View in web browser

Good morning Voornaam,

Here we are, officially in "I wish I was on leave" week. For those of you who aren't on leave, it's a great time of year to catch up on loads of great content while the office is quieter than usual. For those who are on leave, thanks for making time for Ghost Mail on your holiday!

Based on a substantial debate that I triggered on X yesterday about how it doesn't make sense to me that people want to compete with UK tourists for overpriced Cape Town holidays in peak season, the concept of money dysmorphia is alive and well. Although it leads to uncomfortable debates (and a few people hurling abuse my way on the socials), it's an important debate to have. René Basson of Satrix joined me on the latest Ghost Stories podcast to explain what money dysmorphia means and why it can apply to people regardless of their financial strength. Be sure to listen to it here>>>

Of course, one route to nicer holidays is to make more money. Traders know this, which is why they put in the work to try and get better i.e. more profitable. The final episode of The Trader's Handbook deals with the importance of putting together a trading plan, a key ingredient in any successful trading journey. Listen to episode 13 or read the transcript here>>>

In company news, enX has pulled off what looks like an elegant deal to sell the lubricants segment in one shot. There are three different underlying companies and they aren't all 100% stakes, so this is most unusual. The Dunn family sits on the other side of this deal, giving new meaning to One and Dunn.

In property news, we saw an important pre-close update from SA Corporate Real Estate. This includes some interesting updates on how space previously held by the likes of Ster-Kinekor and Pick n Pay has been repurposed or retenanted. Unsurprisingly, Shoprite features strongly based on its trading space expansion.

There's also news from Labat Africa (prepare yourself for a planned rights offer there), Sabvest, South32 and new kids on the local block, Supermarket Income REIT.

Get all the details on these stories and the various Nibbles (including the all-important director dealings) in Ghost Bites here>>>

In the final episode of Magic Markets for the year (other than for our paying subscribers), Mohammed Nalla and I looked back on the assets that really moved the dial this year. Gold, bitcoin, the US markets - they all feature. Of course, we also discussed regional highlights like South Africa and China, as well as the troubles in Europe. This is a perfect way to wrap the year>>>

For a lighter read and a reminder of just how crazy a year can be, Dominique Olivier tells the story of Haliey Welch - and yes, that's the correct spelling. Better known as Hawk Tuah Girl, Welch went from obscurity to immense fame literally overnight, with the latest controversy being allegations of crypto fraud. It's been quite the year for her, as explained here>>>

Have a great day!

THE TRADER'S HANDBOOK: Building your trading blueprint - the season finale

In this final episode of The Trader’s Handbook, Shaun Murison joined me to wrap up an insightful season by exploring the cornerstone of trading success: crafting a solid trading plan.

From setting realistic goals and managing risks to refining strategies and maintaining discipline, we covered the essentials that help traders stay on course in a chaotic market.

Whether you’re just starting or looking to fine-tune your approach, this episode provides actionable advice. Don’t miss this culmination of key lessons and practical tips to elevate your trading game. The podcast and detailed transcript are available here>>>

SATRIX: Beating Money Dysmorphia

To close out the year, René Basson of Satrix made her debut on Ghost Stories for a fascinating conversation on the topic of money dysmorphia. This is a mismatch between financial behaviour and financial means - and yes, it can work in both directions i.e. whether you have plenty of money or not enough!

We also talked about gender-based biases in personal finance, as well as insightful statistics from the SatrixNOW platform.

Along with a detailed transcript, you'll find it here>>>

MIC Khulisani Ventures is looking for entrepreneurs

Raising equity funding is not easy for small businesses in South Africa, but thankfully the Mineworkers Investment Company's (MIC) Khulisani Ventures initiative is an early-stage funding vehicle that provides capital for businesses that are ready to aggressively grow. Along with a detailed transcript, you'll find it here>>>

DOMINIQUE OLIVIER - One weird year for Haliey Welch

A moment of internet fame can catapult almost anyone from anonymity to a household name. But is there a way to transform all that newfound fame into cold, hard cash? Dominique Olivier tracks Haliey Welch’s one-year journey from obscurity to internet sensation to potential crypto villain in this article>>>

Ghost Bites - local company news:

Ghost Bites: The latest on enX, Labat Africa, SA Corporate Real Estate, Sabvest, South32, Supermarket Income REIT and numerous Nibbles in Ghost Bites here>>>

Ghost Wrap - five insights from November

Ghost Wrap: In a new format, I look back on key insights from November including the property sector, the demand for IPOs, the uptick in poultry businesses and more. Brought to you by Forvis Mazars, the podcast and transacript are available here>>>

Unlock the Stock - KAL Group

Unlock the Stock: KAL Group joined the platform for the first time to talk about the performance and strategic focus areas in the broader agriculture industry. Enjoy the presentation and Q&A here>>>

MAGAnomics: Trump and the global economy

What impact will Trump’s presidency have on the global economy and emerging markets? Tune in to the latest episode of the No Ordinary Wednesday podcast for insights from Investec experts, Annabel Bishop (SA) and Ellie Henderson (UK).

International Business Snippet:

Costco shows no signs of stopping its run just yet, with another solid quarter that saw the retail giant beat revenue and earnings estimates. The CFO is quoted as saying that they have had a "bifurcation with the member" - which sounds mildly filthy. Luckily, what that actually means is that they've seen a split of shoppers, with some tending towards higher value items and others having to shop down. Costco sells just about everything, so they are well positioned for this.

With Costco's eCommerce sales up 13%, it's becoming clear that the scale players (like Walmart as well) are winning in this space. Amazon's eCommerce results have also been strong recently. The market is betting on this trend continuing, hence the rather insane traded earnings multiples that we are seeing at Costco and Walmart in particular.

Speaking of retail, our latest research in Magic Markets Premium is on Lululemon. Having come off hard this year (and giving me a buying opportunity or two along the way), the share price seems to be turning. Can they make their American business great again? Subscribers find out this week.

Magic Markets: Blockchain technology in financial markets

Magic Markets: With crypto all the rage again, there isn't enough focus on how underlying blockchain technology can play a role in the markets. Mesh.trade and AnBro are working together to make it easier to invest in AnBro's funds. Find out more here>>>

Macroeconomic indicators

Key Indicators: USD/ZAR R17.87/$ \| US 10yr 4.41% \| Gold $2,648/oz \| Platinum $936/oz \| Brent Crude $73.72