Stock Watch - 22 May 2024 | The Close
Summary
TLDRIn this insightful discussion, financial experts G Letter to Levy, David Shapiro from Sassman Securities, and Wayne McCurry from FNB Wealth and Investments delve into the intricacies of the stock market. They address a range of topics, including the strategic mergers and acquisitions in the mining sector, the potential for a commodity upcycle, and the influence of AI on the tech industry. The panelists also provide investment advice, with a focus on companies like BHP, Anglo American, and Nvidia, and discuss the current state of the South African Rand. They explore the impact of political stability on the economy and provide insights into the future of resource ETFs and the prospects of retail stocks like Target. The conversation is a testament to the dynamic nature of financial markets and the importance of staying informed in an ever-evolving landscape.
Takeaways
- 📉 BHP's Offer Rejection: Anglo-American has firmly rejected BHP's offer but has given them an additional week to improve it, indicating a potential openness to a better deal.
- 🔄 Finality of BHP's Offer: BHP has declared its current offer as final, not intending to make a better one, which raises questions about the future of negotiations.
- 💡 Shareholder Power: Shareholders have the ultimate say in major decisions like mergers or acquisitions, even if directors disagree.
- 📊 Market Analysis: There is a possibility of a commodity upcycle in the next few years, which could positively impact the South African Rand and share market.
- 🌐 International Influence: Decisions by companies like BHP are influenced by global factors and stakeholders outside of South Africa.
- 🔑 Future of Kumba: The future of Kumba, a subsidiary of Anglo American, is uncertain following the rejection of BHP's offer.
- 🛑 Uncertainty in Tech: Nvidia's results are seen as a bellwether for the tech industry and the economy, with expectations running high.
- 🚀 AI and Semiconductors: The demand for AI and semiconductors is increasing, with companies like Nvidia leading the charge in innovation.
- 💻 Market Sentiment: The 'man on the street' is becoming more interested in commodities like copper, indicating a potential shift in market sentiment.
- 🌐 Global Impact: The impact of AI is becoming more evident in everyday life, affecting how we live, shop, and entertain ourselves.
Q & A
What was the main topic of discussion regarding BHP and Anglo-American?
-The main topic was Anglo-American's firm rejection of BHP's offer, but with an indication that they would consider a better offer if presented within a week. BHP, however, announced that their offer was final and would not be improved upon.
What does David Shapiro think about the potential merger between the two companies?
-David Shapiro believes there is still a lot of discussion to be had and that the strategies of the two companies are quite similar. He suggests that many shareholders or investors might support a merger due to the potential for a strong focus on developing copper interests.
What is Wayne McCurry's perspective on the shareholders' role in the potential sale of their company?
-Wayne McCurry explains that ultimately, the shareholders have the final say, even if the directors disagree. Shareholders can call a special general meeting and make decisions through proxy votes or actual votes.
What is the general sentiment regarding the South African Rand (ZAR) and its potential movement?
-There is a belief that the ZAR could strengthen, possibly moving towards an overvalued territory if a commodity upcycle occurs over the next two to three years. However, this could change rapidly based on external factors such as US inflation or job reports.
How does David view the current situation with Nvidia and its significance in the market?
-David sees Nvidia as a significant player in the market, especially as a pure play on AI. He believes that Nvidia's results could act as a catalyst for a market rally or at least allow the market to hold its current position.
What is the panel's opinion on investing in copper, specifically through companies like Copper 360?
-Wayne McCurry is cautious about investing in single commodity companies like Copper 360, despite acknowledging the bright future for copper due to the move towards electrics and a lack of new big copper deposits.
What does the panel suggest about the potential for a commodity upcycle and its impact on the economy?
-The panel suggests that a commodity upcycle could lead to a stronger Rand, a better performing share market, and an improved economy. However, they also advise to sell and take money overseas if things start looking better.
What is the discussion around selling South African bonds in anticipation of declining interest rates?
-Wayne McCurry advises against selling South African bonds now, as they are yielding about 10% plus capital growth. He believes that if the Rand strengthens and interest rates fall, the value of long bonds will increase.
What are the panel's views on investing in resources ETFs, and which ones do they recommend?
-The panel suggests focusing on the Resi 10 ETF, which includes major resource companies. They also caution against ETFs that include gold shares, as they appear to be topping out.
What stock picks do the panelists offer for the current market conditions?
-Wayne McCurry suggests investing in US retail, specifically Target, due to the potential for a rebound in consumer spending if US interest rates decrease. David Shapiro recommends Roet, a company he believes is well placed for future changes and a good dividend payer.
Outlines
📉 Stock Discussion and BHP's Offer Rejection
The first paragraph introduces a stock market discussion show hosted by G with guests David Shapiro from Sassman Securities and Wayne McCurry from FNB Wealth and Investments. They discuss BHP's rejected offer for Anglo-American, with Anglo-American encouraging BHP to improve their offer within a week. The conversation hints at potential future developments in this corporate acquisition scenario, with speculation about mergers and the future of companies like Angloplats and Kumba.
💡 Insights on Market Trends and Commodity Cycles
In the second paragraph, the panelists share their views on market trends, with a focus on the recent strength of the rand and the potential for a commodity upcycle over the next few years. They discuss the impact of commodity prices on the market and the importance of being cautious about selling off assets too quickly. There's also a debate on the influence of 'the man in the street' on market sentiment and the potential for a market rally driven by major tech companies and AI advancements.
🚀 The Role of AI and its Economic Significance
The third paragraph delves into the significance of AI as a macroeconomic indicator and its role in the tech industry. The panelists discuss Nvidia's role as a pure play on AI and the potential impact of its results on market sentiment. They also touch on the broader implications of AI on society and the economy, highlighting the unstoppable nature of technological advancement in this area.
💼 Tech Sector Analysis and Investment Opportunities
In the fourth paragraph, the conversation shifts towards specific tech companies and investment opportunities within the sector. The panelists discuss the performance and potential of companies like Ultron and Datatech, with opinions on their current valuation and future prospects. They also consider the impact of political stability on investment decisions and the potential for a strong rebound in consumer spending.
🏦 Economic Forecasts and Investment Strategies
The final paragraph wraps up the discussion with economic forecasts and investment strategies. The panelists consider the potential for interest rate changes and their impact on bonds and the rand. They also provide stock picks and discuss the importance of understanding market cycles and historical performance when making investment decisions.
Mindmap
Keywords
💡Stock
💡BHP
💡Anglo-American
💡Merger
💡Shareholders
💡Commodity
💡Rand
💡Interest Rates
💡ETFs (Exchange-Traded Funds)
💡AI (Artificial Intelligence)
💡Renewables
Highlights
Discussion on the potential merger between BHP and Anglo-American, with Anglo-American's firm rejection but openness to a better offer.
BHP's announcement that their current offer is final and they will not improve it, raising questions about the future of negotiations.
The impact of the merger on shareholders and the role of company directors in making decisions on behalf of shareholders.
The potential for a commodity upcycle in the next two to three years, affecting the Rand, share market, and economy.
The significance of Nvidia as a macroeconomic bellwether and its role as a pure play on AI.
The importance of AI and its growing integration into our lives, including shopping and entertainment.
The potential overhyping of share prices in the tech sector, despite long-term growth prospects for companies like Nvidia.
The performance of Royet and Ultron, with a preference expressed for Royet due to its positioning for future market trends.
The strategy regarding South African bonds with a yield of about 10% and the consideration of selling them in anticipation of declining interest rates.
The potential benefits of holding long bonds in a scenario where the Rand strengthens and interest rates fall.
Speculation on the political landscape and its effect on the economy, with predictions on the ANC's performance in the upcoming elections.
The viewer's question about investing in copper and the panel's opinion on Copper 360 as an investment.
Wayne McCurry's circumspection about smaller players like COA 360 in the mining sector.
David Shapiro's bullish stance on the market for the next six months to a year as growth returns to the global economy.
The viewer's question on whether to add Ultron to a portfolio, considering its recent good results and expansion plans.
The recommendation to consider resources ETFs that do not include gold shares due to their current high valuation.
Wayne's stock pick of Target for its potential rebound with lower interest rates and its status as a good retailer.
David's stock pick of Royet, citing its strong performance, good dividend payout, and favorable positioning for future market changes.
Transcripts
welcome back you're watching stock with
me G letter to Levy and joining me to
take your stock related questions this
evening or David Shapiro from sasman
Securities and Wayne McCurry from FNB
wealth and Investments if you'd like to
send questions please email Stockwatch
at bdtv do.a or Via SMS on 41392 and for
the time being we only have David
because I'm not quite sure where you is
um you know you'd think that he'd
remember 6:30 Wes trou yeah because I
haven't been here for a couple a week so
I'm not really familiar you know with
with the latest news so um Wayne Bettis
put out that smoke and just get onto get
onto get onto the TV yes yes he best he
had but actually there was a phenomenal
amount of news today um well um you you
had BHP and anglo-american
uh the offer there um which I found
quite curious actually it was it was a
firm rejection by anglo-american but
they said but we're going to give you
another week to put up or shut up so
that means I think that they would be
open to a better offer if if I had to
read between the lines and then BHP came
out with an announcement that they're
not this is their final offer they're
not going to make a better offer so I
wonder where that leaves us maybe that's
where we should start the show David
what do you think yeah it's I there's
still a lot of discuss to take place um
no one's quite sure how to approach this
because the strategies are are pretty
similar um I kept thinking I take myself
back and say okay if I was uh in the UK
or in America and uh I want to get
involved in Copper or I want to get
involved do I want two companies or do I
want one company so I I I actually think
there are a lot of shareholders or
businesses or uh investors should I say
that would say okay I you know we would
support a merger simply because it's
going to be a very you know a big
business with a strong focus with lots
of muscle to develop copper interests
whereas here it's pretty personal you
know it's uh I think a lot of ego
involved so I think one's got to keep um
the discussions open yeah in both cases
they're going to get rid of Anglo plats
deers you know Kumba I don't know where
Kumba is going to find its place or
whatever it is so uh yeah it's it's
something that I hope they don't put to
bed I mean discard straight away okay
and Wayne good evening to you um perhaps
I could mention a viewer's question
which relates to what you've just said
David and the viewer says I don't
understand how Ango the company can
decline bhp's offer to buy it surely
such a sale implies transfer of
ownership from the current owners that
is the shareholders to the purchaser
which would in turn imply that the
shareholders not the company should make
the decision or do the directors elected
by the shareholders have an automatic
mandate to make all the decisions on
their behalf including as Grave a
decision as selling their
shares the shareholders have the final
yeah yeah the shareholders have the
final save even if the directors
disagree BHP can approach the big
shareholders directly and they can say
yes even if the directors say no it's
unusual for that to happen because
normally the directors are
representatives of Fairly large Sher
base you know of of the company but yes
what the directors say or don't
say actually doesn't really count as
what the shareholders say so any
shareholder who wants to uh accept the
BHP you can call that that shareholder
can call a special general meeting and
get proxy votes or get actual votes and
you know the shareholders the
shareholders call the shots not the
director what the directors try and do
is to give the shers a fair value and
say uh you know this doesn't value the
company at at a price that we consider
would be fair and you get Outsiders to
come and value that and uh I think one
of the issues that Anglo did bring up is
that this whole process the BHP process
could take 18 months and that's too long
to wait so I I I I'm sure that they're
coming round and there's been a lot of
influence
um outside of South Africa you outside
of the PC perhaps maybe some of ours you
know some institutions here as well uh
to have a closer look and say what's
going to benefit us in the longer term
yeah um but way um BHP as I said to
David um came out with an announcement
it said it's this is its final offer
this is the final ratio that it's
offering and it said it would not be
increased unless there's an offer from a
third party so
well look it's it's quite possible but
you know final offers are final offers
until the next one comes you know the
first offer the first offer was this we
really think is a fair value for the
company it's this much of a premium
across the V whack over the last few
days and we really think that this is
generous and and then they come with
another offer that's higher and then
they come with another offer that's
higher so maybe this is the final offer
but as I said until the next offer comes
which may happen probably not but it may
happen yeah okay well we'll see just
generally your comments on the markets
way um we had the r going to 1804
yesterday and I thought oh I'm going to
buy myself some dollars and then it was
all the way back to 1824 actually by the
time we went on air
um if you had to beir into your crystal
ball where do you think we're headed um
and um and why do you think it's it's
it's got such a a bid is it the the jump
that we've seen in some commodity uh
prices over the last couple of
weeks well look I mean I am a complete
stuck record this could be the start of
a commodity Up Cycle that is coming over
the next two or three years I've been
quite consistent in saying that even
though I've been very early in in in in
