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Speaker 1: And now The Money Show with Stephen credits on seven

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Speaker 1: oh two.

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Speaker 2: Let's walk lit all.

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Speaker 3: The Money Show with Stephen Curtis is brought to you

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Speaker 3: by Abscess cib pro Oud, Sole Leader Ranger and Infrastructure

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Speaker 3: Finance Structuring Agent of the South African National Treasuries eleven

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Speaker 3: point eight billion Rand Infrastructure and Development Finance Bond. Good evening,

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Speaker 3: Welcome to the program. Nine minutes after six. I'm Stephen Curtis.

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Speaker 3: Is the day sort of sandwiched between a weekend and

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Speaker 3: a public holiday, and in that way a strange kind

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Speaker 3: of day. All of that said, there's still quite a

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Speaker 3: few things going on, and I expected to sort of

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Speaker 3: be like this if you consider what's happening in other

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Speaker 3: parts of the world at the moment. If you look

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Speaker 3: at some of the big changes we're seeing in our

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Speaker 3: society around payment, for example, will you expect these things

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Speaker 3: to be happening? Look at the fight over starlink and

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Speaker 3: we'll talk about that in a minute, but you would

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Speaker 3: expect there to be some kind of dispute. We're not

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Speaker 3: with you tomorrow, but we are with you on Wednesday

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Speaker 3: and for the rest of the week. So plenty to

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Speaker 3: look forward to in terms of money heading into the

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Speaker 3: Christmas season, and even again today more sort of Christmas

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Speaker 3: chair around consumers, how people are feeling and what people

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Speaker 3: are actually doing. I noticed the big fight of a starlink,

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Speaker 3: and I do think it's probably going to get a

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Speaker 3: bit more intense though developments today from the presidency. You'll

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Speaker 3: hear that in a moment. Duncan McLeod's the founder and

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Speaker 3: editor at tech Central. On your radio in a couple

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Speaker 3: of minutes from now, we'll talk about the wine industry.

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Speaker 3: They seem to have had very good weather. I don't

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Speaker 3: I couldn't tell you what makes good wine. I'm presuming

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Speaker 3: it depends on the type of wine that you're producing,

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Speaker 3: and you probably need a sort of you know, sort

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Speaker 3: of proper sort of sharp sun to produce a sharp

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Speaker 3: taste or something. I have no idea. I'm not really

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Speaker 3: a wine fundy. I think you know that about me,

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Speaker 3: although I have been offered education in this area by many,

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Speaker 3: many well meaning people. But they seem to be very positive.

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Speaker 3: We'll speak to ONUNDI lessa clawbor around that a consumer

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Speaker 3: confidence again, more numbers coming through. Sienesia Pakrassa from Momentum Investments.

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Speaker 3: She's the chief economist there. We'll talk about that, and

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Speaker 3: Ernest North's co founder of Naked, the insurance platform. They're

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Speaker 3: looking at what happens if you change your patterns, if

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Speaker 3: you're no longer the person driving your car over Christmas,

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Speaker 3: but your sister is, or your son is or whoever,

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Speaker 3: what happens if there's an accident, what happens if you

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Speaker 3: let your house out. And I think those are important things,

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Speaker 3: and then we'll help you get into the sort of

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Speaker 3: festive chair a little bit from seven point thirty to

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Speaker 3: speak to Peter Tempelhoff. He's the first South African chef

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Speaker 3: to receive the Three Knives Award. He is at the Multi,

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Speaker 3: he runs the fyn Fine Dining Experiences. He's been in

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Speaker 3: the business for a very long time and some interesting stories.

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Speaker 3: Looking forward to that conversation as well. Good to hear

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Speaker 3: from here, of course. On a double one double A

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Speaker 3: three oh seven or two and O two one four, four, six,

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Speaker 3: five six seven, The.

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Speaker 4: Money Show with Stephen krudis live on ninety two point

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Speaker 4: seven and one six FM.

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Speaker 5: Streaming on the Prime Media Plus.

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Speaker 2: Naven DStv channel eight five six.

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Speaker 3: A lot more talk about ATMs at the moment and plans,

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Speaker 3: it seems, by the Reserve Bank, and what they're suggesting

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Speaker 3: is that ATMs will no longer be sort of competing.

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Speaker 3: You would no longer have to pay more to use

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Speaker 3: one or not always able to use your you know,

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Speaker 3: the full okay of services at another if it wasn't

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Speaker 3: from your bank. The idea is, I understand, it would

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Speaker 3: be that instead of having a sort of FNB capy

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Speaker 3: tech abs sort of thing, you would have a different

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Speaker 3: arrangement where essentially one company would manage all of the

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Speaker 3: ATMs and you would be charged the same no matter

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Speaker 3: which one you went to. It does make sense. I

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Speaker 3: know that sometimes you go into a petrol station it's

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Speaker 3: late at night, and for the convenience you sort of

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Speaker 3: end up paying a little bit more sometimes to use

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Speaker 3: some of those ATMs, not all of them, And there

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Speaker 3: are various services just to streamline it and to sort

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Speaker 3: of remove the costs. I think that surely is a

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Speaker 3: good thing. I'm going to be fascinated by how it

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Speaker 3: all pans out, though, but it did just make me

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Speaker 3: think about how the way in which we pay for

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Speaker 3: things has changed soically. I mean, I still find it

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Speaker 3: quite strange to withdraw cash without actually having a card.

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Speaker 3: You know, you started on the app and you sort

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Speaker 3: of withdraw it in that way. And then I realized today,

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Speaker 3: I actually don't think I have a debit card. I

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Speaker 3: have a credit card that I use that really through

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Speaker 3: my phone and I hardly ever see it. But it

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Speaker 3: really does show you how things have changed. But here's

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Speaker 3: a question for you. If you were no longer using

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Speaker 3: an ATM to draw cash, what could ATMs be used for?

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Speaker 3: They remind me a little bit of heartings eat all

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Speaker 3: grantury gantries. What would you use them for? If they're

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Speaker 3: not just for that? And yes, I imagine a slightly

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Speaker 3: more secure way of managing your money, so not on

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Speaker 3: your phone, but once you're you know, running a bank

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Speaker 3: on your phone, does it really matter? And I stand

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Speaker 3: the bank had problems with their app today. You might

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Speaker 3: like to tell us your stories about it, but that

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Speaker 3: does seem to be fixed now. And it was just

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Speaker 3: the app Internet Banking that self worked. I understand. I

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Speaker 3: think if and Be had a problem on Black Friday,

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Speaker 3: But just your recommendations how you would change payment systems

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Speaker 3: seven two seven oh two one seven o two.

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Speaker 1: The Money Show on seven two Monday till Friday six

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Speaker 1: to APM or several developments today over what I think

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Speaker 1: is going to be a big political and I suppose

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Speaker 1: legal fight over black economic impowerment in Elon Musk.

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Speaker 3: Through the day, people aligned with the A and C,

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Speaker 3: including Parliament's Communications Committee Chech called Silla san Gorney Dico

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Speaker 3: slamming the Communications Minister Soli Malatti's from the DA, he

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Speaker 3: published regulations that would allow Ikassa to consider equity equivalence

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Speaker 3: programs or in the licensing communications services. Essentially, what that

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Speaker 3: means is Stalin wouldn't have to give up any equity

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Speaker 3: to operate here. She joined the Deputy Communications mister mondolyging Goobela,

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Speaker 3: also from the A and C, who said the regulations

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Speaker 3: must be withdrawn. Then today the presidential spokespison Vince mcgwenea

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Speaker 3: spoke about the issue that this clip is thanks from

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Speaker 3: news is thanks to News from Africa channel four zero five.

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Speaker 6: The application for a license coming out of that subset

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Speaker 6: of the Communications and a city sector is not only

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Speaker 6: from standing, so we should just avoid the trep of

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Speaker 6: getting fixated over standing.

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Speaker 5: There are four or.

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Speaker 6: Five other companies that have expressed interest in providing these services.

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Speaker 6: Here in South Africa.

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Speaker 3: It's not understanding.

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Speaker 6: What the Minister is doing is within the law, which

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Speaker 6: we must emphasize within the law is to look at

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Speaker 6: what can be done to accelerate those processes. Right as

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Speaker 6: you know, the law is quite clear with respect to

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Speaker 6: the local ownership element for those seeking to be licensed

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Speaker 6: as communications and natural services providers and so that's what

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Speaker 6: the Minister is doing. So the President has been aware

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Speaker 6: of that process. However, what the President will not endorse

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Speaker 6: and cannot endorse is the subversion of the law. And

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Speaker 6: in his engagements with various role players in this sector,

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Speaker 6: the President has been quite clear that whatever is done

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Speaker 6: must be done within the frame framework of of our laws.

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Speaker 6: And so if it turns out that a CASA cannot

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Speaker 6: do anything beyond what is written in law, then the

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Speaker 6: process will be to look at an amendment of the

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Speaker 6: legislation that is well guided in our statue, in our

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Speaker 6: statute in terms of how it needs to proceed.

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Speaker 3: Vincent mcgvanne are speaking this morning. Thanks to News from

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Speaker 3: Africa for that clip. Duncan McLeod is the editor at

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Speaker 3: Tech Central. Duncan, good evening. I mean, I think this

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Speaker 3: is going to be a big fight. How do you say,

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Speaker 3: what's really going on?

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Speaker 7: Yeah, I have, Stephen, There's so many angles to this,

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Speaker 7: it's got to nowhere to start. I mean, first of all,

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Speaker 7: clearly the portfolio chair, Qusilla Decon's deputy Communications Minister, has collaborated,

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Speaker 7: that's the right word, colluded to gang up on the

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Speaker 7: solid Malazzi over this issue.

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Speaker 5: I think I think maybe I'll start.

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Speaker 7: By saying that previous ANC Communications ministers, probably including Mondoli

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Speaker 7: gun Guberle himself, have issued numerous policy directives to KASSA

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Speaker 7: over the years. They've done this without even issuing these

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Speaker 7: policy directors in draft form for Parliament and other stakeholders

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Speaker 7: to consider before issuing them in final in final form.

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Speaker 7: In this particular case, Soli Malazzi published the policy directive

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Speaker 7: in draft form all the way back in May. So

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Speaker 7: I've taken seven months. It's been in Parliament, has been

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Speaker 7: debated for the past seven months before he finalized an

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Speaker 7: issue to to IKSSA last Friday. So I think the

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Speaker 7: A and C is being a bit richer in staying

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Speaker 7: in claiming that he's breaking the law et cetera, et cetera,

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Speaker 7: when in fact this is a mechanism that is allowed

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Speaker 7: under the law and has been used extensively by ANCI

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Speaker 7: communications ministers in the past. So he's for as far

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Speaker 7: as I know the legal experts I've spoken to in

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Speaker 7: the sector of the last twenty four hours, there is

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Speaker 7: nothing illegal unlawful about what he has done in issuing

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Speaker 7: this policy directive. And now we have the President's spokesman,

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Speaker 7: Vincent Magwena clarifying and I thought, in a very measured

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Speaker 7: sort of statements this morning and contradicting the statement that

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Speaker 7: the ANC put out saying that this was actually unlawful

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Speaker 7: by the minister and that he was trying to circumvent

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Speaker 7: parliamentary processes. What the politics are behind this, I don't know.

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Speaker 7: I understand that the deputy Communications Minister Monolague and Gouberle,

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Speaker 7: who was previously the minister, has his nose out of

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Speaker 7: joint about having been demoted by Rama Pauso in when

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Speaker 7: the new cabinet was appointed last year. And yeah, I

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Speaker 7: don't know what the exact politics are behind us inside

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Speaker 7: the ANC, and I don't know which particular faction of

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Speaker 7: the ANC mon League ugubelairs associated with or whether this

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Speaker 7: is just some clear case of you know, a former

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Speaker 7: minister as as nose that have jointed by being demoted.

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Speaker 7: But yeah, there's a lot of politics here. It is

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Speaker 7: going to be a huge fight over this, especially with

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Speaker 7: elements in the ANC and the left wing parties like

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Speaker 7: the e f F and the m K saying that

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Speaker 7: they're going to fight this in the streets and fight

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Speaker 7: it in the courts, et cetera, et cetera. So this

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Speaker 7: is going to be a huge political bunfight and honestly

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Speaker 7: South Africa doesn't need it.

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Speaker 3: A couple of sort of technical questions, if I may,

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Speaker 3: I was interested in the timing. So Soli Malazzi does

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Speaker 3: it just before already the start of the festive season,

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Speaker 3: probably making sure that this is the fight of the

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Speaker 3: festive season. Yes, I mean, I don't know if that

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Speaker 3: was deliberate. Let me put my question like this, Was

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Speaker 3: there any reason why he could suddenly do it now?

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Speaker 3: Was there another process that ended that you might be

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Speaker 3: aware of. Was there some reason that now was the

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Speaker 3: right time technically for him to announce it.

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Speaker 7: My suspicion is that he announced it on the last,

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Speaker 7: effectively the last Friday of the year. For many people

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Speaker 7: who you know the work here for many people A

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Speaker 7: lot of people have gone on holiday, and I think

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Speaker 7: he may have just been hoping that this wouldn't have

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Speaker 7: blown up into a huge political fight, which is of

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Speaker 7: course what it had now happened. I think he may

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Speaker 7: have just hoping to quietly bury it into the Christmas,

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Speaker 7: into the festive season and revisited next year and hoped

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Speaker 7: that And I'm sure he was aware that there was

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Speaker 7: going to be pushed back, So I'm sure that played

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Speaker 7: into the fact that the timing of it. Whether there

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Speaker 7: was more to the timing behind it, I'm not sure,

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Speaker 7: but I would imagine that that was the main thinking

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Speaker 7: behind publishing it on the last Friday of the year.

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Speaker 3: One of the things that gives us such political heat

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Speaker 3: is the figure of Elon Musk, right. I mean, let's

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Speaker 3: speak here when Vincent mcgwenea says there are other people

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Speaker 3: who might want to do the same thing, Are there others?

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Speaker 3: I mean? And I mean this would obviously affect them.

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Speaker 5: Too, Yes, it would. So.

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Speaker 7: Amazon Leo, which was previously called Project Caper, it is

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Speaker 7: a direct competitor to Starlink. They're a bit behind Styling

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Speaker 7: in terms of quite actually quite a bit behind Starling

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Speaker 7: in terms of launching satellites and starying to offer services,

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Speaker 7: but they're coming. Full Musk Jeff Bezos is very much

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Speaker 7: interested in competing head on with SpaceX and styling in

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Speaker 7: this market.

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Speaker 5: We know that.

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Speaker 7: Amazon LEO representatives are active on the ground in South

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Speaker 7: Africa actively talking to internet service providers into telecommunications operators

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Speaker 7: here and then started signing partnership agreements with those companies,

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Speaker 7: so there's no doubt that it's coming. That the company

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Speaker 7: hasn't said anything about or hasn't voiced its views on

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Speaker 7: the thirty percent requirements, so we don't know whether or

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Speaker 7: not they're willing to sell thirty percent equity to comply

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Speaker 7: with the yourcrscent process, and maybe they'll do that just

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Speaker 7: because Musk has the opposite view. They compete directly and

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Speaker 7: very heavily. Musk and Bezos do not particularly like each other.

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Speaker 7: So yes, there are other players who are the satellite

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Speaker 7: internet providers coming. We know the Chinese also launching a

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Speaker 7: satellite nutrics such a low if orbit satellite netrics that

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Speaker 7: are also going to compete with Starlink and Amazon LEA

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Speaker 7: and others. So yes, markets getting very competitive and new

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Speaker 7: players are coming into the market and into McGraney is quite.

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Speaker 5: Right that they'll be seeking licenses.

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Speaker 3: Duncan mcleown, thank you, Ready to appreciate the time, editor

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Speaker 3: at tech Central DOTZA dot Today twenty two after.

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Speaker 2: Six Stephen is on x at at Stephen.

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Speaker 3: Well some news from our wine industry. It looks like

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Speaker 3: they've had good conditions over the period. They're expecting a

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Speaker 3: strong harvest this year. One DNA sex Loboars, Chief Economists

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Speaker 3: at the Agricultural Business Chamber of South Africa. One day,

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Speaker 3: good evening. I have no idea what makes good wine

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Speaker 3: in terms of weather, but clearly our producers are feeling

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Speaker 3: very positive.

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Speaker 8: Stephen, farmers keep bringing your good news on radio.

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Speaker 5: Yes, and I will tell you this.

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Speaker 8: It's not only a largevolume of wine, because taste and

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Speaker 8: quality stiven when it comes to wine matters. And this

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Speaker 8: time around, because we had these intense heat and nice

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Speaker 8: rains that are appropriate time. It turns out that their

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Speaker 8: much oration of the grapes have actually been excellent and

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Speaker 8: the volume of cause has been good. And now as

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Speaker 8: the folks aren't looking into processing and getting into season,

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Speaker 8: it appears that we will actually have decent volumes, higher

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Speaker 8: than last year. And of course the quality will be

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Speaker 8: as excellent. The only thing, now, Stiven, will be who

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Speaker 8: do we sell all of these quality too in the

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Speaker 8: world market.

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Speaker 3: I'm going to come to that because that's a big question.

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Speaker 3: I do want to just check though. Do different types

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Speaker 3: of wine grapes want different types of conditions? In other words,

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Speaker 3: do green grapes are presume white wine and read grapes

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Speaker 3: I presume red wine that I know virtually nothing about wine,

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Speaker 3: Do they prefer different conditions?

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Speaker 8: They prefer generally similar conditions as and of course the

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Speaker 8: soil and the region at which it's planted is one

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Speaker 8: of the key determinant as to how much yield one gets.

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Speaker 8: As you can see that we have a concentration of

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Speaker 8: our wine grapes in the Western Cape origin, and of

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Speaker 8: course a little bit in the Northern Cape.

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Speaker 5: And by the.

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Speaker 8: Way, I was just now in this area of Kacamas

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Speaker 8: here in the Northern Cape, and it's increasingly adding to

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Speaker 8: that branded that they've long been producing in that area.

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Speaker 8: Also some good wine that is coming up in that area.

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Speaker 8: So really generally that but still in the weather conditions

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Speaker 8: are in all of the varieties that we plant is

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Speaker 8: largely the same.

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Speaker 3: Okay, So now who were going to sell it to

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Speaker 3: the US, presumably not so.

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Speaker 5: Much, Steven.

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Speaker 8: There are people in Europe that must pay for this

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Speaker 8: high quality wine we produce, as well as the UK,

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Speaker 8: and of course we continue to look in other markets

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Speaker 8: in Asia, particularly China. But China is problematic still in

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Speaker 8: a sense that our wine still face a duty of

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Speaker 8: between fourteen and twenty percent tariff, depending if it's bulk

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Speaker 8: or bottle does its bulk it can face twenty percent

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Speaker 8: tariffs and fourteen percent if it's bottled. While our friends

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Speaker 8: down there in Australia and elsewhere are entering that market

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Speaker 8: duty free, so in our conversations with them about lowering duties,

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Speaker 8: wine is always on top of mind. The US is

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Speaker 8: important because about four percent or so of our wine,

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Speaker 8: similar to the overall share percentage, is the one that

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Speaker 8: typically goes to that US market. But of course it's

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Speaker 8: presenting pressures on certain family businesses that have greater exposure.

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Speaker 8: But industry wise, if we are able to divert a

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Speaker 8: bit of more volume to the EU and the UK

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Speaker 8: and other markets, we will be able to continue to

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Speaker 8: drive well.

