This episode of Magic Markets is brought to you by data and process automation specialists B2IT. The company makes robots so that people don’t have to be robots. If you hate it, automate it by visiting the B2IT website. Platform businesses are fascinating things that can make a great deal of money at scale. This week in Magic Markets Premium, we covered Uber and its emergence as a financial butterfly in literally the last year. To keep the platform theme going, we decided to cover Airbnb and Shopify in this week’s free Magic Markets show, made possible by B2IT. The Finance Ghost tackled Airbnb, with the company making a lot of noise about expanding beyond the core business this year. As yet, they haven’t released any details of what this actually means. If Airbnb just focuses on what it does best, the growth runway remains very long and interesting. It seems as though the platform is close to running at scale-level margins, so any efforts to add more products to the platform could be the growth burst that the story needs – especially at the current valuation. Mohammed Nalla delved into Shopify, a company we’ve also covered on Magic Markets before. The company is growing, but goodness knows they have to grow to get anywhere close to justifying the current revenue multiple – one which makes the rest of the tech sector look positively cheap.  There are question marks around the sustainability of the recent positive free cash flow trend as well, so the valuation of Shopify seems to still be running ahead of the story. If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of around 120 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link.

In a world where investors are seeking alpha in their portfolios, alternative assets are resonating with clients looking for private market investment opportunities. Westbrooke Alternative Asset Management is focused on what they call “South African connected capital” - and they now manage more than R12bn of this capital! In this podcast with Dino Zuccollo, Head of Investor Solutions at Westbrooke, the Magic Markets hosts delved into topics including: The extensive activity in the portfolios and the different types of mandates run by Westbrooke, ranging from the flagship Yield Plus fund through to private equity, solar and other opportunities. In an environment of shrinking opportunities in public markets, the growing trend of institutional support for alternative assets and the due diligence that was required for this to become a reality. The importance of alternative assets in facilitating flows through the financial system from investors to those seeking capital for opportunities. Why the provision of a secondary market is difficult for alternative assets and how liquidity risks are handled by the investment manager. The increasing popularity of tax-enhanced investing in response to fiscal incentives for the installation of rooftop solar in South Africa. An overview of the type of real estate transactions in which Westbrooke looks to participate. How the credit loss ratio in the private debt portfolios compares to the ratios reported by large corporate banks. Why investing alongside other professional investment houses in private equity deals is a popular approach. For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.com to find out more. You can also find Westbrooke on X (@WAAM_SA) or on LinkedIn. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750. Note: you must do your own research and consult with a financial advisor to determine if an investment in alternative assets is suitable for you. Nothing you hear in this podcast should be construed as advice.  About Westbrooke: Established in 2004, Westbrooke is a multi-asset, multi-strategy manager and advisor of alternative investment funds and co-investment platforms. We have a heritage as a shareholder and operator of assets and invest our own capital alongside our investors in Private Debt, Hybrid Capital, Real Estate and Private Equity in South Africa, the UK and the USA. We provide investors with a unique gateway to private market alternative investment opportunities which are traditionally difficult to access. Investors benefit from the depth of experience and quality of our investment teams, who apply the Westbrooke Investment & Risk Philosophy and Approach to everything they do. This, together with our highly aligned financial interests, our heritage as an owner and operator of assets, our multi-decade track record of performance and our focus on capital preservation provides our investors with a unique advantage. Invest with the Westbrooke Advantage.

This episode of Magic Markets is brought to you by data and process automation specialists B2IT. The company makes robots so that people don’t have to be robots. If you hate it, automate it by visiting the B2IT website. Zuck you money. In Satya Nadella we trust. You’ll hear these things on this show, with the hosts focusing on two of the most exciting technology companies in the world. Moe took on Meta, a love/hate stock for so many in the market. It’s been all about the love recently though, with an exceptional share price run. Zuckerberg’s initial Metaverse ambitions terrified investors and with good reason. A lot has changed since then, not least of all the market’s focus on Artificial Intelligence. With a clever pivot into focusing on the AI elements of the technology rather than the concept of a Metaverse itself, Meta is back in vogue. But will it last? The Finance Ghost covered Microsoft, his favourite stock of them all. The strength of Microsoft lies in the recurring revenue profile with an enterprise client base. This gives great revenue visibility and continuity, along with the ability to keep increasing prices. The cloud cash cow gives Microsoft the ultimate war chest for further acquisitions, which is why Microsoft touches practically every part of the market. If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 115 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link.

This episode of Magic Markets is brought to you by data and process automation specialists B2IT. The company makes robots so that people don’t have to be robots. If you hate it, automate it by visiting the B2IT website. From shoes to cars – this week, we tackle Tesla and Volkswagen. After some important debate on whether Tesla makes ugly cars or not, we got serious about the financial performance. In the interests of a more balanced view, Tesla-permabear The Finance Ghost stayed away from that company and let Mohammed Nalla cover the Cult of Musk. After running through the technicals on the share price and particularly the recent pressure, Moe worked through the revenue and production stats, as well as a summary of the best performers in this sector. In Volkswagen, our resident ghost explained that the EV theme is still coming through strongly in this company, which is a good and a bad thing. One of the most interesting elements of the Volkswagen story is the different operating margins across the various brands. Perhaps unsurprisingly, they make far more margin at Porsche than in Volkswagen. That hasn’t helped the post-IPO performance of Porsche, which has suffered badly from high expectations in the market. Start your engines (or batteries) and join us in this episode of Magic Markets, brought to you by B2IT. If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 115 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link.  

This episode of Magic Markets is brought to you by data and process automation specialists B2IT. The company makes robots so that people don’t have to be robots. If you hate it, automate it by visiting the B2IT website. In this episode of Magic Markets, we dug in the back of our cupboards for the shoes we are too embarrassed to wear. Perhaps we just aren’t fashionable enough, as there are many celebrities wearing Birkenstocks. As for Crocs, there are few who would put those on a pedestal for beautiful design. Moe covered Crocs in this show, starting with a recap of some of the points we covered when issuing our Magic Markets Premium report on Crocs some time ago. As much as we can joke about the shoes, they do a solid job of selling them – along with accessories as well. Revenue guidance for 2024 is muted though, particularly in the Hey Dudes brand. Ghost took on the responsibility of Birkenstock, which executed its IPO just a few months ago. It was a disaster initially but has subsequently recovered. When you dig into the numbers, you find quite an astonishing story and many strategic similarities to some of Nike’s best recent decisions. The valuation is huge and the share price has been volatile, but the underlying business has an exceptional track record. Of the two ugly shoe contenders, which one is a buy? And does Birkenstock make a decent case for itself to be covered in Magic Markets Premium at some stage? Listen to this podcast to find out. If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 110 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link.    

This episode of Magic Markets is brought to you by data and process automation specialists B2IT. The company makes robots so that people don’t have to be robots. If you hate it, automate it by visiting the B2IT website. With US earnings season underway and the most famous Wall Street banks having released results, we couldn’t resist digging into two such banks and the recent earnings. Instead of picking the obvious ongoing winner JPMorgan, we decided to delve into Bank of America and Citigroup instead. At Bank of America, earnings are down sharply year-on-year. If you dig more deeply, you find that once-off charges plagued the numbers. We’ve seen this across several of the banks in this reporting cycle. There’s also been a negative impact from Bank of America having piled into long-dated securities during the pandemic. Time has proven this to be the wrong strategy. As part of his review of the results, Moe also dealt with credit loss provisioning and various other important metrics at the bank. The Finance Ghost tackled Citigroup, where they can only dream of having positive earnings. It’s all about the restructuring process and a significant decrease in headcount. This makes for ugly headlines and pretty share price charts, at least over the past few months as the market started to get excited about the turnaround. Citigroup has been restructured into five business units and some of them are real laggards in the market. They have some excellent businesses as well, like the Treasury and Trade Solutions (TTS) operation that Citi is best known for. Thanks to the restructure, there’s now visibility on all of this. And for a very unexpected conclusion, Ghost reckons that perhaps the best exposure you can take to financial services is by buying a technology company instead! If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 100 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link.

This episode of Magic Markets is brought to you by data and process automation specialists B2IT. The company makes robots so that people don’t have to be robots. If you hate it, automate it by visiting the B2IT website. To kick off 2024, we take a look at two businesses that sit adjacent to each other in the speciality retail space. Pandora sells jewellery and Swatch sells watches at various price points. That brings us neatly to Moe’s first point, which is that Swatch is more than just the colourful and playful watches that you know and possibly love. The group is a hybrid of affluent and luxury brands, like Omega. Of course, this creates a real risk of brand dilution in the luxury space as Swatch attempts to improve the competitiveness of its core affluent offering. At Pandora, there is no such confusion. The strategy is tight and the core product range of bracelets and accessories is still growing. So are the other lines like necklaces and earrings, contributing to a fantastic share price performance this year that looks completely different to what Swatch went through. The biggest risk to Swatch is arguably smart watches, with a recent legal dispute with Samsung showing just how “interchangeable” they really are for the average consumer. At Pandora, the risk sits more in the valuation than anything else at the moment, although the share price has had a highly volatile history over the past decade. If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 100 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link.  

In the final Magic Markets episode for 2023, hosts Mohammed Nalla and The Finance Ghost covered two global technology companies that sit adjacent to some of the more talked about names. Moe covered Oracle, giving an overview of the business (as many are familiar with the name but not the products) and details on their acquisition of Cerner during the pandemic to push into the healthcare market. He also looked at Oracle’s latest financial performance and the disappointing guidance given to the market. This leads into a discussion on why the share price has underperformed tech peers. Ghost covered Adobe, starting with the exceptional share price volatility over the pandemic. The pressure to grow is driving a desire for acquisitions, but regulators are making that difficult and the major deal to acquire Figma has collapsed. Thankfully, the core business is doing exceptionally well and they’ve just capped off a record period for revenue – a big deal when you remember that their revenue is mainly recurring in nature. And although Adobe’s share price has done well, there are some areas where analysts picked on concerns in the growth story. This festive season, why not give the gift of knowledge? The Magic Markets Premium library is a treasure trove of company research, with well over 100 reports and podcasts that dig deeply into the world’s most famous companies (and a few you haven’t heard of as well). For just R99/month or R990/year, you can take your investment knowledge to the next level by subscribing here.   This episode of Magic Markets is brought to you by B2IT data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link.

Welcome to another insightful episode of Magic Markets. This week, we’re talking about fashion retail. Moe is representing the global north with his choice of athleisure brand Lululemon, while Ghost is keeping things more general with a selection of South African fashion retail brands. We’ve covered Lululemon a few times in our Premium shows, and initially we were quite excited by some of the innovative strategic moves that this brand was making. What was once a niche player had ascended to global prominence, particularly during the height of the pandemic. Having established dominance over its home market, Lululemon got a taste for acquisitions – and that, unfortunately, was one step too far. We’ll get into the details in the podcast, but let’s just say that the purchase of Mirror came with a much heftier price tag than this company expected. Back on South African shores, Ghost is getting into the strategies behind local retailers. In a market where "pure play" is a rarity, we find retailers like Mr. Price and The Foschini Group acquiring businesses outside of their core businesses, creating a mosaic of offerings ranging from affordable fashion to upmarket homeware. The resulting diversity poses challenges for investors attempting to discern the core identity of each retail giant. Are there structural reasons in the South African market why this is happening? If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 100 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link. This episode of Magic Markets is brought to you by B2IT data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link.

Welcome to episode 154 of Magic Markets. We're diving deep into the beauty sector this week, exploring stocks that bring a touch of glam to the market scene. Moe has his sights set on Ulta Beauty, the US-based beauty specialist retailer. After trading at around $546 a share back in April 2023, Ulta Beauty has seen some sharp moves, corrections, and a bounce. Moe takes us through the technical details, emphasising the importance of key support levels and the dynamics between fundamental results and market sentiment. Ghost chose to delve into the South African beauty scene, focusing on Dis-Chem, the pharmacy group that is more than just a pharmacy: it's a beauty and healthcare haven. Unlike arch-rival Clicks, Dis-Chem has included dispensaries in the strategy since day one. This might explain why the market share over-indexes on front shop categories like medical suppliers, whereas Clicks is strong in small appliances. By also covering several other elements of the Dis-Chem business model (including the acquisition of Baby City), Ghost delivers insights that can be applied when assessing any retailer. If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 100 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link. This episode of Magic Markets is brought to you by B2IT data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link.

Welcome to Magic Markets Episode 153, brought to you by B2IT. In this episode, we're dipping our toes into the dynamic world of media and streaming as we discuss Comcast and MultiChoice. Dive in with us as we answer questions like: Is there more than one way to invest in MultiChoice? There’s an innovative approach behind Comcast's Peacock streaming service, and it’s paying off with 60% year-on-year revenue growth. How does their experimentation with ad-supported tiers set them apart in the evolving world of streaming? What's driving MultiChoice's subscriber growth in the face of challenges like load shedding, and how does their emphasis on local content play a pivotal role in retaining viewers? There’s a strategic partnership unfolding between Comcast and MultiChoice – one that could potentially bring English Premier League football to Africa. What implications does this have for the different potential entry points into MultiChoice? How does MultiChoice navigate the competitive streaming landscape, and what strategies are they employing to adapt to changing viewer habits, especially with the surge in popularity of platforms like Netflix and Disney+? How does Comcast compare to some of its listed peers, and is Disney still the eternal disappointment? If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 100 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link. This episode of Magic Markets is brought to you by B2IT data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link.

In episode 152 of Magic Markets, we’ve lined up a battle of the retail giants – Target vs. Walmart. Although we haven’t covered the former yet in Magic Markets Premium, we’ve covered Walmart and some of its largest competitors, like Costco. Here’s just a taste of what was discussed: Ghost kicks us off with a very helpful lesson on why we should look at constant currency numbers when discussing businesses with an international footprint, such as Walmart. Hint: forex volatility will really skew your outlook on how a business is actually performing. Target has raised its midpoint for its full-year guidance by 9%, The growth story is looking good – particularly for a retailer – and Moe is ready to unpack not only the reasons behind the growth, but the trends behind certain product categories. Just how sticky is inflation, really? There’s some narrative from Walmart that suggests that relief could be on the horizon. When asked which of these two retailers they would buy, Moe and Ghost chose names like Costco and TJX. Technically that’s cheating, but they might just get away with it because they’ve given good reasons for their choices. If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 100 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link. This episode of Magic Markets is brought to you by B2IT data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link.

Welcome to episode 151 of Magic Markets! This week, we’ve got property on our minds – buying it, renting it and even building it from the ground up. While Ghost is bringing homegrown insights from locally listed property investors Balwin (primary focus) and Calgro M3 (additional commentary), Moe is discussing DR Horton (no relation to Dr. Seuss), a home construction company headquartered in Arlington, Texas. Brought to you by our sponsors B2IT, this is an important episode not only for those who are thinking of investing in property companies, but also for those who are thinking of investing in property itself. We covered the following questions and more: Year-to-date, DR Horton is up far more than you might guess, despite this inflationary environment. What does this performance teach us about combining macro analysis with a view from the bottom up? Despite the fact that Ghost is discussing a company in the property sector, he has a lot to say about public transportation and vehicle finance. What would the connection between those two things be? Why is Balwin, which targets an upper-to-mid LSM, lagging behind Calgro M3 and its lower income consumers? Why is America dealing with a chronic housing shortage, and how does that affect a homebuilding company like DR Horton? If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 100 reports and podcasts with even more detail and depth. You can get access to all our work for just R99/month at this link. This episode of Magic Markets is brought to you by B2IT data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link.

Welcome to another exciting episode of our podcast featuring Justine Brophy from AnBro, a voice familiar to listeners. This week, we're revisiting Dexcom as a stock that AnBro holds in its Unicorn portfolio. It’s great to be able to track the journey of a specific stock through a volatile market, with Justine regularly coming onto the show to use it as a good example of how the team at AnBro reacts to market dynamics. Specifically, we discussed: What has caused the recent market turbulence and has the narrative from the Fed changed? What does Dexcom do? Why does AnBro remain invested in the stock, despite a headache-inducing rollercoaster ride from $112 to $74 and back to $96 per share? What factors are contributing to the company’s revenue growth and margin improvements? What does the competitive landscape look like for Dexcom and is there risk of market entry by a wearables powerhouse like Apple? If you enjoy learning about the strategies used by global companies, then you’ll love Magic Markets Premium with a library of over 100 reports and podcasts with even more detail and depth.. You can get access to all our work for just R99/month at this link. Episode 150 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371.  

Welcome to episode 149 of Magic Markets. It’s the middle of US earnings season, and two international tech giants have released results last week. This is a tale of two stocks, with one garnering a very positive reaction from the market and the other… well, not so much. Join us as we discuss Amazon and Alphabet (the holding company of Google), answering the following questions along the way: Something has happened that has swung the market’s opinion on Amazon this year. Has Artificial Intelligence won the hearts of investors, or is something else afoot? Could it be free cash flows? When we covered Alphabet a little over a year ago, we concluded that the stock was cheap on its trailing multiple, but not on its forward multiple, and we highlighted the fact that a weaker dollar might actually help this company out. Did our predictions come true? And how did old favourite Microsoft perform in comparison? AWS is seen as the jewel in Amazon’s crown. Can we explain this using margin mix, which means comparing the margins in AWS to the eCommerce business? How is the core advertising business at Alphabet performing relative to the rest of the group? And is the group making progress with Artificial Intelligence? Can we learn anything about investing from cats and dogs? And of course – if we could only pick one of these companies, which would we pick? Are there any other insights about the US market? And remember, for deep insights into global companies, our Magic Markets Premium research library has over 100 reports and podcasts with even more detail and depth. You get all of it, along with a new report each week, for just R99/month at this link. This episode of Magic Markets is brought to you by B2IT data and process automation specialists. The company makes robots so that people don’t have to be robots.  If you hate it, automate it with B2IT by visiting the website at this link.

Welcome to episode 148 of Magic Markets, made available to you by our friends at B2IT. This week, we cast our eyes beyond our local borders to bring you insights from two heavy hitters in the international market: Netflix and Tesla. These household names are making major moves and stirring up emotions as a result, with Tesla hyping up the Cybertruck while Netflix is all about ad-supported tiers. Beyond these points, we also discussed the following questions: Ghost is bearish on Tesla but trying his best to stay objective. Will the fact that the company is still free cash flow positive sway him, or are the holes in the gross margin story too big to be overlooked? Netflix has seen strong subscriber growth, resulting in free cash flow up at $6.6 billion. Is this enough to tempt Moe to get back in? There’s a lot of potential market share out there for Tesla to win. But is the Cybertruck the way to win it? Netflix has finally played the price increase card, and the market is loving it. But are password-sharing users actually converting? And remember, for deep insights into global companies, our Magic Markets Premium research library has over 100 reports and podcasts with even more detail and depth. You get all of it, along with a new report each week, for just R99/month at this link. This episode of Magic Markets is brought to you by B2IT data and process automation specialists. The company makes robots so that people don’t have to be robots.  If you hate it, automate it with B2IT by visiting the website at this link.

Brought to you by B2IT, special guest Garth Mackenzie of the Talking with Traders podcast and Traders Corner platform joined us to discuss whether traders can still make money in a challenging market. The short answer: yes, they can. And sometimes, the answer is to be short! Topics covered include: How do you keep your head in check when the markets deliver blows and everyone seems to be winning but you? What happened to the “When Lambo?” banter of the pandemic and how does this tie into the broader environment that we saw for a while in low interest rates? Many people hold on to the dream of learning trading and making a lot of money from it, but for how many does that dream actually become a reality? Why are there so few traders making a full-time living from this? Why is it important to find a trading style that matches your personality type? This episode of Magic Markets is brought to you by B2IT data and process automation specialists. The company makes robots so that people don’t have to be robots.  If you hate it, automate it with B2IT by visiting the website at this link.

In Episode 146, Magic Markets digs into the food producer industry. This hasn’t been a great place to put your money during this period of heightened inflation, as consumer pressures tend to flow up through the value chain. We are celebrating 100 research reports and podcasts in Magic Markets Premium. Use the coupon MAGIC100EPS on checkout for an annual Magic Markets Premium subscription and save R100. This means you’ll pay just R899 for 12 months – or under R75 per month! As usual, we lean on our research in Magic Markets Premium for the global choice in this show, with Moe covering McCormick (20% market share in the spices and seasoning market in North America). The Finance Ghost chose a selection of South African food producers to talk about, indicating the pressures in the industry. Specifically, the hosts talked about: The severe inflationary pressures in food (including in staples) and the impact this has on consumers. The double top in McCormick that seems to be coming into play, with deteriorating fundamentals (specifically in margins and resultant pressure on profits) adding to the bear case. A look at whether our original pick of PepsiCo vs. McCormick was the right call on a relative and absolute basis. The substantial drop in sales in Asia Pacific at McCormick, a good example of how geographical diversification doesn’t always work out well. The usefulness of blue Dorito’s as an index for all bad calorie decisions (!) The reason why none of the South African listed food producers have “chicken” or “poultry” in their names, with a discussion on how the law of small numbers can explain significant volatility in profits and why this industry is facing such headwinds. AVI has a great example of how a good company doesn’t always translate to an enjoyable share price performance, particularly where valuation multiples unwind. Overall bearishness on the sector in South Africa, specifically with reference to trends in private label products at retailers and on-demand shopping. This episode of Magic Markets is brought to you by B2IT, data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link.

The hospitality game is all about occupancy and pricing and getting those two things right. Just because we’re talking about the travel and leisure industry this week, doesn’t mean you can just sit back, kick up your feet and watch your investments compound. Join us on a deep dive into Carnival Corporation and Southern Sun, as we ask and answer the following questions: Carnival Corporation just posted its first profit since 2020. So why is the stock still falling sharply? Leisure travel is where it’s at for Southern Sun – but does that mean that business travel is a complete dud? The cruise ship posse seem to be making impressive gains in the short term – but does that mean that they can beat their land-based competitors at the long game? Is there a market for conferences on cruise liners? Magic Markets Premium subscribers will remember that we’ve spoken about Carnival Corporation and their fight to stay afloat before. To access that show and a wealth of others, sign up to become a Premium subscriber today. This episode of Magic Markets is brought to you by B2IT, data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link.

In this exciting episode of Magic Markets, we delve into the captivating world of finance and banking, focusing on a heavyweight showdown between two financial giants: JP Morgan, the original titan of banking, and Standard Bank, a formidable local hero in its own right. This clash of financial titans promises to be a battle of financial wits, global reach versus local expertise, and a testament to the evolution of the banking industry. Join us as we answer the following questions: • JP Morgan is up 8% on a year-to-date basis - could it be possible that Standard Bank is up even further than that?• If Capitec Bank is the Margarita of pizzas, what does that make Standard Bank?• What is the endowment effect, and how is it helping banks when interest rates are going up?• Should we be heeding JP Morgan CEO Jamie Dimon’s warnings about stagflation & a 7% FED funds rate? Magic Markets Premium listeners will remember that we’ve uncovered a lot of what makes JP Morgan tick in one of our previous Premium reports. To access that research as well as our full library of over 100 companies, upgrade to Premium today. This episode of Magic Markets is brought to you by B2IT, data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link. Have we piqued your interest? Are you hungry for more? If so, you can opt in for more insights into specific global stocks when you sign up for Magic Markets Premium for just R99/month.

Welcome to episode 143 of Magic Markets! Continuing with our new format, we explore two tech giants with cloud software-as-a-service models. Adobe, often called "Microsoft for creatives," has delivered strong recent returns and has some rather exciting developments in Artificial Intelligence (AI). Salesforce is also brilliantly positioned for AI, so the companies have more in common than you might think. With topics ranging from the passing of Adobe’s founder through to the substantial improvement in operating margin at Salesforce, this show also includes an overview of recent trading performance. Perhaps most importantly, we each picked out favourite at the end. Which would you choose? Adobe for its solid product set and financials, or Salesforce for its AI potential and broad reach? This episode of Magic Markets is brought to you by B2IT, data and process automation specialists. The company makes robots so that people don’t have to be robots. If you hate it, automate it with B2IT by visiting the website at this link. Have we piqued your interest? Are you hungry for more? If so, you can opt in for more insights into specific global stocks when you sign up for Magic Markets Premium for just R99/month.

Welcome to episode 142 of Magic Markets, where the numbers keep getting bigger, just like the world's biggest brands featured in this show. Justine Brophy from AnBro is here to talk about a groundbreaking investment opportunity. Together, we dive into a portfolio that provides exposure to the world's top 100 brands by brand value, ranging from household names like Apple and Google to global giants like China Mobile and UPS. When we say this info is hot off the presses, we mean it – the product is only set to launch on September 20th! We’ll tell you how it works and where you can find more information about it. Don't miss this chance to explore the world's biggest brands with Magic Markets! Episode 142 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371. Have we piqued your interest? Are you hungry for more? If so, you can opt in for more insights into specific global stocks when you sign up for Magic Markets Premium for just R99/month.  

Welcome to episode 141 of Magic Markets. In this episode, we dug through the latest earnings transcripts of two intriguing global companies: Lululemon and Ulta Beauty. Lululemon, the pioneer of athleisure, is known for its premium yoga pants and impressive growth. Back in April 2022, we discussed this stock when it was trading around $377, and we were concerned about lofty valuations back then. After correcting to levels we liked by the time of our recap in December 2022, the stock rebounded strongly. The recent Q2 results showcased impressive revenue growth at 18%, surpassing expectations. Lululemon's strong direct-to-consumer sales at 40% of total revenue demonstrate the strength of the brand and its resilience in the affluent market. Ulta Beauty, often compared to South Africa's Clicks, offers a range of health and beauty products. Their strategy includes store expansion through partnerships, like the 62 Ulta Beauty at Target shops that they opened in a single quarter. However, post-pandemic, the makeup category has seen slower growth, while hair salons and services have thrived. Both companies boast robust gross margins, with Lululemon at 58.8% and Ulta Beauty benefiting from the lucrative health and beauty categories. It all looks good on paper – but will these companies keep riding the wave, or end up splashing in the shallows? Have we piqued your interest? Are you hungry for more? If so, you can opt in for more insights when you sign up for Magic Markets Premium for just R99/month.  

In the ever-evolving world of footwear, two feuding giants stand tall: Crocs and Nike. These industry titans have recently unveiled their latest financial results, sending ripples across the market. In this podcast, we’ll be discussing their performance and strategies with a look through to the work we’ve uncovered on both brands in the Magic Markets Premium library. So, lace up or slip into your favourite pair as we answer the following questions: Crocs delivered a positive surprise when we first covered it in December 2022. Were they able to keep the momentum going? Is “meh” a genuine technical term used to describe a stock’s performance, or is Moe talking nonsense? New kid Hey Dude is an important part of the Crocs story – but is it making enough money to justify its adoption into the brand? Nike is embracing the digital age. Why is this bad news for retailers? Nike is making some very assertive claims about their ability to not only grow sportswear, but sport itself. Does the growth story support these claims? One of these two brands achieved growth of 371% over the last 5 years. Can you guess which one it is? Have we piqued your interest? Are you hungry for more? If so, you can opt in for more insights when you sign up for Magic Markets Premium for just R99/month.  

As the earnings season in the US draws to a close, it's the perfect moment to reflect on two unrelated but undeniably interesting companies that have been on our radar. The ever-evolving nature of the markets teaches us that what made sense a year ago can be dramatically different today. In this week’s episode of Magic Markets, we’re diving into Disney and Yum! Brands to see how they've fared since our last discussion. Some of the points we discussed include: Is Disney losing the plot when it comes to new content? Theme parks attendance is down – is this a reflection of consumers under pressure? Disney is cracking down on password sharing – will this result in a better outcome on the bottom line What do LeBron James and a purple tastebud-shaped mascot have in common? Burger King and McDonald’s are making moves on fried chicken. Should KFC be worried? Value meals are great for cash-strapped consumers – but could they spell the end for independent operators? Have we piqued your interest? Are you hungry for more? If so, you can opt in for more insights when you sign up for Magic Markets Premium for just R99/month.

