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Good Morning Voornaam,

Best Bites:

Attacq is paying dividends again (50 cents per share)
African Rainbow Capital only needs to beat a 10% investment hurdle for performance shares to be issued to the investment manager - that's less than the 10-year government bond yield
Libstar has been resilient in dealing with inflation, with an immaterial drop in gross profit margin and an increase of just 4.8% in expenses
Learn about alternative asset management business Patria ("the Blackstone of LatAm") in Episode 92 of Magic Markets, featuring Craig Antonie of AnBro Capital Investments

Things were going rather well yesterday until the US CPI print butc hered the local market, driving the JSE to close 2.15% down for the day with every Top 40 company in the red! That's still mild compared to the Nasdaq, which quickly traded more than 4% lower.

The wrong Ark for this flood

Of course, I couldn't resist checking the ARK Innovation ETF, down 6.5% at time of writing. It's certainly not out of the Woods yet. If you missed that joke, you need to read more about the markets.

Here's a chart showing what happens when bad risk-free yields happen to good people:

On the local market, Capitec closed 4.3% lower and has lost over 15% of its value in the past five days. Trading on a truly outrageous Price/Book multiple, there's every chance of the negative momentum continuing.

Befor e moving on, today marks the start of the RMB Morgan Stanley Off-Piste Conference. Now, if you feel piste-off that you didn't crack the nod for an invite, don't worry - I'll be sure to cover interesting nuggets of info from companies who release their presentations over SENS. In case you're curious, off-piste is a skiing term for going off the prepared ski runs. It's a fancy way to theme a conference around some of the less-covered names on the JSE.

Brand new Ghost Bites

I blame British American Tobacco. If I had to write about those share buybacks for one more day, I would've lost my mind.

Startups are all about experimentation and taking risks. Ghost Bites was doing a wonderful job of summarising the news on the JSE, but that's never what The Finance Ghost was all about as a brand. I built this business to deliver fun, insightful information about the markets, not to categorise the news and add a few points of intere st.

So, I've taken a risk. Ghost Bites looks nothing like it did before. In today's edition, I delve into ARC, Attacq, Labat, Libstar, Mustek and RFG Holdings. Give it a read and let me know what you think!

TreasuryONE explains the US craziness

After we saw a softer dollar in the past few days, the gains made by other currencies were wiped out in a matter of minutes. The August inflation print was higher than the market expected and the rand quickly lost 30 cents to the dollar. With the market already pricing in a 75 basis points hike by the Fed next week, this CPI print has added fuel to the hawkish fire.

It's also notable that the 2-year US Treasury Yield reached 3.72%, the highest level since November 2007! T he 10-year yield is at 3.42%.

As a reminder, TreasuryONE has launched a daily podcast to keep you up to date with market movements. You can find it here.

Ghost Global

In this week's edition of Ghost Global, two of the Ghost Grads elected to cover restaurant group Dave & Buster's Entertainment, tech company DocuSign, meme stock GameStop and furniture business Lovesac. You'll struggle to find a more intere sting mix of stocks!

Good luck in these crazy markets today.

Ghost Bites (ARC | Attacq | Labat | Libstar | Mustek | RFG)

Rain is a R1 billion EBITDA business. Attacq is paying dividends again. Labat loves confusing SENS headlines. Libstar loves cheese. Mustek is slowing down. RFG is winning in canned peaches.

Ghost Global (Dave & Buster's | DocuSign | GameStop | Lovesac)

Dave & Buster's could be the most American thing EVER. DocuSign has a lot of new executives. GameStop reported another loss. Bean bags are good business!

Save 40% on Who Owns Whom mining sector research

The mining industry has been all the rage this year, with commodity prices driving inflationary pressures across the globe. Ghost Mail readers get a 40% discount on Who Owns Whom research reports, including on this sector.

Magic Markets Ep92: Investing in the LatAm Blackstone

Craig Antonie from AnBro Capital joins us to discuss Patria, an alternative asset management firm in South America and an example of a non-tech holding in the Unicorn portfolio.

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