1 00:00:00,640 --> 00:00:05,880 Speaker 1: Seven o two, we gave breakfast Personal Finance with Paul 2 00:00:05,920 --> 00:00:06,920 Speaker 1: the Rule Offsir. 3 00:00:06,680 --> 00:00:09,840 Speaker 2: Shifting our attention from the news of the day. Actually, 4 00:00:09,960 --> 00:00:11,559 Speaker 2: in many ways we are staying with the news of 5 00:00:11,600 --> 00:00:13,360 Speaker 2: the day because it is now for us to talk 6 00:00:13,480 --> 00:00:17,119 Speaker 2: personal finance, and we're looking at how the world's events 7 00:00:17,120 --> 00:00:19,880 Speaker 2: and certainly a conflict in the Middle East or what 8 00:00:19,960 --> 00:00:23,520 Speaker 2: that could mean for your pocket. There quite a few 9 00:00:23,640 --> 00:00:28,159 Speaker 2: big disruptions that are being forecast, for instance, disruptions and 10 00:00:28,200 --> 00:00:31,680 Speaker 2: the supply of oil. What does that mean for you 11 00:00:31,720 --> 00:00:34,560 Speaker 2: and your pocket? Right here in seven oh two Land. 12 00:00:34,840 --> 00:00:37,720 Speaker 2: As always, we're joined by residents certified financial advisor Paul 13 00:00:37,800 --> 00:00:39,640 Speaker 2: Rule of Sir, and we take your calls on O 14 00:00:39,720 --> 00:00:42,600 Speaker 2: double one eighty three oh seven oh two. Yes, messis 15 00:00:42,600 --> 00:00:45,680 Speaker 2: on three on sevens I know seven two seven oh 16 00:00:45,680 --> 00:00:48,640 Speaker 2: two one seven two. Paul, is always a great pleasure 17 00:00:48,840 --> 00:00:49,640 Speaker 2: to have you on the show. 18 00:00:49,680 --> 00:00:53,199 Speaker 1: Good morning, Good morning Google. And yes, and certainly we 19 00:00:53,440 --> 00:00:56,400 Speaker 1: probably don't have enough time to really open up this 20 00:00:56,400 --> 00:00:59,880 Speaker 1: this conversation enough to really get to the bottom of it, 21 00:01:00,760 --> 00:01:02,920 Speaker 1: but I do think that it's important for us to 22 00:01:03,240 --> 00:01:07,720 Speaker 1: understand how the turmoil in the world might affect us, 23 00:01:07,840 --> 00:01:10,080 Speaker 1: and is certainly going to hurt our pockets if we 24 00:01:10,120 --> 00:01:12,160 Speaker 1: don't pay attention to it. And I think it's a 25 00:01:12,240 --> 00:01:15,200 Speaker 1: question now of this war, the latest war, I mean 26 00:01:15,240 --> 00:01:19,040 Speaker 1: the wars all over, you know, it's this Iranian war 27 00:01:19,040 --> 00:01:21,399 Speaker 1: at the moment has really taken the headlines, and we've 28 00:01:21,520 --> 00:01:24,280 Speaker 1: kind of forgotten a little bit about the Ukrainian war 29 00:01:24,360 --> 00:01:27,399 Speaker 1: that's been going for a couple of years now. But 30 00:01:27,640 --> 00:01:31,000 Speaker 1: the point is that it plays out in the world 31 00:01:31,200 --> 00:01:34,360 Speaker 1: economics and we are certainly part of that village and 32 00:01:34,440 --> 00:01:38,600 Speaker 1: we are very very directly affected by it. And the 33 00:01:38,600 --> 00:01:43,080 Speaker 1: central point of this war from our bench is it's 34 00:01:43,080 --> 00:01:47,119 Speaker 1: obviously about oil, and I think there's a layer underneath 35 00:01:47,280 --> 00:01:51,920 Speaker 1: which could also be pointing towards the dollar. And this 36 00:01:52,040 --> 00:01:57,040 Speaker 1: becomes a great concern for us because we are very 37 00:01:57,080 --> 00:02:00,920 Speaker 1: reliant on well we're not one of the age producers 38 00:02:00,920 --> 00:02:02,920 Speaker 1: at all. In fact, we've got very little well if any, 39 00:02:03,840 --> 00:02:08,600 Speaker 1: got some gas around as well. But the main players 40 00:02:08,680 --> 00:02:11,959 Speaker 1: of world producers are certainly at the center of this war. 41 00:02:12,440 --> 00:02:15,200 Speaker 1: And it's had a great effect, a direct effect on 42 00:02:15,240 --> 00:02:19,800 Speaker 1: the cost of the price of will and it's moved 43 00:02:19,840 --> 00:02:22,760 Speaker 1: all the way back up to levels over eighty dollars 44 00:02:22,760 --> 00:02:26,760 Speaker 1: a barrel and we are certainly going to feel that 45 00:02:26,760 --> 00:02:30,079 Speaker 1: that effect and very shortly, if not. 46 00:02:30,080 --> 00:02:32,960 Speaker 2: Already right, and of course it matters, I mean to 47 00:02:33,000 --> 00:02:36,119 Speaker 2: your point that part of the conflict that's happening, we've 48 00:02:36,120 --> 00:02:39,320 Speaker 2: had two of the world's largest or producers being impacted 49 00:02:39,360 --> 00:02:44,720 Speaker 2: by military action by the US of first Venezuela and 50 00:02:44,760 --> 00:02:48,600 Speaker 2: now Iran, and so it is almost inevitable that there 51 00:02:48,600 --> 00:02:51,240 Speaker 2: will be some impact not just to South Africa, but 52 00:02:51,280 --> 00:02:54,919 Speaker 2: the global economy and the global all supply in general. 53 00:02:55,520 --> 00:02:59,360 Speaker 1: Most certainly, and now Venezuela was the starting point. It 54 00:02:59,440 --> 00:03:03,920 Speaker 1: has the low just known reserves in the world and 55 00:03:04,360 --> 00:03:09,320 Speaker 1: has conveniently been taken over by by the US for 56 00:03:09,440 --> 00:03:15,720 Speaker 1: strategic reasons obviously, but that alone has given control, you know, 57 00:03:15,800 --> 00:03:18,440 Speaker 1: to the US, and it doesn't sound as if that 58 00:03:18,520 --> 00:03:20,760 Speaker 1: they're happy with that. They want, you know, it's not 59 00:03:20,960 --> 00:03:24,040 Speaker 1: enough for they're moving across to Iran as well. And 60 00:03:24,080 --> 00:03:26,760 Speaker 1: I know that there's all sorts of geopolitical reasons, their 61 00:03:26,919 --> 00:03:29,360 Speaker 1: threats and things which are given as the excuse, but 62 00:03:29,400 --> 00:03:34,400 Speaker 1: the bottom line is the Iranians are very very large producers, 63 00:03:34,480 --> 00:03:38,360 Speaker 1: as is you know, Kuwait and the various other areas 64 00:03:38,360 --> 00:03:41,920 Speaker 1: of Saudi Arabia and whoever else is in that in 65 00:03:41,960 --> 00:03:45,000 Speaker 1: that zone, that region, and it kind of gets to 66 00:03:45,040 --> 00:03:49,920 Speaker 1: a point where the impact of the supply chain being 67 00:03:49,920 --> 00:03:54,160 Speaker 1: disrupted for oil, especially from that region, which gives a 68 00:03:54,200 --> 00:04:00,560 Speaker 1: lot of provision for the East. China and Japan particular 69 00:04:01,600 --> 00:04:07,560 Speaker 1: need need Iran, and it's the joining countries they need 70 00:04:07,560 --> 00:04:10,560 Speaker 1: them very much so for the supply that oil, and 71 00:04:10,600 --> 00:04:14,680 Speaker 1: that that is not coming