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Speaker 3: I mean, I know so many people who come to

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Speaker 3: South African say, wow, your wine is great, is great,

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Speaker 3: and it's cheap. And I've always thought that we would

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Speaker 3: be able to compete really strongly on price in markets

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Speaker 3: like the EU or the UK that you know, price

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Speaker 3: would be because the quality is me there. That price

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Speaker 3: would really be the great sort of unique selling point

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Speaker 3: for US.

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Speaker 8: I mean, you know what, the reality is that their

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Speaker 8: consumer in the world market are the ones that did

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Speaker 8: sort of put a premium on what region and not

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Speaker 8: to or what region, and I think they not always

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Speaker 8: be thinking about the quality on this The fact that

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Speaker 8: we are in the southern tip of Africa does have

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Speaker 8: its own drag on us if one is talking now

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Speaker 8: looking globally, because if you are producing from France and

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Speaker 8: you are producing from Argentina Australia, there's always this assumption

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Speaker 8: that somehow your wine is good. But that's not always

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Speaker 8: the case. I mean, there's been various studies and some

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Speaker 8: of their anecdotal experience, like the one that you are

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Speaker 8: explaining now, where it turns out that South Africa actually

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Speaker 8: punches above the weight, and I think that's the message

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Speaker 8: that the global consumer needs to get, which is why

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Speaker 8: I think that in all of these marketing airports that

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Speaker 8: many people at South Africa wines, vin Pro and various

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Speaker 8: private brands they go and market. And I think that

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Speaker 8: even on this conversation Steven, that we always talk about

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Speaker 8: of export diversification, I think that the marketing element by

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Speaker 8: bread essay has to be huge because wine is not

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Speaker 8: just a commodity. We have to say we are now

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Speaker 8: presenting processed, high quality products. And I think that the

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Speaker 8: marketing aspect is very important.

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Speaker 3: Wendila, thank you so much. On dli Sex Nobos chief

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Speaker 3: Economists at the Agricultural Business Chamber of South Africa. The

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Speaker 3: Money Show, christ Shinlemberg e'sportfolio manager the Old Mutual Investment Group,

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Speaker 3: Chris Stuff. Good evening and not a lot going on

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Speaker 3: on the JC, very few announcements. Sends very quiet, as

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Speaker 3: you would expect, lots of optimism around next year. We'll

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Speaker 3: talk and see the confidence numbers soon, which are also

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Speaker 3: very confident. We had John Bickard on The Money Show

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Speaker 3: on Friday. He was very confident about next year. How

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Speaker 3: optimistic are you?

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Speaker 9: Yeah, good evening Stephen and all the listeners, thanks for

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Speaker 9: having me. Yeah, it's certainly seems to be turning, you know,

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Speaker 9: and I think it's sitting slowly in the background in

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Speaker 9: terms of improving versus what you become accustomed to over

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Speaker 9: the last ten of ten years, and that bodes well.

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Speaker 9: We can see you when you look at bond prices

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Speaker 9: and the yields on that and you look at the currency,

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Speaker 9: there's certainly a lot more confident coming and if it

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Speaker 9: follows previous cycles then unfortunately locals are last to notice.

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Speaker 9: But headwinds are certainly dissipating and some even turning into tailwinds.

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Speaker 3: A big part of it for us obviously this year

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Speaker 3: has been the gold price. Do you expect it to

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Speaker 3: say where it is? I mean, I mean, there's so

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Speaker 3: many different factors driving it. I don't see many of

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Speaker 3: the factors are going away. I mean some of them.

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Speaker 3: Of course we're in the United States.

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Speaker 9: Yeah, So the interesting thing is an external factor like

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Speaker 9: a gold price, could be the kind of the match

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Speaker 9: that lights the fire. There's many other factors in s A.

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Speaker 9: I mean, if we look at the factual data of

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Speaker 9: the kind of emotions and narratives, transmit load sheading, governance,

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Speaker 9: everything seems to be picking up in the right way,

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Speaker 9: in the right direction, gray listing being removed, you know,

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Speaker 9: et cetera. Coming into the gold price, which is obviously

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Speaker 9: good and combined a PGM, so kind of your precious

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Speaker 9: metal prices. They've been built up a massive tail wind

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Speaker 9: in terms of taxes and exports and and and you

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Speaker 9: know kind of impact on.

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Speaker 5: The first cause the way the gold price goes.

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Speaker 9: Yeah, I don't know. We we quite bullish gold as

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Speaker 9: a metal. You know, one can see that it's it's

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Speaker 9: being but central banks globally are buying these. The retail

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Speaker 9: market is starting to get behind it. If we look

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Speaker 9: at the flows and the ETFs and and yeah, they

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Speaker 9: you know, they they that money is looking for our home. Obviously,

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Speaker 9: when we look at minors and equities, one has to

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Speaker 9: overlay that with things like valuation and what's priced in.

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Speaker 9: But if we're talking pure metal in dollar terms, yeah,

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Speaker 9: I think you know, five thousand is on the card. Uh,

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Speaker 9: maybe even more. The tricky question is does it go

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Speaker 9: down to three and a half first and then the

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Speaker 9: five an hour or you know, can it continue this

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Speaker 9: as its typically don't go up in a straight line.

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Speaker 9: So it's had a hell of a run, and yeah,

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Speaker 9: we must we must enjoy that, you know, over the

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Speaker 9: short term, I think one must be careful to assume

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Speaker 9: that this is uh, you know one way, bet.

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Speaker 3: Sure, very quickly. I mean the rans stronger get to

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Speaker 3: the dollar again. Today, lots of talk about Trump's pick

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Speaker 3: to be who you know and sort of who it

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Speaker 3: might be to chair the US Federal Reserve. I presume

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Speaker 3: one is leading to the other. The dollar a bit

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Speaker 3: weaker because of that.

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Speaker 9: Yeah, market kind of looks through it.

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Speaker 5: And and and I.

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Speaker 9: Think the market's pricing in who comes in will probably

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Speaker 9: you know, Trump will have their year, so you could

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Speaker 9: see them lowering rates or pushing four rates to be lower,

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Speaker 9: and and that will put pressure on the dollar, you know,

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Speaker 9: the dollars in a or not the dollar. The US

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Speaker 9: is economically in a in a tricky position with their

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Speaker 9: debt balance and could probably do with a weeker dollar.

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Speaker 9: That's good for us, you know, lower petrol prices, you know,

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Speaker 9: lower cost on imports. So yeah, I think this this,

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Speaker 9: this might only be the start. You know, people, if

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Speaker 9: you look at a long term trial, people forget about

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Speaker 9: thirteen round to the dollars feels like a distant memory.

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Speaker 9: Thirteen fourteen wasn't that long ago.

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Speaker 3: Yeah, good stuff, thank you, good stuff. Schillenberg portfolio manager,

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Speaker 3: the old mutual investment group just after six.

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Speaker 1: What's happen to Stephen on seven two seven oh two one seven.

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Speaker 3: Two, Well, talking about ATMs move away from cash, but

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Speaker 3: then also the idea from the Reserve Bank a good one.

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Speaker 3: I think that would basically mean banks don't have their

437
00:23:02,480 --> 00:23:05,280
Speaker 3: own ATMs. There will be a sort of company owned

438
00:23:05,280 --> 00:23:07,400
Speaker 3: by all the banks through some way of doing it,

439
00:23:07,480 --> 00:23:10,560
Speaker 3: and you'll pay the same to draw cash at every atm.

440
00:23:10,600 --> 00:23:13,000
Speaker 3: Some responses to that tonight A steven.

441
00:23:13,160 --> 00:23:16,920
Speaker 10: I think we forget that ATMs are used for sussa

442
00:23:16,920 --> 00:23:21,159
Speaker 10: branch to throw money frown the air. So a vast

443
00:23:21,200 --> 00:23:26,840
Speaker 10: majority of the country doesn't have access to electronic services

444
00:23:26,840 --> 00:23:30,000
Speaker 10: and apps and things like that, so it's a minority

445
00:23:30,040 --> 00:23:36,800
Speaker 10: that that uses the technology. The majority require ATMs that

446
00:23:36,920 --> 00:23:39,720
Speaker 10: require cash. So as much as we talk about being

447
00:23:39,800 --> 00:23:41,440
Speaker 10: casual at society and all that.

448
00:23:41,400 --> 00:23:44,280
Speaker 11: You're excluding a vast majority of the country. And if

449
00:23:44,280 --> 00:23:46,919
Speaker 11: you look at the story of how keptics started in

450
00:23:46,960 --> 00:23:51,040
Speaker 11: the first place, it's from overlooking the majority and someone

451
00:23:51,119 --> 00:23:54,639
Speaker 11: saying let's take advantage of that opportunity. So let's not

452
00:23:54,760 --> 00:23:57,400
Speaker 11: forget that the majority of the country is not cashless,

453
00:23:57,600 --> 00:23:59,840
Speaker 11: so stop trying to push us in that diet.

454
00:24:00,520 --> 00:24:04,240
Speaker 3: And service the rest of the country accordingly, No, sure,

455
00:24:04,280 --> 00:24:06,199
Speaker 3: I hear you. I mean, I think what people are

456
00:24:06,200 --> 00:24:08,199
Speaker 3: expecting is that at some point, at some point not

457
00:24:08,440 --> 00:24:11,560
Speaker 3: too long away, we'll end up with sort of thirty

458
00:24:11,600 --> 00:24:14,560
Speaker 3: to forty percent, you know, of people using cash, so

459
00:24:14,600 --> 00:24:18,400
Speaker 3: the number will go down. You know, I know that

460
00:24:18,440 --> 00:24:20,920
Speaker 3: there are many millions of people in South Africa who

461
00:24:21,000 --> 00:24:24,919
Speaker 3: don't have much access to data and to phones, but

462
00:24:25,440 --> 00:24:28,199
Speaker 3: there are about twice as many phones as there are

463
00:24:28,240 --> 00:24:30,600
Speaker 3: people in South Africa. So I don't think we should

464
00:24:30,600 --> 00:24:33,960
Speaker 3: overplay that either, try and get some hard numbers on

465
00:24:34,000 --> 00:24:36,480
Speaker 3: that actually might be a useful talking point, something to

466
00:24:36,560 --> 00:24:39,560
Speaker 3: just consider other voice notes not we've been talking about starlink.

467
00:24:40,320 --> 00:24:42,600
Speaker 3: Hey guys, you're seven or two of them.

468
00:24:43,920 --> 00:24:47,720
Speaker 12: Just so I know, though, who ever thought where would

469
00:24:47,760 --> 00:24:50,840
Speaker 12: be the last place Elon Mosk or whoever now is

470
00:24:50,840 --> 00:24:53,320
Speaker 12: in the pool of the new company, is that you know,

471
00:24:53,480 --> 00:24:56,600
Speaker 12: we're here in the ikasas dialing chads and all though

472
00:24:57,560 --> 00:24:59,639
Speaker 12: of all of them, do any one of them actually

473
00:24:59,720 --> 00:25:02,840
Speaker 12: even spend any time in South Africa because it's great

474
00:25:02,960 --> 00:25:06,439
Speaker 12: Elon Musk at all, But to give that it was

475
00:25:06,480 --> 00:25:08,880
Speaker 12: maybe triggered by that and the visit of the President

476
00:25:08,920 --> 00:25:12,200
Speaker 12: to the White House, though, whoever considered that even Elon

477
00:25:12,280 --> 00:25:15,200
Speaker 12: Musk is a beneficiary of the South African government since

478
00:25:15,400 --> 00:25:18,440
Speaker 12: he did, after all, go to a public school Pretoria

479
00:25:18,480 --> 00:25:20,200
Speaker 12: boys I is a government school.

480
00:25:20,200 --> 00:25:23,479
Speaker 5: So yeah, just a thought there from k verb in Madrid.

481
00:25:24,520 --> 00:25:28,040
Speaker 3: Thanks you No interesting. I mean, I don't know. I'm

482
00:25:28,040 --> 00:25:30,720
Speaker 3: not sure what the right answer is. I do think

483
00:25:30,760 --> 00:25:33,720
Speaker 3: equity equivalents. I think on balance does make sense to me.

484
00:25:33,720 --> 00:25:37,040
Speaker 3: I think the arguments against it for something as international

485
00:25:37,040 --> 00:25:39,359
Speaker 3: as Stalink and the other services, I think it's quite

486
00:25:39,400 --> 00:25:41,400
Speaker 3: tough to make. But the your views please oh seven

487
00:25:41,440 --> 00:25:44,000
Speaker 3: two seven O two one seven o two seven o

488
00:25:44,160 --> 00:25:47,160
Speaker 3: two with Stephen Krutz Email him.

489
00:25:47,320 --> 00:25:50,560
Speaker 2: On Stephen at seven o two dot co dot.

490
00:25:50,560 --> 00:25:54,000
Speaker 3: Z sixteen minutes to seven the time. Well more news

491
00:25:54,040 --> 00:25:56,359
Speaker 3: about the way you're feeling during the start of the

492
00:25:56,359 --> 00:26:00,440
Speaker 3: festive season. The latest Momentum Investment Consumer Pulse showing a

493
00:26:00,440 --> 00:26:04,040
Speaker 3: big lift in consumer confidence, the consumer Confidence index moving

494
00:26:04,040 --> 00:26:07,320
Speaker 3: from negative thirteen to negative nine. It's actually the highest

495
00:26:07,400 --> 00:26:11,159
Speaker 3: level this year. Senesha Pakrosami is the chief economist of

496
00:26:11,200 --> 00:26:14,160
Speaker 3: Momentum Investment. Nisha A good evening, good to chat again.

497
00:26:14,880 --> 00:26:18,600
Speaker 3: What's changed to make us feel a little bit more confident,

498
00:26:18,760 --> 00:26:20,640
Speaker 3: is it something government has done.

499
00:26:22,160 --> 00:26:24,600
Speaker 13: Good evening, Stephen, and a good evening to all of

500
00:26:24,640 --> 00:26:27,359
Speaker 13: your listeners tonight. You know, I think there were a

501
00:26:27,359 --> 00:26:31,000
Speaker 13: couple of factors that came through that really boosted the

502
00:26:31,040 --> 00:26:36,199
Speaker 13: consumer sentiment in this past quarters reading and according to

503
00:26:36,600 --> 00:26:41,040
Speaker 13: FMB and the Bureau of Economic Research, who essentially conduct

504
00:26:41,040 --> 00:26:44,240
Speaker 13: the survey, they did point out a number of economic

505
00:26:44,480 --> 00:26:48,399
Speaker 13: factors that in particular helped consumers just to feel a

506
00:26:48,640 --> 00:26:51,720
Speaker 13: tad more optimistic than previously. So, first of all, we

507
00:26:51,840 --> 00:26:54,800
Speaker 13: had an interest rate cut that came through November, and

508
00:26:54,800 --> 00:26:58,399
Speaker 13: that of course does offer a relief to those that

509
00:26:58,520 --> 00:27:03,840
Speaker 13: are indebted as was prime linked debt on mortgages or vehicles.

510
00:27:04,119 --> 00:27:07,080
Speaker 13: There was also the fact that we had in appreciation

511
00:27:07,560 --> 00:27:12,280
Speaker 13: in the currency, and together with stable international oil prices,

512
00:27:12,520 --> 00:27:15,480
Speaker 13: we actually saw that petrol prices came in lower between

513
00:27:15,520 --> 00:27:19,720
Speaker 13: August and November. We also saw a moderation in food inflation,

514
00:27:20,480 --> 00:27:22,119
Speaker 13: and of course we know that food is quite a

515
00:27:22,160 --> 00:27:25,960
Speaker 13: big chunk of the bulk of South African's inflation basket.

516
00:27:26,440 --> 00:27:28,720
Speaker 13: There were a few job gains that also came through

517
00:27:28,720 --> 00:27:30,480
Speaker 13: in the third quarter. I think you know that the

518
00:27:31,040 --> 00:27:34,800
Speaker 13: jobs market is still quite soft, but those games helped

519
00:27:34,800 --> 00:27:37,320
Speaker 13: in the third quarter. And then of course we had

520
00:27:37,440 --> 00:27:41,359
Speaker 13: the credit rating upgrade from S and P Global and

521
00:27:41,440 --> 00:27:44,400
Speaker 13: the fact that the country was removed from the Financial

522
00:27:44,440 --> 00:27:47,800
Speaker 13: Action Transkforce gray list, and I think in conjunction, all

523
00:27:47,840 --> 00:27:51,880
Speaker 13: of these aided a slightly better reading on that consumer

524
00:27:51,920 --> 00:27:55,040
Speaker 13: confidence metric, although it did still stay negative territory.

525
00:27:55,280 --> 00:27:57,679
Speaker 3: I mean, everyone talks about the interest rate, Captain, I

526
00:27:57,720 --> 00:28:00,199
Speaker 3: get that, but it's still not a huge amount of

527
00:28:00,200 --> 00:28:03,600
Speaker 3: money for most people, surely. I mean, yes, it's a

528
00:28:03,640 --> 00:28:06,240
Speaker 3: trend in the right direction, but do you think people

529
00:28:06,280 --> 00:28:08,560
Speaker 3: actually feeling they have more money in their pockets? I mean,

530
00:28:08,560 --> 00:28:10,520
Speaker 3: the figures I suppose show that they do in some way.

531
00:28:11,640 --> 00:28:12,919
Speaker 13: I think we have to look at it on a

532
00:28:12,960 --> 00:28:15,679
Speaker 13: cumulative basis, and so if we look at twenty twenty

533
00:28:15,680 --> 00:28:18,440
Speaker 13: five as a whole, you know that was the force

534
00:28:18,600 --> 00:28:21,520
Speaker 13: interest rate cut that came through from the South African

535
00:28:21,560 --> 00:28:25,600
Speaker 13: Reserve Bank. Typically there is a twelve to eighteen month

536
00:28:25,760 --> 00:28:29,800
Speaker 13: transmission mechanism with interst rate policy into the real economy,

537
00:28:30,119 --> 00:28:33,240
Speaker 13: and so often you don't find that the full positive

538
00:28:33,320 --> 00:28:37,280
Speaker 13: impact comes through straight away. And so we can potentially

539
00:28:37,359 --> 00:28:40,040
Speaker 13: full acup some of those benefits further down the line,

540
00:28:40,160 --> 00:28:43,120
Speaker 13: and so you know, with money that's not now spent

541
00:28:43,320 --> 00:28:46,040
Speaker 13: on interest on your mortgage or on your vehicle load,

542
00:28:46,360 --> 00:28:49,160
Speaker 13: that does leave a bit more cash in consumers pockets

543
00:28:49,200 --> 00:28:51,040
Speaker 13: at the end of the day. I think what was

544
00:28:51,080 --> 00:28:54,880
Speaker 13: a bigger factor for the consumer this year, however, was

545
00:28:54,920 --> 00:28:57,840
Speaker 13: the fact that we had real wage games, and that

546
00:28:58,040 --> 00:29:02,120
Speaker 13: was mostly because inflation was reasonably well behaved this year,

547
00:29:02,400 --> 00:29:05,480
Speaker 13: and so that opened up quite a nice gap between

548
00:29:05,720 --> 00:29:10,440
Speaker 13: nominal wages and effectively or real wage game that then

549
00:29:10,480 --> 00:29:13,600
Speaker 13: picked up as inflation fell. And we know that in

550
00:29:13,600 --> 00:29:17,640
Speaker 13: South Africa most consumers don't typically save, and so any

551
00:29:17,720 --> 00:29:20,280
Speaker 13: of those real games that come through on the real

552
00:29:20,320 --> 00:29:24,000
Speaker 13: wage front ends up coming through in household consumption. And

553
00:29:24,040 --> 00:29:25,920
Speaker 13: I think that's, you know, been a signal that the

554
00:29:25,960 --> 00:29:26,840
Speaker 13: consumer's done.

