How have ETFs done this year?

Good morning Voornaam,
So far, so good! The new format seems to be quite popular. My dream with Ghost Mail has always been to write to you, not at you. It feels like this is being achieved now, but of course I still value your feedback (good and bad).
I would like to specifically draw your attention to the brand new episode of Ghost Stories, in which Siyabulela Nomoyi of Satrix joined me to consider the ETF scorecard this year and where the right place was to put your money. Find it at this link.
Let's get into it!

Ghost Wrap podcast
(Capital Appreciation vs. PBT Group | Mustek | Bidvest | Hyprop vs. Growthpoint | Astral Foods + Quantum Foods | Trellidor | Southern Sun vs. City Lodge)

Magic Markets podcast

TreasuryONE Market Update

The highest US Treasury yields in over a decade. That's been the story of the week, with the market finally taking a breather as the focus shifts towards month-end positioning and an anticipated period of consolidation. It's expected that 10-year yields in the US will hover around the 4.5% mark.
Italians are excellent at making fast cars and carbohydrate-focused delights. Fiscal policy? Not so much. Italy's fiscal deficit is now expected to be 5.5% of GDP, up from 4.5%. Along with difficult projections for 2024 as well, this cast a shadow on the euro.
The dollar remains the kingpin, with the rand reaching R19.20.
There's still much debate around whether the oil price will reach $100 a barrel. Although depletion of oil inventories is affecting the oil market, Goldman Sachs has issued a note saying that the bulk of the price rally has likely already occurred. The thesis here is that further supply cuts could end up hurting demand. China is also a key variable in the forecast. With oil at $97.3 this morning, it's quite possible that we will get to $100. The question is: will we stay there?

Ghost Bites - local company news

Desperate sellers get desperate outcomes

Rebosis is busy with a garage sale. Literally. The property fund needs to sell as many properties as possible in the business rescue process.
Now, if you've ever sold a property, you'll know that it isn't the easiest process. To make it more difficult, many of the Rebosis properties are office buildings with high vacancy rates. And to add final insult to the several existing injuries, Rebosis is a desperate seller.
Do you know what a desperate seller finds? Opportunistic buyers.
Enter a subsidiary of Heriot Investments, which has picked up a portfolio of assets from Rebosis at a price vastly below the independent valuation that was done on 1 April 2023 (the date is mildly funny). This doesn't necessarily mean that the valuation experts didn't do their jobs. If you look closer, you'll see that Rebosis sold the properties on a massive implied yield of over 26%.
This means that in theory, if the buyer can just maintain the current level of income, the payback on the properties is four years.
Moving on from desperate property funds, we find desperate consumers. I would far rather own a bank than an investment house in this country, evidenced by the difference in return on equity between Old Mutual and our local banks. Consumers don't have money, so one would logically rather lend to them than rely on them investing for the future.
But of course, it depends entirely on what valuation you pay for the shares. Much of the banking uplift was priced in this year, whereas Old Mutual was trading at a particularly modest valuation.
To see how that played out, here's Old Mutual's share price this year vs. its old flame, Nedbank: