Magic Markets

The AI trade is evolving fast - and Nvidia is no longer the whole story. In this episode of Magic Markets, we unpack how the market is shifting beyond the obvious winner and into the broader AI investment stack, from memory and CPUs to foundries and infrastructure. We explore what’s really driving the explosive moves in names like Micron, AMD and Intel, and whether these are sustainable trends or simply the latest phase of market optimism. Most importantly, we dig into the difference between exposure to AI and the quality of that exposure, because not all “AI stocks” are created equal. Key topics covered: The shift from Nvidia to second-order AI winners What the AI “investment stack” actually looks like Why memory, CPUs and infrastructure are suddenly in focus Micron: cyclical memory player or structural AI beneficiary? AMD: the race to become the #2 AI compute platform Intel: turnaround story or optionality trap? The role of hyperscaler capex in driving the AI cycle Why valuations (and “hopium”) are becoming a key risk The difference between AI exposure and investment quality What could trigger a sudden “rug pull” in AI-linked stocks Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

With South Africa finally emerging from its April “December-lite”, the hosts dive into property - an asset class that looks simple on the surface (yield + hard assets), but quickly reveals layers of complexity. From the appeal of listed property versus buy‑to‑let, to the reality that REITs are still equities (with all the balance sheet and management risk that implies), this episode explores why chasing yield can be a trap - and why quality, discipline, and capital allocation matter far more than headline returns. The discussion moves from local ETF structures (and why reading the fact sheet is non‑negotiable) to global thematic opportunities driving modern property investing. From senior housing and data centres to logistics and retail, the conversation highlights how the sector has shifted from a simple rates trade to a far richer set of structural bets. The episode closes with a timely warning: watch capital raises, always keep an eye on valuations, and don’t get caught when enthusiasm turns into excess. Key topics covered: Why listed property isn’t “just a bond with better marketing” Yield vs quality: avoiding value traps in REITs The role of balance sheets, management, and capital allocation South African property ETFs: why index construction matters Tax-free savings accounts and REIT income advantages Offshore exposure through “local” property investments Global themes (senior housing, data centres, logistics and retail) Capital raising red flags: vague use of funds, pricing dynamics, premium-to-NAV risks Property cycle sentiment: climbing, but caution required Why property is no longer just a rates play, but a thematic one Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

In this episode, The Finance Ghost and Mohammed Nalla unpack why US equity markets are refusing to take a break. With the S&P 500 at all‑time highs despite geopolitical risk and rising energy prices, the conversation turns to what’s really driving returns, and why index‑level strength is masking extreme divergence beneath the surface. The rally is narrow and increasingly concentrated in hardware and semiconductors rather than software or applications. The discussion then zooms out to earnings season, valuation risk and sector‑level surprises. From eye‑catching US earnings beats and six consecutive quarters of double‑digit growth, to stock‑specific lessons from Clicks and Capitec back home, the episode highlights why expectations matter more than good news. Stock picking is becoming unavoidable in a market sailing ever closer to the wind. This discussion lands that message. In this episode: Why US indices are at record highs while many big stocks are still deep in the red Hardware vs software: the AI winners and losers so far What early US earnings season data says about growth and valuations Sector surprises in earnings vs revenue growth Why healthcare and energy are lagging - for now Lessons from Clicks and Capitec on expectations, valuation and market sentiment How oil prices and inflation risk could shape the next two earnings cycles Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

In this episode of Magic Markets, Ghost and Moe balance life’s milestones with market realities. Fresh off Ghost’s wedding celebrations, the duo dive into the resilience required both in personal life and in investing. They explore the discipline of long-term holding, the lessons learned from winners and losers, and how conviction shapes portfolio decisions across geographies and sectors. From South African fintech platforms to Canadian banks, Chinese tech giants, and Latin American bottlers, the conversation highlights the importance of diversification, patience, and understanding the stories behind the stocks. Whether it’s celebrating gains or navigating setbacks, Ghost and Moe show how investors can stay grounded through market cycles. Today’s Topics: Life milestones and investing discipline go hand-in-hand Prosus, Purple Group, and Weaver Fintech as long-term South African plays Moe’s portfolio insights: Alibaba, JD Group, Coca-Cola FEMSA, and Rio Tinto Defensive strategies with Canadian banks and British American Tobacco Lessons from losers: Mr. Price’s misstep and speculative trades gone wrong The value of patience, conviction, and portfolio balance Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

AI is eating software, with the market response being nothing short of brutal. The once-loved Software-as-a-Service (SaaS) stocks have been crushed, with valuation multiples back to levels seen during the Global Financial Crisis. Is the golden age of SaaS over? Has the market perhaps overreacted to the risks? From Adobe and Salesforce to Microsoft, Alphabet, Intuit and ServiceNow, Mohammed Nalla and The Finance Ghost discuss the important of real moats, critical data and pricing power. Today’s Topics: Why SaaS stocks are being punished while the broader market holds up AI as a margin killer vs a moat builder Price‑to‑sales multiples collapsing to Global Financial Crisis levels Which software businesses still control sensitive, mission‑critical data The growing divergence between platform giants and pure‑play SaaS Survivors, casualties, and where selective long‑term opportunities may lie Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

Fresh off a honeymoon in Egypt, The Finance Ghost brings on‑the‑ground perspective to one of Africa’s largest and most misunderstood economies. From Cairo’s adrenaline‑fuelled traffic to the sheer scale of Egypt’s population, this episode blends travel observations with hard macro reality - mid-level GDP per capita, inflation in double digits, and a central bank running a 20% policy rate while nobody else in the country seems to believe in brakes! Together, Ghost and Mohammed Nalla unpack why Egypt feels simultaneously chaotic and safe, why tourism matters more than most investors realise, and why telecoms exposure (hello, Vodafone Egypt) could be far more important than flashy headlines suggest. Welcome to an emerging market deep-dive with pyramids, pain for the Egyptian pound, population growth - and yes, very cheap Uber rides. Today’s Topics: What Egypt actually looks like on the ground vs. the macro data GDP, population growth and why Egypt remains a lower middle‑income market Tourism as a critical FX earner Cairo traffic, LNG-powered Ubers and ultra‑low transport costs The Egyptian pound, inflation and a 20% policy rate Vodacom, Vodafone Egypt and the scale of the telecom opportunity Why Egypt feels more Middle Eastern than African Investment upside, currency risk and the realities of emerging markets Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

The first quarter of 2026 was a reality check for global markets. If you had oil, you made money. If you had almost anything else, you didn't.  With pressure across asset classes, this was a risk-off quarter thanks to the conflict in Iran. Defensive (and defence!) stocks were a decent place to hide, while riskier assets (including AI names) suffered substantial sell-offs. In this episode, Mohammed Nalla looks at the Q1 performance of major asset classes. The Finance Ghost digs into the sectoral performance on the JSE and some of the more notable moves - like Sasol! Today’s Topics: Q1 2026 market recap across equities, commodities, bonds and crypto. Oil’s standout performance and the knock‑on effects for inflation. Gold’s reversal and the impact of rising real yields. Global equity performance: US, Europe, Japan, China and India. South African markets: bond yields, property, financials and industrials. Big winners and losers on the JSE (including Sasol’s incredible run). Currency moves, dollar strength and what it means for the rand. Defensive rotations in US markets and the tech sell‑off. Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

Four weeks into the war in Iran, the numbers tell a stark story around the risks for equity plays in regions like the UAE. Dubai-listed property and bank stocks have tumbled, while the government bears the burden of owning leading hotel and airline groups. With the Straits of Hormuz as a daily topic, Mohammed Nalla and The Finance Ghost discuss the ways in which this is reshaping global logistics - and perhaps more importantly, the stocks of companies in this sector. And yes, this includes the concept of war insurance!  Today’s Topics: War insurance premiums have skyrocketed from negligible levels to 7.5% of vessel value per voyage, creating a concerning inflationary effect in commodity prices and shipping costs.  Dubai's top property stocks have cratered 20% to 30% in a single month, with Emaar Properties leading the decline. What could this mean for the Dubai property market in years to come? With UAE-based banks holding most of the debt in property stocks, how have those stocks performed? The value of public sector ownership in times of crisis, with government-owned infrastructure like airports able to weather the storm. Ditto for Emirates Airlines and leading hotel groups. Qatar faces approximately $20 billion in annual LNG losses, with a recovery timeline stretching five to six years. Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

