code: GPL) cautioned they are in negotiations about the "disposal of a material interest in Burger King SA". So after exiting Sun Slots what would they have left? And who is the potential buyer? JSE – The JSE is a registered trademark of the JSE Limited. JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Simon Shares SAA retrenchments, a test for the bigger Eskom process? Telkom (JSE code; TKG) to buy CellC? R1 would seem a fair price and would benefit both Blue Label (JSE code: BLU) and Telkom. Rumours that MTN (JSE code: MTN) is also in the running to buy CellC, but I can't see the competition commission allowing that. Of note is that Blue Label have not issued a SENS (Telkom has, but not naming CellC). The reason is that with CellC being written down to zero the deal is not material. Aspen (JSE code: APN) sells Asian operations for Euro400million. This should take the groups debt down to just a little over R30billion and will within debt covenants and manageable. Rebosis (JSE code: REB) failed to declare a dividend in the latest results yet as a REIT it is required to do so by law otherwise they have to pay tax n the profits. The protests in Hong Kong continue on and are getting more violent as the authorities dig in their heels. This is hurting the economy in Hong Kong but I don't see the authorities giving in any time soon. Also remember that after the 1997 handover Hong Kong operates as a "One country, two systems" with China. This expires in 2047 and truthfully nobody knows exactly what that means. But likely China will want Hong Kong to move closer to it and so is not going to back down on the current protests. Good results from Spar (JSE code: SPP) continuing the results trend from Pick n Pay (JSE code: PIK) and Shoprite* (JSE code: SHP) trading update. An update from Steinhoff (JSE code: SNH) saying they're still considering listing Pep Europe. But the biggie is they may also do a rights issue to help pay legal fees? Really? Not sure many shareholders would be happy to partake in that waste of money. An yes I still think Steinhoff is heading for zero. Brexit, election on 12 December. Likely Conservatives win, but not guaranteed and will they have a majority or not? Upcoming events; 7 November ~ Millennials navigating markets and the investment landscape 21 November ~ Creating a portfolio at the market highs 05 December ~ Position your portfolio for 2020 * I hold ungeared positions. Subscriber to our feed here Subscribe or review us in iTunes Short squeeze (or a long squeeze) A short squeeze is when a stock surges, usually on some good news - but the surge seems disproportionate to the news. The theory is that a lot of people were short (had sold the stock to profit from the downside), then the good news sends them all heading for the exits. In order to exit they have to by so you have the positive buyers sending prices higher but you also have the short sellers who're sending the price higher. This is potentially what we saw on Blue Label on Tuesday when rumours started circulating that they had two potential buyers for CellC. This is one of the real risks of shorting stocks, you're downside in a short position is unlimited as a stock can go forever. With options your risk is always only 100% as it is the right wheres other derivatives are the obligation. One could also see a long squeeze, but this is a phrase I have never heard mentioned before. This would be when bad news sends a stock crashing as holders of the stock all head for the exits at once, think Steinhoff. The difference is that short sellers are also short-term in nature. Sure that may be months or even years, but it's never forever whereas as holders could be looking to hold forever. Also short sellers profit or loss is paid daily whereas long holders losses are only on paper. Real but always a hope of recovery. JSE – The JSE is a registered trademark of the JSE Limited. JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Listen as Francesca Osowksa, Chief Executive of SNH visits Rum and explores this magical National Nature Reserve for this first time. Interviewed by Ian Sargent, Nature Reserves Manager. As you approach Rum, the rugged mountains set a dramatic stage for spectacular wildlife and archaeology. Circling eagles glide overhead, majestic red deer graze the hillsides and otters frolic between sea and land. In this episode, Francesca and Ian go in pursuit of the otherwordly calls of Manx shearwaters as they return to the island at dusk. Recorded in April 2019.
Scaling New Heights Podcast: Cutting Edge Training For Small Business Advisors
During this episode Joe talks Simon T. Bailey, author of two amazing books on Brilliance in your personal and professional life: Shift Your Brilliance: Harness the Power of You, and Release Your Brilliance: The Four Steps of Transforming Your Life and Revealing Your Genius to the World. In their conversation, Joe and Simon focus heavily on intentional living, embracing professional purpose, and accomplishing unprecedented success by leveraging purpose to overcome fear, uncertainty and doubt.
Cool Cell in the building so it should be fun! We will be joined by SNH to talk track and field and Christian Coleman and possible suspension. Also all things Georgia, Chat, jokes and so much more
Simon Shares Solid Stor-Age (JSE code: SSS) results from a stock I have largely ignored and been wrong about. Interesting TymeBank presentation from African Rainbow Capital (JSE code: AIL). Lonmin (JSE code: LON) is gone, taken over by Sibanye Gold (JSE code: SGL). Lonmin has a consolidation adjusted all time high of over R33,000, exiting at 1480c. They also had a US$10billion offer in August 2008 that they rejected. Market cap now, R4billion or about US$265million. Unpacking the Satrix property ETF ~ STXPRO Retire: Playing catch-up Upcoming events; 20 June ~ JSE Power Hour: Trade the trade wars 18 July ~ JSE Power Hour: How to invest offshore with the JSE Suspended Tongaat (JSE code: TON) suspended. Choppies (JSE code: CHP) suspended. Group5 (JSE code: GRF) suspended. Rockwell Diamonds (JSE code: RDI) suspended. Basil Read (JSE code: BSR) suspended. Esor (JSE code: ESR) suspended. Firestone Energy (JSE code: FSE) suspended. Freedom Property Fund (JSE code: FDP) suspended. I'll stop there because you get the picture, I want to talk of the warnings signs, why they get suspended and what hope is there for the future. The why? Business rescue Breach f JSE listing rules, such as late results Request from the company Sensitive information leaked into the market Now what? Depends on the why, many do eventually come back but battered and bruised. For now you're unable to sell (or buy) any shares and will have to wait for the listing to resume. How long? Usually way longer than management promise. If it's business rescue then it's probably forever. late results eventually they get it together, but it takes time, lots of it. Sensitive information is usually fairly quick to return to the market. How to avoid holding a suspended share? Watch for those late results. The JSE gives three months but then always gives an extra month, so effectively four. If a stock can't publish results within four months then why do you own it? What about derivative traders with open positions? You're in a heap of pain. Either long or short you now can't get out and the best advice is to avoid trading stocks due to single event risk such as a share being suspended. Steinhoff? Why isn't Steinhoff (JSE code: SNH) suspended? Because they also trade on the German exchange and they have seriously lax rules, so they don't suspend. Suspending Steinhoff locally when it still trades in Europe would prejudice local shareholders. Subscriber to our feed here Subscribe or review us in iTunes JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Simon Shares Steinhoff (JSE code: SNH) results for September 2017 are out and they're a mess. All they really have is a c70% stake in Pepkor. Trade wars have again spooked the market with the orange trumpet going on a Twitter rampage on Sunday, but as I record US markets are green again. Upcoming events; 23 May ~ JSE Power Hour: Mastering stop losses with Trader Petri Subscriber to our feed here Subscribe or review us in iTunes Elections and markets Recording this on Wednesday afternoon, so voting is still on-going and I have no idea what the results will be. But some thoughts. As a country fairly new to democracy we're really good at it and this is something to be very proud of, many countries (including supposed developed ones) are not nearly as good at democracy as we are. The IEC is world class and we accept the results. The majority party loses provinces, metros and the world doesn't end, we all just carry on. Sure there will be some messes in some places, but pretty much our voting is reflective of the will of the people. On this point, if your party loses you don't get to call the winner voters idiots. People vote how they do for their own reasons. We don't all vote the same. That's democracy, if you don't like it there are plenty countries without democracy. I am already seeing some Tweets calling out voters of one or another party idiots. This smacks of immaturity and doesn't sit within democracy. Polls leading up the election have mostly been in the same theme with the exception being the recent IRR polling data which has the ANC definitely losing Gauteng and likely losing nationally. But we fail to understand polling. Voter turn out is very important in polling for an election as is the methodology of the sample you're polling. Pollsters do a lot of post polling 'tweaking' so the potential for bias becomes very real. But being wrong doesn't make the pollster and idiot or a fraud. Polling is not an exact science and in a two horse race the margin of error is usually at least 3.5% and the victory margin is generally less. So even the polls for Brexit and Trump were within that margin of error. Markets have already run hard locally since the late 2018 lows but will likely like the results. Not as to who wins, more that we're good at democracy. The argument that a strong victory for the ANC will be good for markets is bogus and cooked up by people who simple do not understand the ANC process or constitution. Removing Ramaphosa before the next ANC elective conference in 2022 certainly is possible but it is exceedingly difficult and not likely to happen. Importantly the losers in an election always work against the winners, always. Nothing special there. So markets will like the result, pretty much regardless how much the ANC wins by. But will they go much higher? We're already up almost 11% year-to-date and sure we can end the year higher. Heck much higher. But turning around South Africa, jailing corruption, getting GDP going again. This will all take time, it can happen. It is already happening and has been since 14 February 2018. The best place to be will be SA Inc. stocks, they'll benefit most from an improving economy locally. Offshore and US$ stocks will find it tougher as Rand strength is likely over the next few years. My election stocks would be the likes of City Lodge* (JSE code: CLH), Coronation* (JSE code: CML), retailers (my pick is Shoprite* (JSE code: SHP)). Heck about half the JSE is local and been killed over the last five years. Be careful with the truly beaten down, they will take longer to recover. They will eventually, but the market likes easy money so will initially move into those already responding. As always, buy the quality at good prices - nothing clever here. The Exchange Traded Fund (ETF) is probably the MidCap ETF from Ashburton, ASHMID. The index is only +4.7% year-to-date and full of SA Inc. The chart looks ugly, but it will start to recover in time. Of course the wheels fall off if the wheels fall off globally. * I hold ungeared positions. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
PT 2!!!! Want to hear the best places to travel, the best ways to save money, places to avoid, featuring Angela, Trey C, Ced, SnH, Vince, and The #1 Chief, listen to the latest episode Found on xsquadradio.com or on iHeartRadio, Spotify, Google Play, iTunes and more #travel
PT 2!!!! Want to hear the best places to travel, the best ways to save money, places to avoid, featuring Angela, Trey C, Ced, SnH, Vince, and The #1 Chief, listen to the latest episode Found on xsquadradio.com or on iHeartRadio, Spotify, Google Play, iTunes and more #travel
PT 2!!!! Want to hear the best places to travel, the best ways to save money, places to avoid, featuring Angela, Trey C, Ced, SnH, Vince, and The #1 Chief, listen to the latest episode Found on xsquadradio.com or on iHeartRadio, Spotify, Google Play, iTunes and more #travel#vacation#trip #adventure #savings #nomad #hiking #airlines #hotel