555
00:29:26,680 --> 00:29:27,280
Speaker 14: A bit better.

556
00:29:27,760 --> 00:29:30,560
Speaker 13: And we don't have obviously the fourth quarter numbers for

557
00:29:30,800 --> 00:29:33,920
Speaker 13: gross domestic product of GDP just yet, but I think

558
00:29:33,960 --> 00:29:37,200
Speaker 13: we could be looking at consumption spending close to two

559
00:29:37,200 --> 00:29:39,840
Speaker 13: point seven percent in terms of growth this year, which

560
00:29:39,920 --> 00:29:43,560
Speaker 13: is quite strong given that the overall economy is probably

561
00:29:43,600 --> 00:29:45,840
Speaker 13: around one point two percent toward growth.

562
00:29:46,360 --> 00:29:49,000
Speaker 3: I mean, what that should mean is that the first

563
00:29:49,000 --> 00:29:51,560
Speaker 3: of shopping season would be bigger, and I realized, you know,

564
00:29:51,600 --> 00:29:54,440
Speaker 3: it doesn't start on the sixteenth anymore. It starts sort

565
00:29:54,440 --> 00:29:58,040
Speaker 3: of Black Friday ish beginning of November even now. But

566
00:29:58,120 --> 00:30:01,160
Speaker 3: what do you expect that actually the might be an

567
00:30:01,280 --> 00:30:03,160
Speaker 3: uptick in the amount of money spent over the next

568
00:30:03,240 --> 00:30:04,160
Speaker 3: couple of weeks.

569
00:30:05,080 --> 00:30:08,480
Speaker 13: You know, I think all signs are indicating, especially since

570
00:30:08,520 --> 00:30:12,960
Speaker 13: we had quite robust Black Friday sales, but that momentum

571
00:30:13,000 --> 00:30:17,560
Speaker 13: could potentially continue into Christmas sales, system season sales into

572
00:30:17,600 --> 00:30:19,440
Speaker 13: the end of the year. And so you know, the

573
00:30:19,520 --> 00:30:22,440
Speaker 13: components that we saw getting quite a boost over the

574
00:30:22,480 --> 00:30:27,160
Speaker 13: Black Friday sales for things like electronics, health and beauty purchases,

575
00:30:27,600 --> 00:30:30,880
Speaker 13: home furnishings, and so you know, if we look typically

576
00:30:31,280 --> 00:30:34,640
Speaker 13: in the past couple of quarters, the sector that ladds

577
00:30:34,680 --> 00:30:37,680
Speaker 13: the most is what we call durable goods. It's you know,

578
00:30:37,760 --> 00:30:42,160
Speaker 13: more of your discretionary items, the white goods in the household.

579
00:30:42,880 --> 00:30:45,840
Speaker 13: So you know, those lads for quite some time, but

580
00:30:45,960 --> 00:30:47,960
Speaker 13: we are now starting to see a bit of catch

581
00:30:48,000 --> 00:30:51,160
Speaker 13: up coming through and spending in those components, and I

582
00:30:51,200 --> 00:30:54,720
Speaker 13: think we can potentially see some of that momentum persisting

583
00:30:54,920 --> 00:30:56,080
Speaker 13: into the fast of season.

584
00:30:56,920 --> 00:30:59,000
Speaker 3: Events at the top level. I'm talking about, you know,

585
00:30:59,040 --> 00:31:02,040
Speaker 3: the national coalition, lower government debt, that kind of thing.

586
00:31:02,720 --> 00:31:04,960
Speaker 3: Do you think It's hard to know. I find it

587
00:31:05,000 --> 00:31:07,239
Speaker 3: difficult to know if that's having an impact on how

588
00:31:07,280 --> 00:31:09,560
Speaker 3: people are feeling. My gut tells me it must, but

589
00:31:09,680 --> 00:31:10,480
Speaker 3: only a little bit.

590
00:31:13,000 --> 00:31:15,760
Speaker 13: I think the politics comes through very strongly when we

591
00:31:15,760 --> 00:31:20,120
Speaker 13: look at the business consumer the business confidence index. On

592
00:31:20,200 --> 00:31:22,680
Speaker 13: the consumer level, what we have seen in the past

593
00:31:22,720 --> 00:31:27,600
Speaker 13: that dented consumer sentiment quite significantly was whenever we had

594
00:31:27,680 --> 00:31:31,360
Speaker 13: big bounds of load shedding, which is also associated with

595
00:31:31,480 --> 00:31:35,880
Speaker 13: general political uncertain you know, the uncertain climate, which also

596
00:31:36,000 --> 00:31:39,760
Speaker 13: pulls through into the business sentiment indicator. But I think,

597
00:31:39,840 --> 00:31:43,880
Speaker 13: you know, we do have a negative political environment can

598
00:31:43,960 --> 00:31:49,240
Speaker 13: weigh on the consumer, and typically around your election periods,

599
00:31:49,320 --> 00:31:52,360
Speaker 13: you do feel that impact coming through at a consumer

600
00:31:52,440 --> 00:31:55,400
Speaker 13: sentiment level, you know. I think that comes with the

601
00:31:55,480 --> 00:31:59,480
Speaker 13: caveat that it's most strongly felt at a business level

602
00:32:00,200 --> 00:32:04,240
Speaker 13: that can dense things like profitability, sales margins, et cetera.

603
00:32:04,600 --> 00:32:06,600
Speaker 13: So I think that impact comes through, but I think

604
00:32:06,640 --> 00:32:10,080
Speaker 13: we see it more strongly on the business confidence index

605
00:32:10,160 --> 00:32:12,480
Speaker 13: more so than the consumer sentiment side.

606
00:32:12,680 --> 00:32:15,560
Speaker 3: I would like to hope that This also means the

607
00:32:15,600 --> 00:32:18,200
Speaker 3: sort of increased confidence goes into the beginning of next

608
00:32:18,280 --> 00:32:20,840
Speaker 3: year and that maybe, you know, the big uniform stationary

609
00:32:20,840 --> 00:32:23,840
Speaker 3: shop is maybe a little easier for a few people.

610
00:32:23,840 --> 00:32:26,760
Speaker 3: Obviously hard to know exactly what happens, but I'd like

611
00:32:26,800 --> 00:32:28,240
Speaker 3: to think this confidence continues.

612
00:32:29,440 --> 00:32:30,720
Speaker 13: Yeah, I think, you know, we need to look at

613
00:32:30,760 --> 00:32:33,680
Speaker 13: the drivers for the consumer going into twenty twenty six,

614
00:32:33,680 --> 00:32:36,800
Speaker 13: and I think that element of real wage growth is

615
00:32:36,840 --> 00:32:40,280
Speaker 13: going to persist simply because we've got the average outlook

616
00:32:40,320 --> 00:32:44,680
Speaker 13: for inflation next year a little bit lower, and I

617
00:32:44,680 --> 00:32:48,320
Speaker 13: think you know that will aid in purchasing power remaining

618
00:32:48,400 --> 00:32:51,520
Speaker 13: robust for the consumer. We've seen a slight pickap on

619
00:32:51,560 --> 00:32:54,960
Speaker 13: the household credit growth side. I say it slight because

620
00:32:55,000 --> 00:32:57,680
Speaker 13: relative to its long term history it is for quite muted,

621
00:32:58,600 --> 00:33:00,720
Speaker 13: but you know, in real term that is now starting

622
00:33:01,040 --> 00:33:04,680
Speaker 13: to creep up mortgages. You know that loan growth has

623
00:33:04,720 --> 00:33:07,760
Speaker 13: been quite suppressed. But outside of that, we have seen

624
00:33:08,120 --> 00:33:14,160
Speaker 13: more robust growth in things like general loans, informent sales, credit, leasing, finance,

625
00:33:14,240 --> 00:33:18,640
Speaker 13: credit cards, and that does aid consumption and then perhaps

626
00:33:18,720 --> 00:33:21,800
Speaker 13: a slight uptick in jobs growth, given that we are

627
00:33:21,880 --> 00:33:25,120
Speaker 13: expecting the economy to do a little bit better. Next year.

628
00:33:25,160 --> 00:33:28,280
Speaker 13: We anticipate in growth of one point six percent relative

629
00:33:28,400 --> 00:33:31,479
Speaker 13: and expect of one point two percent this year. And

630
00:33:31,520 --> 00:33:34,720
Speaker 13: so all of these components together, I think does contract

631
00:33:34,760 --> 00:33:38,920
Speaker 13: your recipe for household consumption to remain you know, a

632
00:33:39,000 --> 00:33:41,760
Speaker 13: reasonable contributor of growth. But I think where we are

633
00:33:41,880 --> 00:33:45,440
Speaker 13: hanging our hats is for some recovery to start coming

634
00:33:45,480 --> 00:33:48,640
Speaker 13: through on the fixed investment side. Now, we started to

635
00:33:48,680 --> 00:33:52,400
Speaker 13: see some tentative signs that corporate credit growth has been

636
00:33:52,480 --> 00:33:56,480
Speaker 13: quite firm. That's been on the back of working capital

637
00:33:56,560 --> 00:34:00,760
Speaker 13: requirements supporting to the South African Reserve Bank, but also

638
00:34:00,840 --> 00:34:03,520
Speaker 13: quite a big element coming through there on the renewable

639
00:34:03,720 --> 00:34:06,400
Speaker 13: energy side. And so you know, if we can get

640
00:34:06,480 --> 00:34:11,160
Speaker 13: fixed investment growing once again, that's a far more sustainable

641
00:34:11,320 --> 00:34:13,600
Speaker 13: anchor of economic growth in South Africa.

642
00:34:14,120 --> 00:34:17,400
Speaker 3: Sanisia, thank you very much. Indeed, Senezia Pakarasami is the

643
00:34:17,520 --> 00:34:19,680
Speaker 3: chief economist at Momentum Investments.

644
00:34:20,320 --> 00:34:22,799
Speaker 15: The money show is stevehen Hrutez is brought to you

645
00:34:22,880 --> 00:34:28,040
Speaker 15: by absur CIB proud sole leader Ranger and Infrastructure Finance

646
00:34:28,080 --> 00:34:31,680
Speaker 15: structuring agent on the South African National Treasuries eleven point

647
00:34:31,719 --> 00:34:35,120
Speaker 15: eight billion rad Infrastructure and Development Finance Bond.

648
00:34:37,000 --> 00:34:40,040
Speaker 3: Five minutes now to seven, Stephen, seven o'clock. Let's get

649
00:34:40,080 --> 00:34:41,919
Speaker 3: it right, Shaw, We I don't know what you're doing

650
00:34:41,920 --> 00:34:44,360
Speaker 3: over the holidays. I know, though, I mean my patterns

651
00:34:44,360 --> 00:34:47,600
Speaker 3: will be disrupted. I'm sure yours will too. It might

652
00:34:47,640 --> 00:34:50,920
Speaker 3: not just be you driving your car. Might be your daughter,

653
00:34:51,160 --> 00:34:54,600
Speaker 3: might be your brother, might be whoever. You might actually

654
00:34:54,600 --> 00:34:56,680
Speaker 3: have people in the house, by which I mean renting

655
00:34:56,680 --> 00:34:59,080
Speaker 3: it out. Maybe Airbnb, if you're at the coast making

656
00:34:59,160 --> 00:35:01,880
Speaker 3: a fortune out of people like us who are not

657
00:35:02,160 --> 00:35:05,480
Speaker 3: at the coast. What about insurance though? What happens if

658
00:35:05,480 --> 00:35:09,440
Speaker 3: something goes wrong? And North is co founder of Naked

659
00:35:10,000 --> 00:35:11,840
Speaker 3: Good Evening. I don't know if you've ever been the

660
00:35:11,880 --> 00:35:15,879
Speaker 3: subject of one of your billboards or not, but if

661
00:35:15,920 --> 00:35:17,719
Speaker 3: you're renting out your house, what do you need to

662
00:35:17,719 --> 00:35:19,560
Speaker 3: know about insurance? I mean, does it matter who was

663
00:35:19,600 --> 00:35:20,920
Speaker 3: in the house if there is an incident?

664
00:35:22,560 --> 00:35:25,160
Speaker 14: Good Evening, Stephen, Yes, it's a good question, and the

665
00:35:25,160 --> 00:35:27,920
Speaker 14: answer yeah is yes, it does matter who is in it,

666
00:35:27,960 --> 00:35:28,760
Speaker 14: and it does matter.

667
00:35:28,680 --> 00:35:29,680
Speaker 5: Who's driving your car.

668
00:35:30,080 --> 00:35:33,000
Speaker 14: I think there's a big difference. Let's talk about the

669
00:35:33,040 --> 00:35:36,600
Speaker 14: home first. There's a big difference about a family that

670
00:35:36,760 --> 00:35:40,040
Speaker 14: lives in your house long term, and the insurance knows

671
00:35:40,080 --> 00:35:44,440
Speaker 14: about them and knows if there's anything that they do

672
00:35:44,560 --> 00:35:49,800
Speaker 14: on a regular basis versus a paying guest that arrives

673
00:35:50,480 --> 00:35:53,040
Speaker 14: and you know very little about them and they arrive

674
00:35:53,120 --> 00:35:55,439
Speaker 14: for two or three days. So there's a very big

675
00:35:55,520 --> 00:35:58,640
Speaker 14: change in risk profile. And so the recommendation is if

676
00:35:58,680 --> 00:36:03,520
Speaker 14: you are going to be allowing friends or family to

677
00:36:03,560 --> 00:36:07,800
Speaker 14: stay in your house rent free, then it doesn't impact

678
00:36:07,840 --> 00:36:10,359
Speaker 14: your insurance policy at all. Just ask them to look

679
00:36:10,400 --> 00:36:13,440
Speaker 14: after the place as well as they could, as well

680
00:36:13,480 --> 00:36:16,080
Speaker 14: as you would, but it doesn't affect your insurance at all.

681
00:36:16,360 --> 00:36:19,080
Speaker 14: If you are renting out your house on a short

682
00:36:19,160 --> 00:36:22,000
Speaker 14: term basis, then you do have to let your insurer know.

683
00:36:22,880 --> 00:36:27,439
Speaker 14: Number one for the structural insurance. They need to know

684
00:36:27,560 --> 00:36:31,799
Speaker 14: if there's somebody that if they are high turnover of

685
00:36:31,840 --> 00:36:34,719
Speaker 14: people coming on a regular basis. But number two for

686
00:36:34,840 --> 00:36:38,320
Speaker 14: your easily portable items when you're renting out your house.

687
00:36:38,800 --> 00:36:43,360
Speaker 14: Obviously those can't be insured for theft of somebody that

688
00:36:43,480 --> 00:36:45,520
Speaker 14: you don't know coming into your house.

689
00:36:45,840 --> 00:36:47,400
Speaker 3: Yeah, I imagine that would be the big thing I

690
00:36:47,400 --> 00:36:50,000
Speaker 3: would I would presume it's the short term rental that's

691
00:36:50,000 --> 00:36:52,880
Speaker 3: actually Brady, the big risk when it comes to property.

692
00:36:53,280 --> 00:36:56,000
Speaker 14: Absolutely, and so if you are there's a degree of

693
00:36:56,680 --> 00:36:59,880
Speaker 14: insurance that's included in some of the packages the pen

694
00:37:00,120 --> 00:37:04,000
Speaker 14: on which platform you use, whether it's ABNB or other platforms,

695
00:37:04,160 --> 00:37:06,640
Speaker 14: in some cases there is a degree of insurance that's

696
00:37:07,400 --> 00:37:10,080
Speaker 14: included as part of the platform, But you really need

697
00:37:10,120 --> 00:37:14,520
Speaker 14: to manage risk on your own basis. Like I said,

698
00:37:14,520 --> 00:37:17,960
Speaker 14: your insurer can cover the building itself and some of

699
00:37:17,960 --> 00:37:20,960
Speaker 14: the contents, but some of the easily portable items, if

700
00:37:21,000 --> 00:37:23,800
Speaker 14: you don't put those away, then those can't be insured.

701
00:37:24,400 --> 00:37:27,160
Speaker 3: And then a car insurance and I find the small

702
00:37:27,200 --> 00:37:30,120
Speaker 3: print around car insurance just fascinating. That's such a sort of,

703
00:37:30,239 --> 00:37:33,080
Speaker 3: as you know, a kind of insurance war going on.

704
00:37:33,960 --> 00:37:36,120
Speaker 3: What do you need to look for in the small print?

705
00:37:36,200 --> 00:37:38,000
Speaker 3: If someone else is going to be driving your car

706
00:37:38,080 --> 00:37:39,440
Speaker 3: for a bit, or say for just.

707
00:37:39,400 --> 00:37:43,200
Speaker 14: A week, it's a similar situation where you're getting someone

708
00:37:43,239 --> 00:37:47,200
Speaker 14: else where someone else is paying you to use the car.

709
00:37:47,560 --> 00:37:51,200
Speaker 14: Then it becomes a commercial policy essentially, and your standard

710
00:37:51,400 --> 00:37:55,279
Speaker 14: personalized car insurance policy actually won't cover them. So that's

711
00:37:55,320 --> 00:37:58,239
Speaker 14: a very very important check that you need to do

712
00:37:58,320 --> 00:38:01,719
Speaker 14: if you are having someone pay you for using your call.

713
00:38:02,000 --> 00:38:04,680
Speaker 14: The more common scenario is where your friends or family

714
00:38:04,840 --> 00:38:07,120
Speaker 14: or just in town or you're not around and you're

715
00:38:07,200 --> 00:38:09,600
Speaker 14: letting them use your call. By all means, that's not

716
00:38:09,640 --> 00:38:12,600
Speaker 14: a problem. Ensure that they have a valid license. But

717
00:38:13,760 --> 00:38:17,480
Speaker 14: ninety five percent of insurance policies in South Africa cover

718
00:38:17,600 --> 00:38:21,320
Speaker 14: you as long as that regular driver has your permission

719
00:38:21,360 --> 00:38:23,880
Speaker 14: and they have a valid they have a valid license,

720
00:38:24,320 --> 00:38:27,000
Speaker 14: do check out. There's a small number of policies in

721
00:38:27,040 --> 00:38:31,960
Speaker 14: South Africa that are limited by a specific name being

722
00:38:32,000 --> 00:38:34,640
Speaker 14: allowed to drive the car. So check out if you

723
00:38:34,680 --> 00:38:37,200
Speaker 14: have one of those policies. And secondly, if you do

724
00:38:37,280 --> 00:38:40,560
Speaker 14: have a policy that allows any driver, make sure that

725
00:38:40,600 --> 00:38:44,440
Speaker 14: you understand what the additional excess would be. Some policy

726
00:38:44,800 --> 00:38:48,560
Speaker 14: in South Africa charge an additional excess if somebody other

727
00:38:48,640 --> 00:38:51,040
Speaker 14: than the regular driver is in an accident, so check

728
00:38:51,080 --> 00:38:53,560
Speaker 14: that in advance. If your insurer happens to be one

729
00:38:53,560 --> 00:38:54,680
Speaker 14: of those, and.

730
00:38:54,800 --> 00:39:02,879
Speaker 3: Very quickly, the age of the driver matters, doesn't It.

731
00:39:00,080 --> 00:39:04,000
Speaker 14: Almost only in that last scenario that I described, where

732
00:39:04,880 --> 00:39:09,840
Speaker 14: if your insurer charge is an extra excess in certain circumstances,

733
00:39:09,880 --> 00:39:12,680
Speaker 14: when it's not the regular driver, so very often it's

734
00:39:12,719 --> 00:39:15,560
Speaker 14: the person that's borrowing the core is under twenty five

735
00:39:15,760 --> 00:39:18,239
Speaker 14: or they've had their license for less than a year,

736
00:39:18,560 --> 00:39:21,560
Speaker 14: then you could be subject to an additional excess. So

737
00:39:21,640 --> 00:39:23,680
Speaker 14: check if your insurer is one of those and then

738
00:39:23,719 --> 00:39:27,120
Speaker 14: it's good that you understand those seasons seas in advance.

739
00:39:27,440 --> 00:39:29,719
Speaker 3: Ernest North, thanks so much, Really do appreciate it, co

740
00:39:29,800 --> 00:39:33,040
Speaker 3: founder of Naked Yeah, a lot to look at when

741
00:39:33,080 --> 00:39:35,440
Speaker 3: you think about insurance. We'll speak to Ian Man in

742
00:39:35,440 --> 00:39:37,719
Speaker 3: the moment his best books of the year, and don't

743
00:39:37,719 --> 00:39:41,360
Speaker 3: forget Peter Temple Off the Chef from seven thirty.

744
00:39:41,480 --> 00:39:43,439
Speaker 2: And now The Money.

745
00:39:43,080 --> 00:39:46,200
Speaker 3: Show with even credits on seven o two.

746
00:39:46,719 --> 00:39:47,600
Speaker 2: Let's walk this all.

747
00:39:48,000 --> 00:39:50,160
Speaker 3: The Money Show with Stephen Crutis has brought to you

748
00:39:50,200 --> 00:39:54,560
Speaker 3: by absince CIB proud Sole Leader Ranger and Infrastructure Finance

749
00:39:54,600 --> 00:39:57,760
Speaker 3: Structuring Agent of the South African National Treasury is eleven

750
00:39:57,800 --> 00:40:02,640
Speaker 3: point eight billion Rand Infrastructure Development Finance Bond. Good evening,

751
00:40:02,640 --> 00:40:05,000
Speaker 3: eight minutes after seven plenty to come. We speak to

752
00:40:05,000 --> 00:40:07,640
Speaker 3: Ian Man in a moment going through his best books

753
00:40:07,640 --> 00:40:10,480
Speaker 3: of the year, and actually it's been if you consider

754
00:40:10,480 --> 00:40:12,440
Speaker 3: what's happening around you, it is a sort of bump

755
00:40:12,440 --> 00:40:15,600
Speaker 3: of time for ideas, for thoughts, for insights and producing

756
00:40:15,640 --> 00:40:18,480
Speaker 3: some really interesting books. At the moment, I'm pleased to

757
00:40:18,560 --> 00:40:23,160
Speaker 3: see there are hardly any about leadership. My favorite sort

758
00:40:23,200 --> 00:40:25,840
Speaker 3: of bag bear is going into a shop and just

759
00:40:25,840 --> 00:40:28,120
Speaker 3: seeing everybody queuing of the leadership. I mean, if it

760
00:40:28,160 --> 00:40:31,360
Speaker 3: was that easy, people wouldn't be writing books about it. Anyway,

761
00:40:31,680 --> 00:40:34,520
Speaker 3: we'll talk about that. He's here already, and then don't

762
00:40:34,560 --> 00:40:39,120
Speaker 3: forget from seven point thirty Peter Templehof the Chef, and

763
00:40:39,320 --> 00:40:42,000
Speaker 3: I read today. I'm gonna have to ask him make

764
00:40:42,040 --> 00:40:44,680
Speaker 3: sure that I understood this correctly, that he started studying

765
00:40:44,680 --> 00:40:47,919
Speaker 3: economics and then check that in and decided to go

766
00:40:48,120 --> 00:40:49,680
Speaker 3: and be a chef and said, and it has become

767
00:40:49,719 --> 00:40:52,759
Speaker 3: one of the world's best chefs. I mean, really astonishing

768
00:40:53,400 --> 00:40:56,399
Speaker 3: experiences that he creates. Good to hear from you as well.

769
00:40:56,600 --> 00:40:58,799
Speaker 3: Double one, double A three oh seven two two one

770
00:40:58,800 --> 00:41:00,880
Speaker 3: four four six O five six and Voice Notes of

771
00:41:00,880 --> 00:41:04,080
Speaker 3: course on seven two seven O two one seven O two.

772
00:41:04,719 --> 00:41:08,640
Speaker 4: The Lney Show with Stephen Krudes Live on ninety two

773
00:41:08,680 --> 00:41:12,040
Speaker 4: point seven and one six FM, streaming on the Prime

774
00:41:12,120 --> 00:41:12,880
Speaker 4: Media Plus.

775
00:41:12,719 --> 00:41:15,640
Speaker 2: NAP and TSTV channel eight five six.

776
00:41:15,760 --> 00:41:18,840
Speaker 3: Well interesting to see the electricity Minister Conciensauro maccauper, and

777
00:41:18,880 --> 00:41:22,520
Speaker 3: he was announcing today the seven pre qualified bidders to

778
00:41:22,520 --> 00:41:26,000
Speaker 3: be a part of basically rebuilding our electricity grid. These

779
00:41:26,040 --> 00:41:28,920
Speaker 3: are international companies. You heard last week the conversation with

780
00:41:29,000 --> 00:41:32,319
Speaker 3: Carol Peyton and as If Wickham about how they're going

781
00:41:32,360 --> 00:41:35,280
Speaker 3: to work with South African companies will be vee partners

782
00:41:35,320 --> 00:41:37,520
Speaker 3: as a big debate about whether we should do things

783
00:41:37,520 --> 00:41:40,080
Speaker 3: in a slightly different way there or not. But rom

784
00:41:40,120 --> 00:41:44,360
Speaker 3: Mcorper also talking about smelters and we know that Eskam

785
00:41:44,640 --> 00:41:49,759
Speaker 3: and the government and the smelting companies the miners have

786
00:41:49,840 --> 00:41:52,520
Speaker 3: been talking about some sort of deal because Electricty has

787
00:41:52,560 --> 00:41:55,160
Speaker 3: just been too expensive and that's priced them out of

788
00:41:55,200 --> 00:41:58,200
Speaker 3: the market. Essentially quite a complicated area, and I see

789
00:41:58,239 --> 00:41:59,960
Speaker 3: that the Minister said today there's going to be no

790
00:42:00,320 --> 00:42:03,120
Speaker 3: free lunch. And in the end, you rarely are trying

791
00:42:03,120 --> 00:42:05,760
Speaker 3: to square the circle circle the square pick one, because

792
00:42:05,840 --> 00:42:08,440
Speaker 3: all you're doing is you're trying to make sure that

793
00:42:08,520 --> 00:42:12,399
Speaker 3: electricity is affordable for these companies and the only way

794
00:42:12,440 --> 00:42:15,200
Speaker 3: to really do it in the realistic way is through

795
00:42:15,200 --> 00:42:19,080
Speaker 3: some kind of subsidy either from other electricity users in

796
00:42:19,120 --> 00:42:21,880
Speaker 3: other words, people who pay the full price for electricity

797
00:42:21,880 --> 00:42:26,320
Speaker 3: that's you and I, or through tax from a government subsidy,

798
00:42:26,360 --> 00:42:29,480
Speaker 3: but then you're subsidizing a private company. Then things get

799
00:42:29,520 --> 00:42:31,719
Speaker 3: more and more complicated from there, so no free lunch.

800
00:42:31,760 --> 00:42:33,400
Speaker 3: I don't know how this is going to work. I

801
00:42:33,480 --> 00:42:35,400
Speaker 3: know when we've spoken to the CEO of one of

802
00:42:35,480 --> 00:42:38,560
Speaker 3: the companies, you know, we're pretty optimistic that something serious

803
00:42:38,640 --> 00:42:40,360
Speaker 3: was on the table. So it's very glad to year that.

804
00:42:40,840 --> 00:42:43,399
Speaker 3: I thought that was quite interesting. But still we are

805
00:42:43,440 --> 00:42:45,080
Speaker 3: just going to have to wait to see how this

806
00:42:45,120 --> 00:42:47,560
Speaker 3: plans out. I think there's going to be a lot

807
00:42:47,680 --> 00:42:50,239
Speaker 3: more water under the bridge before we know where we are.

808
00:42:50,360 --> 00:42:54,680
Speaker 3: Eleven minutes after seven The Money Show, Business Books, Well,

809
00:42:54,800 --> 00:42:56,799
Speaker 3: I'm pleased to tell you we've got some time with

810
00:42:56,920 --> 00:42:59,080
Speaker 3: Ian Man tonight and he's going to take you through

811
00:42:59,360 --> 00:43:01,799
Speaker 3: his books of the year. The end Good evening. I

812
00:43:01,840 --> 00:43:04,920
Speaker 3: was making the point a moment ago that the situation

813
00:43:05,080 --> 00:43:08,839
Speaker 3: that we're in now, the different trends that we're seeing,

814
00:43:08,840 --> 00:43:11,879
Speaker 3: the different dynamics, it's probably making this quite a good

815
00:43:11,880 --> 00:43:13,040
Speaker 3: time to be writing a book.

816
00:43:14,080 --> 00:43:16,520
Speaker 16: Well, there's so much going on. It really is a

817
00:43:16,520 --> 00:43:18,080
Speaker 16: lot going on, and I think what we need to

818
00:43:18,120 --> 00:43:20,200
Speaker 16: do now is to allows us to be able to

819
00:43:20,239 --> 00:43:22,920
Speaker 16: sober up a bit and get back to basics. And

820
00:43:22,960 --> 00:43:25,000
Speaker 16: I think that the very first book I'm going to

821
00:43:25,040 --> 00:43:27,960
Speaker 16: be sharing with you. The back of the book, he says,

822
00:43:28,000 --> 00:43:29,680
Speaker 16: this is a book for people who don't like books

823
00:43:29,680 --> 00:43:30,720
Speaker 16: on leadership.

824
00:43:30,400 --> 00:43:32,000
Speaker 3: Management my kind of guy.

825
00:43:32,120 --> 00:43:35,880
Speaker 16: Yes, anyway, it's called Slaying the Standard. What's most interesting

826
00:43:35,880 --> 00:43:39,200
Speaker 16: about this book is that he's the author. I don't

827
00:43:39,200 --> 00:43:41,800
Speaker 16: know him personally. He's a South African. He's bought a

828
00:43:41,840 --> 00:43:44,400
Speaker 16: think called the Alpha Group, and apparently it's an extraordinarily

829
00:43:44,480 --> 00:43:48,040
Speaker 16: well they're involved in things like insurance, fitness and hospitality

830
00:43:48,040 --> 00:43:50,640
Speaker 16: and other things. But what is so interesting about the

831
00:43:50,640 --> 00:43:54,879
Speaker 16: book is that there's a lot of very practical, very

832
00:43:54,920 --> 00:43:57,680
Speaker 16: wise things in the book, but they're down to earth.

833
00:43:57,920 --> 00:43:59,200
Speaker 3: There's no rocket science here.

834
00:44:00,000 --> 00:44:03,719
Speaker 16: Print is that's the simple things that we should know

835
00:44:03,760 --> 00:44:06,360
Speaker 16: that we don't know, or the things that we overlook.

836
00:44:06,800 --> 00:44:09,200
Speaker 16: And as you're so busy with trying to maintain your

837
00:44:09,200 --> 00:44:12,279
Speaker 16: business that you just don't get things done before we do.

838
00:44:12,320 --> 00:44:13,839
Speaker 16: That's want to point out one thing because I think

839
00:44:13,880 --> 00:44:18,680
Speaker 16: this is relevant. In South Africa. The ratio of smmes

840
00:44:19,239 --> 00:44:25,440
Speaker 16: to large businesses is ninety one to nine, so we

841
00:44:25,840 --> 00:44:30,839
Speaker 16: are most South Africans are involved in large in smmes.

842
00:44:31,120 --> 00:44:33,000
Speaker 16: These are ones, by the way, these the registered ones,

843
00:44:33,960 --> 00:44:36,360
Speaker 16: and very few in the very big ones. What we

844
00:44:36,480 --> 00:44:39,840
Speaker 16: don't do enough talking about when we talk about leadership

845
00:44:39,920 --> 00:44:43,440
Speaker 16: or management managing businesses is to worry about how does

846
00:44:43,480 --> 00:44:46,719
Speaker 16: the smaller business run itself? And I think that one

847
00:44:46,760 --> 00:44:50,360
Speaker 16: I like most about this book was that he's looking

848
00:44:50,520 --> 00:44:55,880
Speaker 16: primarily at I thought he was aiming primarily at the smaller, small, medium,

849
00:44:55,920 --> 00:44:59,160
Speaker 16: and micro enterprise enterprise. And he's got a lot of

850
00:44:59,280 --> 00:45:01,800
Speaker 16: very very good in a lot of good ideas that

851
00:45:01,920 --> 00:45:02,719
Speaker 16: worth talking about.

852
00:45:03,880 --> 00:45:06,440
Speaker 3: So one of the things I find interesting about so

853
00:45:06,440 --> 00:45:10,000
Speaker 3: many leadership books is you know you'll see that effect

854
00:45:10,200 --> 00:45:12,080
Speaker 3: habits of people or whatever, and they'll say, you know,

855
00:45:12,360 --> 00:45:14,799
Speaker 3: get up early, or I like to take time to

856
00:45:14,840 --> 00:45:16,759
Speaker 3: think before six in the morning. I mean, no one's

857
00:45:16,800 --> 00:45:19,160
Speaker 3: going to do that. So I'm interested by the point

858
00:45:19,200 --> 00:45:21,160
Speaker 3: you make that this is all very durable.

859
00:45:21,120 --> 00:45:23,560
Speaker 16: Very doable, very dual. And I think the one thing

860
00:45:23,600 --> 00:45:28,000
Speaker 16: that starts off by saying is is this perfection is

861
00:45:27,440 --> 00:45:29,960
Speaker 16: not what isn't what you're looking for. You're not looking

862
00:45:30,000 --> 00:45:32,800
Speaker 16: for flaw us. It's it's you're going to have to

863
00:45:32,840 --> 00:45:36,320
Speaker 16: accept that that thing doesn't exist. What's far more important

864
00:45:36,760 --> 00:45:40,439
Speaker 16: than perfection we are going to be perfect, is we're

865
00:45:40,480 --> 00:45:41,400
Speaker 16: going to progress.

866
00:45:42,280 --> 00:45:43,920
Speaker 5: Now. There's not a new idea now.

867
00:45:44,000 --> 00:45:46,759
Speaker 16: Way back in twenty and eleven, if my memory is

868
00:45:46,800 --> 00:45:51,120
Speaker 16: certainly correctly, Theresa Anabio from Harvard wrote a book called

869
00:45:51,120 --> 00:45:55,000
Speaker 16: the Progress Principle, and what she did was she proved

870
00:45:55,440 --> 00:45:59,560
Speaker 16: that the biggest motivator of human beings, because we have

871
00:45:59,640 --> 00:46:03,239
Speaker 16: the most people to make progress, is not what we

872
00:46:03,280 --> 00:46:05,879
Speaker 16: always thought it was. It's not that you're having fun

873
00:46:05,920 --> 00:46:08,160
Speaker 16: at work. It's not that you have friends at work.

874
00:46:08,320 --> 00:46:10,440
Speaker 16: It's not even that you're well paid. It's not that

875
00:46:10,480 --> 00:46:13,359
Speaker 16: your boss is nice to you. None of those things count.

876
00:46:13,400 --> 00:46:15,960
Speaker 16: In fact, all of those things together don't count as

877
00:46:16,040 --> 00:46:18,680
Speaker 16: much as the one thing she says is makes the

878
00:46:18,680 --> 00:46:22,719
Speaker 16: biggest difference, and that is I feel I'm making progress.

879
00:46:23,160 --> 00:46:26,720
Speaker 16: Says this, this this feeling of efficacy, that I'm actually

880
00:46:26,760 --> 00:46:29,759
Speaker 16: getting better at something. Rather so somebody can say, what

881
00:46:29,840 --> 00:46:31,680
Speaker 16: was the best thing that happened to you today? Wasn't

882
00:46:31,719 --> 00:46:35,000
Speaker 16: that you've got a raise. I went to my boss,

883
00:46:35,080 --> 00:46:37,279
Speaker 16: I said, and I've got a project I want to do,

884
00:46:37,360 --> 00:46:40,319
Speaker 16: and you see, go ahead, yes, go ahead. And that's

885
00:46:40,320 --> 00:46:42,359
Speaker 16: what feeling that my life is getting better and I'm

886
00:46:42,400 --> 00:46:45,319
Speaker 16: making progress is really really important. I think that one

887
00:46:45,360 --> 00:46:48,200
Speaker 16: of the things he's specialist here is it's not perfection.

888
00:46:48,280 --> 00:46:51,200
Speaker 16: We're not looking for flaws perfection. All we're looking for

889
00:46:51,520 --> 00:46:54,120
Speaker 16: is making progress and you're just getting a little better

890
00:46:54,160 --> 00:46:56,239
Speaker 16: all the time. And I think that was that's a

891
00:46:56,280 --> 00:46:59,080
Speaker 16: profound thought. And we've got to get away from this

892
00:46:59,360 --> 00:47:02,360
Speaker 16: perfection and stuff because nonsense, it doesn't work. So I

893
00:47:02,440 --> 00:47:06,280
Speaker 16: thought there was a very very useful point. He also

894
00:47:06,320 --> 00:47:08,640
Speaker 16: makes another useful point, and most of these points, by

895
00:47:08,640 --> 00:47:10,759
Speaker 16: the way, on not points that no one has ever

896
00:47:11,200 --> 00:47:15,480
Speaker 16: mentioned before, which is quite nice. And next one he

897
00:47:15,520 --> 00:47:19,440
Speaker 16: talks about is having exceptional staff. And he said he

898
00:47:19,560 --> 00:47:22,520
Speaker 16: wanted exceptional staff at one time and realized what a

899
00:47:22,560 --> 00:47:25,279
Speaker 16: bad idea that was. Well, there's there's a.

900
00:47:25,239 --> 00:47:25,640
Speaker 3: Lot of it.

901
00:47:25,960 --> 00:47:28,120
Speaker 16: There's a lot of books, a number of books I've

902
00:47:28,120 --> 00:47:31,560
Speaker 16: read about teams made up of really first rate players,

903
00:47:31,640 --> 00:47:34,960
Speaker 16: particularly football for some reason. Other we have a group

904
00:47:35,000 --> 00:47:39,200
Speaker 16: of superstars, they don't do particularly well. You're better of

905
00:47:39,239 --> 00:47:42,359
Speaker 16: having people not superstars, who play together and the type

906
00:47:42,360 --> 00:47:45,120
Speaker 16: of things that you want to do. You you want

907
00:47:45,160 --> 00:47:47,799
Speaker 16: to get people who are easy, who are able to

908
00:47:47,840 --> 00:47:50,520
Speaker 16: get on with other people better. You want to be

909
00:47:50,560 --> 00:47:53,439
Speaker 16: sure that you don't know when you when you get

910
00:47:53,480 --> 00:47:56,920
Speaker 16: mad at somebody. I haven't checked this out. He says,

911
00:47:57,200 --> 00:47:58,920
Speaker 16: your IQ dropped seventy percent.

