Avsnitt 596 - Köplägen i september

0:00Just what is it that you want to do? We want to be free. We want to be free to do what we want to do. And we want to get loaded. And we want to have a good time. And that's what we're going to do. But wait baby, let's go! We're going to have a good time. We're going to have a party.

0:18VARICARD

0:30Avsnitt 596 av Phil or Kill-podden. I dag är det den 1 september. Vi går mot avsnitt 600. Har du bokat roben? Chillinggänget och vi hänger upp åtta föreställningar där. Ja, i juli. It was a billy hyra. So long we haven't come yet. We work week for week here. Man is never better than the last trade. How has it gone the last week? The last week I came down a little. I was a little bit weak after a stark summer. A stark August. So it's well it. And then you look at the rent. I've gone long bonds. Long bonds in the USA. You've talked about the trades that no listeners can't try. Do you have to buy a obscure bond?

1:15It's a ETF on it. It's clear that you can handle long bonds in the USA. It's the most important instrument. So there are a lot of different ways to do it. It's a ETF, TLT in the USA for example. Great ETF. So it goes up or down? Is it going up or down? If it goes up, it goes down. If it goes down, it goes up. And you think it's going up? I think it's going down. oron, den peakade långstans här. Så det ska vi prata om. Jag tänkte prata lite om Klarna och Flat och liknande. Vi tänkte prata lite Robotar. Vi tänkte prata lite Biotech som bubblar på börsen. Vi tänkte prata lite Severs och Serenity och liksom, ja, det känns som att han har tappat sin mojo.

2:04Din gloria är på sne. Ja, och sen är det september nu. Det är väl oftast den svagare månaden på börsen. Säsongsmässigt och historiskt så är det den med sämst snittavkastning Ja, så då kanske man ska se upp Ja, vi har mycket matigt, så jag tycker vi drar igång

2:27Vi har ju med oss Robomarkets Och det är lite lugnt i USA Det känns som lite lugnt före stormen Då kan man ju bygga upp lite positioner Du är inne på en lite skakigare september Hos RoboMarkets kan man ju ta både långa och korta positioner Ut i vida världen Framförallt i USA då till exempel Precis, som du nämnde det är lite lugnare Det är en mellanvecka Man brukar ju säga att sommaren tar slut med Labor Day Och det är väl i helgen Jajamän, på måndag Efter det är alla tillbaks Och då ska det viktas om min portfölj Och då kan det bli stökigt September är ju den sämsta månaden på börsen of the 12 months that's been.

3:10Yes, and if you go long, they have their own value for ISK, which is very good, no different value. You talk about tradingview. If you want to look at the graph, look at the value of this, so it's a very good compliment. Verily. You get a very good and a lot of attention. It's a lot of the details, for example, in the market just now. You must have a look on oil, you must have a look on the rentals, you must have a look on the raw products. Crypto. crypto, index och aktier. Då är det perfekt att ha ett system som man kan sitta och titta på där man kan få en god överblick över hur allting rör sig.

3:48Yes, och vill man sätta upp konto eller man är kund och bara har snabba frågor så bara ha av sig till Max och Simon på Stockholmskontoret. Och sen får man inte glömma att lyssna på deras fyra minuter till Wall Street om man vill få en liten recap inför USA -öppningen. Stort tack RoboMarkets! Men kom ihåg, investeringen bär risk och det är inte säkert att du får tillbaka hela ditt investerade kapital.

4:37ett jätteköp. I had to go out when Lockup had been. So he laid the ord for it in a jätteköp. And then it was very soft. And then it was a good thing when I had projicered this in my LLM. So came Sebastian Zemakowski with a job on 10 million dollars. And Klanar flashed out that it was he who bought it. It was very very clearly, what has he all his togons in flat? So like, for flat so it's like, this can be said very weird, or all they want to diversify from Clana and they have made some other investments and now when you have 80-90 % of Clana so he has even more so he has really all the kort on the right if it's bad for Clana now, then he has done extremely much, it's really an enormous upsida om man ska öka sin position med 10 miljoner dollar till.

