SIMON BROWN: I’m chatting now with Schalk Louw from PSG Wealth Old Oak. Schalk, I appreciate the early morning time. A note that you put out that I’ve got to say [sent] a bit of shivers down my spine, because I’m old enough to remember that dotcom crash of 2000. Fortunately, owing to exchange controls, I didn’t have anything offshore invested in it.
When you look at that six-month period after the Nasdaq made its highs, at let’s call it the beginning of 2000, March 2000 to be exact, that six-month period after it made its highs, the Nasdaq traded 39% lower from its highs. Now very similar to that time – you said you remember that time – we didn’t have Twitter and Facebook and those kind of things. We had the good old newspapers.
SIMON BROWN: It is struggling. I take the point. There is a lot of similarity, and these stocks are not yet cheap. We can almost divide [them] into two parts. If you pull out some numbers, your Netflix, Shopify down 70%, 74%. And Apple, Microsoft are both down a quarter; Facebook off half, 50% down. But what we have got here is companies – I look at the likes of the Facebooks and Apples and Microsoft – that at least are making a profit.