912
00:47:59,000 --> 00:47:59,680
Speaker 3: Yeah, I'm sure.

913
00:48:00,080 --> 00:48:02,399
Speaker 16: I don't know we seventies right or forties right, But

914
00:48:02,560 --> 00:48:05,280
Speaker 16: your IQ drops definitely when you start getting mad at people.

915
00:48:05,760 --> 00:48:07,600
Speaker 16: And he says that what we want to do with

916
00:48:07,680 --> 00:48:09,239
Speaker 16: our stuff is we want to be sure that we

917
00:48:09,320 --> 00:48:13,360
Speaker 16: stop gossiping, we stop spreading rumors about colleagues, and we

918
00:48:13,520 --> 00:48:16,120
Speaker 16: just get and we just accept that we have to

919
00:48:16,120 --> 00:48:18,239
Speaker 16: get on with each other. That's it. I don't have

920
00:48:18,280 --> 00:48:20,400
Speaker 16: to we don't have to be friends. We certainly have

921
00:48:20,440 --> 00:48:22,840
Speaker 16: to get on with each other. And gossiping and telling

922
00:48:22,960 --> 00:48:26,840
Speaker 16: and spreading rumors about people doesn't help anyone. All obvious stuff,

923
00:48:26,920 --> 00:48:29,640
Speaker 16: but stuff we don't. We don't place much attention on.

924
00:48:30,160 --> 00:48:34,200
Speaker 16: Many talks about talk straight, and I'll talk to morebo

925
00:48:34,360 --> 00:48:36,960
Speaker 16: on the other box, which talks about talking straight. He says,

926
00:48:37,000 --> 00:48:41,319
Speaker 16: no sugar coating, he said, you don't. Don't. Don't go

927
00:48:41,360 --> 00:48:45,200
Speaker 16: around protecting your turf. He says, open the playing fields.

928
00:48:45,800 --> 00:48:48,319
Speaker 16: If something is going wrong, open it. What they've done

929
00:48:48,360 --> 00:48:51,480
Speaker 16: at very very one of the best run companies I've

930
00:48:51,520 --> 00:48:57,160
Speaker 16: ever come across is Netflix and the intros. In Netflix,

931
00:48:57,200 --> 00:49:00,480
Speaker 16: they have a policy that to make mistake, it's fine,

932
00:49:00,480 --> 00:49:02,880
Speaker 16: we don't mind you making mistakes, or we expect you

933
00:49:02,960 --> 00:49:06,279
Speaker 16: to we expect you to sunlight them. So if you've

934
00:49:06,280 --> 00:49:09,360
Speaker 16: messed up just a lot three million dollars because I

935
00:49:09,440 --> 00:49:13,680
Speaker 16: invested in air Dog, and and you get your way

936
00:49:13,760 --> 00:49:16,360
Speaker 16: together and you say, look, I'm invested in this because

937
00:49:16,400 --> 00:49:19,200
Speaker 16: I thought this would happen. I didn't take that idea

938
00:49:19,239 --> 00:49:21,359
Speaker 16: into account. I didn't look at this. I didn't look

939
00:49:21,400 --> 00:49:24,200
Speaker 16: at that. And you go and you tell as many

940
00:49:24,200 --> 00:49:27,200
Speaker 16: people as you possibly can. And the reason behind that,

941
00:49:27,520 --> 00:49:30,080
Speaker 16: the reason behind that is that people want to be

942
00:49:30,320 --> 00:49:32,959
Speaker 16: want to get better over time, and they've actually bought

943
00:49:33,000 --> 00:49:36,400
Speaker 16: into a culture, and a culture of Netflix is where

944
00:49:36,440 --> 00:49:40,000
Speaker 16: we're not a we're not a family, we're a team,

945
00:49:40,360 --> 00:49:42,560
Speaker 16: and if you're not as good as the best player,

946
00:49:42,600 --> 00:49:44,080
Speaker 16: we're going to relegate you.

947
00:49:44,239 --> 00:49:45,239
Speaker 3: So it was very keen.

948
00:49:45,320 --> 00:49:48,920
Speaker 16: I think that that that's stimulus of getting people to

949
00:49:49,360 --> 00:49:52,040
Speaker 16: open the playing fields and work is a really good one.

950
00:49:52,760 --> 00:49:55,359
Speaker 3: And then one of the other books you've picked is

951
00:49:55,440 --> 00:49:59,719
Speaker 3: Conquering Crisis by Admiral William mcgraven interesting.

952
00:50:00,360 --> 00:50:04,440
Speaker 16: William mccraven. I've read quite a lot of books about

953
00:50:04,440 --> 00:50:06,880
Speaker 16: the military, and it's not because I have any respect

954
00:50:06,960 --> 00:50:08,960
Speaker 16: for the idea of the military. I think is one

955
00:50:08,960 --> 00:50:11,319
Speaker 16: of the biggest mistakes human beings have ever made is

956
00:50:11,360 --> 00:50:16,680
Speaker 16: to invest in well so many trillions and stuff which

957
00:50:16,760 --> 00:50:21,000
Speaker 16: doesn't add much to humanity. But one things mc craven

958
00:50:21,239 --> 00:50:24,520
Speaker 16: does he was he was the head of Special Ops

959
00:50:24,560 --> 00:50:27,440
Speaker 16: for the United States and he at the end of

960
00:50:27,480 --> 00:50:31,080
Speaker 16: his career he became the head of the Universities of Texas,

961
00:50:31,480 --> 00:50:34,720
Speaker 16: the system, and he has a man's been through everything

962
00:50:35,640 --> 00:50:36,879
Speaker 16: from Afghanistan to.

963
00:50:37,440 --> 00:50:38,360
Speaker 5: All sorts of things.

964
00:50:38,840 --> 00:50:40,600
Speaker 16: And one of the things he does, he's got he's

965
00:50:40,600 --> 00:50:43,279
Speaker 16: got a ten point plan, which I think in the

966
00:50:43,320 --> 00:50:46,200
Speaker 16: book by the Way says this is these are the

967
00:50:46,280 --> 00:50:49,600
Speaker 16: lessons you better learn when you don't need them. And

968
00:50:50,000 --> 00:50:54,319
Speaker 16: the lessons starts this is bear in mind that the

969
00:50:54,360 --> 00:50:58,000
Speaker 16: first report you get about something being wrong is wrong.

970
00:50:59,200 --> 00:51:02,440
Speaker 16: It's whatever it is, you can be assured it's not correct.

971
00:51:02,960 --> 00:51:05,719
Speaker 16: And I think that when we hear bad news, we

972
00:51:05,800 --> 00:51:08,600
Speaker 16: tend to either fall over or try to respond to

973
00:51:08,680 --> 00:51:10,759
Speaker 16: bad news, which is the wrong thing to try and

974
00:51:10,800 --> 00:51:13,279
Speaker 16: work out what's really going on. I've a very very

975
00:51:13,320 --> 00:51:19,520
Speaker 16: sound advice. The second thing he talks about throughout your career,

976
00:51:19,520 --> 00:51:22,959
Speaker 16: as you're building up, building up your your management team

977
00:51:23,120 --> 00:51:26,000
Speaker 16: or your friend team or your colleagues, see that you

978
00:51:26,000 --> 00:51:29,000
Speaker 16: have a council of what he calls counsel of colonels,

979
00:51:29,680 --> 00:51:32,080
Speaker 16: people who you can talk to. Those are the people

980
00:51:32,120 --> 00:51:35,080
Speaker 16: who can say you're talking nonsense, you're out of line,

981
00:51:35,400 --> 00:51:37,560
Speaker 16: and they'll talk straight to you. They're not trying to

982
00:51:37,560 --> 00:51:40,800
Speaker 16: cover anything. If you can get if you can surround

983
00:51:40,840 --> 00:51:44,959
Speaker 16: yourself with the council of colonels when things go wrong again,

984
00:51:45,080 --> 00:51:48,640
Speaker 16: be extraordinary valuable to you. The third thing he said,

985
00:51:48,680 --> 00:51:53,480
Speaker 16: which I love, He says, bad news doesn't get better

986
00:51:53,520 --> 00:51:54,040
Speaker 16: with time.

987
00:51:55,040 --> 00:51:56,120
Speaker 3: You have to do something.

988
00:51:56,600 --> 00:52:00,319
Speaker 16: The people tend to people tend to figures. Let me

989
00:52:00,360 --> 00:52:03,200
Speaker 16: not mention this right now. Let's just let's try and see.

990
00:52:03,360 --> 00:52:06,480
Speaker 16: See even I die down, it never dies down. And

991
00:52:06,560 --> 00:52:10,279
Speaker 16: so when you accept I might all come and tell

992
00:52:10,320 --> 00:52:13,000
Speaker 16: you right now that things have gone terribly wrong, to

993
00:52:13,120 --> 00:52:17,960
Speaker 16: wait until you find out for yourself. Another point he mentions,

994
00:52:17,960 --> 00:52:20,360
Speaker 16: which is obvious, but I think it's it's it's it's

995
00:52:20,440 --> 00:52:24,480
Speaker 16: very useful. And he gives all he gives examples throughout

996
00:52:24,480 --> 00:52:27,840
Speaker 16: the book of his experiences in the military, and with

997
00:52:27,960 --> 00:52:33,399
Speaker 16: these sorts of experiences, he says, weaponize the truth. There's

998
00:52:33,440 --> 00:52:35,800
Speaker 16: nothing so when when you as soon as you start

999
00:52:36,239 --> 00:52:40,320
Speaker 16: lying or or covering up, you're going to get yourself

1000
00:52:40,320 --> 00:52:42,040
Speaker 16: into more and more trouble and have more and more

1001
00:52:42,080 --> 00:52:45,359
Speaker 16: people bothering you. The thing actually weaponize the fact. I'm

1002
00:52:45,360 --> 00:52:48,880
Speaker 16: telling you exact truth is what it really is. There's

1003
00:52:48,920 --> 00:52:50,840
Speaker 16: there's a couple of other ones which I think you

1004
00:52:50,840 --> 00:52:56,280
Speaker 16: are particularly important and and the one is don't rush

1005
00:52:56,480 --> 00:53:00,480
Speaker 16: to failure. Take your time as much as you possibly

1006
00:53:00,480 --> 00:53:03,000
Speaker 16: can to try and work out what's really going on,

1007
00:53:03,280 --> 00:53:05,440
Speaker 16: and deal with things slowly and as carefully as you

1008
00:53:05,520 --> 00:53:08,400
Speaker 16: as you as you as you possibly can. He ended

1009
00:53:08,400 --> 00:53:11,800
Speaker 16: his career as the head of the University of Texas

1010
00:53:12,200 --> 00:53:16,120
Speaker 16: and really messed up. He bought land which he hoped

1011
00:53:16,280 --> 00:53:18,840
Speaker 16: was was going to be used for a tech university,

1012
00:53:18,840 --> 00:53:22,799
Speaker 16: which never happened and was wasting money. And anyway, after

1013
00:53:22,840 --> 00:53:26,680
Speaker 16: he been beaten up publicly by the press, he said

1014
00:53:26,680 --> 00:53:29,280
Speaker 16: he heard one heard a man who's been in military

1015
00:53:29,520 --> 00:53:33,480
Speaker 16: for a long time standing outside with his secretary and charting.

1016
00:53:34,400 --> 00:53:37,759
Speaker 3: Moral moral check, moral check.

1017
00:53:38,760 --> 00:53:40,960
Speaker 16: You know, you see I know what the term is,

1018
00:53:41,360 --> 00:53:44,120
Speaker 16: and the guy burst into his office past the secretary.

1019
00:53:44,320 --> 00:53:47,120
Speaker 16: In the military, the everything called a moral check. When

1020
00:53:47,160 --> 00:53:49,960
Speaker 16: things go wrong, people around you need to check how

1021
00:53:50,000 --> 00:53:51,920
Speaker 16: are you feeling, how are you doing? Do you need

1022
00:53:51,960 --> 00:53:54,560
Speaker 16: any help? And I think that's the one, such a

1023
00:53:54,600 --> 00:53:57,719
Speaker 16: wonderful thing. But people around you, they also need It's

1024
00:53:57,719 --> 00:54:00,320
Speaker 16: not only you you in your crisis, it's it's you

1025
00:54:00,400 --> 00:54:01,040
Speaker 16: and the whole group.

1026
00:54:02,320 --> 00:54:04,239
Speaker 3: There's we do need to talk to. Some of the

1027
00:54:04,280 --> 00:54:07,880
Speaker 3: other books, please do Super Bloom How Technologies of Connection

1028
00:54:08,000 --> 00:54:10,719
Speaker 3: Tear Us Apart? Its by Nicholas Carr. I haven't come

1029
00:54:10,719 --> 00:54:14,520
Speaker 3: across this before, but but I mean it sounds like

1030
00:54:14,520 --> 00:54:17,319
Speaker 3: like what's really going on with that? With with all

1031
00:54:17,360 --> 00:54:20,680
Speaker 3: of us social media there is too much connection. We

1032
00:54:20,760 --> 00:54:23,799
Speaker 3: never get away from it. And Australia is looking at

1033
00:54:23,800 --> 00:54:26,680
Speaker 3: banning social media for under sixteen's or has done and

1034
00:54:26,760 --> 00:54:27,319
Speaker 3: things like that.

1035
00:54:27,880 --> 00:54:33,319
Speaker 16: The book is is a veritable history of communication from

1036
00:54:33,360 --> 00:54:38,799
Speaker 16: the telegraph to to to to the live stream, and

1037
00:54:38,840 --> 00:54:41,360
Speaker 16: he shows that what's happened with each evolution. There was

1038
00:54:41,400 --> 00:54:44,600
Speaker 16: a time when people bought a newspaper, or some people

1039
00:54:44,600 --> 00:54:48,040
Speaker 16: bought a newspaper, and when it was printed it was

1040
00:54:48,080 --> 00:54:50,680
Speaker 16: relevant but you only got it much later and could

1041
00:54:50,719 --> 00:54:52,600
Speaker 16: only read it, and only read if you bought it.

1042
00:54:53,239 --> 00:54:55,920
Speaker 16: Then we evolved, and eventually we've got to point where

1043
00:54:55,920 --> 00:54:58,359
Speaker 16: we've got radio, so everybody could hear the same thing

1044
00:54:58,400 --> 00:55:01,000
Speaker 16: at the same time. And then we've got to television

1045
00:55:01,120 --> 00:55:03,760
Speaker 16: we can also see the same see the same things

1046
00:55:03,800 --> 00:55:06,400
Speaker 16: at the same time, and and the way we've communicators

1047
00:55:06,400 --> 00:55:10,040
Speaker 16: evolved a lot. As far as he's concerned, the biggest

1048
00:55:10,280 --> 00:55:13,520
Speaker 16: The biggest change was was live feeds.

1049
00:55:14,040 --> 00:55:14,759
Speaker 3: Yeah, he said.

1050
00:55:14,760 --> 00:55:19,040
Speaker 16: What happens is that live feeds are built on algorithms,

1051
00:55:19,719 --> 00:55:23,640
Speaker 16: so there's not something monitoring what's going on. The algorithm says.

1052
00:55:23,640 --> 00:55:26,399
Speaker 16: For example, to pick an example I've used before, and

1053
00:55:26,760 --> 00:55:29,239
Speaker 16: the massacre of the of the of the of the

1054
00:55:29,239 --> 00:55:33,200
Speaker 16: wigas was was was based not on the fact that

1055
00:55:33,239 --> 00:55:35,640
Speaker 16: they'd done anything wrong. It was based on the fact

1056
00:55:35,680 --> 00:55:39,040
Speaker 16: that the algorithms that they were fed were algorithm which

1057
00:55:39,120 --> 00:55:44,440
Speaker 16: stimulated anger and fear. Anything that stimulates anger and fear

1058
00:55:44,640 --> 00:55:47,280
Speaker 16: will keep you going and keep you more interested. Therefore

1059
00:55:47,280 --> 00:55:49,640
Speaker 16: they'll send you more and more of those feeds. So

1060
00:55:49,680 --> 00:55:51,960
Speaker 16: you've been fed all the stuff that you really want

1061
00:55:52,000 --> 00:55:54,640
Speaker 16: to hear, or probably don't even want to hear. But

1062
00:55:54,800 --> 00:55:57,520
Speaker 16: it keeps coming at you. And probably one of the

1063
00:55:57,520 --> 00:56:00,799
Speaker 16: most dangerous things about all this is that they're not

1064
00:56:00,960 --> 00:56:04,520
Speaker 16: it's not like some offering you, offering you cigarettes when

1065
00:56:04,520 --> 00:56:09,279
Speaker 16: you're fourteen years old or drugs when you're older. We

1066
00:56:09,360 --> 00:56:12,239
Speaker 16: want these drugs. We want them very badly because there's

1067
00:56:12,280 --> 00:56:15,080
Speaker 16: something that people want more than anything else. People want

1068
00:56:15,120 --> 00:56:17,680
Speaker 16: to be informed and what they're doing the same will

1069
00:56:17,760 --> 00:56:22,440
Speaker 16: inform you. So it's really really addictive and people spend

1070
00:56:22,480 --> 00:56:24,960
Speaker 16: an enormous amount of time on this. Well, I think

1071
00:56:25,000 --> 00:56:27,200
Speaker 16: it's most important, but super bloom and I think it's

1072
00:56:27,239 --> 00:56:30,440
Speaker 16: a book very very worth reading. It's a serious book

1073
00:56:30,560 --> 00:56:34,040
Speaker 16: and will researched. Is that that's where we're going.

1074
00:56:34,360 --> 00:56:35,680
Speaker 5: Yeah, and we might as well.

1075
00:56:35,760 --> 00:56:38,560
Speaker 16: Just we have to deal with it. It's okay to

1076
00:56:38,600 --> 00:56:41,760
Speaker 16: go away, and we're not by saying their little children

1077
00:56:41,800 --> 00:56:46,200
Speaker 16: can't use the internet. So it's not going to fix

1078
00:56:46,239 --> 00:56:48,120
Speaker 16: It'll just it may delay it if we can.

1079
00:56:49,760 --> 00:56:51,480
Speaker 3: Ah, I mean there's so much too. I mean, I

1080
00:56:51,480 --> 00:56:53,560
Speaker 3: think it's one of the big ish questions of our time.

1081
00:56:53,640 --> 00:56:56,400
Speaker 3: And then five types of wealth, so he'll bloom.

1082
00:56:56,480 --> 00:56:59,640
Speaker 16: Yes, I think what we have the book is not

1083
00:56:59,840 --> 00:57:02,720
Speaker 16: an usual book, but it's one of the best written

1084
00:57:02,760 --> 00:57:10,280
Speaker 16: books of the type Sneels. He was a son of

1085
00:57:10,719 --> 00:57:13,160
Speaker 16: Americans called not a wealthy man. His father was a

1086
00:57:13,280 --> 00:57:17,160
Speaker 16: university professor, and say he wasn't. He didn't grow up

1087
00:57:17,160 --> 00:57:19,120
Speaker 16: in a home with great wealth, and he always wanted

1088
00:57:19,160 --> 00:57:21,280
Speaker 16: to be very, very rich. And the way to do that,

1089
00:57:21,320 --> 00:57:24,560
Speaker 16: he found out, was to go to university, do a

1090
00:57:24,600 --> 00:57:27,480
Speaker 16: degree in finance, join a finance company. In a couple

1091
00:57:27,520 --> 00:57:28,680
Speaker 16: of years, you'll be a millionaire.