talking about it but over the next two
or three years we should have a
commodity Up Cycle under those
circumstances our Rand does well our
share market does well our economy does
better and maybe this is the start but
it's these factors that are pushing the
r i mean it could reverse tomorrow if
bad news comes out on US inflation or
jobs or whatever that that that the
interest rate expectations get pushed
further out the interest rate cut
expectations get pushed further out so
this could all change tomorrow but maybe
this is the start and if I'm right and
we do get a commodity upcycle you know
the Rands in know fair value we've fair
value is probably 17750 to 17 so that's
the level I would expect the ran to go
to and if the if the future cycle is
anything like the past cycle the Rand it
will actually move into overvalued
territory so it may in fact strengthen
more than 17 or
1750 but just remember if I'm right and
the Rand does strengthen and our
commodity shares go up and everything is
looking much better don't forget to sell
and then take money overseas yeah yes
exactly um David your thoughts um and
and
generally the
stet yeah I I think grain's right I
think we're in the start of a some major
bull markets the signs are there and uh
you know when client starts saying to
you phoning up say I want to buy copper
you say okay you know this is a good
sign when when all when all of a sudden
they want to go buy a copper bar or
something like this where can I buy
copper because the and and and I I have
great respect for for the man in the
street you know because they don't part
with their money that easily you know
even though we do say that they think
about these things and when they start
talking about copper just shows you that
the story is having some impact so I I I
think and rates are going to come down
inflation is going to come down it's
going to start easing you know it's it's
a rate of change and that rate of change
is going to slow down so I'm I'm quite
bullish on markets for the next six
months to even going into next year you
know as as growth comes back into the
global economy the
problem but the problem David
sorry keep going now I was gonna say you
talk about the man in the street I'm The
Man in the street and when you start
noticing something it generally tends to
mean does it not that the thing is over
so if we stop noticing that uh the
copper prices are 40% we're too late no
you're you're you're early they they
generally right they just get it wrong
at both ends you know they never know
when to sell and they never know when to
buy kind of thing you know you know what
I mean it's but along the way they
they're quite good they're quite good
predictors so we've seen copper going up
now so they didn't get it right at the
bottom but they they you know they want
to be part of all of this so I think um
I can see a lot more activity and uh
people are getting more confident and
going out there and now starting to
suggest equities you know you finding
competition coming in
um suddenly clients are saying you know
I spoke to so and so and uh he told me
to do this and I should be it should be
doing that and this so you can hear the
conversation changing and and I think
it's a good sign and um um it's not
going to be too long before us starts to
talk about reducing rates you know the
economy is starting to Teeter a little
so Wayne's right you know he's going to
be and the Rand sorry the point is that
the Rand will go to 17 7050 no doubt and
could be there by next week two weeks
time I mean just on that point of David
we must understand how quickly things
can can turn I mean I'm looking at my
chart here end of April thec was going
to get 40% the MK was going to get 15%
the eff was going to get 15% that we
going to have a governing govern
Coalition between thec the eff
everything was just absolutely going to
be a catastrophe and the Rand was just
going to weaken I mean it touched 172
1925 and literally in a month in less
than a month it's threatening to go
through 18 these things can swing
quickly positive and negative yeah just
a question on copper um and uh a
you exactly and he says I've come across
copper 360 so specifically and we have
spoken about this but this is a new
question from a VI I so far I like the
investment case I'd just love to hear Mr
mccurry's opinion on buying copper he's
he's always bullish on the mining
companies not necessarily Wayne I think
you're bullish when when you see that
that things are changing um it's still a
small business I do see a lot of
potential there also I'd like to get the
panels opinion on African rainbow
minerals way you're actually quite
circumspect about a smaller player like
COA 360 aren't you yes I first of all I
don't really like single single
commodity companies the future for
copper is fantastic
this this move to electrics and off of
it is so good for copper and there's
been no real new big copper deposits
coming on stream but the problem is the
copper price is essentially at record
highs yeah I know it's come off a little
bit now but it is essentially at record
record highs so maybe it goes up a
little bit more maybe it stays at these
levels the longer term Outlook is good
copper 360 you know I like companies
that
produce income that have been around for
a very long time I'm not really a a
startup company kind of guy I like
companies that have been through the
thick of it through Cycles through the
bottoms through the tops that have
really proven their metal that's you so
I'm I'm always a little bit concerned
about startups I I I don't like it but I
mean I could be so wrong and I fully
realize that as well yeah okay why not
take a p uh so David this time last year
