| Good morning Voornaam,
It's been a fun 24 hours for SARS. After sending out threatening messages on Tuesday night to anyone who is even slightly behind on income tax returns for dormant companies, the receiver retracted the threats. Perhaps they realised that they were threatening to throw half of the South African tax base in jail?
Anyway, kudos to you if you got such an SMS. At least it means you've tried something interesting before that made you register a company! We need to encourage innovation, not hurt it. For more on how our government's policies towards business drive economic growth, refer to a 20-year chart of the rand.
In case you haven't gotten to it yet, I've left in the link to the Magic Markets show with Garth Mackenzie. It really is a great listen for anyone interested in trading. There's also a brand new show, dealing with Tesla and Netflix. You can listen to it here, with thanks to B2IT.
Enjoy your Ghost Mail today!
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| Lesaka Technologies joined the Unlock the Stock platform for the first time to talk about the recent financial performance and the strategy. You can watch the recording here, thanks to our partner A2X. |
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| NEW: The ETF revolution - views from Satrix |
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| Kingsley Williams of Satrix gives us nine reasons why the boom in ETFs makes sense.
In my opinion, every investor should be using ETFs in a portfolio. This is why I'm always grateful to Satrix for their insights in Ghost Mail. |
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| In this brand new episode of Magic Markets, we welcomed Garth Mackenzie to the show to talk about the art of trading.
Thanks to B2IT, you can learn about trading in bull vs. bear markets and the different types of traders in the market.
Garth has a wealth of experience in this space and as a podcast host himself, it was guaranteed to be an enjoyable discussion. No wonder it went on for longer than usual! |
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| In the latest Ghost Stories podcast focusing on structured products with the Investec team, Japie Lubbe joined me to unpack the Optimal Investment Growth Basket.
It offers a maximum annualised return in USD of 9.8% per annum over five years, with 100% capital protection at maturity in USD.
Listen to the show to learn about how this product works and what the benefits and risks are. |
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| Ghost Wrap podcast
(PSG Financial Services | MiX Telematics | Karooooo | CMH | African Bank - Sasfin | Cashbuild | Calgro M3) |
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| | | The latest Ghost Wrap podcast brings you company news and my opinions on a variety of local companies. It's a whirlwind, delivered at a rate of less than one minute per company! Ghost Wrap is brought to you by Mazars. |
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| With 100 Magic Markets Premium reports and podcasts now in the library, there are so many themes and insights to consider. Here's just a taste of what we cover, using Swatch, TripAdvisor and Deere & Co as examples. |
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| TreasuryONE Market Update The US Treasury 10-year yield moved above 4.9% and the 2-year yield is at 5.08%. This morning, the rand is at R19.20 to the dollar as the market considers commentary from Jerome Powell and the pending release of GDP figures. In Europe, the ECB is expected to keep rates on hold today, so this will be another factor to watch.
Locally, the market could also start to focus on next week's MTBPS and what this means for the local fiscus and the rand.
TreasuryONE has released a new weekly market review. The video is embedded below, or you can watch it on YouTube here>>> |
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| | | Get the latest on Bytes, DRDGOLD, Grindrod Shipping, Life Healthcare, Sibanye-Stillwater and Super Group. It's all available with a single click in Ghost Bites. |
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| The profit rollercoaster at DRDGOLD DRDGOLD is a tailings business, which means it mines the gold out of ground that was previously mined already (e.g. mine dumps). This is an expensive process with relatively low yields, so tailings businesses run at structurally lower margins than the mines that dig the stuff out of the ground for the first time.
When combined with South African operating cost pressures, the result is inevitably erratic profitability even when the rand gold price is moving steadily higher.
Here's a chart showing that phenomenon: |
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| Moving to another industry, another important lesson in the markets is that hospital groups generally aren't great capital allocators. It's difficult to earn a meaningful return on capital in the healthcare space. The acquisition track record isn't fantastic either, as Life Healthcare's impairment of Alliance Medical Group ahead of its sale will show you. Rand weakness has been the saving grace for that deal.
For these stories and more in Ghost Bites, follow this link>>> |
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| You should expect us in your inbox Monday – Friday. If you don’t receive an email, please check your spam, or junk folder and “move us” into your primary inbox to ensure you get it each morning.
Disclaimer
Our content is intended to be used and must be used for informational purposes only. You must do your own analysis before executing any investments or strategic decisions, based on your own circumstances. We do not provide personalised recommendations or views as to whether an investment approach or corporate strategy is suited to the needs of a specific individual or entity. You should take independent financial advice from a suitably qualified individual who gives due regard to your personal circumstances.
Whilst every care is taken, we accept no responsibility or liability for any errors or omissions in any of our content.
The views, thoughts and opinions expressed in our content belong solely to the author or quoted individuals and/or entities, and not necessarily to the author's employer, organisation, committee or other group or individual, or any of our affiliates or brand partners. |
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