in the near future. The 72 00:04:14,720 --> 00:04:18,720 Speaker 1: point is, however, pushing pushing up the price to eighty 73 00:04:19,000 --> 00:04:23,000 Speaker 1: dollars a barrel, and our rand, you know, is very 74 00:04:23,040 --> 00:04:26,080 Speaker 1: dependent on the dollar. In the context of how the 75 00:04:26,120 --> 00:04:30,719 Speaker 1: oil is purchased. We are used were we use a 76 00:04:30,760 --> 00:04:34,880 Speaker 1: principle which is established about seventy years ago where the 77 00:04:34,960 --> 00:04:38,440 Speaker 1: dollar was made the theater currency of the world, and 78 00:04:39,680 --> 00:04:45,760 Speaker 1: it was commanded that all purchases on petrol sorry oil 79 00:04:46,600 --> 00:04:50,320 Speaker 1: needed to be done in dollars, and we then had 80 00:04:50,360 --> 00:04:54,440 Speaker 1: to convert our currencies. The rand has to convert itself 81 00:04:54,480 --> 00:04:58,279 Speaker 1: into a dollar to buy oil on the on the 82 00:04:58,320 --> 00:05:02,880 Speaker 1: international exchange. Now that oil price is moved up, we're 83 00:05:02,920 --> 00:05:06,160 Speaker 1: dependent on oil as well in terms of dollars, and 84 00:05:06,200 --> 00:05:08,840 Speaker 1: I see our rand dollar rate is now back to 85 00:05:08,880 --> 00:05:14,560 Speaker 1: about sixteen fifty and that now gets it's a formula 86 00:05:14,640 --> 00:05:19,760 Speaker 1: now of a higher oil price. Weaker rand will definitely 87 00:05:19,839 --> 00:05:23,480 Speaker 1: now mean that the pump price of petrol and diesel 88 00:05:23,520 --> 00:05:27,400 Speaker 1: for that matter, will certainly go up. Now where we 89 00:05:27,480 --> 00:05:30,520 Speaker 1: get affected by that is as soon as that happens, 90 00:05:30,960 --> 00:05:35,760 Speaker 1: the supply chains that all depend on the bringing fuel 91 00:05:35,839 --> 00:05:40,839 Speaker 1: to the manufacturers and the distributors and all the things 92 00:05:40,880 --> 00:05:44,320 Speaker 1: that we rely on in sea of your farming and 93 00:05:44,360 --> 00:05:48,040 Speaker 1: things like that are all immediately impacted. And what will 94 00:05:48,080 --> 00:05:50,960 Speaker 1: happen The price will move up, which means that we've 95 00:05:50,960 --> 00:05:54,800 Speaker 1: got a direct threat and expectation now of inflation moving upwards. 96 00:05:55,400 --> 00:05:57,240 Speaker 1: And how that affects us now is the cost of 97 00:05:57,279 --> 00:06:00,400 Speaker 1: our goods goes up. And next door to that we 98 00:06:00,440 --> 00:06:02,960 Speaker 1: can also see that infrast rates will move up accordingly 99 00:06:03,000 --> 00:06:05,840 Speaker 1: as well, so the cost of data very well move up. 100 00:06:06,240 --> 00:06:09,080 Speaker 1: So it has a direct inflastion and re effect on this. 101 00:06:09,200 --> 00:06:11,599 Speaker 1: And now I think that's the message for this morning's chat. 102 00:06:12,760 --> 00:06:16,400 Speaker 1: Let's be away that the global economy, whilst it's up 103 00:06:16,440 --> 00:06:20,560 Speaker 1: there being played out in a war, is directly going 104 00:06:20,560 --> 00:06:23,480 Speaker 1: to be affected by inflation, and we're going to be 105 00:06:23,520 --> 00:06:24,719 Speaker 1: a very central part of that. 106 00:06:26,080 --> 00:06:29,400 Speaker 2: And so about two years ago and particularly last year 107 00:06:29,640 --> 00:06:34,000 Speaker 2: with the new term under President Donald Trump, they started 108 00:06:34,000 --> 00:06:36,520 Speaker 2: being some concerns you were you were hearing it from instance, 109 00:06:36,520 --> 00:06:40,160 Speaker 2: from JP Morgan, who are concerned that the economic policy 110 00:06:40,200 --> 00:06:44,360 Speaker 2: of the White House would hasten or bring about a 111 00:06:44,360 --> 00:06:48,640 Speaker 2: an economic downturn or an economic not a crash, but 112 00:06:48,760 --> 00:06:53,520 Speaker 2: we we'd see an economic the word is escaping me. 113 00:06:54,880 --> 00:06:58,159 Speaker 2: We'd see yes, we'd see a recession. And with the 114 00:06:58,279 --> 00:07:00,760 Speaker 2: US going into a recession that was likely to impact 115 00:07:00,839 --> 00:07:03,799 Speaker 2: the rest of US. There was a concern, particularly around 116 00:07:03,839 --> 00:07:06,280 Speaker 2: the tariffs and the impact that it would have on 117 00:07:06,320 --> 00:07:09,720 Speaker 2: the American economy and by extension, everyone else. What has 118 00:07:09,760 --> 00:07:13,560 Speaker 2: happened to those concerns of a global recession that would 119 00:07:13,600 --> 00:07:16,040 Speaker 2: have been triggered by a recession in the US. Have 120 00:07:16,200 --> 00:07:18,440 Speaker 2: those kind of been suspended as we kind of look 121 00:07:18,480 --> 00:07:21,240 Speaker 2: at the impact of the conflict or are those still 122 00:07:21,280 --> 00:07:25,160 Speaker 2: a real possibility even with the conflict in the Middle 123 00:07:25,200 --> 00:07:27,160 Speaker 2: East and areas like Venezuela as well. 124 00:07:27,960 --> 00:07:29,920 Speaker 1: Well. That's that's a great question, and I think that's 125 00:07:29,960 --> 00:07:34,800 Speaker 1: central to this war as well. Let's not ignore the 126 00:07:34,880 --> 00:07:37,480 Speaker 1: tariffs and the reasons why these terraffs have been put 127 00:07:37,480 --> 00:07:42,360 Speaker 1: in place. It's all about using that kind of leverage 128 00:07:42,440 --> 00:07:45,480 Speaker 1: to support the US. From my book, from my lens, 129 00:07:45,520 --> 00:07:47,760 Speaker 1: it's quite clear to me that the US is really 130 00:07:47,760 --> 00:07:52,200 Speaker 1: protecting itself right now. It doesn't really care about past relationships. 131 00:07:52,600 --> 00:07:57,240 Speaker 1: I mean, that long standing relationship with Canada was completely 132 00:07:57,240 --> 00:08:01,360 Speaker 1: disrupted in a very very direct way, you know, through 133 00:08:01,360 --> 00:08:05,560 Speaker 1: tariffs and threats of thereof. To me, it's quite evident 134 00:08:05,680 --> 00:08:08,840 Speaker 1: that the US is just out there to look for itself, 135 00:08:09,840 --> 00:08:14,200 Speaker 1: and I believe, and it's only my view, that they're 136 00:08:14,200 --> 00:08:18,560 Speaker 1: busy defending a dollar which is now being de dollarized. 137 00:08:19,040 --> 00:08:21,880 Speaker 1: You know. The one point that is very clear is 138 00:08:21,920 --> 00:08:24,720 Speaker 1: that the petro dollar doesn't look like it's going to 139 00:08:24,760 --> 00:08:28,320 Speaker 1: be a long term project any longer. The US have 140 00:08:28,440 --> 00:08:32,720 Speaker 1: benefit very very clearly from having the dollar as the 141 00:08:33,320 --> 00:08:36,320 Speaker 1: currency of the world, and I think the rest of 142 00:08:36,360 --> 00:08:39,280 Speaker 1: the bigger powers now saying no, enough, we want to 143 00:08:39,920 --> 00:08:42,800 Speaker 1: switch around, and we want the ability to trade where 144 00:08:42,800 --> 00:08:45,719 Speaker 1: we want to in our own currencies. Why must we 145 00:08:45,760 --> 00:08:49,520 Speaker 1: always move to a dollar that's been very, very useful 146 00:08:49,559 --> 00:08:53,080 Speaker 1: for the US for these decades since the Second World War, 147 00:08:53,679 --> 00:08:57,000 Speaker 1: and there's a strong movement away from that now. Tariffs 148 00:08:57,440 --> 00:08:59,760 Speaker 1: we just counteract with tariffs, you know, you put your 149 00:08:59,760 --> 00:09:02,360 Speaker 1: TAR up and we'll put us up. And I don't 150 00:09:02,400 --> 00:09:05,599 Speaker 1: know if that's had the effect that the US would 151 00:09:05,600 --> 00:09:08,319 Speaker 1: have liked, but to your question, that is still around. 152 00:09:08,840 --> 00:09:11,400 Speaker 1: But the bigger point now is that there's been a 153 00:09:11,440 --> 00:09:15,760 Speaker 1: button that's been pushed to protect the US and its 154 00:09:15,800 --> 00:09:20,319 Speaker 1: oil supplies. The dollar is definitely the theme under that. 155 00:09:20,520 --> 00:09:23,360 Speaker 1: They don't like the idea that the dollar is not 156 00:09:23,440 --> 00:09:27,520 Speaker 1: the preferred fit for the future, and I think in 157 00:09:27,559 --> 00:09:31,000 Speaker 1: that space that has to play out. I don't think 158 00:09:31,000 --> 00:09:34,280 Speaker 1: it'll happen tomorrow or the next day, but it's probably 159 00:09:34,280 --> 00:09:37,000 Speaker 1: going to happen sooner than the US would like. And 160 00:09:37,160 --> 00:09:39,520 Speaker 1: oil is very much the central point of that too, 161 00:09:39,559 --> 00:09:43,440 Speaker 1: because the petro dollar, which was the mechanism which gave 162 00:09:43,480 --> 00:09:46,720 Speaker 1: the US a lot of advantage, is now under threat. 163 00:09:47,160 --> 00:09:51,560 Speaker 1: And Venezuela and Iran, I believe, because they are so 164 00:09:52,200 --> 00:09:57,120 Speaker 1: central to oil production, and therefore the petro dollar is 165 00:09:57,160 --> 00:10:00,440 Speaker 1: now going to be on the back foot and that's 166 00:10:00,480 --> 00:10:01,960 Speaker 1: got to be played out. And I think this is 167 00:10:02,000 --> 00:10:04,120 Speaker 1: one of the main reasons of this war that we're 168 00:10:04,120 --> 00:10:06,440 Speaker 1: seeing right now. But that's just a view, you know. 169 00:10:06,480 --> 00:10:07,920 Speaker 1: I think there are a lot of other things that 170 00:10:08,000 --> 00:10:09,800 Speaker 1: come into play as well, we. 171 00:10:09,800 --> 00:10:13,080 Speaker 2: Often get told that in times of turbulence of instability 172 00:10:13,160 --> 00:10:15,280 Speaker 2: like we're seeing right now. For instance, if you have 173 00:10:15,360 --> 00:10:17,839 Speaker 2: black rock shares, this is not a good time if 174 00:10:17,840 --> 00:10:20,680 Speaker 2: you're looking at what their value is. But often told 175 00:10:20,720 --> 00:10:24,160 Speaker 2: that in these times you stay put, you don't withdraw, 176 00:10:24,720 --> 00:10:28,280 Speaker 2: and you ride out the storm. Is that still good advice? 