Simon Shares A strong start to the year and so far it seems to be continuing (even as the Rand trdes belw R14) - long may it last. Important to remember that Rand strength is not always the end of the world for our market as it signals foreign buying. S&P500 ETFs. Up coming events; 11 April ~ JSE Power Hour: Know your fees with Nerina Visser Fear and loathing on the JSE We're seeing a new trend on the JSE whereby stock prices are slaughtered after poor (or even just modest) results. Sure bad results have always hurt a share price, but it used to be that a 10% down day was a wildly bad day. Now however 10% is hardly even warming up with many stocks being hit way harder (think 30% down on Aspen results). I think there are a bunch reasons for this new trend. Firstly; the Steinhoff (JSE code: SNH) fear. After Steinhoff there is real fear in the market. Fear that a 'great' company may actually be smoke and mirrors and investors have no idea which is the next Steinhoff. So rather then be caught out they just sell, and sell. This fear is real. Steinhoff was generally considered to be a top quality company that we now know to be built on fraud and if an investor missed this - then what else could they miss. Of course many where not convinced by Steinhoff, but the majority who where are truthfully not doubting their own ability so selling is the easy option. This will in time fade. The next bull market will help make investors gunho again believing they can spot the fakes (which history assured us is harder than they think). The second issue is the US effect. For a long time in the US a small miss on results, and I stress the small miss. Not an epic miss, sees stocks getting sold off aggressively and we're now seeing this locally. This is in large part to speed of news distribution coupled with the ease and cheapness of transacting. This trend is likely to remain into the future. A third issue is the understand that few stocks are truly legendary and investor are less forgiving when the business model starts to unravel or dirt starts to show. Here fo example is EOH. It started with some rumours that the company quickly managed but investor where not convinced and just kept on selling. The news got worse and investors carried on selling and the stock is now off almost 90% from its highs of over R180. As investors we need to get used to this trend. Be good sellers (see last weeks podcast) and expect that even quality will disappoint the market at times and that disappointment will hurt. We need to be smart about when the issue is real or when it is just a knee jerk and short-term reaction. But the bottom line is, expect the ride to be bumpier than usual. We need to remember that investing is for the long-term and that long-term is never in a straight line. We also need to remember that any stock can turn out to be trash and if it does we need to sell it regardless of how we feel about it, the loss or the potential. Trash is best trashed. Subscriber to our feed here Subscribe or review us in iTunes JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Simon Shares No Brexit deal with 8 days to go. A mess of epic proportions. Load shedding is in full force (well only force 4 with more stages to go) and it's bad. Seems we can expect a 'stable' electrical grid sometime towards the end of the year, albeit stable may still include stage 1 load shedding according to experts I have spoken to. The reasons we know and frankly don't matter. It also doesn't matter who wins on 8 May, this is not a problem that goes away over night. For us individually it s a hassle, a real hassle. For business it is a major issue. Our expected modest GDP growth for 2019 is going to be even more modest while Moodys eyes us for junk status. Most exposed will be retail (extra costs) and property(lost sales and extra costs) while mining has largely managed to get off grid. Metrofile* (JSE code: MFL) results were a horror show with the tax rate hitting 40%, up from 24%. Seems the two now fired CFOs messed up the Kenyan deal so that interest was not deductible as an expense. They out, new CFO will be able to fix and get the tax rate back to normal. Debt should be easy enough to pay off in 5-7 years. That all said it is currently my worst performing share in my portfolio and I continue to hold. Sure the pain has been plentiful, but the business model still stands, some issues (re tax rate) should be easy to fix and I wonder if a take over may not be on the cards? Up coming events; 11 April ~ JSE Power Hour: Know your fees with Nerina Visser * I hold ungeared positions. Avoiding the next Steinhoff Up front let me state you're unlikely to be an investor in individual stocks and over a life time of investing never invest in what turns out to be a fraud. So far I have been lucky in that my only fraud was way back in the mid 90's (I can't even remember the name of the company) when the CEO suddenly rushed off to Australia and my loss was fairly modest (as I was poor), albeit I did make the horrid mistake of doubling up when the price had halved. Back to Steinhoff, the PWC report is finally out. Three thousand pages and four thousand attachments, albeit we only got a ten page summary that detailed over R100billion in fraud over the 2009-2017 period. Profits for this period were only some R60billion and while the fraud number may include some double counting, it basically means Steinhoff (JSE code: SNH) was a ponzi from day one. So how do we avoid being suckered into a ponzi scheme? Avoid the cult of the personality. Far too many people said that they didn't fully understand the business, but were happy to follow (and trust) Markus Jooste. Big mistake. I remember somebody on twitter saying if accounting was an olympic sport Markus Jooste would be a gold medal winner every time. To which I responded that hopefully he wasn't a drug cheat - turns out he was. I am not saying that every great person is a crook, but being great is not an investment case. Sure management is important, but we need more. Other red flags on the cult of personality is when they attack critics. Sell reports on Steinhoff were meet with rage from Markus Jooste and demands that they be retracted and the person involved be fired. Remember the recent Investec report on the Tongaat (JSE code: TON) CEO that got the company all upset and complaining to the Investec bosses? That was in June 2018, the share was over 8000c, now under 2000c. Avoid complexity. As humans we believe in complexity. We think complex is great, complex is best. It's not. In large part we believe in complexity because it is easier to do so. It helps explain why our portfolio growth is modest, why we're not hitting it out of the park with our trading. Truth is luck plays more of a role than complexity (read Fooled by Randomness by Nassim Taleb). The other issue with complexity is that it is easy to hide the fraud and diss naysayers. The reason I avoided Steinhoff is because I couldn't get the balance sheet to balance nor the debt to reconcile to the balance sheet. I am no CA nor a rocket scientist, so I go for the easy and these two should be easy. But I couldn't get them working so I just walked away. (Disclaimer, I did trade Steinhoff a few times, mostly in my momentum portfolio and can't remember if I made money or not). As an aside, I hold a complex stock ~ Discovery (JSE code: DSY) and when Viceroy was threatening to come after a second JSE stock last year, I ran my eye down my list of stocks and figured Discovery was a potential candidate. Point is I hold the stock knowing it is complex. Knowing its accounts are beyond my ability. Knowing that maybe it'll all collapse one day. I have built this understanding into my risk tolerance in that to is the only complex stock I hold and I cap the percentage weighting. Debt, always watch debt especially when paying top dollar for assets, such as the 100% premium offered for Mattress Firm. As Buffett said, debt is like Russian roulette. It's fine until it's not and then it is fatal. Know the debt ratios, watch them and compare to previous periods and their peers. Watch governance. Independent execs, are they really independent? Do we have a strongman CEO who has been there forever? Again a double edge sword, some such as Gore and Saad are important to the business. But so was Asher Bohbot to EOH, and now he's gone. They're great till they're not. What we then need is a strong, diverse and truly independent board. Can a non-exec really be independent after ten years on the board? Denial is another issue that we should largely ignore. We've had two execs at parliament saying, no not us. Yet both are named in the report. Ask yourself, how many guilty people confess when first accused? How many ever confess even when finally convicted? Remember the chairman, Christo Wiese on the radio flatly denying concerns. Now he claims he didn't know (and he is not named in the report), but then why the flat denial? Another aside. Why did the so smart Wiese sell his Pepkor holdings into the ponzi scheme in return for Steinhoff shares? Maybe as a rushed and easy way to offshore his money? Avoid falling darlings. We have lots of examples locally of once high flying darling stocks under severe price pressure. We missed them on the way up but now that they're lower we're buying, but they keep on falling. EOH R180 to under 2000c. Aspen (JSE code: APN) was over R400 now under R100. This is tough because sometimes the sell off does offer a great entry, but we need to be extra sure that the sell off is not the start of a collapse. Best way to do this is on a valuation and full understanding of the business. Aspen is maturing so the +30 PE levels were not reasonable and the price needed to come down while EOH was always built on using script as currency and that uravels as the price falls. So what next? Well Steinhoff is bust, 100% bust. Sue they have some assets (such as c70% in Pepkor and Conforama and bankrupt Mattress Firm in the US) but the claims against the company are in excess of R200billion and current shareholders are last in line. The process will take a while, maybe a decade, and by the end there is nothing left for shareholders. If you're holding or buying Steinhoff, understand you're trading because you can't invest in a share that's going to zero. Subscriber to our feed here Subscribe or review us in iTunes JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Simon Shares Group5 (JSE code: GRF) goes into business rescue with "a slim chance for any realisation of value.". It seems the construction of a power station in Ghana was the final nail. Remember the +R1billion they were offered to their Eastern European toll operations? But in the end a lack of liquidity killed them. Be very careful of holding Aveng (JSE code: AEG), if nothing else check the bid/offer, price is heading to 1c. No Brexit deal with 15 days to go. A mess of epic proportions. Back in November 2017 I wrote in FinWeek that we'd get zero fee ETFs and eventually negative fee ETFs (they'll pay you to hold them). It has happened. MoneyWeb is reporting on a US ETF offering to pay investors to buy their ETF. Locally our much smaller market and hence much smaller ETFs means we're a long way from free, but I do think in time it'll happen locally and Satrix40* (JSE CODE: STX40) would probably the one able to do it. Aspen (JSE code: APN) taught us some important important lessons. Debt is fine until it's not and then it can be fatal. Buffett talks about this in his latest shareholders letter. Secondly the market has become a lot more skittish and punishing since Steinhoff (JSE code: SNH). This is not likely to go away any time soon. The answer is simple, watch a companies debt and hold quality, real quality, only. Lastly, all growth stocks mature and that process of maturing is often painful. 5 ways minimalism helps your finances Searching for value the Benjamin Graham Way * I hold ungeared positions. Investment lessons from Boeing We live in wild times made possible by the internet and powerful computers in our pockets. Much of it is good with a fair amount of bad as well (think Twitter trolls), but for large old school companies it can be especially bad. Think Momentum refusing to pay out the life policy. They were correct as per the law and policy wording, but they showed a complete lack of compassion and eventually backed down. Think Vodacom trying to scam us on the ICASA rules for rolling over data with crazy fees. They backed down and from a business profit motive they may have been right but they were a million miles away from the spirit of the law and ICASA may have blocked their fees anyways. Think TigerBrands and their total lack of empathy as they responded with legal speak while South Africans were dying from listeriosis originating at their production facilities. Think Boeing, standing firm after another of their new Boeing 737 Max8 crashed shortly after take off. In the olden pre Internet days Boeing would have been able to control the message with ease and insisted everything was fine, hoping like hell another plane didn't crash and quickly rolling out a software 'update' that may or may not fix the issue (from what I have read the issue is training, not software, here's a long NYT read on it). Boeing have failed to understand the new rules in which businesses operate. Firstly those rules are a lot more ethical. Consumers want to be treated fairly. Hey we always did, but we never really had any power. And that's the second and very important point, consumers now have power. That power comes via the Internet and very quickly a raging anger can over whelm any attempt to manage the message. Now sure often the raging anger is actually just a lynch mob and this is very much the dark downside of the Internet. But the upside is that consumers have power and they'll exercise that power. Sometimes for good and sometimes for bad. A business needs to understand this. I remember attending a presentation on generational theory a decade back where the message was that millennials wanted ethical companies and would pay more to these companies. The flip is that they'll boycott a business they consider to be unethical. Now this is way more than just millennials, the issue is that millennials were given the power to firstly know a companies ethics and secondly do something about it. Companies that are going to survive and thrive in this new world will have fairness and ethics at their core, and that's hard. It's easy to put that into a mission statement, but living it is something else entirely and often a company messes up. For example the news that a company will phase out plastic straws by 2022. Nice, but why so long? Simple because they're trying to protect profits. Fair enough but the ethical demanding consumer doesn't care about your corporate greed, they care about the planet. The even harder issue is how do we manage this as an investor? Truth is we need a crisis to see how a business manages it and that is late in the process. But we can see glimmers of it via other means, such as the plastic straw example mentioned earlier. If a company is not putting the customer and ethics front and center they will eventually be in trouble. Lastly as investor we need to not chase profits at any cost. We need to invest ethically as well, this means fair fees we're charged by providers. It also means exiting dodge companies even if we think there is money to be made. We also need to focus on ESG (environmental, social and governance) issues. A very last point. Will Boeing survive? Of course. Will this hurt? Absolutely. Will it be a great investment going forward? No chance. Subscriber to our feed here Subscribe or review us in iTunes JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Coinnich ri Robyn Ireland, Oifigear Gàidhlig aig DNA (Dualchas Nàdair na h-Alba).