In this week’s episode of Magic Markets, we are changing things up by looking at recent earnings releases in the US. Follow us as we delve into the depths of our Magic Markets Premium library to compare our wealth of research on these companies with their latest releases. Ghost had lots to say about the latest Caterpillar report, while Moe had thoughts to share on Home Depot. Some of the points up for discussion were: Why does Caterpillar make the ideal buy-and-forget stock? Why is a company known for diggers getting excited about electric vehicles? Home Depot is beating revenue and earnings per share expectations - but the earnings outlook is negative so where's the disconnect? Home Depot has managed to drop their transport costs - does this tie in with our latest research on logistics giant UPS? Most importantly, which of these stocks would Moe and Ghost buy? It’s a peek behind the curtain into our Premium library, free for you to access. If we’ve whet your appetite for more, you can always sign up to Premium and access it all for R99/month. For more of our work, you can find our free shows here and our Premium library here.Subscribe here>>>

In episode 137 of Magic Markets, we caught up with regular guest Craig Antonie of AnBro Capital Investments to talk about chips. No, not the crunchy kind – the kind of chips that tech stocks live and die by. After getting AnBro’s perspective on the latest earnings season out of the US and questioning whether the run we’ve seen this year is too much too soon, we proved that Moe isn’t as lucky as he claims and that The Finance Ghost has learnt something about technicals from Magic Markets Premium. We then got down to the real business: a discussion on BE Semiconductor, with the ticker BESI giving it the cute nickname “Bessie”. It couldn’t be more different to the machine that Lightning McQueen used to fix the road in Cars. Instead, this is the little-known semiconductor stock that is using hybrid bonding and new technology to show that there’s excitement in chips beyond just AI. We discussed everything from the cyclical nature of semiconductor stocks through to why “bumpy chips” are out and skinny, copper chips are the future. We ran slightly over our new goal of 20-minute shows, but these chips are particularly tasty. Give your market knowledge a boost with Magic Markets and reap the rewards in your portfolio. Episode 137 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371. For more of our work, you can find our free shows here and our Premium library here.Subscribe here>>>

In episode 136 of Magic Markets, we kicked off the discussion by talking about retail stocks. They are always relevant to investors because people know the brands and feel like they understand the businesses. Of course, like everything in the market, it’s not quite that simple. In this action-packed discussion that touched on many different topics, we talked about: Difficult conditions in South Africa and how they have separated the strong from the weak in the sector, specifically touching on how grocery retail isn’t as defensive as people think it is. Separating consumer discretionary from consumer staples, especially in a market like the US where there are so many listed companies, with a discussion on recent relative performance of these sectors. Costco vs. Walmart vs. Loblaws vs. Target in terms of year-to-date performance. Why it is important to remember that most US-listed retailers have global exposure, certainly to a greater extent than South African listed players. The Walmart – Flipkart deal. The Liberty Two Degrees take-private and what investors can learn from that experience and the recent numbers. How do retailers optimise for eCommerce and what impact does this have on companies like Amazon or Prologis in the real estate market? The concerning recent trend in shrinkage in the US market. Cashbuild and its exposure to the worst of South African challenges, with Ellies as an example of a company that should be taking advantage and isn’t. The split of the Takealot business and the competitive onslaught that it faces from Amazon, with a comment on omnichannel retail as a safer bet and MercadoLibre as an example of how pure-play online can be successful. There’s a lot in here, yet we covered all these topics in just over 20 minutes. Give your market knowledge a boost with Magic Markets and reap the rewards in your portfolio. For more of our work, you can find our free shows here and our Premium library here. Subscribe here>>>  

We used Episode 135 as an opportunity to talk through some of the trades we’ve each made in our portfolios recently. We focused on global stocks in this show, with reference to Magic Markets Premium research where applicable. As we always say: we eat our own cooking with that research. Stocks covered in this show include Microsoft, Apple, Meta, Netflix, Tesla, Disney, TripAdvisor, Carnival Corporation, Visa, Johnson & Johnson, PepsiCo and Yum! Brands. We also talked about the importance of having different buckets in your portfolio, ranging from solid long-term holds through to more speculative positions.Magic Markets brings you institutional-level knowledge delivered in a way that is easy to understand. For more of our work, you can find our free shows here and our Premium library here. Subscribe here>>>

In a week where Ghost was sick and Moe subsequently fell down the stairs (both are OK), perhaps it was fitting to talk about interest rates and the impact they have on the markets. We covered topics like: An update on the current rate cycle Why countries like South Africa generally follow the Fed hiking cycle The impact on banks in South Africa of the rate hikes thus far Whether any of the sectors on the JSE are giving encouraging guidance at the moment Magic Markets brings you institutional-level knowledge delivered in a way that is easy to understand. For more of our work, you can find our free shows here and our Premium library here. Subscribe here>>>

Ar Lecturer Extraordinary at the department of Agricultural Economics at Stellenbosch University and a visiting research fellow at the Wits School of Governance. Suffice to say, he had a lot to teach us in this episode and we were only too keen to learn from him! We talked about: The weather – specifically, how weather patterns affect the agricultural industry Why grain and soy bean stocks are looking healthier than poultry and livestock The investment case for agriculture in South Africa Primary vs secondary agriculture businesses Whether it is still lucrative to stay and farm in South Africa – and what this means for the country’s food security Magic Markets brings you institutional-level knowledge delivered in a way that is easy to understand. For more of our work, you can find our free shows here and our Premium library here. Subscribe here>>>

In Episode 132 of Magic Markets, we dealt with cats and water sprayers alongside Call of Duty characters and their strange names. It was entertaining to say the least, with Justine Brophy from AnBro Capital Investments joining us on this show. What we really dealt with is the role of global competition authorities in the market and how they can have such an impact on stocks, with Microsoft’s proposed acquisition of Activision Blizzard as the obvious example. The Call of Duty reference should now make sense. You’ll have to listen to the show for the cat reference. We talked about: The strength of the Activision Blizzard intellectual property and why Microsoft wants to buy the group. The concerns that the regulators have about the transaction in the context of gaming platforms worldwide. The expectations of the market about the likelihood of an approval in the US and how this might influence regulators elsewhere in the world. What this all means for valuations in the growth arena and specifically the tech sector, especially as investors continue to bake in the ability for large tech platforms to keep making successful acquisitions in the way that e.g. Meta did over the years. Episode 132 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371.

You want to Do Your Own Research (DYOR), but how does that actually work in practice? Do you need to look at both technical and fundamental metrics? What are good examples of these? What about “insider” buying and selling? Does your particular trading and investing strategy make a difference to the metrics you need to look at? We answer these questions and many more in this episode of Magic Markets, sharing our experience from our research in Magic Markets Premium and what works and doesn’t work. If you want research on global stocks in a format that will truly show you how to DYOR, then consider subscribing to Magic Markets Premium. At just R99/month and with no minimum monthly commitment, why not give it a try? Subscribe here>>>

In this episode of Magic Markets, we talked about the “capital stack” in corporates and how they blend debt and equity into a capital structure that works for the business. After setting the scene with a short discussion on central banks, we covered topics like:• The equity to debt spectrum, with mezzanine finance in the middle• Examples of the types of spreads you can expect to see across different sources of capital• The concept of weighted average cost of capital• The benefit of having debt in an organisation and how this forces management to focus• The relationship between debt and other policy decisions, like dividends and share buybacks Magic Markets brings you institutional-level knowledge delivered in a way that is easy to understand. For more of our work, you can find our free shows here and our Premium library here.  

With a local relief rally putting many stocks in the green after a horrible few months, we decided to use a “guestless” show to talk about behaviours in the market and some of the differences between the North American and local markets. We also touched on the importance of trading vs. investing and understanding the different analysis required for different time horizons. With topics ranging from the rand through to consumer cyclical stocks and the usefulness of industrials in an inflationary environment, this is a perfect example of the conversations that happen in dealing rooms and professional institutions. At Magic Markets, we give you a ticket to the dealing room to engage with us and learn from our views on the markets.

Alex Weiss of Trive South Africa is back with another five stocks around a central theme. In this case, the theme is China. Of course, we can't talk about Chinese tech stocks and platform businesses without Artificial Intelligence (AI) as another important theme. With ongoing mistrust between East and West, there is enormous development in AI in China that is running in parallel to development in Western markets. Join us for a discussion on Meituan, Baidu, JD.com, Alibaba and Tencent, all brought to you by Trive South Africa. To switch to Trive, visit the website here. Trive South Africa (Pty) Ltd, registration number 2005/011130/07, is an Authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act 2002 (FSP No.27231). This podcast is for information purposes only and should not be construed as advice. 

Accompanied by regular guest Dino Zuccollo, the UK team of Richard Asherson and James Lightbody joined us on Magic Markets to give us an update on the latest capital raise in the Westbrooke Yield Plus fund and take our listeners through a case study of how some of these deals are structured. After an extraordinary pace of rate hikes by the Bank of England, the base rate in UK now offers genuinely appealing yield and this presents opportunities for the fund and for investors. Westbrooke targets a return well above the cash rate in the UK by lending in the private debt market, with the current annualised yield sitting at 9%. To understand more about the underlying exposure, the team gave us a detailed example of the types of deals in the fund and the level of security negotiated on the loan. It demonstrates why Westbrooke can compete in a space where large commercial banks struggle to justify the structuring efforts required to optimise the risk-return profile. For more on Westbrooke Yield Plus, visit this link (https://westbrooke.com/yield-plus/) or follow Westbrooke on LinkedIn or Twitter. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

Harry Scherzer of Future Forex is back on Magic Markets to give us an update not just on crypto arbitrage, but on the Future Forex business and the direction being taken. After a difficult period in which the arbitrage needed to be temporarily closed down to manage counterparty risk amidst uncertainty in the global banking system, the team is offering the arbitrage once more. They have also evolved the Future Forex business model to offer additional services to clients and move the business into a new area. The discussion included: • A brief recap of why the crypto arbitrage exists in the first place, as well as the risk of an arbitrage opportunity closing over time.• Some of the drivers of recent arbitrage spreads and why that can change.• Recent regulatory changes at SARS regarding the process of taking more than R1 million out of South Africa, with a surprising benefit for Future Forex clients.• The versatility of the Future Forex business model and the benefit of relationships creating with banking partners over the years, which enables the company to offer attractive forex solutions to clients for both corporate and personal needs.• The “fee” saving opportunity for clients, once the extent of the bid-offer spread on forex is understood as a genuine cost of transacting.• Potential future areas of expansion for Future Forex. Future Forex is a Financial Services Provider leveraging innovation and automation to provide cutting-edge forex services at exceptional rates to South African SMEs and high net-wealth individuals. As part of their forex service, they offer FEC cover, foreign currency accounts, complimentary AIT applications and more. If you’d like to get in touch, call them on +27 21 518 0558 or visit their website www.futureforex.co.za

Craig Antonie is certainly no stranger to Magic Markets listeners. The team at AnBro Capital Investments regularly join us to talk through stocks that are either in the portfolio or on the watchlist. As AnBro manages more than one type of fund, the watchlist can range from exciting growth stocks through to dividend paying compounders. This week, Craig decided to focus on strong dividend payers that are on the watchlist. The first is International Flavors and Fragrances (NYSE: IFF), a group that manufactures a wide range of products that are used in the food and cosmetics industry. One of three yoghurts sold in the world includes a product made by this company! Although it is a long way up in the value chain and is a “picks and shovels” business rather than a miner, there’s been a significant unwind in the multiple during a destocking phase in consumer businesses. The dividend yield is significantly higher than the long-term average, so it earns a place on the watchlist. The second is Runway Growth Finance (NASDAQ: RWAY), a small financial services firm in the US that provides growth capital to small business. There are specific regulatory requirements in the US that create the opportunity in this space, ranging from the need to lend to smaller firms through to a requirement to pay out a high percentage of profits as a dividend. With a strong founder behind the business, the future of this group looks interesting. With some of the significant recent challenges faced by smaller US lending groups as interest rates have spiked, any financial services firm needs significant due diligence. That is why this company is still only on the watchlist. With great underlying insights into concepts ranging from watchlist strategies through to being patient through cycles, this is another excellent learning opportunity with the team at AnBro. Episode 125 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371.

You've heard from Alexander Weiss before on Magic Markets. The impressive young market analyst at Trive South Africa has returned to the show to delve into the stocks that are at the forefront of artificial intelligence. The initial excitement around ChatGPT shows no signs of slowing down. If anything, user growth has surpassed all expectations. This trend has the potential to shape the next decade of technology investing in the same way that smartphones and cloud computing shaped the last decade. The Five with Trive concept sees us cover five stocks on the show. This time around, Alexander took us through Nvidia, AMD, Microsoft, Alphabet and Meta. It just shows that the leading technology platforms tend to be at the cutting edge of whatever the next big thing is, as one would expect. If you are looking for a new trading and investment platform, or if you are new to the game and figuring out where to start, visit the Trive South Africa website for more information. Trive South Africa is an authorised Financial Services Provider, FSP number 27231. Note: as always, nothing you hear on Magic Markets should be taken as advice and you should always do your own research.

Growth vs. value is one of the most stereotypical debates in the market. This is with good reason, as these styles ebb and flow and the popularity of each style is usually just a function of how the market is behaving! There’s so much to learn from these two approaches, so we used the opportunity this week to discuss this topic and look at some of the core differences. This included real-world examples of various companies that we have covered in Magic Markets Premium, like Meta. Also look out for discussions on Netflix, Disney and JPMorgan Chase & Co – again, companies we’ve covered before in Magic Markets Premium. When we are drawing five-year charts and debating them live on the show, you know it’s going to be fun. For just as much fun and far deeper analysis, consider subscribing to Magic Markets Premium for a weekly report and podcast on global stocks.

In Episode 122 of Magic Markets, we welcomed the familiar voice of Dino Zuccollo to the show. Dino is the Head of Product Development and Distribution at Westbrooke Alternative Asset Management and we’ve learnt a great deal about alternative assets over a number of podcasts with Westbrooke. This time around, we were joined by two investment professionals from Anchor Capital who were able to give us a view on alternative assets from another perspective. Matthew Norwood-Young is the Head of Strategic Development at Anchor Group. Peter Little is on the Global Fund Management side of Anchor Capital. With such experienced guests, we took the opportunity to discuss topics like: The appeal of alternative assets for investors and how they contribute to a portfolio management strategy. The level of understanding among investors and what their general perspective is on this asset class. The trends in yield-focused and equity-focused assets. The extent of typical allocations to alternative assets and the hurdles to increasing this further. For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.com to find out more. You can also find Westbrooke on LinkedIn. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

In Episode 121 of Magic Markets, we took the time to reflect on some of the recent insights we’ve uncovered in our research for Magic Markets Premium and our general activities in the markets. Specifically, we discussed:• The poor use of share buybacks by US companies and how this relates to stock-based compensation, allocation of capital and artificially low dividend payout ratios• The divergence in performance between national and regional banks in the US• Why we look for optionality in a business model, with Apple’s announcement of a savings product as a great example• A view on pure-play businesses like Winnebago and how to use these cyclical companies in a portfolio• The recent popularity of the luxury sector, why investors are buying these companies and the risk of chasing the hype This is just a taste of the types of discussions that we have in Magic Markets Premium. If you enjoyed these insights and if you want to learn more about global companies, subscribe to our library of Premium research that gets updated weekly at www.magic-markets.com.

With an obvious passion for the markets and the psychology behind them, Alexander Weiss from Trive South Africa joined us for a discussion on the banking industry. The failure of Silicon Valley Bank is still fresh in our minds, prompting a discussion around the key differences between the risk embedded in US banks vs. local (South African) banks. There are great insights here around the basic risks of fixed income instruments and the importance of asset-liability matching at financial institutions. We also looked at common metrics used in analysing banks, helping investors understand their relative valuations. Price/Earnings, Price/Book and other approaches were referenced. For anyone looking to boost their knowledge of the banking sector, this discussion is a worthwhile investment of time. For more information on Trive South Africa, visit the website at www.trive.co.za or check out their social media pages (@trive_sa).

