| The JSE All Share is down more than 10% this year, so the performance of any locally-listed company needs to be measured against that. On that basis, education groups STADIO and especially AdVTECH have beaten the market this year, although both are in the red. Curro has done particularly badly, down over 26% this year. Curro is essentially a property company these days, with a vast footprint of schools and a need to increase the occupancy rates and fees to offset the impacts of inflation. The valuation is finally starting to reflect that reality, after years of trading at silly multiples and hurting investors along the way. In a presentation delivered at the AGM yesterday, the management team of STADIO talked about wanting to be "the alternative to UNISA" - this tells you that (1) STADIO is focused on higher education and (2) online learning is p referred to contact learning. In fact, STADIO is building a business based on a target of 80% online learning and 20% contact learning. There are currently 38,000 students and 84% of them are online. Having gone through a cycle of significant investment in the business, STADIO seems to be ready for a growth phase that should see a substantial improvement in margins. This is where operating leverage becomes a wonderful source of value for investors, as the marginal cost of adding students is limited and the infrastructure already exists. This creates "airline-economics" where a small increase in revenue results in a large improvement in profit. Comair is an example of what happens when airline-economics work against you. If you want to learn more about why I think STADIO is looking interesting, read this feature article. Today's other feature article is on Orion Minerals, a junior mining company that needs to raise A$20 million (that's Australian dollars) for its projects. A$6 million has been committed thus far, including A$2.2 million from directors of the company. The problem is that the remaining amount looks rather large and investors have asked for more time to make a final decision. I suspect this is a direct result of the uncertainties in the world at the moment, where the word "recession" has firmly joined the WhatsApp chat. To understand more about the capital raise, you can read this article. For all the other news from the JSE yesterday, ranging from strong diamond sales at Anglo American to a nasty trading statement from PPC, be sure to read Ghost Bites. Although we will need to see how the market reacts today to Powell's testimony at Congress, the dollar initially slipped as testimony began. The team at TreasuryONE expects the testimony to cause some knee-jerks in the market. The dreaded talk of a recession has also hit the oil price, with $107 per barrel as a key support level. We would need to see a sustained break below that level before $100 comes into play. As the market is always forward-looking, the retreat in the price only reflects the expected demand over the longer term. To get up to speed on the events of the past week that set the scene for the testimony at Congress, check out this article from TreasuryONE that explains the rate hike and ECB emergency meeting. It's not too late to register for the Unlock the Stock event at 12pm today, but you need to move quickly! The management teams of Capital Appreciation Group and Attacq will be presenting and attendance is free. Remember, you also get to ask questions to the teams! If you would like to attend, head over to this link immediately and register. Podcast fans, remember that there's a great show on Magic Markets for you to listen to (dealing with US growth stocks and how to separate hot air from hot opportunities) as well as the long-form interview on the first episode of Ghost Stories with Charles Savage, founder of EasyEquities. Whether you are an investor or a founder yourself, there's so much to learn from that show. Finally, if you're looking for more stability in your portfolio during anxious times, the team at Fedgroup has got you covered. To learn more about how to earn a yield of 11.7% per annum over five years, read this article and speak to them directly or to your financial advisor. That's it for today. Have a terrific day! | 