it was Nvidia day and I suppose it is
today Nvidia day and I um you know I
like to single out John auur he's the
Bloomberg writer and he had a long uh
write up about it today and he said
rightly or wrongly Nvidia has kind of
assumed this significance of sort of
macroeconomic bell weather which is
probably incorrect but it is you know a
pure play on AI I wonder um if it does
well in its results do you think it's
going to be a further Catalyst for a
market
rally um it's going to hold you know at
least allow the market to hold where it
is but um I'm sure they will meet their
expectations or meet the huge
expectations that the market has put on
it uh the problem is where do we go to
from here they still well ahead of the
market they're still producing chips
what is quite incredible is that they
continue to produce these semiconductors
that are going faster and faster or you
know processing more and more data each
time and uh and and very necessary and
there's a shortage of it so I it's going
to be an interesting number to go
through you know to give you an
understanding of what the demand for AI
is um and you know you're seeing this
from the big businesses from from the
major tech companies just how much they
are spending so I it's this is a real
story it's I listened to an interview
with them yesterday um you know with
Jensen Wang and when you listen to what
is entailed it's almost a complete
Revolution you know of of the way that
people process information so um yeah
it's an important number but I just hope
that we haven't over uh overestimate you
know got too carried away yeah because
Wayne as as um a point has been made
that AI is also a cost companies are
going to have companies who want are
concerned about being left behind in
terms of computing and yes and companies
not tech companies who everything is
about AI are going to have to spend huge
amounts of money on the companies like
in video so it's not a it's not a um you
know there is an unequal relationship so
don't uh you know so take it's all it's
all I mean it's very interesting you
know the the fourth Industrial
Revolution and all of that came bar to
the FL at Davos how many years ago 6
years s years ago it's only now really
having an impact on our lives and that
is AI so AI is there to stay it is going
to become more and our lives are going
to become more and more involved with AI
how we shop how we entertain
ourselves essentially how we live um so
there's no stopping there's no stopping
this it's like the move to Electric
there's no stopping it it might take
longer than what you expect to take but
there's no stopping it doesn't mean the
share prices might be overhyped
initially but longer term clearly
companies like Nvidia and Taiwanese
semiconductors and all of these
companies if you do get serious price
weaknesses because of something that
went wrong somewhere then you must buy
some more because these are clearly
leaders in their field and the only
thing that can really go wrong with
these companies is the share price yeah
okay sticking with the sort of uh Tech
theme um a viewer asks is Ultron at
current price uh worth adding to a
portfolio the results were quite good it
seems that net star will be growing in a
couple of overseas countries too uh
datatech also in the it sector are
mentioned as a buyer by some of your
panels or any other preferred share in
the segment they're not strictly I
companies I suppose um Hardware
maybe it's funny I liked I looked at
rut's results because they were always
and I like it and I recommend it you
know it's my choice deny simply that I
think they're well placed very very well
placed for what lies ahead I prefer it
to Ultron that's what that's where I'm
coming uh so you prefer royet to Ultron
to Ultron y okay they've always been
similar kind of companies although I
think um you know um
royet uh had had a few problems with
their National aside today and the and
but but elron also had
various uh they were at what were they
Xerox and you know it was they also had
the cable side royet had the cable side
but you know when I look at them today I
think I prefer where um you know where
Roy Nots going um going through their
numbers and if you look at the chart
it's pointing in the right direction um
they're also all now in Renewables you
know in solar power and so and so so
yeah it is a nice area we need a little
bit of help from the econ
but um you know they the company's kind
of Wayne mention they've got history you
know they've had history so it's they're
not newcomers to uh to the market
yeah David and I remember the old elron
which wasn't good yeah old Elon wasn't
good but that's changing me I can
certainly remember roet used to make
locomotives yeah ryed is a sort of an
interesting case in a company that is
adapted um but but but to the viewer's
question I mean specifically on Ultron
and dat Tech um so Ultron actually you
can also see it's had a nice uh Spike
high in the sh price D would either of
you consider
it I don't know enough about dat really
I can't comment on
dock and and not Ultron per se I mean
interestingly enough the the man who I
think uh set Ultron on the right course
is also the current chairman of escom
umti
um would you I think I think on the last
results and as as the viewer said the
last results were
good okay yeah they battled a bit after
after um unbundling bites but uh and
bites I like bites as well but um you
know and looking at that area that's why
I'm saying when I when I do a comparison
I prefer to you I prefer Ro it which is
in a way supporting Elon although you
know supporting the area that it's in
yeah yeah okay um moving on there's a
question asking should I sell part of my