When most investors think of growth-style funds, they imagine software-as-a-service businesses and artificial intelligence. Sometimes, growth can be found in industries that are as old as time itself, like the medical field. Justine Brophy of AnBro Capital Investments returned to the show to recap two companies that we’ve talked about previously. The first is Dexcom, a company that focuses entirely on devices for management of diabetes. With an ambassador-led model and adverts at the Super Bowl, the business is building a brand that treats diabetes as a manageable part of any lifestyle. This fast-growing stock benefits from the unfortunate growth trend in diabetes, a function of poor health globally. It’s a difficult stock to trade, but AnBro is in it for the long haul. The second is STAAR Surgical, a company that has sold over 2 million lenses worldwide. This is the gift of sight, with the company designing and manufacturing lenses that reduce reliance on glasses or contact lenses for patients. The trick here is the look-through to China as the key market, with lockdowns in China as a major driver of the STAAR share price. Listen to this episode to learn not just about $DXCM and $STAA, but about how the team at AnBro thinks about investing. Episode 118 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371.

In Episode 118, we brought the sunshine to Magic Markets. Saul Maserow and Dino Zuccollo of Westbrooke Alternative Asset Management joined us to talk about Westbrooke’s response to the solar financing opportunity that has been thrust into the limelight (or sunlight?) by the failure of South Africa’s national power utility. Westbrooke’s approach is a little different, focusing on the equity layer in the capital stack. Equity can be difficult to raise, particularly as most funding in the market seems to focus on debt for these opportunities. Although Westbrooke’s activities in this space are not open to the public for investment, there is much to learn from Westbrooke’s approach. Perhaps most importantly, Westbrooke welcomes conversations with project owners who are looking for equity investment in significant solar projects. For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.co.za to find out more. You can also find Westbrooke on Twitter @WAAM_SA or on LinkedIn. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.  

With a background at Roubini Global Economics and extensive experience across developed, emerging and even frontier markets, Rachel Ziemba brings a wealth of macroeconomic and geopolitical experience to Magic Markets. Having worked several times in the past with our very own Mohammed Nalla, Rachel agreed to join us for a discussion on general global trends and the perception of South Africa on the international stage. We covered topics including: Thoughts on where we are in the cycle, including global optimism around China and commodities despite some dissenting voices who think we could be heading back to a 2008/2009 scenario. The additional complexity and dynamics of global sanctions and some of the winners we have seen in this environment, like shipping companies. Where pressure points have manifested, ranging from commodities through to other players in the value chain and who the winners might be over 3 – 5 years. The importance of doing proper research into mining companies before just blindly adding them to a portfolio based on a broader commodity thesis. A note on the relative weakness of global balance sheets, as most mark-to-market moves on bonds would currently be negative. A discussion on how a push into green energy and a potential decrease in other energy prices could affect the “petrodollar” structure globally. Central bank policy and the need to “fail safely” or keep rising rates until something breaks. Commentary around geopolitical strategies of certain countries linked to the war in Ukraine and the behaviour of various countries in the east, not least of all China. Global perceptions of South Africa and how we have benefitted from a deterioration in some of our peer countries that have become “uninvestable” – like Russia. How our greylisting is seen by global banks, both practically and in terms of sentiment towards South Africa. For those looking to understand the music that is playing on the stock-picking dancefloor, an appreciation for macroeconomics and geopolitics is key. This episode is a great way to learn about some of the key themes and complexities. You can follow Rachel on Twitter for more insights and you can follow her work on her website.  

If there’s one thing we are learning in Formula One this year, it’s that Fernando Alonso has more resilience and staying power than many international companies! Now driving for Aston Martin, a strong result in the opening race of the year certainly gave the brand a boost. It also led to many momentum and sentiment traders pulling the stock up on their screens on Monday morning, using it as an effective alternative to a bit of sports betting! “Betting” may well be the word here, as Aston Martin’s financial history is more checkered than the flag at the end of the race. The brand may be on track, but is the company on track as well? With Barry Dumas of Trive South Africa as our guest, we delved into the world of luxury automobiles and debated whether Aston Martin offers anything close to the investment case of the likes of Ferrari. For more information on Trive South Africa, visit the website at www.trive.co.za or check out their social media pages (@trive_sa). Trive South Africa (Pty) Ltd is an Authorised Financial Services Provider, FSP number 27231.    

In this episode of Magic Markets, Craig Antonie of AnBro Capital Investments joined us to discuss a few energy opportunities in the US that the AnBro funds have positions in. There are both dividend- and growth-oriented funds available at AnBro, so there is something for (almost) everyone. The energy theme is a major driver of global markets at the moment, with a clear push towards clean and green energy (not always the same thing) and inflationary pressure in fossil fuel prices as a result. With a major regulatory move in the form of the Inflation Reduction Act of 2022, the US is the place to be when it comes to investing in energy. With natural gas as the largest current contributor, one can realistically expect clean and green energy sources to attract the bulk of investment in years to come. There are shovel-in-the-gold-rush opportunities in this space, like power management companies. There are also the utilities or the technology companies in the renewable energy industry. Craig walked us through the investment thesis for NextEra Energy Partners ($NEP) and First Solar ($FSLR) in detail, with a passing mention of Constellation Energy ($CEG) as good examples of how this sector offers opportunities for different types of investors. Episode 115 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371.  

Regular listeners of Magic Markets have learnt a great deal about alternative investments and private deals, thanks to the various professionals at Westbrooke Alternative Asset Management who have joined us on the show. Richard Asherson and James Lightbody join us this week to update us on the UK market and the conditions under which the Westbrooke Yield Plus fund operates. The focus of the fund is capital preservation, and with it now turning 5 years old and having consistently delivered in the target return band of cash plus 5% to 7% in GBP, we wanted to go deeper into the success and challenges. The fund delivers an asymmetric risk/return profile to investors, by focusing on providing loans to lower and middle-market UK companies and real estate sponsors.  We touched on topics including: • The way property valuations behave in a time of rising interest rates and lower cap rates • Pricing for risk in the capital stack, particularly as loan-to-value ratios change over time • The importance of being strict and saying no to marginal opportunities, with a lovely quote in the show that “deals are like busses – one comes around every five minutes!” • The way in which Westbrooke competes against traditional banks in debt-led structures • The relative appeal of debt vs. equity in this environment • The evolution of market conditions: post-COVID vs. pre-COVID • A couple of real-world examples of transactions that Westbrooke has been involved in For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.co.za to find out more. You can also find Westbrooke on Twitter @WAAM_SA or on LinkedIn. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

In Magic Markets, we try to eat our own cooking. When we cover stocks in Premium, it’s either because we already have a position in them or because we are interested in taking a position and want to do further research. In this episode of Magic Markets, we took advantage of a “just the two of us” situation to talk about some of the positions in our portfolios. Moe opted to talk about Visa, Disney and Simon Property Group, as well as Fedex as an example of a trade that got away. The Finance Ghost spoke about Hasbro as a mistake, alongside Accenture and Ferrari as much happier stories. Authenticity has always been our focus in Magic Markets. We learn even more from our mistakes than we do from our wins and we love sharing those learnings with our listeners. If you like what you hear this week, consider joining us in Magic Markets Premium for a weekly, in-depth look at global companies. At only R99 per month or an annual deal of R990 for the year (two months for free), it's the best value you'll find in your research journey and perhaps the best investment you’ll make!Click here or on the banner below to look beneath the surface.

A multi-asset investment platform is a complicated animal to build and operate. With considerations like getting the balance of automation and human involvement just right, through to the need to meet numerous legislative and compliance requirements, the engine room of a brokerage carries a major responsibility. For anyone interested in the behind-the-scenes reality at a financial services institution, this is a great show. At Trive South Africa, that responsibility rests of the shoulders of Marius Grobler, who is as passionate about his role as he is capable. In this episode of Magic Markets, we took the opportunity to delve into the nuts and bolts of Trive and what makes it different. For more information on Trive South Africa, visit the website at www.trive.co.za or check out their social media pages (@trive_sa). Trive South Africa (Pty) Ltd is an Authorised Financial Services Provider, FSP number 27231.  

Guess what? The hype machine is back in the market, this time focused on the exciting new world of Artificial Intelligence (AI). Some of the intelligence is artificial indeed, with any company that has “AI” in its name trading higher this month, regardless of what AI stands for!There’s nothing more dangerous than a market that is chasing the Next Big Thing. Momentum traders have a field day, but the good ones know when to get out of the way. For investors, scrutiny is needed.Together with Justine Brophy of AnBro Capital Investments, we took a deeper look at AI and what it practically means for investors. This is a great follow-on from our recent Magic Markets Premium report on Microsoft, a company at the forefront of this new technology. Episode 111 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371.  

For founders and executives, raising capital is always a hot topic. Cash is the lifeblood of any organisation and the “capital stack” is an important and complicated area of finance that far too many entrepreneurs don’t have a proper understanding of.After several podcasts with the Westbrooke team members, in which we have learnt about the different investment mandates in the group and how they operate, we welcomed Jonti Osher back to the show alongside Brent Blankfield both of whom focus on flexible capital solutions. If you ever wanted to know how to make your business more attractive to an investor like Westbrooke, you’re in the right place.We discussed topics like:• The critical importance of the management team and the need to build partnerships around the companies that Westbrooke invests in• The extent to which Westbrooke performs a due diligence on the management team, not just the business• The niche in which Westbrooke plays, focusing on speed of execution and an ability to do value-adding lending transactions that are usually too small for investment banks• The approach taken in assessing a business for a debt-led investment strategy, with an equity kicker for Westbrooke as part of a hybrid funding strategy• The ways in which to make a business more investable for WestbrookeThis is a must-listen for anyone interested in understanding more about capital raising and the relationship between risk and return.   For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.co.za to find out more. You can also find Westbrooke on Twitter @WAAM_SA. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

As we get ready to sign off on the first month of 2023, Petri Redelinghuys from Herenya Capital Advisors joined us to talk about the mood of the traders in the community and some of the ideas and strategies that they are putting in place. We also talked about the South African economy and the obvious impact of load shedding, with some long-term silver linings thrown in for good measure. As the founder of Herenya Capital Advisors, Petri is committed to upskilling traders and helping people find success in the market. To learn more about their offering, visit the Herenya website and follow them on Twitter. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080.

Trive South Africa offers a gateway to the JSE and global markets. Providing an in-depth online trading experience, Trive exists to empower progression. You can simply and securely trade and invest in JSE and US stocks and leveraged products, or invest in tax free savings accounts. Travis Robson is the CEO of Trive South Africa and he joined us on Magic Markets to discuss:• The types of stockbroking clients and how the industry has evolved• The key differentiators of Trive and particularly how the group will combine new-age tech with the best of old-school service (telephone brokers, anyone?) to deliver a great customer experience• The importance of building a community around Trive and how that will be achieved through research and other means• The extent of the offering on the platform, including the number of securities available and the mix of asset classes and derivatives For more information on Trive South Africa, visit the website at www.trive.co.za or check out their social media pages (@trive_sa). Trive South Africa (Pty) Ltd is an Authorised Financial Services Provider, FSP number 27231.  

If you can imagine the worst possible year for anything, then you’re starting to understand what 2022 was like for investors in growth stocks. The combination of rising interest rates and inflated valuations at the start of the year meant that investors suffered drops of 30% (and more) across many of the “growth” names in the portfolio, including the world’s leading tech companies. Investing requires a longer-term lens than this and a strong stomach, although we all know that seeing these drops isn’t fun. Together with Craig Antonie of AnBro Capital Investments, we recap why 2022 was a perfect storm and what the outlook is for 2023 for stocks. Episode 107 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371.  

If you’ve looked at your portfolio even once this year, you’ll know that 2022 has proven how vital a solid geopolitical analytical framework can be in generating returns. As the author of the book Geopolitical Alpha, Marko Papic is a global geopolitical expert and partner at Clocktower Group, who advises some of the largest pension funds and investors globally. As a friend of Moe's, we were able to twist his arm to share some of his views on global geopolitics and the risks and opportunities they currently present for investors. Having travelled to South Africa many times, Marko also has a particular affinity for the country (and its kudu carpaccio), sharing his views with us on how SA stacks up in the overall emerging markets space. In this incredible episode, we also discussed fascinating views on China, oil prices and the importance of multi-polarity in the modern world. You do not want to miss this, even if this is a longer episode than normal.

In Episode 105 of Magic Markets, Petri Redelinghuys of Herenya joins us to recap 2022. And what a year it was – with themes like energy and inflation playing out in the markets and plenty of volatility from the Fed on one end of the world and China on the other. These volatile conditions were both treacherous and potentially highly rewarding. Whilst touching on topics as diverse as banks and Chinese tech stocks, the hosts also talked about trades that went badly. We all have those! As the founder of Herenya Capital Advisors, Petri is committed to upskilling traders and helping people find success in the market. To learn more about their offering, visit the Herenya website and follow them on Twitter. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080.

In this episode of Magic Markets, we took the opportunity to run through key elements of our research process in Magic Markets Premium. In doing so, we shared insights into important areas of focus for investors. Topics covered include: • Why do we present a bull case and a bear case on every company?• What do we learn by looking at insider selling?• In terms of financial analysis, what approach do we take to the numbers?• Many recognise that technical analysis is important, but few understand it – what are some of the key concepts that we use?• In fundamental analysis, why do we focus on historical traded multiples as an important metric?• Do we think that quarterly reporting in the US drives the right behaviour (vs. six-monthly reporting in South Africa)? In addition to giving you a flavour of the type of work we do in Magic Markets Premium, this show is a great resource for any investor or trader who does their own research. Like what you heard this week? Join us in Magic Markets Premium for an even greater in-depth look at some of the companies mentioned. At only R99 per month or an annual deal of R990 for the year, an effective 2 months free, it's the best value you'll find in your research journey. Click here or on the banner below to look beneath the surface.

Ever wanted to know what wealth managers think about alternative investments and how they are using them in clients' portfolios? Regular Magic Markets listeners have become familiar with the Westbrooke Alternative Asset Management team and the types of investments that they specialise in. This week, we look beyond the team to find out what independent wealth managers think about alternative assets.Based on the results of a survey of wealth managers that was arranged by Dino Zuccollo of Westbrooke, we were able to discuss points like:• What types of alternative assets are popular?• What is the priority for investors – yield, capital growth or a combination of the two?• Do investors prefer offshore or local exposure within the alternative asset portfolio?Perhaps the most surprising insight of all related to the popularity (or lack thereof) of traditional real estate as an asset class. All these insights and more are available in Episode 103 of Magic Markets. For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.co.za to find out more. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.  

As the dust settles on the Big Tech earnings season, we look back on what we’ve learnt from covering the leading tech companies in Magic Markets Premium in the past year, including recent shows on Meta, Amazon and Apple. The fight for eyeballs is dominating this industry. The “attention economy” is lucrative and technology platforms have found various ways to monetise it, ranging from advertising to subscription business models. If you are interested in uncommon insights, then this show is for you. Instead of focusing on the obvious elements of Big Tech earnings, we highlight some of the trends and themes that can only be identified through doing detailed research. Like what you heard this week? Join us in Magic Markets Premium for an even greater in-depth look at some of the companies mentioned. Click on the banner below. 