From a macro perspective, the ongoing conflict in Iran has dished up some important movies in currencies, bonds, commodities and inflation expectations. Mohammed Nalla takes us through what we've learnt in the past few weeks - and not just about oil. In South Africa, earnings season on the JSE has put the spotlight on certain sectors and themes. With reference to retail, property, banks and even a couple of high-growth companies on the market, The Finance Ghost delivers a useful summary of what we've seen this month. Today’s Topics: In the third week of conflict in Iran, what do the moves in gold vs. the US dollar tell us about safe-haven assets? How has oil behaved and what does this mean for inflation and bond markets? What can we learn from the behaviour in global equity markets in recent weeks? The performance of sectors on the JSE including retail, property and banking. CA&S and Weaver Fintech as examples of growth engines on the JSE.  Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.  

With lightning-fast developments in AI on everyone's lips, figuring out where to play in this value chain is no mean feat. Will the hyperscalers achieve return on investment, or is it better to sit as far back in the chain as possible, targeting names like NVIDIA rather than Microsoft or Alphabet? Is this just a fad, or are we in an "AI epoch" that wil define the next few decades of our lives? These are examples of the many questions that David Eborall must ask himself on a daily basis in the process of managing the funds at SaltLight Capital. As an entrepreneur-turned-fund-manager, he brings a unique lens to his capital management decisions. This podcast is part of our efforts to bring you some of South Africa's best and most interesting boutique fund managers. It's a great way to understand more about David's edge and why he believes that AI is still in its infancy in our lives. Today’s Topics: The flexibility inherent in the SaltLight funds and why this is important in global markets as an opportunity maximalist. David's edge as an entrepreneur, with deep experience in areas like machine learning and coding.  The importance of "doing the work" in the research process and working with a range of potential outcomes (Expected Value Investing). The difference between an epoch and a trend, or even a megatrend - and why positioning a portfolio accordingly is so important. The paradoxical inconsistencies in global markets and how investors are viewing the different levels in the AI value chain. Find out more about SaltLight Capital here: Recommended: sign up for the excellent investor letters at this link SaltLight Capital website Reach out to David Eborall on LinkedIn or X Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. SaltLight Capital Management (Pty) Ltd is an Authorised Financial Services Provider, FSP number 48286. Past performance is not an indication of future performance. Please always speak to your financial advisor when making any investment decisions.

With the conflict in Iran still fresh in the market at time of recording, we decided to talk about the commodity that everyone is looking at: oil. And for South African investors, that means that Sasol comes up as well. Mohammed Nalla tends to be an oil bull, while The Finance Ghost is only really interested in putting the downstream products in his car. But there's no denying that oil plays a role in global markets, particularly as it has a tendency to spike to $100 in times of crisis. Perhaps the most surprising insight is this: over the past two decades, the oil majors have done a spectacular job of creating shareholder value despite the oil price showing little in the way of underlying inflation. Their approach of owning the value chain has been the right one. Today’s Topics: The oil ecosystem and the difference between long-term views and tactical trading The share price performance of major names like ExxonMobil and Chevron Sasol's decoupling from the oil price and how operational improvements could increase correlation A quick look at a trade that worked well after a recent Magic Markets Premium show: long Netflix Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