Simon Shares CPI 4.9% vs 5.2%, rates on hold? Naspers (JSE code: NPN) unbundling Multichoice. About R5.5billion profit so market cap some R55billion on 10x PE. That puts them into the Top40. The theory that Multichoice is dead is very misplaced. Aspen (JSE code: APN) gives another update to the market trying to help investors make sense of their results, and the stock is off +9% at just over R170. JSE is looking for feedback "In response to a range of corporate scandals, speculation and innuendo that have characterised South African financial markets over the past year". Details here Cash Club: Start where you are Upcoming events 11 October ~ JSE Power Hour: Investing in listed property Subscriber to our feed here Subscribe or review us in iTunes Managing fallen angels Those once unstoppable high flying stocks that have come back to earth with a thud, now what? We have a lot in our market right now; Aspen (JSE code: APN), Steinhoff (JSE code: SNH), MTN (JSE code: MTN), EOH (JSE code: EOH) and many more. Firstly understand the difference between cyclical and non-cyclical stocks. The former is resources, construction - those sectors that will always experience boom and bust and here we should really be long-term trading them rather then bottom draw investing in them. Secondly is to be careful when buying our high flying, unstoppable non-cyclical stocks. I may love a stock but if it's above my idea of a fair rice I simple won't pay the price. I wait, sometimes waiting years, for prices to be at my levels and then I'll buy. Sometimes like with Richemont* (JSE code: CFR) this works well when I was buying in the 80's some two years back. Other times like Woolies* (JSE code: CFR) I was buying from around 8850c all the way down to 6250c odd and then I stopped as I had full weighting and yet the stock went still lower. So manage the price you pay, you do not want to be the person who paid +R440 for Aspen and if you were ideally you want that to be one of many price points you paid with an overall much lower average price. But that all said these unstoppable angels do sometimes fall from grace, so lets delve into that. The first question is if this is naked fraud or horrid business that we (the market) had missed. With Steinhoff the answer was an easy yes to fraud. With MTN the answer is more complicated but my view at the time of the first Nigerian issues was that this was a massive failure on the part of management and that markedly changed the investment case - so I exited. Woolies the issue is over paying for David Jones and again messing up on women's fashion. Both repairable and not likely to be terminally damaging, albeit most definitely expensive. But what of Aspen? I think that the stock had got well ahead of itself with a PE of almost 40x just two years ago, wildly expensive but supposedly justified by HEPS growth that was around 30% a year. However nothing grows at 30% a year and this is the error I think the market has made. Aspen is maturing, all successful companies mature and when they do they rerate in terms of valuations (PE) but with Aspen the market seems to have been caught by surprise. So in short; Cyclical stocks are for trading. Buying price is very important. Don't overpay and ultimately stagger buying over many years (decades) to ensure a decent average price. Also stagger buying across many stocks, you don't want all your investment concentrated in a few stocks or sectors. Ask if this is as a result of a management error that is not terminal? If yes stay the course and maybe use the sell off to pick up some more - but again be carefull of being way over weight a single stock. Ask yourself if the fall off just a rerating / maturing of the business or as a result of real damage to the company (fraud, horrid management, etc.). Go back and check you initial notes from when you first bought the stock. What's changed and does that change make for a better (albeit different) investment or worse? Lastly, never just shrug and say "how much worse can it get?". It can get a lot worse, Steinhoff offered a +2000c exit last December when the news broke. Now it sub 300c. Last last point. Within a diverse portfolio not everything is always going up - unless it's a stonking bull market. * I hold ungeared positions. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Simon Shares MTN (JSE code: MTN). Woe is MTN, another $2billion for tax evasion. Is it a shake down? Maybe, maybe not. Truthfully we have no idea and it does cover the same period (2007-2015) of their previous Nigerian fine. I long ago sold my MTN shares and no interest in buying more. Steinhoff (JSE code: SNH) ex directors Jooste and La Grange have now both appeared before parliament and both blame everybody but themselves. Nice break out last week on the Top40, and then the retest and now we're back inside the range of 49-52k trading at 51,000 with ZAR at 15.46. Sure some if this is general EM issues but GDP data from Tuesday showing us in a recession is weighting heavy on markets. Where to next? Well let's see if 49k holds. Lots of talk about another drought locally in 2019, experts saying about 60% chance. Going to be rough, especially on food producer stocks (growing and makers). Practical trading setups and rules Tax Tuesday: Medical aid tax deductions OUTstanding money: The inflation monster Upcoming events 06 September ~ JSE Power Hour: Structuring your investment portfolio Subscriber to our feed here Subscribe or review us in iTunes NAV, value or trap? A listener asked about net asset value (NAV). Often when watching I hear a lot of market analyst talk about discounts to Assets, sometimes they say its bad sometimes they say its good. What does it actually mean when they say a share is trading at a discount to its assets or NAV, how is it calculated and is it good or bad? NAV is the break up value of a company. If all assets were turned into cash and all liabilities paid off, what's left? Divided by the number of shares is NAV per share and sometimes called book value. We then relate the NAV or book to the share price and get a ratio between price and NAV often called the price to book (P/B) ratio. Also note the difference between tangible NAV which excludes intangible assets such as brand value and good will. I prefer tangible NAV. As a rule a share trades at a premium to NAV as you're not buying the break up value of a company but the future earnings and cash flow. Different industries will have different premium, banks typically max out at around 2x while retailers at times 3-4x and miners anywhere from below 1 to 10x. A valuation strategy is to consider stocks cheap when their NAV premium is lower than typical for that particular stock and lower than industry peers. Sasfin (JSE code: SFN) is a case in point. NAV is around 4400c and the longer term average is some 1.5x, so seems like a steal. Except the stock has now fallen to around 3400c! Another strategy is to buy below NAV, essentially you're getting future earnings and cash flow for free. But is this value or value trap? Argent (JSE code: ART) has traded at around 50% below NAV forever and a day while The Don Group (now delisted) was at a chunky discount to NAV but that NAV kept melting away and the stock price kept on falling. So a useful indicator but as always needs to be more than just one piece of data when buying a stock. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Subscriber to our feed here Subscribe or review us in iTunes Simon Shares Steinhoff (JSE code: SNH) almost 400c then under 200c. If you're in SNH understand you are trading it, this is not a recovery story. Nothing wrong with trading but rule 1 is stop loss and rule 2 is profit. Don't forget either. Blue Label (JSE code: BLU) back below 900c. I have no idea what the story is here regarding the collapsed share price and neither does anybody I speak to. Results due late August and a trading update in the next week or two. Best is to wait for clarity from the results. Kumba (JSE code: KIO) results show what happens when everything comes together for a single commodity stock - cash flow galore and dividends. They're paying 1451c for the first six months. Sabvest N (JSE code: SVN) is doing a book build for two of their larger investors who want to exit. They are a holding company and the price is a discount to net asset value (NAV) of about 36% when a typical discount would be 15%-20%. This book build should improve liquidity and ideally help close the discount gap, but first have a look at their underlying companies they hold because while a steep discount is nice, they holdings are ultimately what you are buying. OUTStanding Money: Why do I want money? Investing in BBBEE schemes. Upcoming events 23 August ~ JSE Power Hour: Three Ramaphosa Rally Recovery Stocks 30 August ~ JSE Power Hour: Practical trading setups and rules Safcoin - stay away I first saw them on my Google news feed, a promoted story on IOL. Safcoin, not illegal but going to end in tears. That I guarantee. They're pre-selling 500,000 in an ICO at R70, then there are another 5million. In short the market will be flooded with these coins that have no use and sellers will drive the price to zero. Stay away. Read their white paper and then compare it to the white paper for Ripple or Ethereum. This white paper is just marketing material. Where does the money from the ICO go? A white paper should detail expenses etc. With Safcoin we can only assume that the R35million (500k coins at R70) goes to the founder (Neil Ferreira). What of the other 5million coins? Who holds them? Again I assume Neil Ferreira. What I also don't know is are the initial 500k ICO coins included in the 5million or added on top? How do I mine them? Who is the team behind Safcoin? On Twitter Neil Ferreira said they had a team of 12, but no mention of who this team is and typically one trumpets your team for their expertise. Who are the auditors? On Twitter Neil Ferreira said they were SmartDec Moscow Russia but we have no confirmation of this, have asked them on Twitter, as yet no reply. Coin limit is apparently 5.5million, but when you check the website he used to create them (yip not their own code even though they claim 12 people involved) it says 222billion coins. That's about US$1trillion! Heck out government should start a coin and clear our national debt. Ask you self what problem does this new coin solve? If it is not solving a problem then why will anybody want to buy it? No buyers equals over supply and price crash. Consider the fact that over half of new ICOs fail, and this is a conservative estimate. I have seen stats that suggest less than 10% of ICOs ever get to market. Scams, Scoundrels And Multimillion-Dollar Frauds: How To Check An ICO Isn't A Con They mention they will list on local exchanges. Which? Smarter people then me asked on twitter (with no answers); What mining algorithm does your blockchain use? What is the consensus algorithm used by the project and how was it picked? Where do the tokens fall on the Howey Test? You get paid a 5% referral fee if you send people. Referrals always bother me, they smack of pyramid schemes. As I said up front, not illegal. But before you rush off with your hard earned money, do some homework and 5 minutes on this coins offering and it is not going to make anybody a single cent - except for Neil Ferreira. On listing Neil Ferreira could use his income from ICO sales to be an active buyer pushing the price higher, but this never works for long as eventually one runs out of money and real demand reverts to what it really is - and here it likely is zero. I could go on and on with the issues about this new coin. Short version remains - stay away. Another local crypto scam, this time called Safcoin / 500k offered at R70 = R35m (nice work if you can get it) / After ICO 5m will flood market / No details on how I can mine / Paying referrals (always dodge) / Lots of paid copy (such as link below)https://t.co/PqoZyHyIsq — Simon Brown (@SimonPB) July 24, 2018 JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Subscriber to our feed here Subscribe or review us in iTunes Simon Shares Steinhoff (JSE code: SNH) results = nasty. Aveng (JSE code: AEG) get their money and price falls to 9c. Top40 vs. Rafi. The most tax efficient entities Upcoming events; Investing in BEE Inside the robo advisor Robo advisors are all the rage these days but I wanted to know what's inside the robo so I sat down with Grant Locke, head of OutVest for a geeky understanding about how it all works. SE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited
Subscriber to our feed here Subscribe or review us in iTunes. Simon Shares Markets have been falling, and the world has not been ending. Long4Life* (JSE code: L4L) has announced a purchase of Rage for R3.915billion with EBITDA of R360million. That's expensive and as they're issuing new shares for much of the payment also a chunky dilution. Management say the deal is not yet a done deal. Steinhoff (JSE code: SNH) results are due on Friday. They may not arrive and if they do they're going to create all sorts of excitement. But don't get sucked in, SNH remains a trading stock and nothing more. Reports I am hearing from VBE is that they consider the company bankrupt, and that's before the billions VBE hope to secure for shareholders. The Tekkie Town sellers continue their fight with Steinhoff Retail Africa (JSE code: SRR) and it's messy and it also suggests that maybe Markus Jooste wasn't the only problem at Steinhoff? BusinessDay is reporting that Christo Wiese has sold another chunk of his Shoprite* (JSE code: SHP) shares. This time via a book build to institutions, not via open market and leaving him with about 14% of the company. OUTstanding money: Getting rich takes time, not money Year-to-date going nowhere Debt in high-income households When to sell long-term investments Upcoming events; Investing in BEE * I hold ungeared positions. Pricing power Some industries have zero pricing power such as the mining industry who are price takers - a horrid space to be as your costs rise and you have zero control over income. Sure you can increase production to try manage income, but that often impacts supply driving prices lower as we see in the platinum industry. Construction also has very little pricing power when building something is now pretty much just a commodity with stiff competition all competing for the same contract with price being the only key difference. Telcos have little real pricing power as data is data so they are trying to make it all about the added extras. I like to invest in industries that can determine their own prices to varying degrees. Luxury cars are priced more on what the market will bear rather then actual cost of manufacturing. This is great for margins and profits but tough to sustain. Luxury jewelry is the same, price is more about status and looks then cost to produce. Burgers for example have pricing power but it is limited by two factors. What the customer can pay and what the other burger seller is charging. But you do have a fair degree of power ~ just be careful of UK gourmet burgers:). Retail also has fair pricing power albeit to different degrees. Luxury certainly has more power than consumer staples, but the later has power in that they are staples. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited
Subscriber to our feed here Subscribe or review us in iTunes. Simon Shares Basil Read (JSE code: BSR) has filed for business rescue and nobody should be surprised. Blaming government and labour is also weak, construction is a weak industry and only really boomed in the lead up to the world cup in 2010 (not forgetting the price fixing). Of concern was that the stock was not suspended until Monday lunch time and it turns out it a settlement issue. Apparently "Someone bought BSR at 1c in on Friday now it turns out the seller does not have the stock. JSE trying to reverse." Liberty (JSE code: LBH) got hacked. Exact details are scarce as I record, the company is saying it was "largely emails and possible attachments" and that no clients have lost money. Well maybe not yet. But you email all sorts of personally stuff to a long-term insurer; bank details, residential address, medical, etc. That frankly puts clients at risk. Bigger picture is that our future unfortunately includes us being hacked sooner or later. PPC (JSE code: PPC) results were not exciting and they have challenges. Local is weak, DRC is having issues already. Not a stock I would want to be holding. I honestly am not sure what the deal is with trade wars. Not in the sense of if Trump is serious or when they'll happen nor to who or what. But if they do happen they are bad - end of story. The Rand is under all sorts of pressure and the hysteria is out in force. So to clear some of it. We're not at risk of an emergency rate hike. This is not because of local protests, land expropriation, it is a general Emerging Market (EM) rout right now. But it is looking ugly for EMs with currencies and markets under pressure as investors flee. Will this get worse, a little or a lot? No idea. So as always here's what we do; as a trader - obey your stops. As an investor - don't panic and buy quality and great prices, but no rush. A question on investment club tax OUTstanding money: What is investing? Tech ETFs by a tech guru Upcoming events; JSE Power Hour: When to sell long-term investments The smart money myth I hear it all the time - the smart money which typically seems to translate into somebody with lots of money. A big trade goes through the market and everybody is talking about smart money? There is no smart money. Money does not talk and having lots of it doesn't make somebody smarter than anybody with less. So why did Christo Wieses money warn him? Also witness Steinhoff (JSE code: SNH). Including preference shares total value was some R300billion now a few million and the smart money all owned it up at the lofty levels. When the story broke Coronation (JSE code: CML) wrote a long letter saying they were holding on as all will be fine. Yet news last week is that they have bailed. They did the same with African Bank (JSE code: bankrupt) Read Fooled by Randomness by Nassim Taleb. We ascribe behaviours to money and people with lots of it that is simple seldom true. There is no smart money, just money. You can of course make smart money decisions and that would include not blindly following anybody. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited
Simon Shares Apple (Nasdaq code: AAPL) results show a maturing company as iPhone sales have decidedly slow. But they're far from down and out with app store sales, accessories etc. doing great and they still have a monster cash pile. Rand under serious pressure trading out at R12.60/US$ after R11.50/US$ in late February. This is in large part due to US$ strength and it does not make me panic and change my long-term view of Rand strength. Steinhoff (JSE code: SNH) below 200c. In the 6 years to 2018, Barclays (LSE code: BARC) paid out £35.6billion for litigation, misconduct charges, bank levies, losses from asset sales etc. This is £1billion more than operating profit during the period! Pembury (JSE code: PEM) has been suspended for late results as they struggle with some IFRS issues. I like the retirement idea, but the rush to list as a schools company was concerning and the share has been under pressure. Further the inability to publish what must be fairly simple results is more concern. Let them prove themselves before even bothering with the stock. The Mouton family has just bought some R90million of PSG shares, I mentioned in my SA Inc video that they are the best indicator of value in the stock. Six questions to ask before buying an ETF. Foreign dividends. Responsibility of knowledge Knowledge is power but only if you share it. Every year since 2007 I have been a speaker at the annual JSE Schools challenge prize giving in October and a key theme has always been - the responsibility of knowledge. This talk is aimed at school kids but it occurred to me that actually this part of the speech is actually relevant to everybody. Actually all the parts are but they're another podcast for another time. As investors or traders or even if only a novice our knowledge on markets and investing is way more than the vast majority of people and that puts a responsibility on us - we need to share this knowledge. This is less about hot tips, in fact leave the hot tips out of the equation. it is more about helping other people understand the market, ETFs and how it really can create wealth with no rocket science required. Remember the average South African knows nothing about the market and is generally fearful of it and we can help change that and help create smarter and ultimately richer South Africans. Tell them about tax-free. About ETFs, about fees killing returns. Tell them. And even if you think you have no knowledge to share as you're still learning - wrong. You have way more than the average person. So get talking. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Subscriber to our feed here Sign up for email alerts as a new show goes live Subscribe or review us in iTunes. Simon Shares Libstar listing is proceeding and I am not taking part. I do think the market will love it but Google the private equity sellers (Abraaj) lots bad happening their and the company has declared a R800million pre listing dividend - while raising R1.5billion? Consol has pulled their JSE listing citing "challenging market conditions". Have the market conditions really changed that much in the last few weeks or was the market just not excited by the listing? Auditing - it's complicated The local auditing profession is having a tough time of it with the Auditor General (Thembekile Makwetu) commenting on The Money Show with Bruce Whitfield he said that that the professions reputation was "in the gutter". I wanted to understand what we as investor really can expect from an auditor? Are they to blame for Steinhoff (JSE code: SNH) and other recent collapses or is that beyond their scope? Keith McLachlan, fund manager at Alpha Wealth, studied as an auditor and is now a fund manager so decided to have a short chat with him to get some perspective. The short chat ended up being a long chat and I suspect we missed a number of angles but one thing did stand out for me, the word "material". JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
“Brought to you by Absa ETFs” Simon Shares SARS announces tax must be paid on Bitcoin profits - why is anybody surprised? Sagarmatha (JSE code: SGT) listing on Friday, if they tick all the boxes. Some saying they should not be allowed to list but this fails to understand the role the JSE plays. They are regulatory gate keepers, not quality of profitability gate keepers. Steinhoff (JSE code: SNH) now under 300c at 226c, well below late 1998 listing - all-time-low and the bad news just continues to drip out. ETFs and the cost of the spread. Living vs guaranteed annuities. Upcoming events; JSE Power Hour: Investing in the best of SA Inc. Liquidity risk Homechoice (JSE code: HIL) keeps on putting out great results and cash generation but has almost zero liquidity (30 trades since 6 March and currently no offers to sell on market with last trade at 4700c and buyers at 1226c! This makes it uninvestable in my world as we'd essentially be buying into a quasi private equity arrangement as exiting would be almost (absolutely) impossible. But they did announce in the latest results they plan to improve liquidity and I'll keep an eye on this. In the excitement of finding a great share we'll often over look the liquidity issue but I remember getting very badly caught in an illiquid stock way back in the day and while I could have held on I panicked and exited at a nasty loss. Liquidity is not just the spread, which is a cost. But also the amount of volume being traded and we also have to remember that liquidity can disappear very quickly. So two things to look for. What size spread are you having to cross to buy. A 1100c / 1500c is 400c and over 30%. I want spreads as tight as possible and certainly not more than 5% at worse. I want average daily value traded to be at least 30x the size I am buying so even if it dries up I can still get out without too much pain. For traders liquidity even more important an I want spreads less than 1% and value traded 100x my trade size. This is because I want to have no impact when buying or selling (or as small as possible because there is never no impact) and I need the liquidity for very quick and efficient exits. Last important point. Liquidity in terms of volume is not an issue for ETFs as the market maker ensures that they will have a bid and offer either side of fair value at all times. So while the ETF may not be trading it has the capacity to trade in larger volumes if required. Subscriber to our feed here Sign up for email alerts as a new show goes live Subscribe or review us in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
“Brought to you by Absa ETFs” Simon Shares I mentioned last week it had been a negative first quarter for the Top40 and it just continues weaker with the current theory being trade wars. Looking at the charts of the main indices it looks ugly and we're now some 15% off the all-time highs of November. A proper correction that may still go lower and my sense is we're close to the end of the sell off. I also asked last week how we could select winning fund managers. The answer I got back was mostly that you can't. A few gave very detailed answers mostly revolving around finding the best managers - but scant details on how we spotted these quality managers. Total return ETFs and CGT. Complicated. Win a book with The Fat Wallet Show. Upcoming events; JSE Power Hour: Investing in the best of SA Inc. Spot the losers Steinhoff (JSE code: SNH) announces that their property portfolio is only worth half what they thought. Boom there goes another R16billion. I cautioned when this story broke that bad news would be dripping out for a while, and so it continues with the immediate question being hat about their other property assets? Grand Parade (JSE code: GPL) CEO has quit exiting immediately. Ms. Tasneem Karriem joined the company in 2015 and was made CEO last June. This is not good news and the stock is off 4% and trading at 2010 levels. Nampak (JSE code: NPK) is selling their glass business after spending R938m to buy the 50% of the glass business it did not own. It has also spent billions on capital expenditure and now we wait to see what price it sells for. But an absolute disaster for the company and the share is back at 2010 levels. NetCare (JSE code: NTC) is to exiting its UK operations after twelve years of absolute disaster and the share is trading at 2010 levels. Ascendis Health (JSE code: ASC) is trading below its 2013 listing price and just off all-time lows at 938c. You spot the problem? Middling quality companies expanding and the wheels come off. Now sure there are likely many examples of other companies that did not lose their wheels. But as investors we have to make sure we own the right ones. It is also worth noting that as a small investor we can place a core of ETFs (+50%) for diversification and then we need only own 10-12 individual stocks in the 'til death do us part' portfolio. This gives us a huge edge on fund managers who typically need to own 30-50 stocks. We can focus like a laser on quality and spend most of our time finding reasons NOT to invest in a stock. Subscriber to our feed here Sign up for email alerts as a new show goes live Subscribe or review us in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
“Brought to you by Absa ETFs” Simon Shares 2017 GDP was 1.3%, better than the expected 1% and hopefully means that the treasury 2020 GDP expectation of 2.1% is wildly low. Bleak trading update from Sasfin (JSE code: SFN). But still trading at tangible net asset value (TNAV) levels. MMI drop their dividend in favour of share buy backs and drops cover from 1.5x-1.7x to 2.5x. Considering the dividend yield was some 6% and a good reason to hold this is a major change. Now sure a share buy back is in theory share holder value enhancing and tax efficient but it is also not hard cash in ones hand. Making sense of CGT tax. New Stanlib tech ETF. Upcoming events; ABSA NewFunds ETF seminars (JHB and webcast) JSE Power Hour: Small cap stock picks with Anthony Clark Fallen angels (devils?) When a share is hit by scandal it can take ages to recovery as investors shy away from the stock. Some like Steinhoff (JSE code: SNH) will never recover due to the seemingly rampant fraud hat happened. Others like EOH may but will stay under 'caution' for a while as will the Resilient (JSE code: RES) stable of stocks. Others such as Capitec* (JSE code: CPI) will also struggle for a while but should shrug it off in time. Tiger Brands (JSE code: TBS) has held up fairly well since the Listeriosis story broke on the weekend and is only back to November levels. But it could get real bad with almost 200 dead people, but markets seem to not be so concerned with these sort of issues. I remember Pioneer (JSE code: PFG) righting the bread fixing claims, eventually paying a R1billion fine and the share rocketed. In part it is the known vs. unknown. PFG struggled until the fine was agreed on, and TBS could well see its share price struggle until some sort of finality is reached - and that cold be years. The concern is perception and some potential investors will stay away while existing holders may head for the hills and this means less buyers for the stock so less/slower upside. Your strategy needs to ask if the scandal is terminal, long-term or merely a passing fad? Then remember if it is time to panic, panic quick. Subscriber to our feed here Sign up for email alerts as a new show goes live Subscribe or review us in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Simon Shares EOH (JSE code: EOH), so the collapse was because of directors margin calls that forced them to sell? This is an epic disaster, if it was my board I would fire them. A share price collapse has real consequences, especially for a company like EOH that uses their shares for acquisitions. Steinhoff (JSE code: SNH) mess continues but an interesting meme occurring in an attempt to make sure the asset managers take no blame. The same happened after African Bank, Enron and other notable corporate collapses. I not saying we should be jailing the asset managers but we should be asking hard questions and having the debate. I am seeing more and more analysis on the fact that SNH was not quality, sure it is in some (but not all) cases after the fact but enough people are speaking out. Yet this low quality stock was valued at around R300billion at its peak and suggesting that it was impossible to tell is an outright lie as proved by many people being short and querying the numbers. Surely as an industry it is important to understand how this happened? Now some managers hunt out low quality as an investment theme, but they are the minority. Pretty much every asset manager will say they buy quality at a good price - but then I ask again, how did this low quality stock end up worth over R300billion? As an industry we are the custodian of peoples retirements, savings and ultimately their dreams - we need to take this seriously and surely, at a minimum, the honest response when we get it spectacularly wrong is to reflect how we get it wrong? Instead I see all sorts of head in sand or finger pointing? Why? Too busy keeping the fees and buying luxury German sedans and Cape Town holiday homes? Likely this is the final JSE Direct for 2017. I have many more ideas but need to take a break. We'll be back with our predictions show in January with Marc Ashton and Keith Mclachlan and as always we'll start by scoring our 2017 predictions (find our 2017 predictions here) Position your portfolio for 2018 is online (video, audio and PDF). Asymmetry of investing The asymmetrical nature of investing is a huge boom to investors. A share we own can go to zero with a 100% loss, but the flip side is that it can up go up multiples of 100%. So even the occasional loser doesn't derail a diverse quality investment portfolio. The two key points, diverse and quality. If you have only one stock you're at massive risk and if you have a basket of dogs then you're still in serious trouble. But a collection of quality stocks can survive the occasional blow out as they others run and we only needs a few real winners to make it all work and market beating. Now in an ideal world we'll never see a 100% blow out because when it's time to panic we'll panic quick, right? A last word on the asymmetry of trading (as apposed to investing). We have no real floor on loses as we also have no real floor on gains. So it is not asymmetrical and so we have to make it so by being ruthless with stop losses. I have long said my trading success is due to my always taking the stop immediately no questions asked. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Simon Shares Twitter poll for tonight's JSE Power Hour presentation ~ What's your expectation for the Top40 in 2018? Time for my annual poll .. What's your expectation for the Top40 in 2018 ?#JSE — Simon Brown (@SimonPB) December 4, 2017 Steinhoff, where there's smoke Markus Jooste has also quit Stenihoff (JSE code: SNH), Star (JSE code: SRR), PSG (JSE code: PSG) and Phumelela Gaming (JSE code: PHM) boards. Steinhoff CFO and Star CEO Ben la Grange has quit as CEO of Star, but seemingly stays on at Steinhoff, for now. It's an oldie but it always true. Where there's smoke theirs fire and locally that is Steinhoff. Forever people have been in one of two camps on this stock. They either loved it or didn't understand the financials and stayed well away. I have always been in the latter camp and recently the warnings have gotten dire and now the CEO is out, results delayed and an investigation by PwC to try and understand exactly what's happen. Now hindsight is easy, but there has been a lot of smoke around Steinhoff for ages, enough to scare away any investor one would think. I warned as recently as a month ago about this. For traders the lesson is simple. Don't try and catch falling knives. Sure sometimes it works but when it doesn't you blow up. Wiese took some R122million SSF exposure in early November at 6146c. This is why we largely ignore director buying. The company did a share buy back also in early November for about R4,8billion, now worth R1.2billion. Also a lot of hating on ETFs as Steinhoff was 2.35% of the Swix (which is a truly horrid index) and 1.88% of the Top40. Frankly active fun damagers who liked the company probably had a lot more. The 7th largest stock in the South African SWIX index is currently down 61% amidst accounting irregularities and resignation of the CEO. pic.twitter.com/NEqwrsBGwo — Delphine Govender (@Delphine_DG) December 6, 2017 Of course everybody now wants to know if it is time to buy? The answer is no because we simple know nothing except that what we thought we knew is not true. Never blindly buy something where everything is simple unknown. Some saying they have 2500c odd value in Star, PSG & Kap, but then they also have debt that is likely about the same. Viceroy Research has published their report in Steinhoff and it makes for scary reading. Lastly, what to do if you hold Steinhoff? Sell. The 'it can't get worse' trope is a lie. It can get worse, it can go to zero.