Magic Markets listeners are familiar with the wonderful team at AnBro Capital Investments. We regularly welcome Justine Brophy and Craig Antonie to the show to talk about the growth stocks in the Unicorn portfolio. In Episode 101 of Magic Markets, there’s exciting news from the team at AnBro. Chief Investment Officer, Craig Antonie joined us to talk about the Dynamic Compound portfolio, a new investment product that brings more of a value flavour to AnBro’s toolkit. With a focus on compounders (companies that have disciplined capital allocation track records) that have proven to be resilient dividend payers, the Dynamic Compound portfolio gives investors a way to access global investments through a JSE-listed structure. Alongside Unicorn, this gives investors a choice of investment styles when investing with AnBro. Learn about this exciting portfolio by visiting https://www.dynamiccompounding.com/ for more information. Episode 101 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371.  

In our centenary show of Magic Markets, it was fitting to celebrate market milestones with a fellow entrepreneur in the market. In the Intellidex Top Securities Brokers in South Africa 2022 report, Herenya Capital Advisors was awarded 1st position as broker for the 'Traditional Investor archetype'. That wasn't all. The team also achieved 2nd position in the 'People’s Choice Award' and a solid outcome of 5th Overall among 101 competitors in this space!  Regular listeners have gotten to know Petri Redelinghuys and his style in building the community within Herenya. In this show, we chat through the secret sauce at Herenya and the success of many of the traders. We also talk about recent market movements and have our usual amount of fun. As the founder of Herenya Capital Advisors, Petri is committed to upskilling traders and helping people find success in the market. To learn more about their offering, visit the Herenya website and follow them on Twitter. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080.

In the latest episode with the team from Westbrooke Alternative Asset Management, Richard Asherson joined us from the UK to talk about market conditions on the ground. The UK has been extremely topical this year and macroeconomic challenges are felt in private and public markets.Apart from asking whether his money was on Liz or the lettuce, we touched on a number of fascinating topics:• What does it mean to look for asymmetrical returns in a debt-led structure?• How do current rates in the UK compare to long-term averages?• What are the impacts of inflation on dealmaking and debt in company structures?• How do private company portfolios perform in this environment?• To what extent are UK consumers and businesses under pressure?• How does Westbrooke add value to partners?• How do exit strategies evolve over time?There’s a great deal to learn from this podcast. For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.co.za to find out more. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

We love engaging with our audience on Magic Markets. This week, we asked on Twitter for people to send through their questions. Other than the classic “when moon?” for crypto (which we opted to ignore), there were great questions around our portfolio strategies and position sizing. We also answered fun questions like what we would go back and tell our 20-year-old selves. With a mix of solid investment insights and some light-hearted fun, we loved recording this episode and we hope you enjoy listening to it.  

In this episode of Magic Markets, we decided to look at some of the common mistakes made by investors and traders in the market. We covered topics like:• Not knowing whether you are a natural trader, investor or hybrid of the two• The risks of not diversifying into different asset classes• The trouble with panicking during tough times• Checking your portfolio too often• Assuming that certain industries are always a good investment• Focusing too much on dividends without looking at how they are funded• Not critically assessing the strategy of the entity and only focusing on the numbers instead• The importance of flexibility, openness to new ideas and information and the conviction to follow through We all make mistakes in the market. The more we talk about them, the better we all become.

One of the greatest challenges in the market is to maintain a cool head and a consistent strategy even when it feels like everything is against you. Clearly, this has been a terrible year for technology stocks. By focusing on the fundamental growth drivers rather than the share price movements, investors can identify the winners of the next decade. In this episode of Magic Markets, Justine Brophy of AnBro Capital Investments joins us to talk about why he feels good about the future. With specific examples of stocks that they are looking at, there’s always so much to learn from the team at AnBro. Episode 96 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371. Invest in the future. Invest in growth. Visit investinunicorns.com for more information.

One of the benefits of trading is that you can make money in a bear market, as long as you are either prepared to take short positions or wait for an elusive bear market rally. Those rallies can disappear as quickly as they arrived, taking many victims with them along the way. In this markets discussion with Petri Redelinghuys of Herenya Capital Advisors, we talked about everything from his oil view through to the risks in the UK property market. We also discussed the advice he gives most of the traders at Herenya, which is to be careful during a bear market and err on the side of caution. As the founder of Herenya Capital Advisors, Petri is committed to upskilling traders and helping people find success in the market. To learn more about their offering, visit the Herenya website and follow them on Twitter. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080.

Alternative assets have been a key discussion point for us this year, as a means to diversify the portfolio as well as hedge against listed assets through achieving uncorrelated exposure. We’ve had a fantastic time learning about the various alternative asset strategies with Westbrooke. We've welcomed the team over several episodes since the first appearance on Episode 59.  We’ve covered a great deal of ground since that show, so we thought it would be useful to our listeners to take a more holistic view and wrap this into a recap of some concepts while probing developments in the market so far this year. In this episode, we ask Dino Zuccollo to reflect on whether demand for alternative assets this year has been in line with expectations. We also talk about trends like local vs. offshore allocations in this space. With reference to the eight previous shows, we recap elements of the alternative asset strategy. Of course, we couldn’t resist discussing our favourite Westbrooke shows thus far and why! For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.co.za to find out more. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

The US CPI print was slightly different to market expectations, though you would never say so based on the mayhem that ensued. The sell-off was brutal, hitting tech stocks the hardest. Risky assets (like the rand) also took a knock. In this episode, we discuss macroeconomic concepts not just around inflation in the US, but also around China and Europe. For bonus points, we also touch on South African companies that have exposure to Europe. Magic Markets is your invitation to be part of the dealing room conversations that are usually closed off from public ears. Join us and learn!

The team from AnBro Capital is back, this time with Craig Antonie joining us to discuss an interesting company in the Unicorn portfolio that has nothing to do with tech.That’s right – there’s more to Unicorn than just tech companies! Patria is thought of as the Blackstone of Latin America. This asset management business plays in the alternative asset space, operating in the private equity, infrastructure, real estate and credit verticals.With a long and successful track record, Patria ticks the boxes for the Unicorn fund. Learn more about this company and the way the team at AnBro thinks about investments by listening to this episode. Episode 92 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371. Invest in the future. Invest in growth. Visit investinunicorns.com for more information.

In the investment equivalent of chasing the sun, we meet the team at Westbrooke responsible for the solar investment strategy. Clearly, this is an asset class that resonates with South Africans who are used to being in the dark. Ryan Rittoff and Saul Maserow are clearly passionate about what they are doing. In typical Westbrooke fashion, the group is investing and gaining real-world experience in this space before opening it up to external investors. In the meantime, Westbrooke would love to chat to you if you have commercial or industrial solar projects that need funding. For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.co.za to find out more. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

In addition to the trading community that Herenya Capital Advisors is known for, founder Petri Redelinghuys and his team also manage portfolios on behalf of clients. We took the opportunity to dig into the portfolio holdings and discuss some of the companies and strategies included in the local and offshore portfolios. As the founder of Herenya Capital Advisors, Petri is committed to upskilling traders and helping people find success in the market. To learn more about their offering, visit the Herenya website and follow them on Twitter. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080.

In Magic Markets Premium, we’ve developed a research process that we apply every week in analysing global stocks. In this episode, we give you insights into that process. We talk about the importance of forming a bull case and a bear case, as it forces you to challenge your view and question what might go wrong (or better than expected). We also discuss why we look at both the tenure and trading history of the management team. The competitive environment is important of course, as is an analysis of recent financial results. We finish off with a discussion on the importance of combining technical and fundamental analysis. You can subscribe to Magic Markets Premium at this link for R990/year or R99/month if you prefer dipping your toes in before committing for a full year.

In Episode 88 of Magic Markets, Justine Brophy of AnBro Capital Investments joined us to look back at the stocks that we talked about in Episode 80 with the AnBro team. The performance of those stocks has been strong, highlighting the importance of stock picking in a volatile and difficult market. Through this process, we get insights into AnBro’s investment process and the way that the investment team looks at these opportunities. In a world of exciting tech companies that make big promises about the future, it’s important to only invest in business models that you understand. This has been one of the secrets of success for AnBro. Episode 88 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371. Invest in the future. Invest in growth. Visit investinunicorns.com for more information.

Investing in mobile home parks is a wonderful example of how far the definition of an alternative asset can be stretched. It sounds odd, yet when you dig into this asset, you’ll find that it is simply a different way of getting exposure to residential property. Westbrooke’s investments in this asset class have delivered strong USD-based returns. As we learnt on this show, some of the biggest names in the investment industry have exposure to this market, including Warren Buffett! Get any thoughts of Jerry Springer out of your mind and prepare yourself for a great learning experience with Jonathan Loeb from Westbrooke Alternative Asset Management. For more information on Westbrooke’s alternative asset strategies, be sure to visit www.westbrooke.co.za to find out more. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

The markets are a combination of art and science. Knowing the science is important, especially when it comes to the types of trades in the market and the differences between platforms. In this episode of Magic Markets, trading expert Petri Redelinghuys joins us to discuss concepts like trading DMA vs. OTC, stop-losses in forex vs. equity trades and the way auctions work on the market. As the founder of Herenya Capital Advisors, Petri is committed to upskilling traders and helping people find success in the market. To learn more about their offering, visit the Herenya website and follow them on Twitter. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080.

It’s just the two of us on Episode 85, which gave us a great opportunity to talk about all kinds of things, really. We started off with macroeconomics because there’s just so much going on in that space. Inflation, interest rates and even copper are top of mind for traders and investors alike. This led us into a discussion about banking regulation and how capital is being sucked out of the system by putting higher equity capital requirements on banks like JPMorgan Chase & Co. We talked about capital buffers and the impact they have on risk and returns. We also talked about US consumers and particularly how direct-to-consumer strategies are paying off handsomely for retailers like Nike, Levi’s and Lululemon – companies we have covered before on Magic Markets Premium. For anyone interested in retail, this is a great learning opportunity. We finished off with a discussion on the key themes we will be watching in this round of earnings releases. Concepts like JAWS and discretionary spending came up in the discussion. If you enjoy Magic Markets, you’ll love Magic Markets Premium where we unpack business models and financial attributes of global stocks. We always include a technical and fundamental analysis as well, ending off with whether we would take a position in the company at the moment. At R99/month or R990/year, it’s one of the best investments you can make. Subscribe here.  

In the past six months, the markets weren’t a happy place. Whether you were in bonds or in stocks, you suffered. The bull and bear markets of 2020 - 2022 have been severe, driven by unprecedented levels of stimulus and macroeconomic volatility. In difficult times, it’s important to lift your head and (try to) shut out the noise. The team from AnBro Capital Investments has done exactly that. They have released research around the impact on different sectors of this bear market vs. the Global Financial Crisis (GFC) that marked the end of a multi-year bull market in 2007. Growth stocks have suffered the most this year. Importantly, this is a function of valuation rather than underlying performance, as multiples had simply run too hot by the end of 2021. In this episode, we discuss the different sector impacts as well as the differences between this bear market and the GFC. We also discuss the investment thesis that drives the thinking in the Unicorn portfolio that is managed by AnBro. Episode 84 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371. Invest in the future. Invest in growth. Visit investinunicorns.com for more information.

The team from Future Forex is familiar to Magic Markets listeners. Those who have been taking advantage of crypto arbitrage have made a profit this year, something that not many people can say about their portfolios. By exploiting pricing differences in local and international markets, the team at Future Forex has built a powerful system that delivers attractive returns. Even in the recent chaos of crypto, the business has stood firm. In this episode, Harry Scherzer joins us to remind Magic Markets listeners about the crypto arbitrage opportunity and how an 80% average annual return has be achieved by their clients by cycling through the foreign investment allowance that every adult South African has each year. Learn more about crypto arbitrage in this episode and visit futureforex.co.za for more information. Future Forex Arbitrage Services is an authorised Financial Services Provider for currency remittance services, FSP number 51884.

In all our discussions with Petri Redelinghuys, the founder of Herenya Capital Advisors, we’ve talked about the incredible community of traders that has been built within the business. A major drawcard to trading through Herenya is that you become part of a vibrant, supportive community of people who are on similar journeys. In this episode of Magic Markets, we hear from three of those traders who share personal approaches to trading and risk management. These are hard-hitting nuggets of advice from real-world traders who have earned their stripes. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080. Visit the Herenya website to find out more and follow them on Twitter.

The talented finance professionals at Westbrooke Alternative Asset Management have been doing a wonderful job of educating the Magic Markets audience about asset classes like private debt and venture capital. In the latest show, we welcome Dino Zuccollo and Richard Asherson back to Magic Markets to discuss the concept of “hybrid capital” – a debt-led private equity approach that uses different instruments to achieve a level of return between debt and equity. The key here is the combination of downside protection, a strong yield and equity upside in these investments. Westbrooke currently executes this strategy in the UK market. For more information on Westbrooke’s alternative asset strategies, be sure to visit the Westbrooke website. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

In growth investing, you’re often buying a piece of technology that has the potential to become a wonderfully profitable commercial operation. Sometimes, these businesses aren’t profitable yet. This creates a different risk profile for investors vs. value stocks, which investors look to for near-term cash flows. The investment styles are different and so the approach needs to be different. Together with the team at AnBro Capital Investments, we’ve been learning about growth investing with examples of specific stocks. We also try to unpack how the team separates hot stocks from hot air. In this episode, we briefly touch on the disaster of Theranos as a case study for the risks in this space. The team explains the approach taken to mitigate these risks in the Unicorn portfolio. We also looked at two fascinating examples of stocks in the healthcare industry. Dexcom offers continuous glucose monitoring technology, which anyone who has experienced diabetes first-hand will appreciate. Hanger offers orthotic and prosthetic services with a business model built around support for patients who have gone through the trauma of losing a limb. Hanger talks about “empowering human potential” and that’s a great summary for the focus of growth investing. The volatility isn’t for everyone, but the long-term stories are certainly exciting. Episode 80 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371. Invest in the future. Invest in growth. Visit investinunicorns.com for more information.   Visit magic-markets.com for more. 

The Finance Ghost and Mohammed Nalla decided to ask each other three burning questions on this show.To give you a taste of what we discussed:• How do you reconcile bottom-up analysis with what the market is telling you?• How has Magic Markets Premium impacted your appetite for global vs. local stocks?• What have been your biggest learnings about running a business with someone on the other side of the world?• Based on what we’ve seen gold do recently, does it impact your long thesis? What about holding the commodity vs. holding the miners?• In Magic Markets Premium, what part of the research do you enjoy the most and what is the most tedious?• How does Canada differ to South Africa in terms of business landscape? Regular listeners will know that the Canada question is aimed at Moe. To find out who asked the others and what the answers were, listen to this insightful and entertaining episode of Magic Markets. Visit magic-markets.com for more. 