What’s the vital difference between a management team that creates value and one that destroys it? Is the concept of a "capital-light business" always positive? And what about management alignment and incentives? This episode is the first in a new series - The Finance Ghost and Mohammed Nalla are bringing you some of South Africa’s best boutique fund managers, kicking off with Aylett & Co. represented by Dagon Sachs. As a founding member of Aylett and a highly-experienced asset manager who has spent over two decades mastering the art of stock picking, there's much to learn from Dagon. With the hospitality industry as a useful case study, this podcast is an important look at how to assess the way that corporate management teams behave with shareholder money. Today’s Topics: A brief overview of Aylett's ethos of being ‘benchmark agnostic’ and ‘eating your own cooking’ by investing alongside clients. Why capital-light businesses with high growth tend to be unicorns – and priced like them, too! How capex-heavy businesses can ironically be better allocaters of capital than capital-light businesses that may be tempted into acquisitions.  How to identify corporate management teams that prioritise rational economics over prestige, especially in an egocentric industry like hospitality. The cyclical nature of the hotel industry and the surprising similarity it has to mining in terms of replacement cost for assets. Find out more about Aylett & Co. here: Aylett.co.za Reach out to Dagon Sachs on LinkedIn Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor. Aylett & Co. (Pty) Ltd is an authorised Financial Services Provider, licence number 20513. Chapters (00:00:00) - Introduction: Introducing the 2026 Boutique Manager Series(00:01:36) - The Aylett & Co. Ethos: 21 Years of Bottom-Up Asset Picking(00:03:28) - Benchmark Agnostic: Why "Eating Your Own Cooking" Matters(00:06:42) - Capital Allocation 101: Future Cash Flows and the Math of Value(00:08:21) - Incentives and Trust: Why Shareholder Alignment Is Everything(00:09:59) - Capital-Light vs. Capex-Heavy: Searching for the "Nirvana" Unicorn(00:11:47) - The Share Buyback Trap: Rational Thinking in a Listed Environment(00:13:08) - Hospitality as a Case Study: The Pivot from Asset-Heavy to Franchise(00:14:58) - The OpCo/PropCo Debate: Does It Make Sense to Own the Real Estate?(00:17:30) - International Trends: Hyatt, Marriott, and the Global Brand Advantage(00:19:29) - Deep Dive into Southern Sun: Understanding Regional Cyclicality(00:21:00) - Return on Ego: Avoiding Rationality Traps in Hotel Building(00:22:44) - Replacement Costs: Why High Entry Barriers Protect Existing Players(00:24:40) - The Mining Analogy: Discipline, Maintenance, and Counter-Cyclicality(00:26:56) - The South African Risk Premium: Tourism Headlines and Safety Margins(00:29:03) - Conclusion: Plagiarizing Global Success for Local Portfolios

2026 has seen US tech giants throwing enough capex at AI infrastructure to fund a small country. Amazon has guided capex that is roughly half of South Africa's entire GDP! But with fracture lines appearing in the AI landscape, is the ROI really justifiable? And if not, will Big Tech even feel it, or will someone else be left to foot the bill? In this episode of Magic Markets, The Finance Ghost and Mohammed Nalla explore the dangerous games that giants like Amazon, Alphabet and Microsoft are playing, exhausting their free cash flow on data centres and AI projects with a potential half-life of an overripe avocado. Alphabet is borrowing money from a hundred years down the line. Is that the sign of the top? And if not, then what is? Today’s Topics: A reminder of the US railroad bubble and how AI stacks up in comparison The market is punishing Microsoft and Amazon for deteriorating free cash flow margins The disruption to the valuation of the SaaS giants like Adobe and Salesforce  Free cash flow margins across various Big Tech names and how this has changed over time  Are the hyperscalers too big to fail, or could things go that badly? Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor. Chapters (00:00:00) - Introduction & A Technical Glitch(00:01:15) - Big Tech’s AI Capex Pig(00:02:45) - Is AI Eating the World?(00:04:15) - Why Meta is Spending 100% of its 2026 Cash Flow on Capex(00:05:41) - The Absurdity of Alphabet's 100-Year Bond(00:06:50) - Why Salesforce and Adobe are Under Fire(00:08:15) - The Cyclical Capex Pig: TSMC’s Struggle with the Foundry Model(00:10:30) - Microsoft: From Enterprise Software to Risky Infrastructure(00:12:15) - Amazon: Reinvesting Profits That Haven’t Happened Yet(00:13:50) - The Canary in the Coal Mine: Oracle’s Credit Stress and CDS Spikes(00:15:30) - Too Big to Fail? The Contagion Risk of a Tech Infrastructure Bubble(00:18:15) - ASML’s Dilemma: European Regulation and the Tax on Unrealised Gains(00:20:45) - How 2026 AI Spend Matches the 19th Century Railroad Bubble(00:23:00) - "Vibe Coding" and Disruption: Can AI Replace the SaaS Giants?(00:24:47) - Conclusion

While the world’s athletes compete for Winter Olympic Gold, Walmart has secured a podium finish of its own – becoming the first retailer to skate past the $1 trillion market cap milestone. But is this value retail rally a high-speed slalom to success or a slippery slope? In this episode of Magic Markets, The Finance Ghost and Mohammed Nalla unpack why US consumers might be ditching big brands for private labels and dollar stores. Closer to home in South Africa, they discuss why shrinking into prosperity can work for apparel, but not for grocery. Moe explores how Walmart has entrenched itself as a dominant US retailer through a relentless focus on fulfilment and logistics. With the chain in its infancy in South Africa (having just opened their third store), Walmart faces a fierce battle for the notoriously price-sensitive South African consumer’s wallet.  While Shoprite builds a world-class omnichannel empire, powered by an army of Sixty60 scooters, Pick n Pay finds itself in dire straits. The market is valuing its core business at less than zero once you strip out its pure-play discounter, Boxer. Is there a chance for Woolworths and SPAR to claw back some market share here? Can Walmart make a dent? Today’s Topics: How Walmart garnered ‘Big Tech’-esque success (and why Moe is so optimistic) Why Shoprite is no longer just a grocer, but a fulfilment engine that competitors struggle to replicate. Why Boxer was up 11% this past year while PnP continues to struggle, and what this says about grocery scale economics. Why SPAR’s franchise model is struggling to compete with the centralised power of omnichannel retail. A look at why the US’s Dollar Tree and Dollar General are flying high while high-street discretionary spend is hitting a wall. Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor. Chapters (00:00:00) - Introduction & the Latest in Magic Markets Premium(00:01:37) - The Retail Temperature Check: Resilience vs. Reality(00:02:32) - The Kirkland Shift: Why Consumers Are Choosing Value Over Brands(00:03:44) - Walmart’s $1 Trillion Milestone: Is Grocery The New Big Tech?(00:05:18) - Winning the Wallet: How Logistics and Apps Drive Margin Mix(00:06:52) - The Sixty60 Ecosystem: Can Competitors Catch Shoprite’s Engine?(00:09:09) - JSE Retail Realities: A Shocking Year For Apparel(00:10:45) - Black Friday vs. Christmas: Online vs. In-Store Demand(00:12:30) - The Boxer Multiplier & Pick n Pay's Zero-Valuation Problem(00:15:15) - Fashion vs. Grocery & Shrinking Into Prosperity(00:16:38) - Valuation Sensitivity: Why Quality Stocks Can See Share Price Slumps(00:18:20) - Boxer & The Power Of The Discount Model(00:19:38) - SPAR's Struggle: Can the Franchise Model Survive Omnichannel?(00:22:17) - International Benchmarks: Comparing Walmart, Costco, and the UK’s Tesco(00:26:35) - Conclusion