1092
00:57:28,720 --> 00:57:29,240
Speaker 5: And he was.

1093
00:57:29,960 --> 00:57:32,360
Speaker 16: He said, what makes them was that he wasn't happy.

1094
00:57:33,200 --> 00:57:37,320
Speaker 16: And he realized that. He started doing surveys of people,

1095
00:57:37,360 --> 00:57:42,840
Speaker 16: from ex murderers to barbers to individuals and ask them

1096
00:57:43,040 --> 00:57:46,000
Speaker 16: what makes people happy and one and he came up

1097
00:57:46,040 --> 00:57:48,680
Speaker 16: with a set of ideas about what makes people happy.

1098
00:57:49,360 --> 00:57:52,800
Speaker 16: And the idea is to try and get your life

1099
00:57:53,080 --> 00:57:56,320
Speaker 16: to take care of these different elements. But he hasn't

1100
00:57:56,360 --> 00:58:01,240
Speaker 16: got the He doesn't make the mistake by work life balance.

1101
00:58:01,680 --> 00:58:05,080
Speaker 16: Balance is a technique as an engineering term. It's got

1102
00:58:05,080 --> 00:58:07,439
Speaker 16: nothing to do with my life when I when I'm

1103
00:58:07,480 --> 00:58:09,520
Speaker 16: when I'm young and beginning a career, I have to

1104
00:58:09,520 --> 00:58:11,880
Speaker 16: spend much much more time in the office than I

1105
00:58:11,920 --> 00:58:14,240
Speaker 16: have to do later on. What he does do is

1106
00:58:14,280 --> 00:58:16,680
Speaker 16: he focuses on the things that really will make a difference,

1107
00:58:17,320 --> 00:58:21,720
Speaker 16: and that that's time, your social life, your your material wealth,

1108
00:58:22,120 --> 00:58:26,720
Speaker 16: your physical your physical well being, and your material conditions,

1109
00:58:26,720 --> 00:58:29,720
Speaker 16: and of course your financial situations. And he talked about

1110
00:58:29,720 --> 00:58:32,280
Speaker 16: calibrating all those things. And there's one image that I

1111
00:58:32,400 --> 00:58:35,720
Speaker 16: liked very, very much in his book. He talked about

1112
00:58:35,760 --> 00:58:38,480
Speaker 16: his father as a university professor and he was flying

1113
00:58:38,480 --> 00:58:41,280
Speaker 16: across the country with his father. He says, right throughout

1114
00:58:41,320 --> 00:58:44,360
Speaker 16: the eleven hour trip, whatever it was, his father was

1115
00:58:44,480 --> 00:58:47,800
Speaker 16: reading and making notes, and he said, Dad, you haven't

1116
00:58:47,840 --> 00:58:51,560
Speaker 16: even watched a single movie. He says, I work like this.

1117
00:58:52,080 --> 00:58:54,120
Speaker 16: I can take you on holidays with me when I go,

1118
00:58:54,880 --> 00:58:57,040
Speaker 16: and I think we need to understand that. And he

1119
00:58:57,080 --> 00:59:01,120
Speaker 16: also has another compelling image. He says, who who's going

1120
00:59:01,160 --> 00:59:04,000
Speaker 16: to be in the front row of your at your funeral?

1121
00:59:05,040 --> 00:59:07,360
Speaker 16: And he says, you've got to see that you spend

1122
00:59:07,520 --> 00:59:09,920
Speaker 16: the right quality time with the people who are likely

1123
00:59:10,040 --> 00:59:14,840
Speaker 16: to be in the front row. And then scarce parents

1124
00:59:14,880 --> 00:59:19,240
Speaker 16: scared me too that when your children, you've got about

1125
00:59:19,400 --> 00:59:22,920
Speaker 16: thirteen years of children, then you don't have them anymore.

1126
00:59:23,440 --> 00:59:25,400
Speaker 16: And for the first thirteen years of your life, you're

1127
00:59:25,440 --> 00:59:28,959
Speaker 16: probably the most important, largest and strongest man in the block.

1128
00:59:29,600 --> 00:59:32,800
Speaker 16: But by the time they get to thirteen, you don't count,

1129
00:59:33,040 --> 00:59:35,480
Speaker 16: and you Allio are as a hotelier and the an,

1130
00:59:35,520 --> 00:59:38,680
Speaker 16: the chauffeur. Now, I think getting all these getting all

1131
00:59:38,720 --> 00:59:41,880
Speaker 16: these things into into context, I felt was a very

1132
00:59:41,960 --> 00:59:43,640
Speaker 16: very nice idea, and it's a good thing to read.

1133
00:59:43,760 --> 00:59:44,360
Speaker 5: Everyman.

1134
00:59:44,760 --> 00:59:46,520
Speaker 3: Ian Man, Good to see you. Thank you for all

1135
00:59:46,520 --> 00:59:49,080
Speaker 3: of your contributions this year. I really do appreciate it.

1136
00:59:49,120 --> 00:59:51,520
Speaker 3: Thank you so much. Ian Man is a regular book

1137
00:59:51,560 --> 00:59:55,640
Speaker 3: review and MD at Gateways Business Consultants. Those books Antonio

1138
00:59:55,760 --> 00:59:59,720
Speaker 3: Eels Or Slaying the Standard, Conquering Crisis by Admiral William

1139
00:59:59,760 --> 01:00:03,520
Speaker 3: mc Tribes by Michael Morris, Super Bloom by Nicholas Carr,

1140
01:00:03,520 --> 01:00:06,320
Speaker 3: and Five Types of Wealth by Sir Hilblum are his

1141
01:00:06,480 --> 01:00:09,720
Speaker 3: five books of the eighty and Good to See, Thank You.

1142
01:00:10,400 --> 01:00:13,160
Speaker 2: How Money Show How I Make My Money?

1143
01:00:13,280 --> 01:00:15,640
Speaker 3: Twenty four minutes now to eighth the time. Well, I

1144
01:00:15,680 --> 01:00:18,000
Speaker 3: have to say, I think I've spoken to many people

1145
01:00:18,000 --> 01:00:20,680
Speaker 3: who do many different things over the years, but never

1146
01:00:20,720 --> 01:00:23,240
Speaker 3: for half an hour to someone who is a chef,

1147
01:00:23,320 --> 01:00:27,760
Speaker 3: and particularly not one as esteemed as our guest tonight,

1148
01:00:27,800 --> 01:00:31,160
Speaker 3: Peter temple Hoff is the is the first South African

1149
01:00:31,240 --> 01:00:33,480
Speaker 3: chef to win the Three Knives Award at the Best

1150
01:00:33,560 --> 01:00:37,040
Speaker 3: Chef Awards. He's also, of course the person behind the

1151
01:00:37,480 --> 01:00:41,920
Speaker 3: multiple Fine Fyn dining experiences. He's worked here, he's worked

1152
01:00:41,920 --> 01:00:44,640
Speaker 3: in other places. He's done all sorts of things, and

1153
01:00:44,720 --> 01:00:47,560
Speaker 3: he is a very very interesting person to talk to

1154
01:00:47,600 --> 01:00:50,120
Speaker 3: and someone who's had a very interesting career. Peter temple

1155
01:00:50,120 --> 01:00:52,760
Speaker 3: Hoff that I'm sure that you're busy. I'm sure it's

1156
01:00:52,800 --> 01:00:54,720
Speaker 3: a busy time for you. So thank you so much

1157
01:00:54,720 --> 01:00:56,120
Speaker 3: for taking the time to talk to us on the

1158
01:00:56,120 --> 01:00:56,880
Speaker 3: Money Show tonight.

1159
01:00:57,480 --> 01:00:59,480
Speaker 5: Hey, Stephen, thanks go to be a nice to chat

1160
01:00:59,520 --> 01:01:00,000
Speaker 5: to you.

1161
01:01:00,280 --> 01:01:03,880
Speaker 3: I have to start with a factual question. Is it

1162
01:01:03,920 --> 01:01:07,440
Speaker 3: true is that you started out by studying economics.

1163
01:01:08,480 --> 01:01:10,360
Speaker 5: Yeah, I did a lot of things. I was as

1164
01:01:10,960 --> 01:01:13,840
Speaker 5: I wasn't an economist, but I studied Economerce University. It

1165
01:01:14,000 --> 01:01:16,840
Speaker 5: wasn't my thing. And then I went into all sorts

1166
01:01:16,840 --> 01:01:20,520
Speaker 5: of different careers in tree felling and carpentry and home

1167
01:01:20,560 --> 01:01:24,479
Speaker 5: building and sales, selling things and you name it, until

1168
01:01:24,480 --> 01:01:26,520
Speaker 5: I found my thing when I was a ripe old

1169
01:01:26,560 --> 01:01:28,040
Speaker 5: age of twenty seven.

1170
01:01:29,040 --> 01:01:30,680
Speaker 3: Where were you when all this was happening?

1171
01:01:30,840 --> 01:01:33,760
Speaker 5: From Cape Town no, No, I was born in the States.

1172
01:01:33,800 --> 01:01:35,600
Speaker 5: I moved here when I was one. I lived in

1173
01:01:35,680 --> 01:01:37,160
Speaker 5: Joeburg for a bit, and then I moved down to

1174
01:01:37,200 --> 01:01:40,200
Speaker 5: derbys where I went to high school and university, and

1175
01:01:40,240 --> 01:01:41,880
Speaker 5: so some of it happened in Durban. Then I went

1176
01:01:41,880 --> 01:01:45,240
Speaker 5: across to the States and I worked in Texas for bits,

1177
01:01:45,280 --> 01:01:48,959
Speaker 5: and then I came home, and in nineteen ninety six

1178
01:01:49,000 --> 01:01:51,280
Speaker 5: I decided to start cooking in the Cape. So I've

1179
01:01:51,280 --> 01:01:53,600
Speaker 5: been here kind of ever since. So this is my home,

1180
01:01:53,640 --> 01:01:54,560
Speaker 5: this Roban longest.

1181
01:01:54,800 --> 01:01:58,320
Speaker 3: No sure why cooking. I mean, was there something that

1182
01:01:58,440 --> 01:02:01,320
Speaker 3: dragged you to it? Was there you met someone's mate

1183
01:02:01,360 --> 01:02:04,600
Speaker 3: who did something and you thought, wow, did something else happen?

1184
01:02:05,480 --> 01:02:07,320
Speaker 5: No, I think I've always had an inkling for it.

1185
01:02:07,400 --> 01:02:10,120
Speaker 5: You know, my mom rest assults she was not the

1186
01:02:10,160 --> 01:02:12,440
Speaker 5: greatest of cooks. I used to spend a lot of

1187
01:02:12,440 --> 01:02:14,880
Speaker 5: my time fixing her dinners up and throwing a handful

1188
01:02:14,960 --> 01:02:17,400
Speaker 5: of olives and this, and it's a pinch of herbs

1189
01:02:17,400 --> 01:02:19,840
Speaker 5: and that and chopped up ham and another thing. And

1190
01:02:20,200 --> 01:02:22,400
Speaker 5: I don't realize until hours later in my career, when

1191
01:02:22,400 --> 01:02:25,440
Speaker 5: I was kind of just doing nothing that really inspired

1192
01:02:25,480 --> 01:02:28,200
Speaker 5: me that my mom's best friend actually said, listen, why

1193
01:02:28,240 --> 01:02:30,000
Speaker 5: don't you cook? I can see how much you love it,

1194
01:02:30,640 --> 01:02:33,320
Speaker 5: and that was it and I haven't looked back since.

1195
01:02:34,240 --> 01:02:37,200
Speaker 3: So from quite a young age. I mean, how old

1196
01:02:37,240 --> 01:02:39,480
Speaker 3: were you when you first started messing with your mom's cooking?

1197
01:02:39,760 --> 01:02:41,920
Speaker 3: How old were you when you first sort of found

1198
01:02:41,920 --> 01:02:44,240
Speaker 3: it interesting and we're adding your own things to it.

1199
01:02:45,240 --> 01:02:47,800
Speaker 5: I remember as yes, as far as I can remember,

1200
01:02:47,840 --> 01:02:50,480
Speaker 5: actually used to get stuck in my grandma's kitchen. She

1201
01:02:50,520 --> 01:02:54,560
Speaker 5: lived in Delmas, and she used to put on these

1202
01:02:54,600 --> 01:02:57,280
Speaker 5: elaborate dinners. I was always in there, interested as a

1203
01:02:57,320 --> 01:02:59,360
Speaker 5: six year old, as a five six year old, and

1204
01:02:59,560 --> 01:03:01,360
Speaker 5: then I just kind of grew as with my dad

1205
01:03:01,360 --> 01:03:05,280
Speaker 5: make an apricol jam every summer in London. And you know,

1206
01:03:05,320 --> 01:03:07,640
Speaker 5: it's just I didn't realize it until I started cooking

1207
01:03:07,680 --> 01:03:08,720
Speaker 5: that I had an interest in it.

1208
01:03:09,640 --> 01:03:12,640
Speaker 3: It's funny. I mean, sometimes something stirs you. I suppose

1209
01:03:12,920 --> 01:03:16,440
Speaker 3: so you go and study. I have no idea how

1210
01:03:16,440 --> 01:03:18,160
Speaker 3: you study to be a chef, but I presume it

1211
01:03:18,200 --> 01:03:19,760
Speaker 3: involves a lot of time in a kitchen.

1212
01:03:21,440 --> 01:03:24,040
Speaker 5: Yes, I came here to bonnh Hook to Stella Bosh

1213
01:03:24,800 --> 01:03:28,720
Speaker 5: and it is one year of intensive like classes and

1214
01:03:28,880 --> 01:03:30,560
Speaker 5: they try and teach you as much as they can

1215
01:03:30,600 --> 01:03:33,080
Speaker 5: and cram it in a year, and then it's another

1216
01:03:33,160 --> 01:03:36,160
Speaker 5: year of practical kitchens where you spend a block of

1217
01:03:36,200 --> 01:03:39,080
Speaker 5: three months in different kitchens and it's still the same today.

1218
01:03:39,240 --> 01:03:40,720
Speaker 5: This is what they seements do for a two year

1219
01:03:40,760 --> 01:03:44,000
Speaker 5: course and three years a bit more specialized. But yeah,

1220
01:03:44,040 --> 01:03:46,880
Speaker 5: it was an inspiring time for me. And you know,

1221
01:03:46,880 --> 01:03:48,520
Speaker 5: because I was a bit older, I was twenty six

1222
01:03:48,920 --> 01:03:51,400
Speaker 5: or twenty seven, I took in a lot more quicker

1223
01:03:51,440 --> 01:03:53,880
Speaker 5: because I knew this was my last chance. Like I

1224
01:03:53,920 --> 01:03:55,640
Speaker 5: think a lot of chefs realize that, you know, this

1225
01:03:55,720 --> 01:03:57,440
Speaker 5: is I try a lot of things and I kind

1226
01:03:57,440 --> 01:03:59,720
Speaker 5: of end up cooking and it's something that you can

1227
01:03:59,760 --> 01:04:03,120
Speaker 5: actual you do well from. And then I realized that afterwards.

1228
01:04:04,360 --> 01:04:08,360
Speaker 3: So so when you were learning, I mean I still

1229
01:04:08,400 --> 01:04:10,480
Speaker 3: have people in the back of my mind sometimes when

1230
01:04:10,480 --> 01:04:12,760
Speaker 3: I'm making a journalistic conversation, I think, what would this

1231
01:04:12,800 --> 01:04:16,520
Speaker 3: person say, what would they do? Were they were they

1232
01:04:16,640 --> 01:04:19,520
Speaker 3: sort of were they people like that from where you

1233
01:04:19,520 --> 01:04:22,760
Speaker 3: were learning or did you actually quite quickly think no, no, no,

1234
01:04:22,800 --> 01:04:25,000
Speaker 3: I can I can do this differently? I mean, I'm

1235
01:04:25,040 --> 01:04:27,480
Speaker 3: really looking for sort of some of your career influences

1236
01:04:27,480 --> 01:04:29,480
Speaker 3: when you were starting out, because I know, I know

1237
01:04:29,520 --> 01:04:31,200
Speaker 3: there would have been people who'd have influenced you later,

1238
01:04:31,240 --> 01:04:32,959
Speaker 3: but when you were starting out with a particular people

1239
01:04:32,960 --> 01:04:33,640
Speaker 3: who played a role.

1240
01:04:34,840 --> 01:04:36,720
Speaker 5: Yeah, Like I said, my mom's best friend was the

1241
01:04:36,720 --> 01:04:38,680
Speaker 5: one that kind of looked at spark and she you know,

1242
01:04:38,760 --> 01:04:41,360
Speaker 5: she was from Denmark and she used to cook these

1243
01:04:41,400 --> 01:04:44,000
Speaker 5: elaborate lunches and dinners at her place. And because my

1244
01:04:44,120 --> 01:04:45,560
Speaker 5: mom and her are such good friends, I used to

1245
01:04:45,640 --> 01:04:48,360
Speaker 5: go there quite often. So she was definitely she's pastorations then,

1246
01:04:48,440 --> 01:04:51,760
Speaker 5: but she was definitely inspiration. And then you know, in training,

1247
01:04:51,800 --> 01:04:54,880
Speaker 5: and there was a my first year I went to

1248
01:04:54,880 --> 01:04:57,280
Speaker 5: go eat my first year of training, I went to

1249
01:04:57,320 --> 01:04:59,520
Speaker 5: eat at the Grand Russia. Tell her a friend, chef

1250
01:04:59,560 --> 01:05:02,880
Speaker 5: named ra he was here cooking. He was a cooking

1251
01:05:02,920 --> 01:05:05,440
Speaker 5: show and he was actually cooking a meal there that night.

1252
01:05:05,440 --> 01:05:07,400
Speaker 5: I managed to get a seat for it, and right

1253
01:05:07,440 --> 01:05:10,000
Speaker 5: then the penny kind of dropped and I realized, after

1254
01:05:10,040 --> 01:05:12,360
Speaker 5: tasting his food and just looking at creative, was that

1255
01:05:12,440 --> 01:05:14,680
Speaker 5: this is the right move for me. And I was

1256
01:05:14,680 --> 01:05:19,000
Speaker 5: happy that I made that choice. And yeah, and since then,

1257
01:05:19,040 --> 01:05:21,360
Speaker 5: you know, guys like Mark Up You're White, has been inspirational.

1258
01:05:21,400 --> 01:05:24,680
Speaker 5: He's the godfather of modern English cuisine. And I actually

1259
01:05:24,680 --> 01:05:26,800
Speaker 5: worked for him my first job in London, which is

1260
01:05:26,880 --> 01:05:30,160
Speaker 5: also amazing. And then I was just building, building upon

1261
01:05:30,760 --> 01:05:33,680
Speaker 5: your career. Good places. The next place to go to

1262
01:05:33,760 --> 01:05:36,360
Speaker 5: must always be better, That's what That's the stance I took,

1263
01:05:37,120 --> 01:05:40,120
Speaker 5: and never wanted to go backwards, never wanted to settle,

1264
01:05:40,200 --> 01:05:42,440
Speaker 5: even took a job. I left market peer White's restaurant

1265
01:05:42,440 --> 01:05:44,800
Speaker 5: as a Sioux chef, and I said I wasn't ready.