5:37Ja, de sålde väl av lite andra innehav i flat här. Ja, de sålde de flesta AI-possarna. Precis. Och så kör man in det mer i Klarna. För mig som Klarna -ägare så var det ju perfekt. Kursen studsade upp lite. Sen var det väl samma dag som Fed Wars var ute. Så det kändes som att det var lite oro. Så att aktien har ju bottnat här runt 14 dollar, kom upp mot 15 och sen den dagen gick det ner till 14 ,20 igen, så det fick ju liksom ingen impact jag tror att det var det näst största insiderköpet på hela USA-börsen den dagen så för mig sände det här ett supersignalvärde, jag tror att Klarna på 12 månaders sikt kommer stå väldigt mycket högre, sen om det är nu man ska köpa eller om sex månader, men liksom lite oro i makro i Tyskland om det här bolaget är onoterat, då vill jag att de ska satsa på rätt grejer och de kör lite högmarginalt tjänster, vi pratade om det här innan med kort och försöker gå ifrån buy now pay later och är mer en plattform för olika neobanktjänster och det tror jag är rätt så får vi se hur det här spelar ut men det här köpet på något sätt så markerar ju det att han tror det eller om man liksom vill vara i andra Vågskålen så är det här bara för att få upp Kursen Han hittade sitt privata investmentbolag De har lite cashlöst, han försöker sända in någon signal Stötta kursen med mera Men det känns som att han äger inga aktier På kroppen, han har ju apporterat in Alla i flat Så var ska han köpa mer?

7:15Han äger ju flat Ja, precis Det är ju i princip bara klart Ja, men precis Så det är väl egentligen där Om han ska öka sin postel så So he won't buy private on the body It's via flat And he won't buy any money It's very interesting how he'll get out The money He's got in all his akties All his akties are on the flat So what's in the endgame? He'll get a new investor So it's going to be the ground It's very interesting how it's going to play out And I'm going to Long Klana The one has been stuck a little now We'll see how long I have the trade if it's going to be what I'm talking about here that it's on 12 months to come to be a much higher or if you're selling it on 16 when it's on 12 months I think that the pivot or pivot is it not but that you're not that you're not from buy now pay later to other forms of services I think is really good all right I think that you're not I think that the company I think that the financial time was a big deal that it was a big deal to not be in the USA.

8:31Now you're just a little player, you get a little bit of a fintech-flöden, you get a lot of the other. It's like no one who cares about the clan. The third is very strong. I think that 30 % of Free Float is blanked. So they get no credit compared to the stock market. I saw that they were the most or the most most buyout on both Avanza and Nordnet. so Dipköparklanen gave us in here and it had probably been a bigger impact if it had been on the stockholmsbörsen than what was on the USA yeah you go to the USA for that you want to be cool and get better and then it was the classic that it wasn't really so, you were really blanking and really ifrågasatt instead so I'm at all at least long here we'll see how it's spread out if you're a flat flat, so it feels like I don't know, I don't know I don't know, I don't know, I don't know I don't know, I don't know, I don't know Defensor and a lot of stuff around But now it's just just Klanan, but then is the question Will they ever come to sell Klanan?

9:32It's not that I don't know No, the 100 million people they stop in now I think that if the market goes up So they will take in more money and on that way, or on the other side So they will spread out Klanan In the house, through to example With new emissions or loan which he talked about earlier but it feels like it depends on how much the loan goes up if we go to the 50 dollar I can do it then they can do it but then it looks good it's always good with loan because you don't want to get much money so you can do it well but when it starts to go well to diversify on the way that you get new loan to other investors And it seems that it has been eight of the Swedish families in here.

10:19And it was already some of them who had taken stop after the report-emission. Yeah, I think that the tank when they were at the 90 % long-clan. No, I don't think I either. So flat and clana as a company will you probably separate what you think. Both will spegla clans kurs. But it is the same thing. Och det kommer nog vara det en rätt lång tid framöver. Ja. Och om vi ska hoppa vidare då till robotar. Det känns ju fortfarande som det ligger och bubblar. Jag pratade ju om X-peng som jag ägde har sålt nu. Det blev inte en bra affär. För där fokuserade man fortsatt på bildelen. Där känns som att alla har kämpit.