Simon Shares More highs locally and global for markets. And of course that makes everybody worried and certain we're about to crash. Well we will most definitely crash, just nobody (and I mean nobody) knows when. So as always ignore the doomsayers. Tencent buys a 10% stake in Snap, a clever deal as it gets them into the US market. It also means we now all own some Snap via any Top40 ETF we have with Naspers (JSE code: NPN) in it. Purple Group (JSE code: PPE) results were rough. Ignoring a write down of Real People, GT24/7 made a sliver of profit, Emperor is losing AUM hand over fist while EasyEquities continues loses. With almost 60k users the burn rate for EasyEquities is about R3m a month with revenue of some R800k a month. That's a large gap that needs a lot more customers to close. They do however have the money from Sanlam that tides them over for the next 3 years while they try turn the low cost idea into profits. Steinhoff (JSE code SNH) is back in the bad news on reports that it hid US1billion worth of related party deals. This company has a lot of smoke around for an innocent company. Sasfin (JSE code: SFN) has a price-to-book (PB) of around 1x and that is always a buy signal for the stock. Ungeared and hold until PB is 1.4x or higher, about 12-18 months typically. You'll get NAV uplift, dividends and the price gain above NAV. I have sold my Tongaat (JSE code: TON) shares. The latest update showed that even with returning rain we're not seeing the profits from sugar, so my thesis was right (rain) but with no profit to show for it I bailed. Help us help you, do our six minute user survey. 4 New ETFs from Sygnia. Up coming events; High probability derivative trading Position your portfolio for 2018 * I hold ungeared positions. Too big to work (AKA big deals suck) Brait (JSE code: BAT) has valued their UK New Look business at zero. They paid R37billion just under two years ago. Woolies* (JSE code: WHL) and Famous Brands* (JSE code: FBR) both struggling with big deals and now Firstrand (JSE code: FSR) spending some R20billion buying Aldermore. How many big deal really work? Sure they work eventually, but at what cost and never as management promised. I suspect it has two key problem. Firstly they buyer typically over pays in their eagerness to get the assets, this is especially true when the target is listed and the premium has to be agreed on by shareholders and is hence usually 20%-30% or more. Secondly merging two business is never easy. Some easy wins such as centralised costs like HR can be lowered, but actually extracting value a lot harder. The third of course is the ego of management. Who wants to be boss of some regional business when you can be a global titan over seeing a vast network of losses? My memory says very few ever work very well. Have you got some examples of large deals working? SABMiller worked, BHPBilliton* (JSE code: BIL) worked. Any others? We Get Mail Peter I see that some of the Satrix products are offered as either ETFs or unit trusts. What would compel me to purchase via a unit trust rather than an ETF for something basically the same? Subscriber to our feed here Sign up for email alerts as a new show goes live Subscribe or review us in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Scottish Mountain Hare www.hareoftherabbit.com There is a special place high up in the Cairngorms where the mountain hares hide. Andy Howard knows it well, as only a person can who has spent up to five hours at a time lying in snow waiting for a moment such as this. It is winter in Scotland, some 2500 miles from the Arctic, and a cold like no other is sinking into his bones. He dare not move, not even one inch, or he risks startling the animal barely a few feet from him. She's fast, he's seen her run before. If she wants to, she can take off like a silver bullet, leaping into the mountain mist like a salmon into a river. He takes a shallow breath - in-two-three and out-two-three. She moves. He freezes. Her paws pad softly over the rocks, graceful as ever in her silence. She sits herself down beside him, oblivious or deliberating ignoring the loud thumping of his heart, and delicately nibbles at the heather. She's beautiful, her pearl grey coat soft as down and the tips of her ears dark, as though dipped in coal dust. "I call her Mrs Grey," he says. "She's really quite special." Mrs Grey is his most recent subject and the images he is able to take of her are captivating. Andy often goes out in the middle of winter, Andy describes these moments as addictive as a drug - being close enough to wild animals like hares when they trust you enough to relax and behave as though you aren't there. "There is no fear, no worry, they're just carrying away on their own," he says. "That's a real privilege, for a wild animal to trust you that much." Andy is an award-winning wildlife photographer who has sat in more snow drifts and bogs than most. The wild creatures almost seem to deliberately pose for him and he has become adept at capturing their fleeting expressions and personalities, as he has with other wildlife. His ethos is always stay quiet and don't interfere. "You cannot harm them or disturb them," he says. "You must respect them and know when to leave them in peace." "I've been photographing her since September and I want to head up there and photograph her every month so I can get a full cycle," he says. Andy is trying to capture a full year in the life of his own Mrs Grey. Many professionals wait for weather windows and can plan shots years, even decades, in advance. "Sometimes, you have to wait a full year for the exact conditions to come again," explains Andy. Hares are herbivorous mammals closely related to rabbits. Two species are found in Scotland - the brown hare and the mountain hare. Mountain hares are smaller than brown hares and have shorter ears. They molt their grey coat in early winter, turning white to blend in with the snow on the uplands. They are very timid and mainly nocturnal, although they can be active during the day if undisturbed by humans. If danger is near, they crouch motionless with their ears down and at the last minute, can dart uphill at high speed. After about 50m, they stop to stand up on their hind legs and look back at what startled them. They are mainly solitary animals, especially when resting, but often graze in groups, feeding along well-trampled trails through long vegetation. On this episode we are going to explore the Scottish Mountain Hare. The mountain hare has grey/brown fur often with a slightly blueish tinge in summer and a white tail. In winter it molts to a white coat, although some animals do not become completely white. The mountain hare also has black tips to its ears. In Britain, hares are animals of open ground, relying on their good eyesight, camouflage and high speed to avoid predators. Only the mountain hare is native and is the only truly arctic mammal. Mountain hares are most likely to be seen on heather moorland that is actively managed for red grouse. The mountain hare often uses patches of woodland including conifer plantations, on the margins heather moorland. Sometimes called the 'blue' hare because of the tinge of its fur in spring and autumn, you can see mountain hares on the middle and upper levels of heathery hills and some other places besides. A mountain hare in its winter coat has a mix of white, blue-grey and black (on the ears) fur. The summer coat is much greyer, but still paler than the brown hare of lowland farmland. Be alert for the outline of large ears above heather, or for hares in winter whites that show-up against snow-free areas on hillsides. A mountain hare’s broad feet act like snowshoes (it’s North American cousins are called 'snowshoe hares'), spreading the animal’s weight over snow. Mountain hares thrive on healthy young heather, so can be abundant on the middle slopes of hills managed as grouse moors. There are mountain hares in some unusual places, such as the boggy flatlands of Flanders Moss between Stirling and Aberfoyle. They can be quite easy to see on moorland in Shetland (where the local animals don’t turn white in winter). Strongholds are in grouse-moor areas such as the hills of Deeside in the Cairngorms. Travel the A939 road from Cock Bridge to Tomintoul (traditionally, one of the first to get blocked by snow) to journey across mountain-hare-rich moors. Mountain hare bones between 114,000 and 131,000 years old have been found in the Joint Mitnor cave in Devon and in the Thames Valley. Today, the mountain hare is confined to Scotland where it is indigenous and the Isle of Man and the Peak District of Derbyshire where it was re-introduced. Mountain hares were also introduced to the Snowdonia district of Wales, but died out. Mountain hares are smaller and have a more compact shape than brown hares, but vary geographically depending upon habitat and altitude. In Britain they are only found above 500m. However, eventual weakening of the Gulf Stream could make Britain colder and increase habitat for mountain hares. Mountain hares have a very wide, virtually circumpolar distribution extending throughout the tundra regions of eastern and northern Europe, with the closely related Arctic hare (Lepus articus) in Canada and Alaska. In the Old World their habitat extends southward throughout the boreal zone to the fringes of agricultural land or open grassland. In North America the Arctic hare is restricted by the boreal forest, which is inhabited by the snowshoe hare (Lepus americanus). This world-wide pattern of restriction by both habitat and other species of hare explains the distribution of the mountain hare within Britain. After the introduction of the brown hare to England in Roman times, mountain hares became restricted to upland regions where they were able to hold their own, feeding on heather and other moorland plants, while the brown hares fed on lowland grasses and agricultural crops. By the early 19th century mountain hares were found only in the Scottish Highlands. Towards the middle and end of the 19th century - accompanying the development of grouse shooting and the management of heather for grouse - some landowners released mountain hares across the remaining British uplands. Many of these re-introduced populations have died out, leaving the large core population in the Scottish Highlands, a well established population in the Southern Uplands and a small one in the Peak District, while that in northern Wales has probably died out in the last two decades. Mountain Hares live in Scotland and the North. They graze on vegetation and nibble bark from young trees and bushes. Hares shelter in a 'form', which is simply a shallow depression in the ground or heather, but when disturbed, can be seen bounding across the moors using their powerful hind legs to propel them forwards, often in a zigzag pattern. Mountain Hares live in upland areas and are most common on heathland; they are at their most visible in spring, when the snow has melted but the Hares are still white. Total body length ranges between 430 and 610 mm. and the black tipped ears from 60 to 80 mm. Unlike brown hares the ears of mountain hares would not reach the tip of the nose if pulled forward. Like brown hares, males are slightly smaller than females. There are three moults and during the second from October to January the coat changes from russet brown to white or grey and back to brown from February to May. Both tail surfaces remain white. Mountain hares can become very conspicuous if still in their winter coats when the snow melts or if there is unseasonable snowfall. The current number of mountain hares in Scotland is unclear but the latest annual research published in 2013 by the BTO has indicated a disturbing decline of 43 per cent since 1995. Population densities are known to vary at least ten fold, reaching a peak approximately every ten years. The reasons for these fluctuations are unclear, but may possibly be related to parasite burdens. Mating begins at the end of January and pregnancy lasts about 50 days. Most leverets are born between March to August inclusive. Mountain hares are less fussy than brown hares regarding the quality of their forage and this is a major reason why mountain hares have the competitive edge at high altitudes. On Scottish moors they prefer short, young heather, but will resort to older woody plants if necessary. They will also feed on gorse, willow, birch, rowan and juniper. But in spite of their adaptable diet they prefer to eat grasses when available during the summer months. Reproduction Females typically have three litters per year between March and August. 