With 31 Premium shows behind us, we’ve learnt so much from our detailed research on global stocks.For example, we now know that Lululemon has an incredibly strong brand and direct-to-consumer strategy, with the next results due on 2nd June. We’ve also covered brands like Nike and Starbucks, which have had a tough time recently. In the search for defensive stocks, we’ve previously highlighted Pepsico and Visa as solid companies. Both have comfortably beaten the market this year, down between 3% and 4% in 2022.Simon Property Group is the kind of business that many would choose as a defensive stock, but is there more to worry about? How about US yields? Finally, with a nod to Top Gun and Moe’s fantasy career as a jet pilot, we give an update on Lockheed Martin. Join us in Episode 78 of Magic Markets for a sneak peak at the type of insights that our subscribers in Magic Markets Premium enjoy.

Bear markets aren’t easy. Those following long-term strategies watch their portfolio values take a dive. Traders can do really well in a time of heightened volatility, but the risks are higher too. With Petri Redelinghuys of Herenya Capital Advisors, we explore some of the techniques required to survive a bear market. We also talked about some major recent investment themes in the market, ranging from uranium through to broader resources exposure. We also touched on the financials index and how this sector has quietly outperformed the resources index on the JSE in 2022. As always, the focus at Herenya is on educating investors and traders. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080. Visit the Herenya website to find out more and follow them on Twitter.

On the equity investment spectrum from venture capital at one end to public markets at the other, private equity occupies a vast area in the middle. A successful private equity strategy is a hybrid of those concepts, with venture capital influences like growth and scale and public market influences like strong cash flows and solid assets. Each market is different. In South Africa, the private equity industry is based on relationships and the best deals are done in an elite club. In the UK, the market is far more welcoming to a new entrant and there is a wide network of brokers that can bring access to deals. Joined by Rob Grieve from Westbrooke Alternative Asset Management who recently relocated to the UK to build Westbrooke’s private equity business, we bring you a unique opportunity to learn more about the private equity industry and the differences between the UK and South African markets.We highly recommend giving this show a listen. The content of this podcast is for information purposes only and does not constitute investment advice, nor does it represent a solicitation of any member of the public to invest in any security. The investment vehicles managed by Westbrooke Alternative Asset Management are available to qualified, sophisticated investors only. Listeners should seek professional financial advice prior to making any investment. Visit www.westbrooke.co.za to find out more. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

This week, we invited Anbro Capital back to pick their brains on biotech stocks. It’s an exciting space and Justiné Brophy, co-founder of Anbro, joins us this time around. We kick off on the woes currently facing growth stocks and move into a detailed discussion on some of the most exciting ideas and opportunities the team is finding, specifically in biotech. It’s not about sinking tons of cash into businesses that don’t make money. In this show, we unpack 3 ideas that the team is looking at that currently make money and that enjoy significant TAMs and growth potential. The team at Anbro put their own money where their mouths are! Join us as we go beneath the surface to bring you insights and fresh perspectives…only on Magic Markets! Episode 75 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371. Invest in the future. Invest in growth. Visit investinunicorns.com for more information.  

Andries Retief is a South African living in Poland who runs DHL’s Central and Eastern Europe business. This gives him incredible insights into the global supply chain challenges that are plaguing so many businesses and industries at the moment. It also puts him right at the coalface of the war in Ukraine, with Polish borders having been opened to millions of Ukrainian refugees. In this podcast, we bring you these insights and so many more, covering a broad variety of topics including geopolitical issues in Europe. Every crisis brings both heartache and opportunity and this one is no different, with the human spirit clear to see in both the hospitality shown to Ukrainians as well as the growth potential for Poland. With a number of JSE-listed companies holding investments in the region, these insights are important for local investors.

In the latest learning opportunity with the team from Westbrooke Alternative Asset Management, we welcomed Dino Zuccollo and venture capital expert James Lightbody to the show.Westbrooke’s venture capital strategies take advantage of early-stage investment opportunities with a global flavour, giving investors access to an asset class that is otherwise difficult to gain exposure to. In this show, we discuss an overview of venture capital and the ways in which it differs from investments in listed companies. This is a fascinating space that sits at the heart of the technological advancements that have changed our lives and continue to do so. The content of this podcast is for information purposes only and does not constitute investment advice, nor does it represent a solicitation of any member of the public to invest in any security. The investment vehicles managed by Westbrooke Alternative Asset Management are available to qualified, sophisticated investors only. Listeners should seek professional financial advice prior to making any investment. Visit www.westbrooke.co.za to find out more. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

Petri Redelinghuys is a regular on Magic Markets and with good reason. As the founder of Herenya Capital Advisors, he spends his days actively trading the market and engaging with Herenya’s community of day traders, swing traders and investors. In Episode 72 of Magic Markets, he joined us to discuss his energy positions, the use of ETFs in a portfolio and the ongoing ethical dilemma of climate issues vs. generating profits for clients. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080. Visit the Herenya website to find out more and follow them on Twitter.

Growth. Value. Commodities. These cycles ebb and flow, with investors needing to keep a level head and clarity of thought around a long-term wealth creation strategy. In a modern world that is rapidly changing thanks to technology, not allocating a portion of a portfolio to disruptors is a mistake. With Craig Antonie from AnBro Capital Investments, we use the example of Crowdstrike to discuss a disruptive business that was incredibly ahead of its time. It takes visionary entrepreneurs to spot and understand technological trends. It takes visionary investors to be willing to take a risk on them. We also use the opportunity to congratulate the AnBro team on their latest award and to find out more about what it takes to create a boutique asset management business. Episode 71 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371. Invest in the future. Invest in growth. Visit investinunicorns.com for more information.

Long-standing Magic Markets listeners will know the Future Forex team. They introduced the concept of crypto arbitrage to us, a process of making profits on Bitcoin pricing differences between South Africa and offshore. Instead of taking a view on Bitcoin itself, this allows you to generate arbitrage profits and enjoy an interesting and potentially lucrative source of income each year. You may not know this, but your annual offshore investment allowance under South African Reserve Bank rules is an asset that you can tap into every year. The content of this podcast is for information purposes only and does not constitute investment advice, nor does it represent a solicitation of any member of the public to invest. Listeners should seek professional financial advice prior to making any investment. Learn more about crypto arbitrage in this episode and visit the Future Forex website for more information. Future Forex Arbitrage Services is an authorised Financial Services Provider, FSP number 51884.https://futureforex.co.za/  

You’ve gotten to know Dino Zuccollo from Westbrooke Alternative Asset Management over the past couple of months. In Episode 69 of Magic Markets, we meet more of the team members, welcoming Jonti Osher and Richard Asherson to the show to delve into the fascinating world of private debt investments. Together with the Westbrooke team, we discussed the value of this asset class in a portfolio and how high-yield, uncorrelated returns can make a significant difference on a wealth creation journey. Westbrooke operates private debt funds in the UK and in South Africa, taking advantage of a gaping hole left by the banks in lending to certain businesses. The content of this podcast is for information purposes only and does not constitute investment advice, nor does it represent a solicitation of any member of the public to invest in any security. The investment vehicles managed by Westbrooke Alternative Asset Management are available to qualified, sophisticated investors only. Listeners should seek professional financial advice prior to making any investment. Visit www.westbrooke.co.za to find out more. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

Burgers and fairy tales. These are the things that people like to invest in. No, really. In this episode of Magic Markets, we take a step back and discuss two investment themes that we find interesting. The first is the quick-service restaurant (QSR) industry, which commands premium valuations in markets across the world. There are global giants and regional powerhouses, with examples on the JSE as well as in international markets. We discuss the different types of models followed, along with concepts like franchise vs. corporate-owned models and the benefits of each strategy. We then move on to the art of storytelling, which encompasses businesses like Disney, Netflix and Hasbro. These names are familiar to Magic Markets Premium subscribers. We discuss the different strategies and the dynamics of content creators vs. platforms.

Like moths drawn to a flame, some investors cannot help but choose strategies with a high risk/reward trade-off. Omid Gholamifar is one such investor. Born in Iran and having spent a great deal of time in Sweden, he has dedicated himself to uncovering investment gems in his country of birth. Through Serkland Invest, Omid is raising capital to invest in sectors like FMCG and pharmaceuticals in Iran. With this kind of experience, there’s so much to learn from him about investing in tough places. Join us on this episode of Magic Markets to learn more about Iran, a country you probably know very little about.

Herenya is a name you’ve heard before on Magic Markets. Considering they have a strong trading community and a focus on supporting and developing traders (and investors for that matter), we love working with the team from Herenya. Founder Petri Redelinghuys will be joining us every month to discuss the trends he’s seeing in the markets and some of the portfolio strategies being used by the team at Herenya. In this episode, we look at the recent volatility related to the crisis in Ukraine and how the traders have tried to unemotionally position themselves. We discussed the risks of chasing commodity spikes and how to prepare for a change in direction. We also looked at various scenarios related to Russia and what they would mean for markets in the short- to medium-term. Herenya Capital Advisors is an authorised financial services provider, FSP number 47080. Visit the Herenya website to find out more and follow them on Twitter.

Craig Antonie of AnBro Capital Investments has joined us before on Magic Markets. In Episode 11 (February 2021), we learnt about his approach to growth investing. In May 2021, he joined us again on Episode 27 to unpack the sell-off in growth stocks at the time and whether this changed his approach (it didn’t – which is a good thing!) We are thrilled to welcome Craig back to Magic Markets. He will be joining us every month to discuss growth stocks and the related complexities of investing in that space. Having been through an incredibly volatile period for growth stocks, Craig takes us through his approach once more and why it has been relatively resilient within the context of the broader sector performance. We specifically discussed the ways in which the Unicorn Global Growth Fund differs from the ARK Innovation Fund. AnBro Capital focuses on a founder-led model and keeps a buffer of cash in the portfolio to respond to volatility - a sensible approach in our view! Episode 65 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider FSP number 48371 Invest in the future. Invest in growth. Visit investinunicorns.com for more information.

2022 is clearly a stock picker’s market. The days of throwing darts and making money are behind us. With that in mind, the hosts decided to talk through some of the current themes in the market and what it means for their portfolios. Covering a wide variety of topics ranging from Russia and Barloworld through to Bitcoin and the great Tesla vs. Ford debate, this episode of Magic Markets is your invitation to be part of a trading room-style discussion about the top-of-mind issues in the markets.

We are thrilled to have Westbrooke Alternative Asset Management as a brand partner to Magic Markets. With over R8 billion in assets under management across South Africa, the UK and the USA, Westbrooke provides a unique gateway to the world of alternative investments. Dino Zuccollo (Head of Product Development and Distribution at Westbrooke) first joined us on Ep59 to discuss an overview of the Westbrooke business. In Ep63, Dino is back to delve into some of the more technical concepts in detail. We kick off with a discussion around liquidity in this asset class, a question raised by a listener on Twitter. There are important points noted around overall portfolio construction and strategy and how an alternative portfolio fits into that. We then move on to discuss the various tiers in a balance sheet, ranging from debt to equity and all the mezzanine structures inbetween. This is a fascinating space. Westbrooke specialises in innovative financing that touches all these elements, making it an attractive option for both investors and those looking to raise finance for businesses and projects. Visit www.westbrooke.co.za to find out more. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

With a share price and earnings track record that puts most companies to shame, Afrimat is widely regarded as a company with excellent capital allocation discipline and focused strategic execution. Starting in the construction industry, Afrimat has evolved into a strong mid-tier miner. Afrimat’s secret lies in owning a diversified portfolio of counter-cyclical businesses. The overlay of this cyclicality, when viewed in aggregate, creates a more attractive earnings profile and de-risks the entire operation. A conservative approach to the balance sheet has also been key to success. In Episode 62 of Magic Markets, we welcomed Afrimat CEO and founder Andries van Heerden to the show. This is a rare opportunity to tap into the mind of a top executive, with plenty to learn along the way for all of us.

Stock-picking is a fun game that we all like to play. Here’s the thing: if you don’t keep an eye on the macro environment, then you don’t know which stream your stock fish are swimming in and how strong the current is. No matter where in the world you invest, your performance will be impacted by the decisions made by the Fed in the US. Make no mistake, the Fed is always topical. In 2022, the Fed is more than just topical; it is dominating the narrative. The yield curve has a material impact on equity performance, especially in the tech sectors that investors have focused on during the pandemic. In Episode 61 of Magic Markets, we discuss the recent moves by the Fed and what the market is expecting in 2022. We also explain a number of key concepts related to the Fed and do a bit of jargon-busting along the way.

Magic Markets Premium has been around for just over three months now. In that time, we’ve looked at a number of incredibly interesting global stocks. In this show, we reflect on the conclusions we reached on some of the earlier shows and how things have played out in the market. A feedback loop is critical to keeping yourself honest in the market. In this show, we look back at the likes of Nike, Monster Beverages, Etsy and more. Join us to get a taste of the type of work we do in Magic Markets Premium and to see whether our process gives us the “right” answer.

We are thrilled to welcome Westbrooke Alternative Asset Management as a brand partner to Magic Markets. With over R8 billion in assets under management across South Africa, the UK and the USA, Westbrooke provides a unique gateway to the world of alternative investments. This is a fascinating space including assets like private debt, hybrid capital, real estate, private equity and venture capital. As the world shudders at the combination of high equity prices and low interest rates, alternative assets offer an interesting portfolio diversification opportunity. Westbrooke will join us once a month on Magic Markets to unpack different areas of alternative investments. In this first show, we meet Dino Zuccollo (Head of Product Development and Distribution at Westbrooke) and discuss an overview of the types of investments in this space and how they address the challenges of correlation in a portfolio. Visit www.westbrooke.co.za to find out more.Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750.

Willet Maseko is a long-time listener and was the first subscriber to Magic Markets Premium. When he offered us the opportunity to turn the tables and be interviewed on our own podcast, we couldn’t resist! Willet asked us about how we identify companies for investment, our thoughts around key themes this year and the behind-the-scenes work that goes into Magic Markets Premium. He also asked us whether we ever disagree. Oh yes, we disagree alright. All. The. Time. That’s the core strength of Magic Markets: hosts Mohammed Nalla and The Finance Ghost approach the world from different angles. By being part of the conversation, you benefit from a balanced view that can help you make up your own mind. Willet is the founder of Willetco Brokers, a licensed financial services provider FSP number 1287. Willetco is also the sponsor of the Five’s Alive section in Ghost Mail.