11:04Men de hade ju en jättestor robotdeal. Det finns ju den här CCXI som är en SPAC which is a US company. It seems like it's all about to be a kinesis company to hold on with robot. They were doing a VM or a Olympic Games for robot. There were 600 different companies that were there and played. So it's not a difference in robot-tell-verking in Kina. In Sweden, you know, it's not a difference. It was OS for robot. They sprang fast and hopped high and long. And they went down and expanded. They sprang in the way and went down. All of them It was cool I just saw a little k Wagner But I don't know Maybe I don't know E dreary of them And people 그만ONY And they're 우리는 aprox However But you think You glaube that we are There any kind of Tiping point here Yeah That was probably That's why we took camera today I think We have a robot Judas That's is It was Right It was Right I think that in this I think it can be lost a little Like it was It was 2024 on the show I thought it was a I think it can be That it can be Something like this In the robot sector It was a chat GBT moment On the robot Alltså on Humanoids For the week From several of the different companies separate new things from several different companies that they come over the plasticity of robots has been how you learn them it takes a very long time people should go through they should be able to go to the rangers and they become clumped if everything is perfect they miss them when Tesla showed up it was a year ago or two people were able to study them and talked with the röster.

13:07It was the worst backslash. It's like a marionettdocker. And it's not that. It's not a million dollars. No. But now it's like it's a little bit what Tesla did with the self-show. The self-show in the Fsb-updating. That they learn from that they look at the film. And it was it that it came some of the few new things from different companies that they have started with it. And they see that robot is very much faster. And it is also thanks to that it is an AI-model or a model in them so that they can make some sort of resonant. And it can be a trigger. From there from can you learn to learn more quickly on data that is available and you can learn to do some tasks so then would robot take the next step and it could be a big step Yeah, Unitree was a Chinese company that was the most important thing ever Yeah, it was up 50-60 % so it was a question if it was SpaceX moment at all the other It's an IPO in Hong Kong It doesn't seem like that Hexagon has the little part of the part of the robot but it seems like they have their own robot but they have a humanoid robot Hexagon which some of them can be 20-30 % of market cap in a so-called house They were even the owner of Unitary which people had missed and it was worth some billion dollars and the on-the-runs X-Peng robot-compancy It was worth 50-60 billion dollars.

14:59Exactly. And they haven't even launched their mass production. No. So, some companies have a huge expectations. Some don't. This CCXI, which then has been changed when it's done, it's$13. The SPAC has been in on$10. It's not that it's called. It's called up in 2018. Yeah. So, that's a alternative. Have you ever found another robot? I think that CCXY is the one who can become a good robot proxy for capital. It feels like it will come in with index and ETFs. All right, so that robot, ETFs and other things. American are very good at... They call it Agility Robotics, their goal. And there is Nvidia inblanded.

15:49Exactly, so you ticked very many boxes there. Till exempel att Nvidia är inblandade och etc. Nvidia, deras rapport man kunde typ utröna att deras physical AI alltså fysisk AI, det är ju robotar och sånt, att det var ändå 10 miljarder intäkter dollar. Det är inte jättelite. Så det forskas väl och försöks producera ganska mycket så jag tror att det här kan bli rätt kul i höst efter en septemberdip då. But SPAC' and CCXI It's not too long from 10 And there it's 10 That's the goal So I think that It's interesting I think that But I think that And I think that The market is very good About to build Infrastructure Kring that it's going to be A house Kring a company And I think that It's been a lot That's how many That's how many Yeah So the market Was worth To spend in it's like it will come different robot-news every week I think we should follow it because it can come a chat-GPT moment just for robots how fast they learn and so on so you can hold your eyes there now is it a search for that we live in a Terminator that they take over themselves I don't think that it will be so far until in the beginning they will just take our tv and stay there at home it's this this norsk San Francisco company 1X.

17:24Softbank, they do a classic they buy ABBs robot. They probably have a job of a job of ABB and sell the part. Now they could be a majority of the owners of this 1X. They also have to launch a robot. They had the Stead-robot. It seems like no one has gotten them. They cost 80 000 kronor in 5-10 years. It costs 5 000 to get them a humanoid. And as you said, Tesla has not You can't see it in 10 years Yeah, but it sounds logical And Tesla has not seen how good it is Optimus, no But the way it is That it goes very long Yeah I don't know Tesla fanboys from Reddit But it's like tech-bloggers And so on in the USA Now it's It's Elon that spread the way And it's It always looks so from another side And then it takes a lot longer time But A robot hose It feels like it can be I'm doing it We are sponsored by Pareto Securities So they have still It's very good It's a great opportunity Until the year Exactly And it's a great opportunity It's a rullet cottage on 0 ,025 % on the market and then you get access to their own analysis and as you mentioned, it's about the year out.