1266
01:05:44,840 --> 01:05:47,080
Speaker 5: I took two steps back as a chef to party

1267
01:05:47,720 --> 01:05:49,600
Speaker 5: just so I could learn more. And I actually worked

1268
01:05:49,600 --> 01:05:51,720
Speaker 5: for free for three months in London. They all thought

1269
01:05:51,760 --> 01:05:52,480
Speaker 5: I won the lottery.

1270
01:05:52,920 --> 01:05:57,280
Speaker 3: Yeah, I'm sure, So just tell me how that works

1271
01:05:57,280 --> 01:06:00,240
Speaker 3: when you're climbing I mean sort of the ladder. I

1272
01:06:00,240 --> 01:06:02,400
Speaker 3: don't know if that's the right phrase. But how do

1273
01:06:02,480 --> 01:06:04,480
Speaker 3: you how do you get a gig at mark at

1274
01:06:04,480 --> 01:06:06,640
Speaker 3: Pierre White in the first place? I mean, did someone

1275
01:06:06,680 --> 01:06:09,080
Speaker 3: from Sevenbosh have to write a letter of recommendation? Did

1276
01:06:09,120 --> 01:06:11,120
Speaker 3: you have to hang around and wait for the great

1277
01:06:11,120 --> 01:06:13,360
Speaker 3: man himself to come out and say, look, I'm really good?

1278
01:06:13,880 --> 01:06:16,360
Speaker 5: You know? No, at that stage, she was opening a

1279
01:06:16,400 --> 01:06:18,120
Speaker 5: lot of rest, She was opening a lot of restaurants.

1280
01:06:18,200 --> 01:06:21,160
Speaker 5: And I happened to be working in my sister's bar

1281
01:06:21,280 --> 01:06:24,840
Speaker 5: in a crouch end in London, just doing some odd

1282
01:06:24,880 --> 01:06:27,439
Speaker 5: bar snacks and I was working illegally. She was paying

1283
01:06:27,480 --> 01:06:30,480
Speaker 5: me by cash. And I knew I wanted to work

1284
01:06:30,480 --> 01:06:32,400
Speaker 5: in a kitchen, I just didn't know how. And the

1285
01:06:32,520 --> 01:06:35,760
Speaker 5: bartender there was good friends with the headshift at the restaurant,

1286
01:06:35,760 --> 01:06:38,160
Speaker 5: and he said, okay, come just come into a trial.

1287
01:06:38,160 --> 01:06:40,320
Speaker 5: And I did a trial and I just loved it.

1288
01:06:40,440 --> 01:06:42,520
Speaker 5: Come the day one and he said, listen, don't worry

1289
01:06:42,560 --> 01:06:44,480
Speaker 5: about the visa. We'll make a plan for you. And

1290
01:06:44,720 --> 01:06:46,960
Speaker 5: back then the restaurants could apply for visas for you,

1291
01:06:47,040 --> 01:06:49,480
Speaker 5: and so they applied for the visa and then they

1292
01:06:49,480 --> 01:06:52,520
Speaker 5: stopped playing me cash made me legally for a while.

1293
01:06:52,600 --> 01:06:55,200
Speaker 5: So yeah, that's how I started. And then from there

1294
01:06:55,240 --> 01:06:57,800
Speaker 5: I went to go work in another mission star restaurant,

1295
01:06:57,880 --> 01:07:00,120
Speaker 5: and then which was an English one, which is a

1296
01:07:00,120 --> 01:07:03,040
Speaker 5: great one of them. From there went to work for Locatelli,

1297
01:07:03,400 --> 01:07:06,200
Speaker 5: who was in Italian one star restaurants. Never wanted to

1298
01:07:06,200 --> 01:07:09,440
Speaker 5: go below one star. Wherever I worked and I paid dividends,

1299
01:07:09,480 --> 01:07:12,640
Speaker 5: you know, And I can not recommend I highly enough

1300
01:07:12,680 --> 01:07:14,720
Speaker 5: that the youngsters of today, just do that, keep looking

1301
01:07:14,800 --> 01:07:17,480
Speaker 5: for don't look for the paycheck that stage.

1302
01:07:17,840 --> 01:07:21,640
Speaker 3: Yeah, when you're in a kitchen like that, how important

1303
01:07:21,680 --> 01:07:24,640
Speaker 3: does the personality of the sort of head chef matter?

1304
01:07:26,000 --> 01:07:28,960
Speaker 3: Are they very different from kitchen to kitchen because of

1305
01:07:29,000 --> 01:07:31,680
Speaker 3: that or are they actually quite similar because there's a

1306
01:07:31,720 --> 01:07:34,040
Speaker 3: way to do these things.

1307
01:07:34,560 --> 01:07:37,040
Speaker 5: Well, they are, they aren't. They all have their own personality.

1308
01:07:37,040 --> 01:07:41,360
Speaker 5: But it was always very regimental. Everything has done very militarily,

1309
01:07:41,480 --> 01:07:44,919
Speaker 5: so there's this hierarchy and you've just got to earn

1310
01:07:44,920 --> 01:07:47,560
Speaker 5: your stripes and get your get yourself out that ladder.

1311
01:07:48,040 --> 01:07:50,160
Speaker 5: And the young ones when they come into the kitchen,

1312
01:07:50,160 --> 01:07:54,160
Speaker 5: they're or they're always abused, just like any youngster that

1313
01:07:54,200 --> 01:07:56,720
Speaker 5: comes into the military. They take abuse. They want to

1314
01:07:56,720 --> 01:07:59,200
Speaker 5: see how hard they are and how how how they

1315
01:07:59,200 --> 01:08:02,120
Speaker 5: can mold these new young shifts. And it's still like

1316
01:08:02,200 --> 01:08:05,160
Speaker 5: that today, maybe not as as angrily because back then

1317
01:08:05,200 --> 01:08:08,400
Speaker 5: in the nineties, there used to be some a lot

1318
01:08:08,400 --> 01:08:11,240
Speaker 5: of words turned around, a lot of abuse. But things

1319
01:08:11,240 --> 01:08:13,360
Speaker 5: have kind of become a little a little bit easier

1320
01:08:13,360 --> 01:08:14,800
Speaker 5: to work in those conditions nowadays.

1321
01:08:15,560 --> 01:08:17,519
Speaker 3: I mean, you know, we've all seen the sort of

1322
01:08:17,560 --> 01:08:21,000
Speaker 3: documentaries and the reality TV and this and the that,

1323
01:08:21,520 --> 01:08:23,200
Speaker 3: but swearing did seem to be a part of it,

1324
01:08:23,240 --> 01:08:26,599
Speaker 3: and I wondered if there's something about cooking that maybe

1325
01:08:26,920 --> 01:08:29,479
Speaker 3: late to more swearing. It's hard, you're working in a

1326
01:08:29,479 --> 01:08:33,920
Speaker 3: difficult environment. Mistakes cost money, the ingredients matter, I mean,

1327
01:08:34,000 --> 01:08:34,800
Speaker 3: is there something to that.

1328
01:08:35,720 --> 01:08:39,160
Speaker 5: Oh, definitely, definitely. When you get tired, you get emotional,

1329
01:08:39,400 --> 01:08:42,360
Speaker 5: when you get emotional pressures on and you're getting pressurize

1330
01:08:42,400 --> 01:08:46,160
Speaker 5: from above. Yeah, it happens. It's just a natural thing

1331
01:08:46,200 --> 01:08:49,599
Speaker 5: that we do. And unfortunately it's hard to hold back sometimes,

1332
01:08:49,720 --> 01:08:51,960
Speaker 5: especially when you're tired. You're doing you know, it's your

1333
01:08:51,960 --> 01:08:53,720
Speaker 5: third or fourth double in a row, and you're doing

1334
01:08:53,760 --> 01:08:56,920
Speaker 5: the hours in this ninety five hour week, and you

1335
01:08:56,960 --> 01:08:59,040
Speaker 5: know everybody's shouting at you. You're going to You're going

1336
01:08:59,120 --> 01:09:01,880
Speaker 5: to crack. It's not the industry, not at all. It's

1337
01:09:01,880 --> 01:09:04,439
Speaker 5: like one of the toughest industries to manage it. And

1338
01:09:05,040 --> 01:09:06,719
Speaker 5: you just got to re strong world and you're gonna

1339
01:09:06,720 --> 01:09:09,479
Speaker 5: have determination that you're going to push through and this

1340
01:09:09,560 --> 01:09:10,960
Speaker 5: guy is not going to get the better of you

1341
01:09:11,040 --> 01:09:13,840
Speaker 5: no matter what. Because it's easy just to retaliate and

1342
01:09:14,040 --> 01:09:16,599
Speaker 5: lose your job and try to find another job, and

1343
01:09:17,680 --> 01:09:18,920
Speaker 5: you know that's not the right way to do. It's

1344
01:09:19,000 --> 01:09:21,479
Speaker 5: just bite your tongue and push through. You know, you

1345
01:09:21,560 --> 01:09:23,559
Speaker 5: cut your finger, just wrap it up and carry on

1346
01:09:24,360 --> 01:09:24,639
Speaker 5: in a.

1347
01:09:24,560 --> 01:09:26,320
Speaker 3: Blue plast You got are in their respect. That's the

1348
01:09:26,360 --> 01:09:30,120
Speaker 3: most important thing. Yeah, yeah, get stuff done. When you

1349
01:09:30,439 --> 01:09:34,240
Speaker 3: are working like that, and when you're leading a kitchen, Peter,

1350
01:09:34,320 --> 01:09:37,040
Speaker 3: and it's a long shift and there's lots of difficulty,

1351
01:09:37,479 --> 01:09:39,000
Speaker 3: how do you feel at the end of the day.

1352
01:09:40,160 --> 01:09:43,479
Speaker 3: Obviously tired. I mean I would expect that, but is

1353
01:09:43,520 --> 01:09:46,439
Speaker 3: it so rewarding? Do you think, sure I got that,

1354
01:09:46,520 --> 01:09:48,719
Speaker 3: I nailed that, or that worked out, or the kitchen

1355
01:09:48,760 --> 01:09:49,200
Speaker 3: did well?

1356
01:09:49,240 --> 01:09:54,040
Speaker 5: Here today, Stephen, the feeling is absolutely addictive. It's this

1357
01:09:54,200 --> 01:09:57,559
Speaker 5: blood rushes through you. You feel you've accomplished something so great,

1358
01:09:57,600 --> 01:09:59,840
Speaker 5: and because you realize how tough it is when you're

1359
01:10:00,000 --> 01:10:02,960
Speaker 5: actually the first day I did my solid service in

1360
01:10:03,120 --> 01:10:06,040
Speaker 5: on my own, you know, a really high pressure kitchen,

1361
01:10:06,080 --> 01:10:09,240
Speaker 5: I just felt like I always feel like you're you're related,

1362
01:10:09,439 --> 01:10:11,559
Speaker 5: and that's it's addictive, and people go back for that

1363
01:10:12,120 --> 01:10:13,880
Speaker 5: and you get there. You get this rush from the

1364
01:10:13,960 --> 01:10:17,320
Speaker 5: service which you don't get from anything else except sports.

1365
01:10:17,360 --> 01:10:21,200
Speaker 5: I imagine you get the same kind of rush. But yeah, no,

1366
01:10:21,280 --> 01:10:23,759
Speaker 5: it's very addictive, and it's to get to that level,

1367
01:10:23,800 --> 01:10:27,960
Speaker 5: it's very extremely satisfying. So I think that's what people

1368
01:10:28,000 --> 01:10:30,800
Speaker 5: just keep going back to, keep getting up every morning for.

1369
01:10:31,600 --> 01:10:33,960
Speaker 3: When you're leading a kitchen like that, how important is

1370
01:10:34,000 --> 01:10:37,880
Speaker 3: it to have the people around you, so the people

1371
01:10:37,920 --> 01:10:40,200
Speaker 3: you're working with, your staff, who you can trust with

1372
01:10:40,240 --> 01:10:43,160
Speaker 3: the food. I mean, you obviously need to know that

1373
01:10:43,240 --> 01:10:46,160
Speaker 3: they're upward, that they're at the right standard. And I

1374
01:10:46,240 --> 01:10:50,479
Speaker 3: always thought, you know, particularly as restaurants I suppose like yours,

1375
01:10:50,520 --> 01:10:53,960
Speaker 3: but others and really rely on the chef's reputation. The

1376
01:10:54,000 --> 01:10:57,000
Speaker 3: chef's reputation really relies on the restaurants and everybody else do.

1377
01:10:58,120 --> 01:11:01,360
Speaker 5: Yeah, yeah, especially when you've got multiple restaurants like I do,

1378
01:11:01,439 --> 01:11:05,960
Speaker 5: it's so important to completely rely on the guy next

1379
01:11:05,960 --> 01:11:08,960
Speaker 5: to you, the guy underneath him, and then so on.

1380
01:11:09,520 --> 01:11:12,400
Speaker 5: And it's yeah, to inspire them is the trick to

1381
01:11:12,479 --> 01:11:15,840
Speaker 5: keep them wanting to do amazing food for you all

1382
01:11:15,840 --> 01:11:17,920
Speaker 5: the time. That is the secret. I think you have

1383
01:11:18,000 --> 01:11:21,080
Speaker 5: to keep the guys inspired, keep them paid well, keep

1384
01:11:21,120 --> 01:11:23,760
Speaker 5: them keep them fresh as well. We've adopted a four

1385
01:11:23,760 --> 01:11:26,800
Speaker 5: to three day week for the guys because it does

1386
01:11:26,840 --> 01:11:29,360
Speaker 5: get tiring, so they're three days off and four days on,

1387
01:11:29,680 --> 01:11:31,800
Speaker 5: and of those four days they got to work at

1388
01:11:31,880 --> 01:11:35,439
Speaker 5: least three doubles, so that's you know, twelve hours and

1389
01:11:35,560 --> 01:11:37,920
Speaker 5: a doubles thirty six and they work another half a

1390
01:11:37,960 --> 01:11:40,760
Speaker 5: half day somewhere, so they do get the time back.

1391
01:11:41,920 --> 01:11:43,120
Speaker 5: And that's how you got to do it. You just

1392
01:11:43,120 --> 01:11:46,680
Speaker 5: got to keep them motivated around you and comfortable and

1393
01:11:47,400 --> 01:11:49,360
Speaker 5: keep food on the table plus them.

1394
01:11:50,520 --> 01:11:54,559
Speaker 3: Yeah, have they been any particular big trends while you've

1395
01:11:54,600 --> 01:11:57,080
Speaker 3: been in the food business of the coloring business, I

1396
01:11:57,080 --> 01:11:59,599
Speaker 3: should call it? Do you see certain trends coming? I mean,

1397
01:12:00,000 --> 01:12:02,599
Speaker 3: do you see them sort of being big and maybe

1398
01:12:02,640 --> 01:12:05,479
Speaker 3: in Britain in the nineties in London and not so

1399
01:12:05,560 --> 01:12:09,799
Speaker 3: big anymore. Different types of food, different ways of plating,

1400
01:12:10,400 --> 01:12:12,559
Speaker 3: the size of portions. I think that seems from what

1401
01:12:12,600 --> 01:12:14,880
Speaker 3: I from what I read, that's been a big change

1402
01:12:14,880 --> 01:12:16,080
Speaker 3: of the last ten years.

1403
01:12:16,680 --> 01:12:19,759
Speaker 5: Yeah, you know, Novell Cuisine brought along the tasting menus

1404
01:12:19,800 --> 01:12:23,320
Speaker 5: and that was inspired from Japanese kaiseche. So it's not

1405
01:12:23,360 --> 01:12:25,479
Speaker 5: a new thing. It's been around a long time, just

1406
01:12:25,560 --> 01:12:27,679
Speaker 5: not here. But I think there is a big shift

1407
01:12:27,680 --> 01:12:31,720
Speaker 5: away from lung course menus, so tasting in the restaurants.

1408
01:12:32,240 --> 01:12:36,280
Speaker 5: People like choice, but I understand there's always going to

1409
01:12:36,280 --> 01:12:38,320
Speaker 5: be tasting in a restaurant. We've got one fine as

1410
01:12:38,360 --> 01:12:40,880
Speaker 5: a tasting in the restaurant because you know, we've got

1411
01:12:40,880 --> 01:12:42,920
Speaker 5: a story to tell there and we want people to

1412
01:12:43,000 --> 01:12:45,720
Speaker 5: experience the journey that we want to want want them

1413
01:12:45,720 --> 01:12:49,040
Speaker 5: on for the evening. But the other restaurants are Ali Kharte.

1414
01:12:49,160 --> 01:12:52,360
Speaker 5: You know, we've really decided that we could have done

1415
01:12:52,400 --> 01:12:55,519
Speaker 5: another tasting menu restaurant at param where we just opened.

1416
01:12:55,920 --> 01:12:58,519
Speaker 5: I thought, you know what, people people want bigger course,

1417
01:12:58,720 --> 01:13:01,280
Speaker 5: bigger portions. They want to choose what they want to eat.

1418
01:13:01,600 --> 01:13:03,720
Speaker 5: If they want to come into one course, they're welcome to.

1419
01:13:04,800 --> 01:13:06,800
Speaker 5: I think that is a big shift. And also there's

1420
01:13:06,800 --> 01:13:12,519
Speaker 5: a shift towards more natural, natural cooking, lighter cooking using

1421
01:13:12,560 --> 01:13:14,920
Speaker 5: a lot of olive oils and yeah, I mean that's

1422
01:13:14,960 --> 01:13:18,040
Speaker 5: been around for fifteen years now, but there's a big

1423
01:13:18,080 --> 01:13:22,439
Speaker 5: push towards natural meat as well, very clean meats. And

1424
01:13:23,400 --> 01:13:25,760
Speaker 5: it's a big push also away from I've noticed a

1425
01:13:25,800 --> 01:13:30,280
Speaker 5: lot less vegans and vegetarians coming through the doors. Actually

1426
01:13:30,439 --> 01:13:33,080
Speaker 5: I'm not sure why that is, but you know, five six,

1427
01:13:33,160 --> 01:13:35,280
Speaker 5: seven years ago, there is a lot of vegetarians and

1428
01:13:35,320 --> 01:13:37,560
Speaker 5: vegans coming through, and a lot of there's also a

1429
01:13:37,600 --> 01:13:40,479
Speaker 5: lot of gluten allergies that we're coming through. But it's

1430
01:13:40,560 --> 01:13:44,519
Speaker 5: kind of lighted up now recently, which I'm not sure when.

1431
01:13:44,520 --> 01:13:50,000
Speaker 5: Maybe it's a better quality grain why there's less gluten issues. Yeah,

1432
01:13:50,000 --> 01:13:53,040
Speaker 5: I'm not sure people are realizing the protein is important.