177 00:10:28,320 --> 00:10:30,320 Speaker 2: If you do have some money in the market, maybe 178 00:10:30,360 --> 00:10:33,400 Speaker 2: you have some exposure to the US, is the advice? 179 00:10:33,640 --> 00:10:36,480 Speaker 2: The rule of thumb is to stay put, don't be 180 00:10:36,520 --> 00:10:41,120 Speaker 2: making withdrawals right now, and allow your investment to kind 181 00:10:41,120 --> 00:10:43,600 Speaker 2: of Maybe it will take a bit of a knock, 182 00:10:43,720 --> 00:10:46,400 Speaker 2: but over time, by giving it the time, it will 183 00:10:46,440 --> 00:10:48,120 Speaker 2: recover well. 184 00:10:48,120 --> 00:10:51,320 Speaker 1: Conventional wisdom says that Giga it says it's time in 185 00:10:51,360 --> 00:10:53,280 Speaker 1: the market. And I think you know, if you are 186 00:10:53,760 --> 00:10:58,719 Speaker 1: you do have a position historically if you left your 187 00:10:59,559 --> 00:11:04,000 Speaker 1: your your shares alone. Yes, there is volatility, and it's 188 00:11:04,000 --> 00:11:07,079 Speaker 1: probably going to move south before it comes back in. 189 00:11:07,080 --> 00:11:09,679 Speaker 1: It's a north. But my other question is as an 190 00:11:09,679 --> 00:11:14,760 Speaker 1: alternative view, is that's great to use in conventional times. 191 00:11:14,800 --> 00:11:17,160 Speaker 1: But I don't believe that this is conventional any longer. 192 00:11:17,720 --> 00:11:20,559 Speaker 1: I think there are unconventional things that are happening right now, 193 00:11:20,600 --> 00:11:24,959 Speaker 1: there's too much interference in the world economy. The US 194 00:11:25,000 --> 00:11:28,680 Speaker 1: markets for me, have been way over inflated for many, 195 00:11:28,679 --> 00:11:32,040 Speaker 1: many years now, and the US is very dependent on 196 00:11:32,080 --> 00:11:34,439 Speaker 1: a strong stock market. I mean, it represents a lot 197 00:11:34,480 --> 00:11:38,959 Speaker 1: of the wealth and protection and provision for their citizens. 198 00:11:39,440 --> 00:11:43,120 Speaker 1: And they don't like the idea that the market is 199 00:11:43,160 --> 00:11:46,040 Speaker 1: it's that vulnerable and we'll do everything they can to 200 00:11:46,160 --> 00:11:50,360 Speaker 1: maintain and sustain it. But economics comes into the play. 201 00:11:50,440 --> 00:11:54,199 Speaker 1: You know, markets don't go up in straight lines. And 202 00:11:54,320 --> 00:11:57,560 Speaker 1: to your question, yes, very much so. Conventional wisdom says 203 00:11:57,600 --> 00:12:00,520 Speaker 1: stay in the market, but I believe that you've got 204 00:12:00,520 --> 00:12:03,120 Speaker 1: to actually broaden that lens a little bit. I would 205 00:12:03,120 --> 00:12:06,560 Speaker 1: probably go if it's new new investments going into this market, 206 00:12:06,800 --> 00:12:09,439 Speaker 1: I'd probably sit on the sideline and wait for this 207 00:12:09,559 --> 00:12:12,160 Speaker 1: then to play out. It's hard to call if you're 208 00:12:12,160 --> 00:12:14,160 Speaker 1: in the market, because you know you've got to then 209 00:12:14,880 --> 00:12:17,240 Speaker 1: time it to get out and then try and get 210 00:12:17,280 --> 00:12:21,239 Speaker 1: back in it again, and that becomes a very difficult strategy. 