18:55And so it's completely cost-free to be able to no longer available. So you can register just a account and then just to go and go. Yeah, you can see that it's very much in Norge just now. The oil is still in the heat. It's very biotech-combed that's that's going well and then it's very interesting to get access to free analysis so that it happens to new things, both geopolitically or specific, so they are both very fast and you will perform a business analysis. Yes, I have a span in the rigsector, which I do some research on, and there are they are not really the ones on the ball. Exactly, so if you want to see the analysis and read about them, it's perfect to go in on Pareto and read their analysis.

19:45Yes, so prova på their erbjudanden innan it is done with yearsskiftet. Stort tack Pareto Securities.

19:56Sen om vi hoppar vidare, Biotech, jag har kollat lite i Norge på allmänt vad som rör sig. De har ju någon sån här Circo Holding efter Moderna där. Så var det ju Nykode, de här Circo, de hade ticker CRNA så många tyckte att det var liksom en lik ticker där på Moderna. Vi pratade lite om det här förra gången. But it feels like it's a bubble. In Sweden we have many biotech companies that never have any credit. I don't know if they are worth any credit. But among the semi-stores, among the big ones, Astra, Sobi, and these. Camuros are also among the bigger. And in between, it feels like Vicor, Synclus, Bioinvent that still has some of these on-filling kassos.

20:39They have some trigger in one year. and it seems like you should have these companies inför a big event exactly I don't know where Bioeventric is but they are going to get their FAS3 data here in Q4 market cap 600 mil they had 388 in the summer they are very much now in the end of the study and they are going to do a new FAS3 if this is good yeah exactly so it's a pulse-brunner A new version of Lozik If you want to be a lekman If you want to be a lekman So it's a little That's what's going on there Is it's in-class Are the value of the value Now it's a very big mini But one day it was a little bit And it was a little bit And it was on the kassan Then it was on the kassan And it was on the kassan Yes, exactly The result is Q4 So they will have been In Q3 and Q4 So you can see What the kurs and the kassan Are then Then they have some and a financial contract, which is a very good thing.

21:43It's a very good thing. Is it a bad thing? Is it a bad thing? Yes, it is a bad thing. I don't really think I'm in there. But it sticks out the value of the king and foster land. It's not that the market has taken in that it will be done. No, it's not that it will be done in 40-50. It's been like a trend. Yes, it's been 13 today. So it's interesting to look at it. Because it will be a phase 3 in the Swedish biotech. We talked about it before. Biotech USA has gone fantastic. Lilly did a for-bear in the week. They had something new again. They had the modernity. It would not be weird if it smitted from it.

22:23It's important to look at how it looks like it. I saw the new code that had gone really well. It was the last week that they got back a budget. They would have to get back a budget. millioner i kassan. De var kanske värda 1 ,5 miljard. Tänkte man köp man. Man vet ju i Norge, när det kommer bra nyheter då är det ofta placing på G eller liknande. Men då sa de i den här nyheten att om med de här skattepengarna vi fullt finansierade 2029 och sen tre dagar senare kommer en placing då. De smider ju när hjärnet är varmt. Moderna gav ju ut konvertibler. Det är ju liksom en sektor där alla egentligen behöver pengar.

23:05Ju högre värdering du har. ta in när du kan, inte när du måste. Precis, mitt innehavar Absellra tog in 200 miljoner dollar. Och där har väl kursen gått vidare så gör man det på rätt sätt. Ja, de tog in det, det blev ju ingen rabatt. Och så nu har de ju då en kassa så att de kan vara lite coolare i en förhandling eller köra det själva. Så absolut, ta in när du kan och det är jänkarna mycket bättre på än svensk baratech, måste man ju säga. Ja, och jag såg något citat från Al Secure som signade två stora deals här, ett med Quantum Cell som har Novo och några andra stora bakom sig och så signade de väl med Eli Lilly men att den här Quantum Cell dealen hade tagit 14 månader det är många bolag där man sitter och väntar på något avtal om man tycker att det tar oändligt tid men på något sätt verkar den här due diligence, man skickar avtal, term sheet fram och tillbaka, det tar mycket längre time.

24:04Man själv får för sig att sign ihop det här på tre månader och där verkar det också vara att det är bra att ha en stabil kassa. Alltså Kör gjorde ju en ny mission mitt i de här förhandlingarna och det kanske var för att stärka sin position. Annars är det väldigt lätt som Big Pharma att köra svälta räv här. Ja men precis. Så man ska ju hålla sig till, helst vill man hålla sig till bolag som har tagit in pengar eller har en kassa och en lättbra runway. Det jag reagerar på på biotech sektorn överlag är att The price has gone very well, despite the price of the price. It doesn't have to be good for Biotech when the price of the price.

24:40Just because the price of the price is very high. Because Biotech-related companies are in a regular way. In all of a research company. Then you have the farm company, Astro, which is worth paying. But the research part of it is worth paying. And then you have a higher price. and now it's more than the world. So the money is more than the price of the price. And the whole Augustine has the price of the price. It can be a little bit. Yes, really. But Biotech has been very strong. It's now the last days that it has been a bit more than the price of the price. With the fact that Biotech has gone, it's not even possible that it will come a pause.

25:24Trump was out of the day. It doesn't really have any impact. He signed into a deal with the 14th largest company. where he says that the price would be like low as Europe and the rest of the world. In the US, it's not really so. It's lobbying and it's going to be out. But something will probably happen with the price. Yes, and it means that our labor price needs to come up. If we want to have the research in the world. And on the situation, that you should be able to pay for the money. It doesn't work anymore. All right, all americans, the sjuka americans have financed the world's research in 70-100 years.

26:04For it's just look at all biotech, which is the first market they are in. It's in the USA that is interesting to get to Europe. Aktie-kurses are almost there. It's not. And where are you to go to go to the USA? It's also go to go to the USA, but it's where the intäkter is. And it's because they have higher price-pris. So it's where marginals are where they pay the the big money. So it can be remembered. It's often that you meet people who say that in the USA it's a bad land and they have high sjukvårdpris. But it's just like we have our sjukvård. Or at least preparatory. Yeah, preparatory. It's them who have stood for the knot there.

26:44If they don't do it, then we can either go up or we will more research than more research than being. Then there is another Another thing is that with AI and so So will be more research than being More and more and more And on a short time And then maybe you don't need Like high prices For that margin is intact Thank you for that Have you bought new tech companies Or how do you do it? I've been on my own Maravai was the last one Personales have sold Personales have sold Abseller and sit on.

27:30No, no. No, no. No, no. No, no. No, no. And if we talk a little more. I think we talk a little bit about it. They think about it. Yeah. Prova själv. No. No. And then. So, a little Serenity today. He was out and wrote in the helgen about him and Elon Musk, or he was going to talk about Elon Musk. He talked about the Kylning for data center and minne and like. And then he said, Munters, I bought Glatt, I thought, yes, now I'm going to be snabb on Serenity here. and then he got 3 % back and now he's going to be 4 % so his glory has fallen and it shows us how to play hyper and trender, Sievers came with his report when he came down to 20 % or something, he said it was the best report he had to have the potential pipeline that he had to be where it stood 1 ,2 and then 1 USD so I had to talk about it was billion USD or million USD or what the question was but they have much on the way but it's not much that has been concretized since it stood 5 kronor and went to 100 but the loss has become bigger the pipeline has been bigger and either you think that this is the future and that it is much on the way or you don't do it and the kurs is still up 400-600 % and what he says now, it's interesting interesting.

28:52That things work until it doesn't work anymore. You dance. You're first on 4 kronor. You're first on 100 kronor. Then you're like 100 kronor. He's like a lot when he stood 15 kronor as 100 kronor. 100 kronor. He didn't look at any value. It's just not a thing. Then he's in a lot of Americans and foreign investors. They're all sitting with a Swedish company. They're talking about 90 kronor. What's the name of the stock? 25 kronor. So next time he comes with a Swiss case to his American Or a French case Or what it is He says I don't want to buy a new market in Switzerland For they know how to get it So I think that His glory Has happened on the stage But I think it was interesting he bakade in the list with a company that one of them was Munters on Elon Musks tweet that flaskhalss are now on all in kraft and el so SpaceX came out for a week and told that they were own turbine for that they must korta ledtiderna.

30:18Alltså det är sådana här naturgas generatorer. För att de måste led och på så sätt kan de katta ledtiderna med 18 månader. Och det är väl lite hackar och spadar att hitta AI-bolag som liksom hjälper till. Ja, men det visst är att bolagen som tillverkar de här turbinerna och de här bladen som krävs hinner inte med. Så det är där pengarna sprutar in just nu. so in infrastructure, byggbolagen the ones that are building these things it's where the money is going to be full of money and then we have a tropics, we have a list of people who come to the market antagligen at the end of the month or the first week in October I think it was interesting because they should set the company on 2 trillion dollars billion dollars 2 billion dollars it's not a value so it's not what it is It's about Wall Street.