The final show of the year is always an opportunity to reflect on what did and didn't work in our portfolios. At Magic Markets, we value transparency and we focus on creating a shared learning environment, which means we highlight our mistakes instead of hiding them. Of course, there were also some great outcomes this year, including some stocks that looked dicey at times. In Episode 57 of Magic Markets, we invite you to learn with us as we discuss some of our best and worst positions during the year. This is our last show for the year and we look forward to another great year of Magic Markets in 2022. And if you are ready to turbocharge your learning, then subscribe to Magic Markets Premium for just R99/month. This unlocks our entire library of deep dives on global stocks, plus you can enjoy a new show and report every week.

With eight Magic Markets Premium shows behind us and a ninth dropping this week, we took the opportunity to reflect on the themes coming through from these deep dives. In Episode 56, we discussed some of our key learnings on each of the companies we have covered. We have done detailed research on Nike, US banks, Microsoft, Etsy, Monster, Intuit, Ford, Visa and now Disney as well. The detailed reports and podcasts are available to Magic Markets subscribers for R99/month. Go to https://magic-markets.com/subscribe/ to gain access to the full library and a new deep dive on a global stock each week.

Andries Retief is the CEO of Central and Eastern Europe for DHL. He is also a Magic Markets Premium subscriber, so we know that he’s a man of impeccable taste. He’s currently right in the thick of the most topical industry in the world right now: supply chain.  Building on our previous discussions on Supply chain (Episode 47), we couldn’t resist the opportunity to invite on the expert to take the discussion further. In Episode 55, Andries takes us through what's happening at the coal face of the current crunch in supply chains and both the opportunities and challenges that this is presenting. We also couldn’t resist asking him about Formula 1, since DHL is a long-standing partner of the sport.As ever, Magic Markets is your invitation to join fascinating conversations with people of influence.

In Episode 54 of Magic Markets, there’s a new variant in town. And that means that the gap between the haves and the have-nots will just get bigger. As the world decided to ostracise South Africa instead of supporting the country, it was another reminder of how this virus has widened the wealth gap. As unemployment in South Africa keeps increasing, we highlight a scary statistic out of Standard Bank: unsecured lending has returned to pre-Covid levels, but asset-based lending hasn’t. In a discussion that touches on a wide variety of points, ranging from office vacancies to the tourism industry, the hosts consider a world that just can’t seem to shake this virus. Magic Markets is your invitation to be part of our discussions on the markets.  

In Episode 53 of Magic Markets, we kicked things off with a brief discussion on Jerome Powell (who is now apparently considered “hawkish”) and the Turkish Lira, which is rather broken. We then moved from fiscal balance sheets to company balance sheets. In particular, we explored what happens when bad balance sheets happen to good people. In the aftermath of the pandemic, we’ve seen companies struggle with unsustainable debt. In some cases, this is an opportunity for large new equity investors or existing anchor shareholders to increase their stakes at a depressed valuation. By working through examples like Tongaat, Brait and EOH, we show how important the balance sheet can be. Magic Markets is your invitation to be part of our discussions on macro themes and company-specific news in the markets.

After a flurry of international guests on Magic Markets, hosts The Finance Ghost and Mohammed Nalla take a breather for the one-year anniversary of Magic Markets and hang out with each other for a change. Of course, markets are always on the menu, so the hosts decided to discuss some of the important trends in the US market in the third quarter. There’s a brief discussion on inflation and the revenue growth numbers coming through in S&P 500 companies. The hosts also looked at the sectors that are expected to benefit over the next few months, referencing various data sources in the process. Magic Markets is your invitation to be part of our discussions on global markets.

Natale Labia is a South African living in Italy (Milan, to be exact) and so he brings a European perspective to the show. As an ex-South African banker, Natale is familiar with our market. He applies that expertise in his role as a partner at Lionhead Capital, where he is Head of Macro Strategy and Economics. You can read more about Natale's background at this link. Some listeners may recognise his name from his regular contributions to Daily Maverick, a publication which Magic Markets co-host The Finance Ghost also contributes to on a weekly basis. In this show, we discussed a macro view on the relative valuation of South African bonds and equities compared to other markets. We also talked about sectors of interest in South Africa and how international investors view our country. Magic Markets is your invitation to be part of our global conversations on the markets and investments.

After the controversy around Grand Parade’s efforts to sell Burger King South Africa to a private equity fund, the Competition Commission became even more topical for investors. South Africa is a somewhat unique environment, with public interest considerations creating the risk of unpleasant outcomes in deals. Internationally, antitrust legislation and regulatory policy can make a significant difference to investment returns. Some Big Tech companies are more at risk than others. To help make sense of it all, Duncan Lishman joined us to discuss the world of competition regulation. As a competition economist, Duncan is highly skilled and experienced in this area.  Magic Markets is your invitation to join our conversations with experts on topics that affect the markets.

There’s nothing more topical than ESG. There’s also nothing more complicated and politically sensitive on the global stage.  With COP 26 taking place soon in Glasgow, everyone is focused on ESG. We are seeing this in the markets, in corporate strategies and in asset management products.  To help us make sense of it all and to get a global view on these matters, we were thrilled to welcome Kate Mackenzie to the show. Kate is a Bloomberg Green Columnist based in Australia. We had to navigate some tricky time zones to make this episode work, but that pales in comparison to how tricky the underlying topics are.  Magic Markets is your invitation to join The Finance Ghost and Mohammed Nalla on a journey of discovery in the markets.

With the help of Future Forex CEO Harry Scherzer, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) unpack the opportunities of crypto arbitrage as well as the latest news in the crypto space. Yes, we even bravely discuss NFTs! Not for terribly long, though. Due to South African capital controls, significant price inefficiencies exist in the crypto asset space. Future Forex provides a streamlined service to help clients capitalise on these inefficiencies. For those seeking an alternative use of their offshore annual allowances every year, crypto arbitrage may be an interesting area for further due diligence and research. In Episode 48 of Magic Markets, you’ll learn about Future Forex's fully hedged arbitrage investment service as well as the latest news in crypto asset regulations. If you want to hear more from the Future Forex team, refer back to Episode 21 of Magic Markets where we discussed the crypto arbitrage space in detail. Visit the Future Forex website to learn more.

With supply chains around the world clogged up and companies scrambling to navigate their way through the mess, there have been clear winners and losers. Is it wise to chase those winners, or to look for the companies that are ready to pounce once the supply chains catch up to demand?In Episode 47 of Magic Markets, hosts The Finance Ghost and Mohammed Nalla explore the reasons for the supply chain pressures and the impact this has on companies, using practical examples along the way.There’s also a short discussion on the potential impact on property prices of an inflationary cycle.Magic Markets is your invitation to be part of our discussions on the key drivers in the markets and what they mean for investors.

In Episode 46 of Magic Markets, The Finance Ghost and Mohammed Nalla take a break from trading-related concepts to talk about another critical part of the financial markets ecosystem: mergers and acquisitions. The recent Zoom - Five9 transaction is a great case study, mainly because it fell over in the end. Zoom tried to do an all-share deal and Five9 shareholders weren't interested in receiving Zoom shares in return for selling Five9. The hosts explore the theories behind cash vs. share deals and touch on numerous practical concepts that they have seen play out in the markets. The benefit of having more than 25 years of combined financial markets experience is clear in this episode. Magic Markets is your invitation to sit in on our conversations about the markets.

In the final episode of #HerenyaSeptember, Petri Redelinghuys invites fellow Herenya trader Jonathan onto the show to answer questions about the mystical art of day trading. Does he go to the bathroom? Does he make money? Can anyone do it? We unpack this and more in Episode 45 of Magic Markets. This podcast is brought to you by Herenya Capital Advisors, registered FSP no. 47080. Herenya is setting the new standard for stockbroking services. Herenya – by traders, for traders.

This is the third episode of #HerenyaSeptember, a month of Magic Markets podcasts dedicated to trading techniques and the psychology behind them. Petri Redelinghuys of Herenya Capital Advisors joins us once more to respond to questions posed by listeners over the course of the past few weeks. We deal with questions like: What does he consider to be his best and worst trades? What is his trading and investment track record? Can South Africans trade stock options? Which macro indicators does he focus on? Which technical levels are important in a potential US market sell-down? This podcast is brought to you by Herenya Capital Advisors, registered FSP no. 47080. Herenya is setting the new standard for stockbroking services. Herenya – by traders, for traders.

This is the second episode of #HerenyaSeptember, a month of Magic Markets podcasts dedicated to trading techniques and the psychology behind them. Petri Redelinghuys of Herenya Capital Advisors joins us once more to respond to questions posed by listeners over the course of the week. We deal with questions like: What are the characteristics of a great trader? How do you stay motivated after taking a loss? Are technicals or fundamentals more important and what should a beginner focus on? What strategies do you use to mitigate risk? How would you explain your job to a kid? This podcast is brought to you by Herenya Capital Advisors, registered FSP no. 47080. Herenya is setting the new standard for stockbroking services. Herenya – by traders, for traders.

It's time for #HerenyaSeptember with the brilliant Petri Redelinghuys of Herenya Capital Advisors. This month, Herenya comes on board as a brand partner. We will spend September focusing on the nuts and bolts of trading, along with the realities and the risks involved. In the first show, we discuss the trading community that Petri and the team have built at Herenya. His focus is on helping people learn and trade safely, while understanding the risks and the hard work required to be a truly successful trader. We also discuss the importance of DMA trading, account sizes and risk management. Petri has a proper reputation in the market and with good reason. Hosts The Finance Ghost and Mohammed Nalla can't wait for a month of learning! This podcast is brought to you by Herenya Capital Advisors, registered FSP no. 47080. Herenya is setting the new standard for stockbroking services.  Herenya - by traders, for traders.

The commodity economy is playing out in front of our very eyes, not just in South Africa but in other important African jurisdictions as well. The obvious impact is on mining companies themselves, but there are other South African companies that have benefitted along the way, like MTN. In an inflationary environment where Fed Chair Jerome Powell seems quite comfortable with letting durables inflation run, commodity-related stocks are making a strong case for inclusion in our portfolios. Magic Markets is your invitation to join The Finance Ghost and Mohammed Nalla as they discuss the markets, their portfolios and all things finance-related.

Nerina Visser is the leading ETF expert in South Africa. Magic Markets hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) had the pleasure of hosting her on Magic Markets in Episode 4 and they were excited to welcome her back for Episode 40! In this show, some of the more technical elements of ETFs and ETNs are discussed. For example, there are important differences between the two structures when it comes to underlying risk. Nerina also addresses the misconception that ETFs are purely a "passive" investment decision. With plenty of laughs along the way, Nerina also reveals what the hosts suspected to be true: (almost) all of her money is invested in ETFs! Magic Markets is your invitation into the dealing room to be part of these conversations with global market and investment experts. 

ETFs are thought of as passive investment tools, although this isn't always the case. In Episode 39, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) unpack more exotic examples of ETFs, which can include swaps and other mechanisms to achieve interesting outcomes. The hosts also debate how they use ETFs in their own portfolios, adding general market exposure at a low cost.  Magic Markets is your weekly invitation to be part of our portfolio brainstorming sessions.

In Episode 38 of Magic Markets, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) each chose two interesting US-listed stocks for discussion. These aren't stock picks in the traditional sense, but are rather companies that provide great learning opportunities about the market. The Finance Ghost chose gaming hardware company Corsair ($CRSR) and golf business Callaway ($ELY). Moe chose medical distribution giant McKesson ($MCK) and pharmaceuticals business Moderna ($MRNA), which has become a household name thanks to the Covid vaccines. The show offers institutional-level thinking in an easily digestible format. Magic Markets is your invitation to be part of our conversations about the markets. Follow The Finance Ghost and Mohammed Nalla on Twitter for more insights.

In Episode 35 of Magic Markets, we briefly discussed the new Satrix Inclusion and Diversity ETF and what we felt were its shortcomings. The Satrix team subsequently reached out and offered to appear on Magic Markets to answer our questions and respond to our criticisms. Siyabulela Nomoyi, Quantitative Portfolio Manager at Satrix, joined us for Episode 37 and we asked a series of tough questions. This episode was not paid for by Satrix and we did not send our questions beforehand. We are grateful to Satrix for the willingness to engage on this basis and we hope our listeners enjoy the debate around this product.  

The quick-service restaurant (QSR) sector has been a clear winner globally under lockdown conditions. When you're worried about catching a virus, a pizza served to your car window is more appealing than a sit-down restaurant. Share prices of companies like Chipotle and Domino's have increased sharply. However, the threat of food delivery apps cannot be ignored, as the value chain in this industry is far from settled. In episode 36 of Magic Markets, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) complain about their waistlines while commenting on the restaurant sector and the competitive realities in that space. It's a fun episode with plenty to learn about this important market.

There were some big moves in the market this week, including an interesting situation where both equities and yields dropped in the US. That's an unusual combination and is one of the talking points in Episode 35 of Magic Markets. Hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) also discuss technical levels and sentiment around Bitcoin, as well as thoughts around knowing when to sell winners. But first, the focus is on the new Satrix Inclusion and Diversity ETF, which supposedly looks at ESG metrics but still manages to include the likes of Sasol and British American Tobacco among the top holdings. Fiercely independent and packed with market insights, Magic Markets is your invitation to be a fly on the wall as the experienced hosts discuss the fascinating world of investments and markets.

Our home country is burning. South Africa is in economic turmoil and lives are being lost. This isn't sensationalist. This is what is happening on the ground, right now. In an incredibly sad week for our beautiful country, we have a heartfelt conversation about the situation and what it means for investors. It's an unpleasant reminder of the importance of creating optionality for yourself and your family. We hope to offer some perspective in dark times. Hosts The Finance Ghost and Mohammed Nalla would like to thank you for making time to listen to us in a week where you are being bombarded with news and analysis.

The markets have been all over the place in the past week, with a rollercoaster ride for investors in Chinese tech stocks in particular. Ride-hailing business DiDi has been the catalyst for the latest concerns. In Episode 33 of Magic Markets, The Finance Ghost and Mohammed Nalla chat through some of the companies in their portfolios and the approach they take when sections of the portfolio are under pressure. There's also a reminder that risks aren't always in line with the popular narrative. Although Chinese stocks are being discounted currently, the pending IPO of Robinhood is a perfect example of a risky play that has nothing to do with China. If nothing else, DiDi is a reminder that investors must always do their DD (due diligence) when investing in any company. You can't always see the risks, but the process is important to go through.

Just Share is a non-profit shareholder activism organisation. The focus is on inequality, climate change, diversity and transformation. Importantly, the approach taken by Just Share is practical and makes absolute economic sense. These are hard-hitting issues that don't just impact the planet and society, but have a significant impact on share portfolios as well. Hosts The Finance Ghost and Mohammed Nalla (Moe-Knows.com) were thrilled to welcome Tracey Davies as a guest on the show. Tracey is the Executive Director of Just Share and is a recognised subject matter expert on ESG investing. In the longest Magic Markets show thus far, a passionate and insightful discussion unpacked why ESG is so important. This is a must-listen for every investor in the market.