South African bonds which yield about
10% a year plus Capital Growth for uh
for the Advent of declining interest
rates to invest in offshore equities and
bonds uh and to take advantage of the
cover lower Rand exchange rates I need
to increase my offshore exposure to
above 70% over
time uh Wayne would you sell now not the
time now's not the time to do it if if
interest R of foring the r is going to
strengthen you interest rates falling
doesn't affect your long Bond your long
Bond's driven by the market in fact your
Capital goes up yeah your Capital goes
up yeah you make a capital profit very
simplistically The Reserve Bank in sa
will get inflation to average 4% they
will do it whatever the cost is they
will do it you're getting 10% on your
bond uh a sustainable real yield on the
bond shouldn't in theory be more than 4%
so you got a 2% you got a 20% potential
capital gain coming plus you're getting
your 10% heal that's not bad okay so
don't say men something interes you know
Wayne was when he was uh talking earlier
he mentioned where the Rand was you know
thec is going to be 40% and so on and uh
whether we like it or not whether it
suits our own personal views on the
country or something I think thec is
going to come in with their 50% and
they'll still be there which is um sorry
to disappoint everyone I think they're
going to get their 50% they'll still be
in charge without a coalition and what
that will do is uh it's going to steady
the nerves of foreigners and you'll find
rates probably coming down the r
strengthening on the back of that simply
because there's no uncertainty you know
you're not going to bring some uncertain
parties in as well so I think from that
point of you stick around you know if
you're in Long bonds I think you're
going to get a good ride there and
somewhere down the line you might uh you
know sell them and transfer the money
yeah okay that's depressing because the
station qu is exactly I'm not that's
what I'm saying you know you got to read
the tea leaves it was interesting I
listen to a chapping interviewed like a
phoning program on the radio and the guy
said no he's going to vote ANC because
it's better the devil you know
yeah I think so and they've got they've
suddenly found the money you know and
are they going out there and all of a
sudden they're doing what they should be
doing campaigning and making all the
kinds of promise to their to their
people and that so just just watch it
you know they're they're quite an engine
when they want to be an engine yeah
absolutely it's just if only they were
an engine in in good governance that
that would be quite nice um very quickly
a says which resources ETFs would be
good resources buyers today just the
resi 10 or do you think they
are or am I just
Focus no probably the resi 10 because it
gives you you know gives you all the big
ones yeah yeah I don't know don't know I
don't know what what ones are available
but I would try to find one that doesn't
have gold shares in
it because they looking very
topish yeah and you can you know even if
you buy one of even if you buy buletin
and glenor or something rather than an
ETF it's it's maybe a you're getting the
kind of exposure that you really
need um I don't know I I I I haven't
bought a resource ETF you know if if any
portfolios I would have probably
buletin you anyway yeah which doesn't
unfortunately give you exposure to all
to all resources okay well I'll get you
stock picks um so David you've already
sort of party given us but maybe you can
add something there but I'm going to ask
Wayne first in that case Wayne what are
you going for this evening I'm going for
the US retail a Target I mean I know the
share price is being hammered but it's
it's actually David and I don't have a
cup of tea or a cup of coffee or a
Johnny blue before the meet before the
the TV but what he said was very
relevant he said the US is showing signs
of slowing down a little bit and that's
exactly what Target said they said you
know we've had to cut prices on 5,000 or
10,000 line items because the consumer
under a bit of bit of strain there but I
mean that's not the reason why I'm
buying the share is that if you get
lower interest rates in the US and it
comes quicker than anticipated there'll
be quite a strong rebound of what may be
a lower base in consumer expenditure and
targets not expensive I mean this is a
very good retailer and the previous four
quarters they well outstripped consensus
earnings just in this quarter that
wasn't up to consensus could maybe
consensus was just too high given the
higher interest rates in the state of
the economy so maybe hold off the share
prices for morning now but I'd go for
Target okay um and David would you just
pile into roet now I have to say I own
roet shars um I bought them last year
I'm very happy that I did because
they've been a really great buy a good
dividend payer I just uh I I think if
you break down where they are um and
understand that um things are going to
change you know I even if they even if
we do have thec again I think slowly
things are going to get better money has
to to be spent and they they're just
well placed um they've just got those
kind of businesses that are going to
benefit and what gave me the clue was us
after the results came out I looked at
the you know the chart and that's that's
at a four fiveyear high you know and
it's just creeping up all the time okay
I can buy that petty you didn't buy it
four years ago but there you
go all right we shall leave it there and
welcome back to sa Shores um David
Shapiro is from assment Securities when
MCC is from FNB wealth and Investments
up next we have the close stay with us
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