31:17It's 2 billion dollars in the value. Take in 100 billion dollars. And the way they say that in their pitch to invest in the market they should pitch that their potential TAM is 30 billion dollars. I think that their goal when you listen to others who can this, they should be the end AI-factor. I understand, but 30 billion dollars are the whole US's BNP. They should be one company All the other should die So they should be like much as all the and services that produce and sell in the USA under a year It's their potential It's a gal The last time I heard it so was when I wrote about something called quintillion She would say to sell a quintillion pennies It's very interesting For that Oppenbarligen can you take 100 billion dollars On that And say that Tamm I'm sure You can't do jobs That their potential Tamm But it's a really Sjukt out of the way So in one part of the economy Can you do so And do so And get in money to it But in other parts of the market, people ask if they're going to go in a competition for long-runner.

32:52For that the stats budget goes up. It's like, this happens at the same time. Yeah. I think that's why I have a problem here. I think that their potential dam is wrong. And then I think that it's absolutely wrong. that it is that USA's And what should they make long-runner to go down? It feels like they It's a lot of ways for both Besant and Kevin Walsh who is Fed-chef to get to get long-runner It's the easiest way to do it as Janet Yellen and she did it two times when she sat as Treasury and it is that she minsked andelen långa obligationer som de säljer ut och finansierar budgetunderskottet med korta räntepapper istället.

33:47Och det är väl det Besant kommer att göra. Jag tycker att det han gjorde här i augusti som alla pratar om och alla säger att shit han darrade på manchetten när han sa att han skulle gå från 2 till 4 miljarder dollar att köpa i de här aktionerna. Det är ingen stor summa. Jag tror att det var a hint from him to show where he is on the way. And it is that he is going to change the QRA report. That he is willing to change the value of how he is financed. And it's best for him is that the market is doing it. That he is going to sign the things and so people will front. Or people will be afraid of them.

34:30Exactly. And if he is going to get down to the next, then he doesn't. Hitties has not been done so well. Nej Sen är det på ett sätt Du tror någon form av Draggy moment här Han kommer säga Whatever it takes Ja men framförallt Sen finns det den Totala silver bulleten Och det är ju att Fed hoppar in och Jeter till och köper Fed har ju köpt Räntepapper förut Men Och då ska man ha guld Och bitcoin och sådana saker Senast reagerade det Väldigt bra Exakt Folk säger det Och det är ju om du får Någon såhär Rate controls light Alltså att USA ligger med räntan lägre än den riskfria avkastningen egentligen är i ekonomin och inflationen.

35:17Och där tittar man på nominell BNP så växer USA nästan med 6 % per år. Så vad långräntorna är, man kan säga att de är höga men i förhållande till tillväxten så kanske de inte är så konstigt. Alltså det finns ju olika anledningar varför räntan är hög. It can be misstroence against the economy Argentina and all these countries It is misstroence It is not longer when Argentina starts to get their income because they are not going to do it But it is a lot of skitländer and they have high income for that you don't have to listen to them Then you can have high income for that economy goes very well So pre-2008 krisen was that high income could be synonyms with that it went very well in the economy.

36:04Because it could spegla the price of the price. So if BNP is going to 6 % then it's not a risk for 0 % or 1 % it doesn't work. So, there are different schools. You must think about it when you look at whether the price is high or low and why are they doing it. Now the Trump administration has budget-underskottet very, very much. and it's that's what's problem for Trump administration and BESA they've talked about that they want to do 3-3-3 3 % of inflation, 3 % of inflation, 3 % of budget underscores and to grow up with the skuld and it's logical for it's like in modern times that we have grown up with our skulder in the USA after the second world had 106 % of stats in terms of BNP Man betalade inte tillbaka en krona på den Utan man växte ekonomin ur den Och den föll väl ner till 30 % Alltså att lånen var 30 % av BNP Som lägst och sen dess har den växt Så det är ju The go to plan Att växa sig ur det här Nu problemet för Den här minstnationen hittills Och när de har försökt sätta igång En sån plan och en sån tillväxtplan Och gasa sig ur det här Är ju att Budgetunderskottet har växt line of course So that power You don't 그렇 hamburgers but you don't follow but that thì don't Let's go to speed And then it doesn't so rapid Now they have just looked at it is not so long They have foundanja in three months So they should surely from the end and it does not remain in a phase.