Whether you trade bonds or not, the yield curve has an important impact on all the assets in your portfolio. Valuations of shares are significantly impacted by changes in interest rates, driving up- and down-cycles that you don't want to get on the wrong side of, regardless of your stock picking abilities. In Episode 31 of Magic Markets, the hosts kick it up a gear on the technical side, discussing more advanced topics on the yield curve for those who are ready to learn more. The combination of Mohammed Nalla's macro and fixed income insights and The Finance Ghost's experience with equity valuations creates a yield masterclass that you don't want to miss.  

Mohammed Nalla took a break this week to deal with a tragic loss in his family, while The Finance Ghost ensured that the show goes on. Mark Tobin is the guest this week, an Irishman who writes about Australian stocks while living in Stellenbosch! He may struggle to choose who to support in the Rugby World Cup and he certainly struggles with Afrikaans pronunciations, but his international perspectives are invaluable. The show includes discussions on the key sectors in Australia, the spread of companies on the ASX, the extent of the small-cap universe vs. South Africa and the type of return metrics that can typically be expected on that market. If you want to expand your portfolio universe to include Australian stocks, this is a must-listen. For more from Mark, follow Coffee Microcaps on Twitter.

Wandile Sihlobo is an expert on the agriculture sector in South Africa. He is the Chief Economist of the Agricultural Business Chamber of South Africa (Agbiz) and has written numerous columns and blog posts in addition to his published book, "Finding Common Ground: Land, Equity, and Agriculture". Sihlobo is a member of the Presidential Economic Advisory Council and has served in roles at Stats SA and the International Trade Commission of South Africa. In summary: there is nobody better to speak to about the agriculture sector in South Africa. The Finance Ghost and Mohammed Nalla (Moe-Knows) discussed the investment opportunity in this sector in South Africa with Sihlobo and unpacked important topics like the strength of the rand and the levels in the value chain that are most attractive to investors. This episode of Magic Markets is brought to you by Olive Venture Capital Company, a s12J-compliant investment vehicle that is welcoming new investors until the s12J window closes at the end of June 2021. Listen to Ep 28 of Magic Markets for more information or visit the Olive VCC website. Olive VCC is an authorised financial services provider.  

The s12J tax benefit is coming to an end in South Africa. Investors only have until the end of June 2021 to invest in these opportunities. To find out more, The Finance Ghost and Mohammed Nalla welcomed Haroon Jeena to the show, the founding director of Olive Venture Capital Company. We discussed the way s12J funds work and what kind of assets Olive invests in. Interested investors can visit the Olive website to find out more about the fund and to view the prospectus.  

Craig Antonie of AnBro Capital Investments is no stranger to regular Magic Markets listeners. He was the guest on Episode 11: Tech Truffles and Unicorns, where Craig discussed the approach taken in their Unicorn Global Growth Fund. The recent market sell-off has been painful for growth investors. In this episode, Craig explains why the future still looks bright and why the Unicorn thesis hasn't changed.  This is a must-listen for investors in Unicorn and anyone interested in growth investment strategies. Episode 27 of Magic Markets is brought to you by AnBro Capital Investments, an authorised Financial Services Provider. Invest in the future. Invest in growth. Visit investinunicorns.com for more information.

Inflation: the word on everyone's lips. What is causing spikes in inflation in countries like the US? Is it transitory? What does that even mean? Inflation can have a significant impact on an investment portfolio. In Episode 26 of Magic Markets, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows.com) explain how inflation affects valuations and some of the techniques available to help mitigate the impact.

With US markets facing incredible volatility under the realities of inflation and poor jobs data, much of the risk money has moved from equities into cryptos. This has left many tech investors scratching their heads, down 20% or even 30% on stocks with exciting prospects. In episode 25 of Magic Markets, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows.com) discuss the importance of valuations and taking a sensible approach in frothy markets. They discuss Cathie Wood and ARK Invest, including the risks of illiquid stocks and what investors need to consider before investing in such companies.   

The title may sound like a vampire holiday movie, but most investors will be familiar with the term FAANG as an acronym for some of the most exciting tech companies in the world (Facebook, Amazon, Apple, Netflix and Google). The term BEACH is less common and is used to describe travel and leisure industries that will benefit from a return to normality after the pandemic. In Episode 24 of Magic Markets, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows.com) discuss the companies behind the acronyms and what investors should be thinking about when analysing them.

European investor and student of the markets Tobias (@TobyTheInvestor) joins us from Copenhagen to discuss European gems and the appeal of Nordic markets that are often ignored when people think about global opportunities. European markets can offer attractive risk/return trade-offs, if investors know where to look. Toby gives great practical insights into navigating European markets, including an understanding of the numerous Volkswagen listings! This episode is brought to you by Future Forex, assisting traders in making money from crypto even if they don't like crypto as an asset class. To find out more about Bitcoin arbitrage opportunities, visit futureforex.co.za and be sure to listen to Episode 21 of Magic Markets where we discussed this trade with the founders of Future Forex.

In Episode 22 of the popular Magic Markets podcast, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) look back fondly on their days in banking. After a year of volatile markets with high trading volumes, investment banks are posting terrific financial results. Well, those who have avoided crises like Greensill and Archegos at least.  Banking is an industry of high risk and high rewards. In this episode, the hosts give insights into this space and how investors should think about banks in their portfolios. Claim your seat for the trading floor banter with the hosts of Magic Markets.

With the help of the team from Future Forex, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) unpack the risks and opportunities of crypto arbitrage. Due to pricing differences in Bitcoin between foreign and local markets, there are profits that can be made. Future Forex helps people execute the arbitrage and unlock those profits. For those seeking an alternative use of their offshore annual allowances every year, crypto arbitrage may be an interesting area for further due diligence and research.  In Episode 21 of Magic Markets, you'll learn the basics of crypto arbitrage and the questions that you should be asking when considering this trade.

In Episode 20 of Magic Markets, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) discuss property investing and their respective views on whether buy-to-let is a good idea. The Finance Ghost likes to call it buy-toi-let instead, which gives you a clue into what he thinks about the idea. With fascinating real world insights into the property market in developed countries vs. South Africa, Episode 20 focuses on an area of interest for many investors: property investment. Of course, there are a few references to listed companies too. The hosts can't help themselves. 

It's an April Fools' show, yet we only discuss things that have actually happened. It says a lot for the character of the markets that many of the current topics could probably double up as pranks. Other than Cathie Wood's ARK investing in John Deere in a space fund (?!?), the really interesting story in the markets has been the Archegos Capital Management blowup. A few banks have found themselves severely on the wrong end of this hedge fund disaster. Some retail investors would've been hurt as well. In Episode 19 of Magic Markets, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows) discuss how hedge funds work and how this has happened. There's also a discussion around investing in IPOs, with a dad joke thrown in along the way for good measure.

Regular listeners of Magic Markets will know by now that The Finance Ghost and Mohammed Nalla (Moe-Knows) bring different styles to their portfolios and to the show in general. In Episode 18, as Magic Markets reaches adulthood and comes of age, the hosts have a frank discussion around their different investment techniques and what does / doesn't work for them. As always, they share real-world experiences in the hope of helping listeners make better decisions with their portfolios. Magic Markets is brought to you by Elite Risk Acceptances. Visit the Elite Risk website for bespoke insurance cover for wealthy individuals. Elite Risk Acceptances is part of the Old Mutual Group of companies.

Corporate governance failures. Frauds. Accounting misstatements. A “hole in the balance sheet” – unfortunately, these breakdowns in trust happen on the market. When they do, the repercussions are severe not just for shareholders in the company in question, but potentially for the market as a whole. Have you noticed that JSE corporates are doing fewer acquisitions in exchange for shares these days? Mr Price just bought Yuppiechef for over R400m in cold, hard cash. Before the Steinhoff era, entrepreneurs were more inclined to accept shares in listed companies in exchange for their businesses. Those days are gone. What impact do the likes of Greensill and Wirecard have on their respective industries? How can investors and traders spot scandals and take advantage of them? Tongaat Hulett. EOH. This episode is packed with commentary by hosts The Finance Ghost and Moe-Knows on the companies that previously dominated the headlines for all the wrong reasons. Episode 17 of Magic Markets is brought to you by Elite Risk Acceptances. Visit the Elite Risk website for bespoke insurance cover for wealthy individuals. Elite Risk Acceptances is part of the Old Mutual Group of companies.

The Finance Ghost and Mohammed Nalla (Moe-Knows) have an in-depth discussion on the SPAC (Special Purpose Acquisition Company) phenomenon in the US markets. The concept of a SPAC has been around in South Africa for several years but only a few companies came to market in this way. In contrast, the US market is now crawling with SPACs. Are they good investments or do the risks outweigh the rewards? Episode 16 of Magic Markets is brought to you by Elite Risk Acceptances. Visit the Elite Risk website for bespoke insurance cover for wealthy individuals. Elite Risk Acceptances is part of the Old Mutual Group of companies.

In Episode 15 of Magic Markets, The Yield Curve-ball, The Finance Ghost and Mohammed Nalla (moe-knows.com) discuss the impact of a steepening US Treasuries curve and what it all means. Topics discussed include the basics of bonds, corporate vs. government bonds, whether bonds are good investments, the impact of the yield curve on equity valuations and the effect on the gold price. Episode 15 of Magic Markets is brought to you by Elite Risk Acceptances. Visit the Elite Risk website for bespoke insurance cover for wealthy individuals. Elite Risk Acceptances is part of the Old Mutual Group of companies.

The Finance Ghost and Mohammed Nalla take their signature unconventional approach to Budget Speech 2021.  Despite all the challenges, South Africa somehow manages to find a way to get through. Dubbing South Africa the "Fiscal Cockroach" - a term of endearment in case you aren't sure - the hosts take a balanced approach to the opportunities and risks facing the country.    Listen to Episode 14 of Magic Markets for the budget insights that you won't hear anywhere else.

It's an investment rumble in the jungle, as the House of Mouse takes on Netflix. Although Netflix gets all the credit for being a techy platform company (and included in the FAANG group), Disney+ already has nearly 100 million subscribers vs. just over 200 million at Netflix. Of course, there's so much more to Disney than Disney+, like the entire Parks business and arguably the most impressive back catalogue in the world. "Netflix creates shows, but Disney creates worlds." In Episode 13 of highly rated podcast Magic Markets, The Finance Ghost and Mohammed Nalla (Moe-Knows) discuss their views on which business is the better investment. They also throw out a third idea as a curveball. This episode is brought to you by AnBro Capital Investments. Invest in the future. Invest in growth. Visit investinunicorns.com for more information. AnBro Capital Investments is an authorised Financial Services Provider.

The Finance Ghost and Mohammed Nalla (Moe-Knows) discuss some of the macro ratios that can be used in assessing whether the market is experiencing a general feeling of fear or greed. With an understanding of high-level tools like the lumber-to-gold ratio or a reading of the VIX, investors and traders can try to time their market entries and exits more effectively. The hosts also touch on the recent earnings boom among South African mining companies and the feel-good news of increased toy sales in the past year. Episode 12 of Magic Markets is brought to you by AnBro Capital Investments. Invest in the future. Invest in growth. Visit investinunicorns.com for more information. AnBro Capital Investments is an authorised Financial Services Provider.

The Finance Ghost and Mohammed Nalla (Moe-Knows) unpack insights into finding the winners of tomorrow - the Tech Truffles that are hard to find but incredibly rewarding when you get them right. With Craig Antonie as their guest, a stock-picking expert with a brilliant track record, this episode of Magic Markets puts forward a simple and practical framework for identifying attractive long-term investments. Episode 11 of Magic Markets is brought to you in association with AnBro Capital Investments. Visit investinunicorns.com for more information. AnBro Capital Investments is an authorised financial services provider.

The Finance Ghost and Mohammed Nalla (Moe-Knows) have been enthralled by the markets this week, with the Main Street vs. Wall Street battle playing out through an obscure gaming company (GameStop). Suddenly, everyone is talking about short squeezes! The hosts unpack the concept of a short squeeze and the trading strategies around this. This high-energy show is a must for those who want to understand more about the current market craziness. This episode of Magic Markets is brought to you by AnBro Capital Investments. Invest in the Future, Invest in Growth, Invest in Unicorns. Visit investinunicorns.com for more information. AnBro Capital Investments is an authorised financial services provider.  

The Finance Ghost and Mohammed Nalla (Moe-Knows) have a high-level discussion on Modern Monetary Theory (MMT), an economic framework that keeps getting attention on social media and in the press. They also touch on inflation, interest rates and how these concepts work together in economies.

The Finance Ghost and Mohammed Nalla (Moe-Knows) bravely venture into the great unknown: Bitcoin, cryptocurrency and the blockchain. As traditional finance experts, they see the world of crypto through a specific lens, but they are open to learning more about it and considering its potential. In Episode 8, they share some initial insights around this asset class that is starting to gain institutional acceptance.  

The Finance Ghost and Mohammed Nalla (Moe-Knows) kick off 2021 with a recap of what worked and didn't work in their investment portfolios in 2020. They also discuss changes made to their respective portfolios for 2021, taking into account the second wave of lockdowns and latest market movements.

The Finance Ghost and Mohammed Nalla (Moe-Knows) discuss the link between environmental sustainability, good corporate governance and successful long-term investing. ESG metrics are important elements of any investor toolkit. This episode of Magic Markets is proudly sponsored by Gray Capital, an independent wealth management company.

The Finance Ghost and Mohammed Nalla (Moe-Knows) discuss the key concepts behind Gross Domestic Product (GDP) and touch on a number of critical insights from a South African perspective. They also unpack some of the important caveats when interpreting GDP. This episode of Magic Markets is sponsored by Gray Capital, an independent wealth management company in South Africa.

The Finance Ghost and Mohammed Nalla (Moe-Knows) welcome their first guest on Magic Markets, ETF and retirement fund expert Nerina Visser. They give a fresh angle on the regulatory changes to pensions. Moe thinks that markets should be free and efficient. Nerina thinks that Regulation 28 needs a rethink. The Ghost is just tired of South African management teams tapping into a trapped pool of capital and then squandering it offshore. Join these three experts as they debate how your retirement savings should be treated, sponsored by Gray Capital.

The Finance Ghost and Mohammed Nalla discuss the role of ratings agencies in the market. What do they do? Why do investors rely on them? What is a downgrade? Are there investors for junk bonds? How does South Africa elevate itself out of junk status? This episode is sponsored by Gray Capital, combining the art of financial planning with the science of investing.

The Finance Ghost and Moe-Knows give context to Chinese regulation in light of the Ant Group IPO being cancelled for now. The country's journey to carbon neutrality is also a major source of growth for Tesla and electric vehicles in general. 

The Finance Ghost and Mohammed Nalla (Moe-Knows) kick off their new podcast series Magic Markets with a discussion on the complexities of the Rand. Is it over- or under-valued? What drives price movements? What could happen long-term? How should South African investors think about moving money offshore?