1- 4 young (leverets) are born in each litter, fully furred and with their eyes open. The mother suckles them for about four weeks until they become independent. The most recent estimate suggests that there are approximately 350,000 hares across this range. As recent GWCT research shows, this is a relatively high density of hares compared to mountain hare populations anywhere else in Europe. As well as having affected the distribution of mountain hares through historical introductions, upland game management still affects their abundance as mountain hares seem to do best in areas managed for red grouse. Indeed it is probably the intensive fox control combined with rotational burning that benefits grouse and hares. However, where grouse suffer from tick and the tick-borne louping-ill virus, hares can sustain high levels of these parasites and help perpetuate the disease. As there is no alternative form of treatment, in these cases hare numbers may need to be temporarily reduced to suppress the disease. Mountain hare are also affected by a gut parasite, Trichostrongylosis retortaeformis, which causes similar cyclical effects on population numbers as strongyle worms in red grouse. On some grouse moors, hare shooting is a popular sport and provides additional income, supports keeper employment and moorland management. However, such sporting bags and other culls may be substantial and it is important to demonstrate that modern practices are sustainable and in line with good management. This should be a research and subsequently conservation objective as it is a requirement under the European Habitats Directive. There is increasing concern about the status of the mountain hare with reports of it being virtually extinct in some parts of Scotland where it was previously abundant. In some areas excessive grazing by deer, sheep and cattle have depleted the heather so that less food and cover is available for the hares. However, they have also declined on moorland devoid of deer and sheep, leading to the conclusion that human interference is responsible for the decline in hares. How are they protected? Both hare species are protected by the Wildlife & Countryside Act 1981 (as amended). This law makes it illegal to intentionally or recklessly kill, injure or take either hare species during their close seasons or to poach these species (and rabbit) at any time. Also, the mountain hare is a species of Community interest listed on Annex V the Habitats Directive . The taking of these animals and their exploitation may be subject to management measures to ensure their conservation status is favorable. The mountain hare is listed in Annex 5 of the EC Habitats Directive (1992) as a species: "of community interest whose taking in the wild and exploitation may be subject to management measures." This means that certain methods of capture such as snaring are prohibited, except under license. Mountain hares have historically been considered as "small game" but shooting is becoming increasingly commercialized. In one case a refrigerated van had been brought over by a party of Italian guns who intended to shoot 1,000 mountain hares and sell them in Italy to pay for the shooting holiday. Local mountain hare population sizes can fluctuate widely. Both species of hare are quarry species and may be legally controlled. In the case of mountain hares, control usually takes place on managed grouse moors to reduce tick numbers, or to protect young trees, but the impact of culling on mountain hare populations is not well understood. Whilst reviewing the management of mountain hares we have agreed an interim position external site on this issue with the Game & Wildlife Conservation Trust (GWCT) and Scottish Land & Estates. Research is also underway in partnership with GWCT and the James Hutton Institute to trial methods of assessing mountain hare numbers to provide population density estimates. With this knowledge we can then improve our understanding of the overall status of mountain hares and the sustainability of hare management measures. Offenses It is an offense to intentionally or recklessly: kill, injure or take a brown or mountain hare in its close season. kill, injure or take a brown or mountain hare without a legal right to do so. The close season for the mountain hare is 1st March to 31 July. It is also an offense to: possess or control, sell or offer for sale or transport for the purpose of sale any live or dead hare (or rabbit), or any derivative of such an animal, which has been killed without a legal right to do so. Licensing and hares Licenses are available to allow specified people to carry out actions that could otherwise constitute an offense. Licenses can only be issued for specific purposes that are set out in the legislation. If you are planning any activities that could affect hares, you should make sure that you stay within the law. While the mountain hare is persecuted directly for sport it is also snared and shot in large numbers because it allegedly carries a tick borne virus which kills grouse chicks and is therefore seen as a threat to the grouse shooting industry. The Habitats Directive requires member states to ensure exploitation of Annex 5 species is: "compatible with their being maintained at a favorable conservation status." Since there are no official records of the number of hares being killed it is difficult to see how this requirement can be met. But anecdotal evidence of culling levels strongly suggests that EC wildlife law is being broken in Scotland. Now with that, we have an article titled: Culling of Scotland's mountain hares should be banned, says charity Unregulated culling of Scotland’s mountain hares should be banned and the species protected, according to a report that says shooting the animals for sport is inhumane and uncontrolled. Landowners can shoot the hares without a license from August to February and claim culls are necessary to protect game, especially red grouse, from disease. Campaigners say death rates of hares, which are native to the Highlands and thrive on grouse moors, are not monitored. The charity OneKind, in a report published on Monday, said: “Population data is sparse but suggests mountain hares are in decline. Yet they are widely persecuted for sport and as part of organized culls.” At least 25 game estates were currently offering the opportunity to shoot mountain hares for sport, it said, with no guarantees this was not driving decline. It estimates about 40% of hares killed were for shot for sport, while about 50% died as part of organized culls. It was impossible to know how many were killed as mountain hare killing was secretive and carried out in remote locations, the charity said. One estimate was that 25,000 were killed in 2006-07 – a figure now 10 years old, OneKind said. The report highlights three culls that it claims took place on grouse moors, including two carried out last year on the Balmoral estate in Royal Deeside. The Scottish government has called for voluntary restraint on the issue. A spokesman said: “We have been very clear that we will not tolerate large-scale culls of mountain hares but we recognize that numbers need to be controlled in some specific circumstances.” It is setting up an independent review to examine the sustainability of grouse moor management, including hare-culling. Data on hare populations is widely disputed. The last estimate was made in 1995 when 350,000 mountain hares were thought to exist. OneKind states the population could be between 175,000 and 500,000 hares, fluctuating year-on-year, but said monitoring by the British Trust of Ornithology – albeit for a limited sample size – suggested an overall decline of 34% between 1996 and 2014. Harry Huyton, OneKind’s director, said: “Mountain hares are an iconic species in Scotland that should be protected. Our report shows that instead they are persecuted in enormous numbers for entertainment. The killing is unregulated, and there are no guarantees that it is not further driving the decline of these species or causing unacceptable suffering. “Today, the day before the open season begins, OneKind is calling on the Scottish government to take urgent action and introduce a moratorium on large-scale hunts and culls before the season gets into full swing.” Hares can be killed under license from Scottish National Heritage. But, in addition to organized culls there are driven and walked-up shooting of the hares offered as one of many “country sports” by Scottish estates, the charity said. Its research found 25 companies offering mountain hare hunting online, eight of which were promoted by the Scottish Country Sports Tourism Group, which listed SNH and Visit Scotland as partner organizations. The report states: “For almost half the year, from March to July inclusive, mountain hares are protected and any persecution without a license from SNH is illegal. But, for the remainder of the year, they can be killed freely with no permissions and no transparency, and as such are persecuted on a large scale.” Driven hunts involved flushing hares towards a line of waiting guns. But hares were “notoriously challenging to shoot” as they were small and fast and the risk of causing injury rather than clean kills was heightened, it added. OneKind calls for a ban on hare killing, except under license, and complete protection within national parks. Now news from this past winter: UK's white mountain hares at risk from predators due to worst snowfall in 10 years http://www.telegraph.co.uk/news/2017/02/02/uks-white-mountain-hares-risk-predators-due-worst-snowfall-10/ Britain's mountain hares are at greater risk from predators because of a lack of snow caused by the mild winter, conservationists have warned. White mountain hares are being made an easy target as they have nowhere to hide in the Scottish Highlands after the worst snowfall in 10 years. It means the creatures, which may have been here since the Ice Age, are now particularly vulnerable to predators such as golden eagles, foxes and stoats. Rob Raynor, Scottish Natural Heritage's mammal specialist, said: "This year we have less snow in Scotland than usual. "Every spring, while their fur is still mainly white, mountain hares have to deal with difficulties evading predators as the snow disappears and they're more visible against brown heather before they moult back to grey/brown. "You can sometimes even see them among the brown heather when snow is nearby. But with less snow this year, the risk to hares of predators could begin earlier and be higher than normal." First mountain hare reared by Scottish SPCA released 1 August 2017 The Scottish SPCA has released a mountain hare back into the wild after he was found at less than a week old. We were alerted after the hare was discovered by a member of the public in Balblair in Ross-shire on 23 May. The adorable little hare was rehabilitated at the charity’s National Wildlife Rescue Center in Fishcross, where he was named Nevis. Center Manager Colin Seddon said, “Nevis was the first mountain hare we’ve ever hand reared at our center in Fishcross so it was exciting. “He was hand reared by Nicola Turnbull, one of our wildlife assistants. “Their natural habitat is In the mountains and hills so they’re rarely picked up.” “Nevis was successfully released back into the wild at a carefully selected site. Sadly mountain hares are still heavily persecuted so we’ve ensured he’s in an area where there is no form of control or culling.” Anyone who discovers an injured or distressed wild animal should call the Scottish SPCA animal helpline on 03000 999 999. https://scottishwildlifetrust.org.uk/species/mountain-hare/ http://www.snh.gov.uk/protecting-scotlands-nature/protected-species/which-and-how/mammals/hares/ https://www.theguardian.com/world/2017/jul/31/mountain-hares-scotland-culling-highlands-onekind http://www.hare-preservation-trust.co.uk/mountain.php https://www.gwct.org.uk/research/species/mammals/mountain-hare/ http://www.welcometoscotland.com/about-scotland/wildlife-around-scotland/scottish-mammals/mountain-hare http://www.hutton.ac.uk/research/groups/ecological-sciences/landscape-and-spatial-ecology/mountain-hares https://ptes.org/get-informed/facts-figures/mountain-irish-hare/ https://www.scottishspca.org/newsroom/latest-news/first-mountain-hare-reared-by-scottish-spca-released/ https://stv.tv/news/features/1386680-snow-white-secrets-of-scotland-s-mountain-hare-whisperer/ Rabbit Wool Socks Now occasionally I like bring you an item on Amazon that I personally use or has been purchased by many members of the audience, and I have researched enough to recommend. A few years ago I received rabbit wool socks for a Christmas. Out of the package I noticed how soft and fuzzy they were. They are a thick sock. You can call them plush, but they are not like plush material. They are very soft thick socks. My feet have been warm and comfortable wearing them. They are very fine outside, but they are a thick sock, so they may not fit into tight shoe. They can be too warm for wearing all day indoors in a shoe. They wash well and have not lost their shape. The elastic top was just right holding up the socks without being too tight. I have no complaint about the fit. My wife likes to wear them as slippers inside do to how warm they keep your feet. These are amazing socks, they are very soft and not itchy at all! We will have a link to the socks in the show notes. Word of the week: Risk The Rabbit Herd Europe http://www.pitt.edu/~dash/type0570.html#ashliman Once upon a time there was a king who had a daughter that would not laugh. His jugglers, clowns, and jesters performed their utmost for her, but she could not, or would not, even break a smile. Finally the king proclaimed that whatever man -- rich or poor, young or old, strong or frail -- could break his daughter's spell should take her to wife, and receive half the kingdom as well. Men and boys came from every direction to try their luck but no one was successful, until.... The news finally reached a remote corner of the kingdom where a poor peasant lived with his three sons. The youngest -- we'll call him Hans (although some say that his name was Jack, or Ivan, or Juan) -- decided that he too would try his luck at winning the hand of the princess. He was a droll sort -- some called him silly, others just plain stupid -- whose capers often brought the villagers to laughter. Yes, he would give it a try. And he set forth, pursued by the jeers of his older and wiser brothers, on the path that led to the king's palace. At midday he was looking for a shady spot where he could rest and eat the crust of bread he had brought, when suddenly he came upon an old man by the side of the road. "Would you share your bread with a weary traveler?" asked the stranger. "Half a dry crust is quite as good as a whole one," replied Hans, and broke off a piece for the old man. "Bless you, my son," responded the stranger. "I cannot reward you with gold, but this whistle will lead you to that, and more." So saying, he offered Hans a tiny silver flute. Hans put the flute to his lips, and it began to play, first a marching tune, then a cheerful air, and then a pensive hymn. Before he knew it, Hans had arrived at the palace, and the guards, charmed by his tuneful music, let him pass. His heart leapt for joy, and the flute broke into a lusty jig. The princess, hearing the tune, opened her window and looked out. She nodded her head to the beat, then gave a cautious grin, and then an open smile. She chuckled softly to herself, then broke into a happy laugh. The king, hearing her joyful laughter, was beside himself with glee, until -- that is -- until he saw the lad who was playing the flute. Hans, you see, did have the look of a peasant and of a simpleton, and the king, in spite of his promise, was hoping for a finer man. "That is all well and good," said the king to Hans, "but before you can receive the princess, there is yet another task that you must fulfill." He then had one hundred wild rabbits set loose in a nearby forest. "Keep these animals together in a herd," said the king, and in three days the princess and half the kingdom shall be yours. But if you lose a single rabbit, you shall forfeit everything. Even as they spoke the rabbits ran to the four winds, but Hans did not despair. He blew a few notes into the silver flute, and as if by magic, the hundred rabbits assembled at his feet. Reassured, he made himself comfortable in the shade of a large tree, and waited for the three days to pass. The king, seeing how easily Hans kept the herd together was filled with worry and anger. No other solution presented itself, so finally he sent his daughter into the woods, telling her to do whatever was necessary to get a rabbit away from the peasant herdsman. The princess presented herself to Hans, and asked him ever so politely if she might not purchase one of his rabbits. His answer made her blush. "You don't mean that I would have to ...," she said, and didn't know whether to pout or to smile. No, he would accept no other offer, said Hans. "Take it, or leave it." And so she took it. The princess left the woods carrying a rabbit in her basket. But well before she arrived home, Hans put the magic flute to his lips, and in an instant the rabbit jumped from her basket and raced back to the herd. The next day the king, ever more desperate, sent his own wife into the woods with instructions to bring home a rabbit, whatever the cost. When Hans named his price, the queen, like the princess before her, first pouted, then smiled, and then gave in. But she too lost her rabbit when Hans called it back with his magic flute. On the third day the king himself went into the woods to bargain for a rabbit. Hans, as before, was willing to trade, but this time the price -- no, I cannot bring myself to say more than that it involved a mare that was grazing in a nearby clearing. Red with shame, the king took his rabbit and started off for home, but again the flute called the rabbit back into the herd. The three days had passed, and the rabbit herd was still intact, but now the king found yet another task that Hans would have to fulfill before he could claim the princess and half the kingdom. "A trifle," explained the king. "Just sing three bags full." "I can manage that," said Hans. "Bring me three empty bags, and I'll sing them full to the top, but only in the presence of the finest lords and ladies of the kingdom. The king, believing that at last he would be rid of the peasant lad, assembled the lords and ladies in a great hall, then brought in Hans and three empty bags. Hans picked up a bag and started to sing: Our princess went into the woods; She thought she'd try her luck, ... "Stop!" called out the princess. That bag is full!" Hans obligingly stopped singing, tied a string around the mouth of the bag, picked up the next one, and started a new song: Our queen she went into the woods; She thought she'd try her luck, ... "Stop!" shouted the queen. That bag is full!" Hans stopped, tied this bag shut, picked up the last one, and commenced singing: Our king he went into the woods; He thought he'd try his luck, ... "Stop!" bellowed the king. The last bag is full!" With that, the king proclaimed that Hans had won the princess's hand in marriage and half the kingdom. The wedding was celebrated that same day. All the lords and ladies attended the great feast that followed. I too was invited, but I lost my way in the woods and arrived only as the last toast was being drunk. This tale, recorded with varying degrees of raciness, is found throughout Europe. Hello Listener! Thank you for listening. If you would like to support the podcast, and keep the lights on, you can support us whenever you use Amazon through the link below: It will not cost you anything extra, and I can not see who purchased what. Or you can become a Fluffle Supporter by donating through Patreon.com at the link below: Patreon/Hare of the Rabbit What's this Patreon? Patreon is an established online platform that allows fans to provide regular financial support to creators. Patreon was created by a musician who needed a easy way for fans to support his band. Please support Hare of the Rabbit Podcast financially by becoming a Patron. Patrons agree to a regular contribution, starting at $1 per episode. Patreon.com takes a token amount as a small processing fee, but most of your money will go directly towards supporting the Hare of the Rabbit Podcast. You can change or stop your payments at any time. You can also support by donating through PayPal.com at the link below: Hare of the Rabbit PayPal Thank you for your support, Jeff Hittinger. © Copyrighted
Simon Shares Finally, 5 weeks after moving my FTTH has been installed so I am going to Periscope each recording as it happens which is typically Wednesday afternoon. https://www.pscp.tv/SimonPB/ Retail trading updates coming in and as expected they are mostly bleak, but we are seeing the impact of the rains mostly returning. Netflix is a monster, over 100million customers world wide. Long4Life is buying; Holdsport and Sorbet. Steinhoff (JSE code: SNH) raises R12bn (Euro800million) in Europe with a 7.5 year bond at 1.875%. Upcoming events JSE Power Hour: Recession proof stocks Moneyweb Expo - Structure your pay cheque Is the fees battle over? Last week I spoke about the price war in ETFs. But do fees still matter? For the passive market fees are surely at point where they almost don't matter. Sure they can go lower but we're talking most local ETFs now nicely below a 0.5% TER ratio while the offshore are slightly above 0.5%. Don't get me wrong, every 0.1% makes a difference, but on R100k that's R100. Not nothing but not the difference between retiring or not. I still look at VOO with a TER of 0.04%, but we're never going to get that low (they're a mutual company and owned by the fund holders and have massive scale we'll never see in South Africa). Admin fees, once a silent killer have also disappeared at some brokers where a simple ETF or tax-free account has zero admin fees. Transaction fees are still a bug bear at some places with minimums that mean you need to trade some R18k-R30k per hit to get the effective rate. We Get Mail Georges I would like to find out how/when do ETFs collect their TER? Is this set off against distributions quarterly or “baked” into the price? Helen What will happen to my preference shares with Basil III? Will I loose them? JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Simon Shares Finally moving so at the pointy end of going small. Move date is next Wednesday which is also my recording day, so frankly not sure what the plan is re JSE Direct for next week. Will try make a plan, maybe a rebroadcast. PPC (JSE code: PPC), HEPS down 93% at 7c but this is all about the rest of Africa and a possible merger with AfriSam. Steinhoff (JSE code: SNH) results not bad, but so many moving parts it's hard to keep up. Bond and pref share ETFs for income. Upcoming events; JSE Power Hour: Ways that management can mislead investors JSE Power Hour: Trading for a living Now for the recession It was a surprise to most economists but thats moot as the economy and consumer is under severe pressure recession or not. Importantly this was for Q1 2017, so before the shuffle and downgrade. I think this is not going to be short and sharp, it's going to hurt as we have little to counter it. Government; cut interest rates, cut tax and increase spending. Personal; cut debt and spending. Investing; quality offshore bias, be careful of mid & small caps. We now really are Brazil. We Get Mail Ryno I think Buffett is actually a income investor. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Scaling New Heights Podcast: Cutting Edge Training For Small Business Advisors
In this final week leading up to SNH 2017 we will hear from Rich Preece. Rich is the Global Accountant Segment Leader at Intuit and heads up all of Intuits partnership programs, products, and services for accounting professionals. In this podcast, Joe Woodard talks with Rich about how Intuit is incorporating customers in their innovation process, and the impact of mobile technology and the gig economy on the accounting industry. Be sure to catch Rich’s keynote presentation June 5, 2017 on the Scaling New Heights live web stream.