1433
01:13:53,120 --> 01:13:56,760
Speaker 3: Maybe, yeah, interesting, Sure, I have no idea. The first

1434
01:13:56,760 --> 01:13:59,519
Speaker 3: I've heard of it were speaking to Pizza Temple. Hop

1435
01:13:59,640 --> 01:14:02,800
Speaker 3: if like me, you're beginning to realize you haven't had

1436
01:14:02,800 --> 01:14:05,400
Speaker 3: your dinner, I'm ten minutes away from it. We'll return

1437
01:14:05,439 --> 01:14:06,160
Speaker 3: with him in a moment.

1438
01:14:07,160 --> 01:14:09,639
Speaker 15: The Money Show was Stephen Krutez is brought to you

1439
01:14:09,680 --> 01:14:14,320
Speaker 15: by ABSIR c IB proud Sole Leader Ranger and Infrastructure

1440
01:14:14,479 --> 01:14:18,160
Speaker 15: Finance Structuring Agent of the South African National Treasuries eleven

1441
01:14:18,200 --> 01:14:21,960
Speaker 15: point eight billion rare Infrastructure and Development Finance Bond.

1442
01:14:23,640 --> 01:14:26,719
Speaker 2: The Money Show, How I make my money?

1443
01:14:26,960 --> 01:14:29,599
Speaker 3: Speaking to Peter Temple, how the chef and of course

1444
01:14:29,640 --> 01:14:32,320
Speaker 3: you'll know him having won three Knives of the Best

1445
01:14:32,400 --> 01:14:35,880
Speaker 3: Chef Awards. Also you know who runs the Fine Dining

1446
01:14:35,920 --> 01:14:39,280
Speaker 3: IFI n Dining Experiences. Peter. One of the things that

1447
01:14:39,360 --> 01:14:41,800
Speaker 3: I sort of grew up with and you and I

1448
01:14:41,840 --> 01:14:44,720
Speaker 3: are probably roughly similar ages. But when I first sort

1449
01:14:44,720 --> 01:14:46,639
Speaker 3: of thought about chefs was when we have the sort

1450
01:14:46,680 --> 01:14:48,920
Speaker 3: of wave of I don't know if I call them

1451
01:14:48,960 --> 01:14:53,920
Speaker 3: personality chefs, reality TV chefs, sort of famous people who

1452
01:14:53,920 --> 01:14:57,080
Speaker 3: are famous not just for being chefs, but for their personalities.

1453
01:14:57,479 --> 01:15:00,639
Speaker 3: This might be a strange question, but is that good

1454
01:15:01,040 --> 01:15:04,519
Speaker 3: for the quality of food? I get this an era

1455
01:15:04,640 --> 01:15:07,639
Speaker 3: of salesmanship about it. I mean, I have no problem

1456
01:15:07,680 --> 01:15:10,240
Speaker 3: with that, but gona sometimes get in the way of

1457
01:15:10,240 --> 01:15:12,120
Speaker 3: the food, you know, whatever this person has said to

1458
01:15:12,160 --> 01:15:12,639
Speaker 3: that person.

1459
01:15:13,560 --> 01:15:16,200
Speaker 5: I think it depends on how you structured your business. Stephen,

1460
01:15:16,960 --> 01:15:19,479
Speaker 5: you can if you've structured in a way that it

1461
01:15:19,560 --> 01:15:22,040
Speaker 5: runs without you having to be there every day, then

1462
01:15:22,200 --> 01:15:24,879
Speaker 5: and you've really trusted people who are running at each establishment,

1463
01:15:24,920 --> 01:15:27,840
Speaker 5: then yes, it shouldn't really affect it. What it does

1464
01:15:27,920 --> 01:15:30,200
Speaker 5: do it just keeps people coming through your restaurant because

1465
01:15:30,240 --> 01:15:32,519
Speaker 5: it's great marketing being on TV all the time and

1466
01:15:33,200 --> 01:15:36,560
Speaker 5: being a personality. So in a sense, yeah, And I

1467
01:15:37,000 --> 01:15:41,120
Speaker 5: don't know yet, I have not another chef like that,

1468
01:15:41,280 --> 01:15:44,320
Speaker 5: you know, I don't know if i'd want to be.

1469
01:15:44,360 --> 01:15:47,439
Speaker 5: Actually I've done a bit of TV in the past,

1470
01:15:47,479 --> 01:15:49,559
Speaker 5: but it's just not my thing. I like. I like

1471
01:15:49,600 --> 01:15:52,439
Speaker 5: being in the trenches with the guys and running things

1472
01:15:52,439 --> 01:15:55,040
Speaker 5: from behind the scenes a little bit. But who knows,

1473
01:15:55,360 --> 01:15:57,280
Speaker 5: you knows, there's a lot of fewyears left.

1474
01:15:57,439 --> 01:16:00,719
Speaker 3: No sure when things happen. Do you think a person's

1475
01:16:00,760 --> 01:16:05,719
Speaker 3: personality is reflected in how they cook? And I realized

1476
01:16:05,720 --> 01:16:07,720
Speaker 3: that might be a strange question, but do you think

1477
01:16:07,920 --> 01:16:11,080
Speaker 3: you know, if your mood is X one day, does

1478
01:16:11,120 --> 01:16:13,280
Speaker 3: it affect how you cook? Maybe if you're just cooking

1479
01:16:13,280 --> 01:16:16,120
Speaker 3: for yourself, or does it? Do you know, does a

1480
01:16:16,120 --> 01:16:18,840
Speaker 3: person's personality come through in any way?

1481
01:16:19,840 --> 01:16:23,479
Speaker 5: Listen, your mood's definitely come through. When I fell in

1482
01:16:23,479 --> 01:16:26,640
Speaker 5: love with my wife, my flavor profile changed my I

1483
01:16:26,680 --> 01:16:30,960
Speaker 5: was more creative, and yeah, I definitely noticed it. I noticed, well,

1484
01:16:31,360 --> 01:16:35,240
Speaker 5: I'm more a lot more alive, and you know that's

1485
01:16:35,360 --> 01:16:37,600
Speaker 5: I've always been creative, but I just it's kind of

1486
01:16:37,600 --> 01:16:39,920
Speaker 5: just sparked it off. And yes, definitely, I've you know,

1487
01:16:40,439 --> 01:16:42,559
Speaker 5: I'm walking up with it after a dream and I've

1488
01:16:42,600 --> 01:16:44,800
Speaker 5: dreamt about addition, I've put it on and it works,

1489
01:16:44,840 --> 01:16:47,080
Speaker 5: and so yeah, it's definitely if you're in a bad

1490
01:16:47,120 --> 01:16:50,960
Speaker 5: place in your life as well, it definitely will hampers creativity.

1491
01:16:51,479 --> 01:16:53,400
Speaker 5: It stifles you know, a lot of things you do,

1492
01:16:53,439 --> 01:16:55,400
Speaker 5: and you know it doesn't give it energy you need

1493
01:16:55,880 --> 01:16:58,000
Speaker 5: And yeah, you need a lot of energy in the kitchen.

1494
01:16:58,000 --> 01:16:59,920
Speaker 5: You need to your energy needs to be an affection

1495
01:17:00,040 --> 01:17:02,160
Speaker 5: to the volve, to your your staff around you, and

1496
01:17:02,200 --> 01:17:06,240
Speaker 5: you need to be positive. So yeah, for sure, absolutely, Peter.

1497
01:17:06,400 --> 01:17:07,880
Speaker 3: I don't know if you can just move around and

1498
01:17:07,880 --> 01:17:09,960
Speaker 3: try and improve the reception on your cell phone a

1499
01:17:09,960 --> 01:17:14,480
Speaker 3: little bit. Sure, I am presuming so I'm not a perfectionist.

1500
01:17:14,520 --> 01:17:16,800
Speaker 3: And we were talking to someone earlier about business books

1501
01:17:16,840 --> 01:17:18,400
Speaker 3: who was saying, one of the lessons from a book

1502
01:17:18,439 --> 01:17:21,320
Speaker 3: is is instead of you know, being a perfectionist in business,

1503
01:17:21,439 --> 01:17:24,840
Speaker 3: people want progress. But I wonder if your game, what

1504
01:17:24,960 --> 01:17:27,719
Speaker 3: you do, is actually quite different and actually perfection really

1505
01:17:27,760 --> 01:17:28,519
Speaker 3: really matters.

1506
01:17:29,600 --> 01:17:31,720
Speaker 5: Oh, without a doubt. It's the small margins, you know,

1507
01:17:31,720 --> 01:17:35,879
Speaker 5: there's there's incremental gains. They make such a big difference.

1508
01:17:35,880 --> 01:17:38,920
Speaker 5: It's that difference between ninety five percent. That's what I'm

1509
01:17:38,960 --> 01:17:41,679
Speaker 5: looking for, and I'm looking for is this thing out

1510
01:17:41,680 --> 01:17:45,360
Speaker 5: of line by a meter or a centimeter? That's you know,

1511
01:17:45,439 --> 01:17:48,439
Speaker 5: that definitely makes a difference, especially when you're talking about

1512
01:17:48,760 --> 01:17:53,519
Speaker 5: the high end of cooking. Yeah, the flavors as well,

1513
01:17:53,640 --> 01:17:56,600
Speaker 5: you know, and a gram of salt, too much, a

1514
01:17:56,960 --> 01:17:59,639
Speaker 5: you know, too many drops of lemon makes a big difference.

1515
01:18:00,240 --> 01:18:02,679
Speaker 5: So yeah, it's and that's what we're searching for. That

1516
01:18:02,680 --> 01:18:05,439
Speaker 5: that perfection or as close to the perfection as we

1517
01:18:05,479 --> 01:18:08,000
Speaker 5: can get. We'll never reach it, but you know, we've

1518
01:18:08,000 --> 01:18:10,080
Speaker 5: got to stry for it every day. That's where we

1519
01:18:10,160 --> 01:18:12,080
Speaker 5: come up. You know, we get into the kitchen, we

1520
01:18:12,120 --> 01:18:14,360
Speaker 5: get our knives out, and we cook every day to

1521
01:18:14,439 --> 01:18:16,439
Speaker 5: reach it every day, and although we're doing the same

1522
01:18:16,479 --> 01:18:18,479
Speaker 5: things over and over, we try to be better the

1523
01:18:18,479 --> 01:18:22,320
Speaker 5: next day than we were yesterday. So yes, definitely.

1524
01:18:22,080 --> 01:18:24,280
Speaker 3: You're moving and you've moved and you sort of led

1525
01:18:24,320 --> 01:18:29,040
Speaker 3: the way really into sort of Afro Japanese cuisine, and

1526
01:18:29,200 --> 01:18:31,040
Speaker 3: I think for a lot of people it's not something

1527
01:18:31,080 --> 01:18:34,360
Speaker 3: that's entirely predictable. Was there a particular place you got

1528
01:18:34,360 --> 01:18:35,080
Speaker 3: that inspiration?

1529
01:18:36,080 --> 01:18:38,800
Speaker 5: Yeah, so Faine, when we when we launched our launched Fain,

1530
01:18:38,880 --> 01:18:41,479
Speaker 5: the idea was there was a there was a gap

1531
01:18:41,479 --> 01:18:45,280
Speaker 5: in the market for something like this. But most importantly

1532
01:18:45,320 --> 01:18:48,679
Speaker 5: is something that I was really passionate about and I

1533
01:18:48,720 --> 01:18:51,600
Speaker 5: was really determined to make it work. I knew I

1534
01:18:52,120 --> 01:18:55,439
Speaker 5: mean I love Japanese food from a youngster. There was

1535
01:18:55,479 --> 01:18:57,640
Speaker 5: something about I think South Africans do we love that

1536
01:18:57,720 --> 01:18:59,679
Speaker 5: in Miami reach all of us love a bit of sushi,

1537
01:18:59,760 --> 01:19:03,000
Speaker 5: you know. There's something about those flavors and the exoticness

1538
01:19:03,000 --> 01:19:05,680
Speaker 5: of it that we like. And my first trip to

1539
01:19:05,760 --> 01:19:07,800
Speaker 5: Japan in two thousand and eight, I realized, Wow, this

1540
01:19:07,840 --> 01:19:09,240
Speaker 5: is what I want to do. And it wasn't for

1541
01:19:09,280 --> 01:19:11,559
Speaker 5: another ten years of working with these ingredients and trying

1542
01:19:11,560 --> 01:19:14,080
Speaker 5: to understand them more and the culture that I decided

1543
01:19:14,080 --> 01:19:17,320
Speaker 5: to is for me the next step. But I don't

1544
01:19:17,320 --> 01:19:18,960
Speaker 5: want to lose a sense of place. I don't want

1545
01:19:18,960 --> 01:19:21,400
Speaker 5: to lose that I'm standing and we're sitting in a

1546
01:19:21,439 --> 01:19:25,800
Speaker 5: restaurant in South Africa eating I don't want eat Japanese food.

1547
01:19:25,880 --> 01:19:28,439
Speaker 5: I had to blend the two carefully. I think the

1548
01:19:28,520 --> 01:19:33,160
Speaker 5: results are quite incredible because it was excuse me, it

1549
01:19:33,200 --> 01:19:37,760
Speaker 5: was blend. It was the refine, refined style of Japanese

1550
01:19:37,920 --> 01:19:41,880
Speaker 5: cooking with our African, rugged African ingredients. There's something about

1551
01:19:41,920 --> 01:19:44,559
Speaker 5: it that just resonated with all the guests, Like I

1552
01:19:44,560 --> 01:19:47,559
Speaker 5: think there's something that caps On is ready for and

1553
01:19:47,600 --> 01:19:49,280
Speaker 5: that's why the works. So I was in the city

1554
01:19:49,320 --> 01:19:51,439
Speaker 5: there's not a lot of options for high end in

1555
01:19:51,479 --> 01:19:55,080
Speaker 5: the city. There's some great restaurants, and because we're close

1556
01:19:55,120 --> 01:19:58,519
Speaker 5: to the hotels and also wear a quirky old silk

1557
01:19:58,560 --> 01:20:01,439
Speaker 5: factory and in the east side of town it's on

1558
01:20:01,479 --> 01:20:03,559
Speaker 5: a dodgy street. I think there's a bit of an

1559
01:20:03,600 --> 01:20:06,120
Speaker 5: allure about that. You know, you come into what shouldn't

1560
01:20:06,120 --> 01:20:08,320
Speaker 5: be a great restaurant, but you take another of it.

1561
01:20:08,400 --> 01:20:10,760
Speaker 5: It's the top floor and it takes you into kind

1562
01:20:10,800 --> 01:20:15,280
Speaker 5: of Manhattan, Manhattan or Tokyo. So yeah, there's something that's

1563
01:20:15,280 --> 01:20:17,320
Speaker 5: why people people love it because of that, you know,

1564
01:20:17,320 --> 01:20:21,240
Speaker 5: because fain Is is a very different place and which have

1565
01:20:21,400 --> 01:20:22,840
Speaker 5: to do the same with the other restaurants. We don't

1566
01:20:22,840 --> 01:20:26,200
Speaker 5: want a carbon coffy restaurants. So Beyond is celebrating the

1567
01:20:26,240 --> 01:20:29,479
Speaker 5: wine estate that it's on, like in every single way.

1568
01:20:29,560 --> 01:20:31,680
Speaker 5: Can it's got the vineyard views, and then Ara and

1569
01:20:31,680 --> 01:20:33,519
Speaker 5: the new one. We're just kind of bring the farm animals.

1570
01:20:34,760 --> 01:20:37,559
Speaker 5: So they're each so unique offerings and even the ramen

1571
01:20:37,640 --> 01:20:40,519
Speaker 5: head and Sushia. You know, it's my love for Japanese

1572
01:20:40,560 --> 01:20:43,320
Speaker 5: streets food that's coming through so each of our restaurants.

1573
01:20:43,320 --> 01:20:45,400
Speaker 5: Although there are a group of six restaurants. They're they're

1574
01:20:45,439 --> 01:20:48,639
Speaker 5: all so very different, which makes it very difficult to manage.

1575
01:20:48,640 --> 01:20:52,519
Speaker 5: That people could worsh out the average spends and you know,

1576
01:20:52,560 --> 01:20:54,600
Speaker 5: because they're also different, about a chain of six of

1577
01:20:54,640 --> 01:20:56,920
Speaker 5: the same restaurants will be so easy, you know, But

1578
01:20:57,000 --> 01:20:57,920
Speaker 5: I do like a challenge.

1579
01:20:58,080 --> 01:21:00,519
Speaker 3: No, Well, I can hear that these are wonderful to

1580
01:21:00,560 --> 01:21:02,920
Speaker 3: talk to you. I've learned so much, I was saying

1581
01:21:03,520 --> 01:21:07,120
Speaker 3: to our team today. I have actually so many questions

1582
01:21:07,360 --> 01:21:09,720
Speaker 3: to ask. We could go on all day, but unfortunately

1583
01:21:09,720 --> 01:21:11,559
Speaker 3: we can't. But thank you so much for taking the time.

1584
01:21:11,960 --> 01:21:13,320
Speaker 3: I really appreciate it, and I hope you have a

1585
01:21:13,320 --> 01:21:14,400
Speaker 3: productive festive season.

1586
01:21:15,120 --> 01:21:17,400
Speaker 5: And thanks for thinking for YouTube during Christmas years.

1587
01:21:17,560 --> 01:21:21,000
Speaker 3: Peter temple Hoff the chef there behind Fain and of

1588
01:21:21,040 --> 01:21:23,880
Speaker 3: course the first South African chef to win three knives

1589
01:21:23,920 --> 01:21:27,320
Speaker 3: at the Best Chef Awards. Really interesting story actually, and

1590
01:21:27,400 --> 01:21:30,160
Speaker 3: most chefs sort of think have gone from where they

1591
01:21:30,200 --> 01:21:33,120
Speaker 3: were born to somewhere else and then off and back again.

1592
01:21:33,439 --> 01:21:35,639
Speaker 3: There is a sort of story of the journey there

1593
01:21:35,720 --> 01:21:39,000
Speaker 3: in somewhere, but I found that really really interesting. Peter Templehoff,

1594
01:21:39,040 --> 01:21:41,120
Speaker 3: thank you for the money show.

1595
01:21:41,200 --> 01:21:45,160
Speaker 15: Stephen Krutez is brought to you by ABSIR CIB proud

1596
01:21:45,400 --> 01:21:49,439
Speaker 15: sole leader Ranger and Infrastructure Finance Structuring Agent of the

1597
01:21:49,479 --> 01:21:53,680
Speaker 15: South African National Treasuries eleven point eight billion RAN Infrastructure

1598
01:21:53,800 --> 01:21:55,320
Speaker 15: and Development Finance bond.

1599
01:21:56,600 --> 01:21:56,840
Speaker 6: Well.

1600
01:21:56,960 --> 01:22:00,800
Speaker 3: US market's still not looking positive, still concerns and lots

1601
01:22:00,840 --> 01:22:02,880
Speaker 3: of data coming out this week. I think is a

1602
01:22:02,880 --> 01:22:05,639
Speaker 3: big factor that Dow Jones is down point two seven percent,

1603
01:22:05,680 --> 01:22:08,160
Speaker 3: the Nasdaq is down point three eight the S and

1604
01:22:08,160 --> 01:22:11,000
Speaker 3: P five hundred is down point one eight percent. As

1605
01:22:11,080 --> 01:22:13,400
Speaker 3: I talk to you now, Tomorrow is a pubday holiday.

1606
01:22:13,680 --> 01:22:16,360
Speaker 3: Please enjoy it. We'll be back with you on Wednesday.

1607
01:22:16,400 --> 01:22:17,519
Speaker 3: Good evening, it's eight o'clock