211 00:12:22,280 --> 00:12:25,720 Speaker 1: But there again too, you know it's up to you 212 00:12:25,800 --> 00:12:28,320 Speaker 1: in the circumstances and the situation that you're in at 213 00:12:28,320 --> 00:12:32,080 Speaker 1: the moment, to make that call. Certainly, you know you 214 00:12:32,120 --> 00:12:36,559 Speaker 1: don't just want to sell out and cash in if 215 00:12:36,559 --> 00:12:39,360 Speaker 1: you've got a long term view. But on the other hand, 216 00:12:39,440 --> 00:12:41,800 Speaker 1: you've also got things like tax. For example, you know, 217 00:12:41,800 --> 00:12:44,160 Speaker 1: when you do sell out shares, you've got to pay 218 00:12:44,200 --> 00:12:47,800 Speaker 1: some capital gains tax and is that tax worth it. 219 00:12:48,440 --> 00:12:50,280 Speaker 1: We've got to make those kinds of calls, and that's 220 00:12:50,320 --> 00:12:52,400 Speaker 1: where you've got to bring in some kind of advice too, 221 00:12:52,440 --> 00:12:55,800 Speaker 1: if you're not too close to it. But it's very difficult. 222 00:12:55,880 --> 00:12:59,599 Speaker 1: I certainly wouldn't like to be involved in the market 223 00:12:59,679 --> 00:13:03,560 Speaker 1: from my point of view for the time being. It's 224 00:13:03,640 --> 00:13:08,240 Speaker 1: too dependent on the AI tech stocks and the rest 225 00:13:08,240 --> 00:13:11,160 Speaker 1: of the market has to be affected by the consequences 226 00:13:11,160 --> 00:13:14,720 Speaker 1: of these wars that are out there. And the bottom 227 00:13:14,760 --> 00:13:18,040 Speaker 1: line is that inflation, if it moves into the economy, 228 00:13:18,360 --> 00:13:21,160 Speaker 1: which is likely to, will have a direct effect on 229 00:13:22,240 --> 00:13:26,480 Speaker 1: the evaluations in market too. So there's a lot going around, 230 00:13:26,640 --> 00:13:29,679 Speaker 1: and there's no one simple answer to your question. You've 231 00:13:29,679 --> 00:13:32,560 Speaker 1: got to look at yourself and your situation, see what 232 00:13:32,720 --> 00:13:35,280 Speaker 1: risk you're prepared to take, what kind of risk tolerance 233 00:13:35,320 --> 00:13:38,240 Speaker 1: you actually have, and then make the call around that 234 00:13:38,720 --> 00:13:40,400 Speaker 1: before you do anything too drastic. 235 00:13:41,080 --> 00:13:43,000 Speaker 2: Paul, as always, it is a great pleasure to have 236 00:13:43,040 --> 00:13:44,840 Speaker 2: you on the show. Thank you so much for your 237 00:13:44,880 --> 00:13:45,520 Speaker 2: time this morning. 238 00:13:46,280 --> 00:13:48,120 Speaker 1: What's a pleasure Google? Thank you so much. 239 00:13:48,160 --> 00:13:51,320 Speaker 2: That's our resident a certified financial advisor Paul rule of 240 00:13:51,400 --> 00:13:53,560 Speaker 2: some and that takes us to twenty five minutes before 241 00:13:53,600 --> 00:13:56,760 Speaker 2: eight o'clock. In a short moment, we will discuss sustainability 242 00:13:56,800 --> 00:14:00,480 Speaker 2: and we'll look at how climate change is driving these 243 00:14:00,520 --> 00:14:04,200 Speaker 2: spread of superbugs. Will be joined by bigacies of Health 244 00:14:04,200 --> 00:14:08,200 Speaker 2: Institute journalista Ida Eusta. But first it is time fast 245 00:14:08,240 --> 00:14:09,760 Speaker 2: to check in with your later as I witness New 246 00:14:09,800 --> 00:14:11,480 Speaker 2: Sport with underneath Shadem