Simon Shares Purple (JSE code: PPE) who own Easy Equities had a very rough set results and as they comment in the commentary they need a capital injection. What does tihs mean for the business and clients? @csavagegt247 @Richards_Karin @Caro1Graham @gary_dyk @EasyEquities Some more comforting news regarding EE's nominee First World Trader Nominees (FTW). Taken from their T&C's. pic.twitter.com/oXSELq2QDZ — Johann Biermann (@JohannBiermann1) April 25, 2017 Listed property or buy-to-let Power Hour was great, packed wth tons of details and the spreadsheet so you can crunch your own numbers. Kering results showed very strong growth for their luxury brands in Asia Pacific and this has spurred Richemont* (JSE code: CFR) higher. Details; Gucci +48% vs consensus +21%, Bottega Veneta +2% vs consensus -4%, Saint Laurent +33% vs consensus +19%. Steinhoff (JSE code: SNH) is loving the French election first round results. Upcoming events JSE Power Hour: Investing while junk * I hold ungeared positions. Trading multiple systems How to manage trading different systems? I trade three system with ALSI futures and I manage it by having a primary system that takes precedence over the other two, otherwise I could end up short and long at the same time. Alternatively trade different products (add FX to the mix and trade different crosses). Another option is one trading system but different products or markets. Engulfing candles system video Gap close system video JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
沁乐时间 S04E05 XXX48! Part 2本期节目录制于2014年11月2日，首播于2014年11月14日@BLCU Radio。Hello大家好，本期节目阿沁将继续和大家一起来聊聊席卷岛国乃至世界的48系军团的故事~Track 05. 呜吒 – SNH48在占领全日本之后，48系军团果断的开始了远征海外的战斗。在2012年4月，中国的第一支48系军团，SNH48项目正式启动，并在2013年一月进行了第一场公演，标志着SNH48正式以48系中国姐妹团的身份开始活跃。SHN同样由肥康担任总制作人，并且有AKB48提供各方面的技术支持。不过因为日本制作及版权方的限制，SNH只能以中文翻唱位于日本的姐妹团体已有的歌曲。到目前为止，SNH已经发行了5张正式单曲和一张正式专辑。不过说起来，SNH已经把AKB的经典作品翻唱的差不多了，无尽旋转，激流之战，幸运曲奇，飞翔入手，还有现在听到的这首Uza等等。其实对于SNH阿沁个人是比较想吐槽的，每次的歌词翻译和混音都真的呵呵呵，不过想想人家也不容易啊，咱们还是要支持的。这首UZA的中文名字叫呜吒，不得不说这个脑洞有点大，但是，就这样吧。另外就是听到中文版的歌曲总是觉得有点奇怪，不过再想想印尼的姐妹团JKT的版本，SNH还是很可以接受的呢。好啦好啦，不多说啦，听歌。Track 06. 何度目の青空か？ - 乃木坂46说起48系呢，其实也不得不提另外一个组合，那就是乃木坂46了，同样是出自秋元康手下的女子团体，和AKB的关系呢，是写作宿敌读作亲友，他们确实是AKB的官方对手，并且以“人数虽然比你们少两个，但是我们依然不服输”的精神成军，啧啧，要说起来肥康也确实是挺能折腾的，你看，与其和别的组合争，拼个你死我活，不如敌人就是自家姐妹，这样无论谁赢都是自家挣钱，有头脑啊真是。所以其实说起来，乃木坂46也应该算是48系军团的一个分支啦，正式成军于2012年，首支单曲发行于同年2月22日，目前为止已经有10支正式单曲和一张精选集，他们没有自己的剧场，但是依然非常活跃。说起来，今年的总选生駒里奈可是杀倒了一片主团成员啊，如今她也兼任主团TeamB，而SKE的大松井也开始兼任乃木坂，所以都这样了还是官方宿敌也真是醉了。乃木坂的歌呢，意外的都还不错，成绩也都很好，前一阵的気づいたら、片思い还有现在这首何度目の青空か？的水平真的是可以秒杀主团最近的单曲的，期待奶团之后的表现，说不定哪天就真的把AKB给拉下马了呢。Track 07. 桜の花びらたち – AKB48所以节目到这里也差不多该结束了，阿沁很少在一期节目里说这么多话，其实自己也有点不适应，哈哈。不过其实48的故事远不止这么多，就比如还有印尼的海外团JKT48还有已经全员毕业的SDN48等等。本来也是对这些团体没什么兴趣的，但是在岛国呆得久了，不知不觉的竟然也在其中找到了亲近感。去年总选的时候阿沁还给优叔倒过票，还有一阵子拼了命的定初回，现在想想也是蛮拼的。现在虽然已经没有了那时的狂热，但是48系已经变成我们日常生活的一部分，她们的歌也陪伴我们走过了许多不同情感的日子。现在的48系，已然是日本最具人气的流行女团了，但是阿沁偶尔却还会怀念他们没有这样成名时纯真的样子，那时的阿酱，南哥，优叔，虎牙，那时的小姑娘已经都出落成了风韵万千的成熟女人，时间也真是过的好快呢。所以节目的最后，就让我们用Akihabara48最早的这支单曲来作为节目的结束吧，彼时的桜の花びらたち如今每一片，都出落成一朵独特的花了吧。感谢你收听今天的沁乐时间节目，我是阿沁，让我们下期节目再见。
沁乐时间 S04E05 XXX48! Part 2本期节目录制于2014年11月2日，首播于2014年11月14日@BLCU Radio。Hello大家好，本期节目阿沁将继续和大家一起来聊聊席卷岛国乃至世界的48系军团的故事~Track 05. 呜吒 – SNH48在占领全日本之后，48系军团果断的开始了远征海外的战斗。在2012年4月，中国的第一支48系军团，SNH48项目正式启动，并在2013年一月进行了第一场公演，标志着SNH48正式以48系中国姐妹团的身份开始活跃。SHN同样由肥康担任总制作人，并且有AKB48提供各方面的技术支持。不过因为日本制作及版权方的限制，SNH只能以中文翻唱位于日本的姐妹团体已有的歌曲。到目前为止，SNH已经发行了5张正式单曲和一张正式专辑。不过说起来，SNH已经把AKB的经典作品翻唱的差不多了，无尽旋转，激流之战，幸运曲奇，飞翔入手，还有现在听到的这首Uza等等。其实对于SNH阿沁个人是比较想吐槽的，每次的歌词翻译和混音都真的呵呵呵，不过想想人家也不容易啊，咱们还是要支持的。这首UZA的中文名字叫呜吒，不得不说这个脑洞有点大，但是，就这样吧。另外就是听到中文版的歌曲总是觉得有点奇怪，不过再想想印尼的姐妹团JKT的版本，SNH还是很可以接受的呢。好啦好啦，不多说啦，听歌。Track 06. 何度目の青空か？ - 乃木坂46说起48系呢，其实也不得不提另外一个组合，那就是乃木坂46了，同样是出自秋元康手下的女子团体，和AKB的关系呢，是写作宿敌读作亲友，他们确实是AKB的官方对手，并且以“人数虽然比你们少两个，但是我们依然不服输”的精神成军，啧啧，要说起来肥康也确实是挺能折腾的，你看，与其和别的组合争，拼个你死我活，不如敌人就是自家姐妹，这样无论谁赢都是自家挣钱，有头脑啊真是。所以其实说起来，乃木坂46也应该算是48系军团的一个分支啦，正式成军于2012年，首支单曲发行于同年2月22日，目前为止已经有10支正式单曲和一张精选集，他们没有自己的剧场，但是依然非常活跃。说起来，今年的总选生駒里奈可是杀倒了一片主团成员啊，如今她也兼任主团TeamB，而SKE的大松井也开始兼任乃木坂，所以都这样了还是官方宿敌也真是醉了。乃木坂的歌呢，意外的都还不错，成绩也都很好，前一阵的気づいたら、片思い还有现在这首何度目の青空か？的水平真的是可以秒杀主团最近的单曲的，期待奶团之后的表现，说不定哪天就真的把AKB给拉下马了呢。Track 07. 桜の花びらたち – AKB48所以节目到这里也差不多该结束了，阿沁很少在一期节目里说这么多话，其实自己也有点不适应，哈哈。不过其实48的故事远不止这么多，就比如还有印尼的海外团JKT48还有已经全员毕业的SDN48等等。本来也是对这些团体没什么兴趣的，但是在岛国呆得久了，不知不觉的竟然也在其中找到了亲近感。去年总选的时候阿沁还给优叔倒过票，还有一阵子拼了命的定初回，现在想想也是蛮拼的。现在虽然已经没有了那时的狂热，但是48系已经变成我们日常生活的一部分，她们的歌也陪伴我们走过了许多不同情感的日子。现在的48系，已然是日本最具人气的流行女团了，但是阿沁偶尔却还会怀念他们没有这样成名时纯真的样子，那时的阿酱，南哥，优叔，虎牙，那时的小姑娘已经都出落成了风韵万千的成熟女人，时间也真是过的好快呢。所以节目的最后，就让我们用Akihabara48最早的这支单曲来作为节目的结束吧，彼时的桜の花びらたち如今每一片，都出落成一朵独特的花了吧。感谢你收听今天的沁乐时间节目，我是阿沁，让我们下期节目再见。
Scaling New Heights Podcast: Cutting Edge Training For Small Business Advisors
As a world renowned photographer, Joe Buissink has documented weddings for celebrities like Jennifer Lopez, Christina Aguilera, and Kelsey Grammar. Joe has been profiled by Good Morning America, People magazine and a wide range of other media organizations, and he holds several high profile professional distinctions including the International Leadership Award in Photography issued by the United Nations and Canon’s highly coveted “Explorer of Light” designation. During Scaling New Heights 2016, Joe Buissink presented a keynote presentation detailing the power of brand, the connection between brand and professional passion, and how accounting professionals can invigorate their relationships with their clients. This podcast episode is an extension of Joe’s powerful keynote presentation.
Simon Shares US mattresses with Steinhoff (JSE code: SNH)? Paying more than double the last traded price? MTN looks all ugly. Forget the fine, forget over a billion Rands in associated costs. Nigerian and South African markets look weak and I still say they need to transition into being a data utility. That said there's a nice trade from around R122 - R140. SABMiller (JSE code: SAB) leaving the JSE on 11 October (most likely) after listing on the JSE in 1897 (just two years after being founded and a decade after the JSE was founded). SAB has been one of the key drivers of the Indi25 index over the last decade (SAB +472%, All Share +154%). They're going to leave a gapping hole. If you had R300, which ETF would you buy? We ask the Just One Lap team for their picks. The Fat Wallet Show goes where few are brave enough to trend. Renting vs. buying, what does the maths say? Keith McLachlan from Alpha Wealth Finding a local Berkshire Hathaway? Simon answered a listener questions suggesting that maybe Conduit Capital (JSE code: CND) was an option. The trick however is the regulatory environment and Keith McLachlan helps us understand what those Solvency Assessment and Management (SAM) regulations are and how difficult it makes for a company to model themselves on Berkshire Hathaway. We Get Mail Caroline Richemont (JSE code: CFR) has been falling steadily for nearly a year and is down 26.59%. Is it now regarded as a “Dog”???? Or because it is in your Death Do Us Part portfolio has it become a “Puppy”? Question – have you sold or not? My problem is Astoria (JSE code: ARA). I bought for long, long, term and that has fallen about the same. Do I bale and lose a large dollop of my portfolio which I am no longer in a position to recoup, or let it turn around with the Rand exchange rate. Problem is that might not happen in my lifetime!!! Decisions …. decisions Tax feedback Just a point on not being able to offset trading losses against other income, believe you can as long as SARS didn't ring fence the loss and your chances are better if you are not at marginal tax rate,activity not deemed to be a hobby and not more than 3 losses out of last 5 tax years. I can feel for Johan. I used the "Other income" to declare 'trading income' from various sources. I keep these income's to the bare minimum. HOWEVER.... No easy place to claim expenses as a separate entry. Unless You open the can of worms called "Business" income. Jacques Any ideas on how to benefit from current strong rand i.e. which ETFs are good options to take some cash offshore? JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Where to invest offshore? Simon Shares Pick n Pay (JSE code: PIK) results show the turn around is very much working albeit the stock remains very expensive. But the margins are still way to slim at 2% and less than half that of Shoprite (JSE code: SHP). This has to be the focus going forward if they have any hope of justifying the stretched valuation. MTN is getting money out of Iran, reportedly USD1billion and this certainly helps with the Nigerian fine, but once again this comes from third party sources not from the company via SENS. Steinhoff (JSE code: SNH) said it won't raise its offer for French retailer Darty and this is a good thing because in a bidding war the only winner is the seller. Berkshire Hathaway is webcasting their AGM this weekend, this Saturday 30th April 2016 at 4pm. you can view it here. Kristia van Heerden looks back at a year of erratic ETF buying in our weekly ETF blog. We're doing a webcast of the lazy trading system on the 12th at 8pm. Wehmeyer Ferreira from DB X-Trackers Where to invest offshore? US, EU, UK or Japan? What of China or maybe just the world? We've recently covered two of the more popular ETFs from Deutsche Bank; DBXWD and DBXUS. We Get Mail Samuel Should a home loan be considered as debt? Tshepo What is best index to use for a benchmark? JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
The Alliance Party of Scotland will be 2 weeks old this Thursday. Mrs. Pat Wells will join us live to give us an update and, hopefully, to discuss today's announcement of the new wild lands mapping from SNH. Also, we will air a conversation with the leader of Alliance Party, Richard Crawford in which we discuss his background, the goals of the APS, it's position on the independence referendum and much more.
Opening: Momoiro Clover Z – Mouretsu Uchuu Koukyoukyoku Dainana Gakushou ‘Mugen no Ai'The TopicsWhat's Up With You?:Catch us up on your life. For new people, tell us a bit about yourself.America saved Big Bird and made Sesame Street safe again. Pat yourselves on the back.Internal Review:Submitted by idol panel member: ToZFor those who write for or have contributed in some way to a site or podcast:How do you choose what music you cover?What is your approach to reviews and general coverage of music?AKB48's Team Shuffles:AKB48's team shuffle will go into effect Nov 1. With the discontinuation of Team 4, AKB48 is back to 3 teams: Team A, K, and B.Is there hope for the mythical beast known as “new stages” or are the new teams just going to be singing the same old stuff for eternity?Are there going to be songs that will not be the same because of the shuffle? (Team B Oshi comes to mind.)Which of the former Team 4 girls do you think will break out with their promotion into the big 3?SNH48:AKB48's overseas sister group SNH48 (based in Shanghai, China) revealed that 26 girls have passed the first generation audition.It is stated that the goal is to make this group a nationwide phenomenon much like their Japanese counterparts. Is that possible given your knowledge of Chinese music or Japanese influenced music outside of Japan.What do you think of the rumors that SNH's management want zero Japanese involvement with this offshoot of the 48 family.If the above statement is true, where does this leave those transferred from Japan?Is it even a good idea to shun involvement from any Japanese part of AKS?Idol video games:Submitted by panel member MandyWhat do you think of them?What or is the future of this sub genre of games?Would stuff like this ever go mainstream outside of Japan. Like if you could play the Miley Cyrus let's get high & show my hoo ha game or something like that.0048 fam has a game, MM had a game. Who is the next idol/idol group to get a game?Ending: NMB48 – Junjou U-19
This week Lesley wrote about the challenges of the islanders and their battles with SNH. It's mostly about seals, scallops and localisation.
Riddoch Questions went on the road to the Outer Hebrides. Panelists included David MacLennan of SNH, Lionacleit S6 student Kevin Donkers, Jane Farmer of UHI, Gaelic columnist Angus Peter Campbell, Storas Uibhist Chairman Angus MacMillan, and Lochboisdale Community Council chairman Ronald MacKinnon. The subject; "do the islands have an economically viable future ?"
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