Can one hawkish Fed Chair nomination melt a golden bull’s wings? In this episode of Magic Markets, The Finance Ghost and Moe-Knows look at volatility, market overreactions, and how to hunt for asymmetry responsibly. On the macro side, Moe examines the recent gold price oscillations and explains why gold might be circling the rim of the ‘speculative’ bucket, while Ghost takes a micro look at some tips for sniffing out asymmetrical returns.  Join our hosts as they dive for treasure in the ‘too hard’ pile of the JSE, reminisce about the 2008 ArcelorMittal share price, and look at LVMH, Netflix and Mr Price as examples of stocks that have fallen sharply from peaks. Today’s Topics: Why the nomination of a surprisingly hawkish Fed Chair sent the gold price plummeting. How retail speculation is making gold behave more like crypto – and what it might mean for you. How a VC mindset and an understanding of asymmetrical returns might help you build a high-risk equity basket that doesn't blow up your core portfolio. What names like Netflix and Mr Price can teach us about opportunities after extreme market reactions. Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor. Chapters (00:00:00) - Introduction: Market Psychology and the State of Gold(00:01:46) - Kevin Warsh: Why the Fed Chair Nomination Spooked Markets(00:03:41) - Is Gold the New Crypto? Retail Speculation and Volatility(00:06:13) - The Resources Rally: Why the Satrix RESI Is Still Up YTD(00:08:33) - Megatrends and Market Tops: Lessons From LVMH and 2023(00:11:16) - Optionality & Sniffing Out Asymmetrical Payoffs(00:16:10) - The Venture Capitalist Mindset: Building a High-Risk Speculation Basket(00:19:36) - The "Too Hard" Pile: Finding Asymmetry in Accelerate and PPC(00:22:47) - Taking A Gamble On Low-Ticket Stocks & ArcelorMittal(00:24:01) - Buying the Dip: Mr Price, Netflix, and Eating Our Own Cooking(00:25:36) - Conclusion & How to Get in Touch

In a week where the gold price soared to new heights and the rand flexed impressively against the dollar, The Finance Ghost and Moe-Knows have turned their focus to the high-stakes world of emerging markets. But as global indicators flash green, is it as simple as buying the $EEM? In this episode, Moe breaks down the macro recipe for a sustainable emerging markets rally and why South Africa might be in the sweet spot of a global rotation right now. He warns against ‘betting the farm’ on emerging markets overall, highlighting the wisdom of being highly selective in where you place your capital. Ghost brings the conversation a little closer to home. He explores whether macro wins filter down to individual companies, with MTN as a great example of how a stock in South Africa can reflect the dollar realities. He also deals with the recent Clicks and Cashbuild performance and the jitters in the South African consumer story. This week's topics: The emerging market rotation: A global investment view on developed vs. emerging markets. The three pillars of an emerging market rally: Understanding the essential roles of a softer dollar, easier interest rates, and the electrification-led commodity surge. MTN as a currency proxy: A clever way to play frontier market currency shifts through a telecom giant. The Clicks and Cashbuild conundrum: Why falling inflation and record Black Friday sales aren't translating into volume growth for SA retailers. Yield vs. growth: Why South Africa remains a carry trade destination for bonds, even while the consumer economy faces structural pressure. Get in touch: The Magic Markets Website @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X) Pop us a note on LinkedIn Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor. Chapters (00:00:00) - Introduction: Psychological Milestones and the Emerging Markets Theme(00:01:22) - Timing the Rotation: Why Emerging Markets Are Outperforming the S&P 500(00:03:51) - The MTN Strategy: Playing Frontier Currencies Via Telcos(00:06:06) - Attributing the Move: Is the Rand at Fair Value?(00:10:16) - The Nuance of Valuation: India vs. South Africa(00:12:06) - Phases of Rotations: Moving From Price Impact to Flow(00:14:45) - What We Can Learn from Clicks and Cashbuild(00:19:38) - The Yield-Seeking Destination: South African Bonds vs. Growth Equities(00:21:28) - Geopolitics and De-Risking: Why LatAm Has Been Shooting the Lights Out(00:22:49) - Conclusion: Diversifying Your Emerging Market Exposure

While global superpowers eye new territories for mineral wealth and the likes of Glencore and Rio Tinto dance around a potential merger, investors are looking at the most versatile commodity around in 2026: copper. This critical transition metal has captured the imagination of corporate advisors and retail investors alike. In this episode of Magic Markets, The Finance Ghost and Moe-Knows are joined by Connie Bloem, Managing Director of Mesh.Trade, to discuss why direct-exposure copper is the missing link in most portfolios – and how a token can help you get it. Ghost, Moe and Connie unpack the electrification and data-centre themes, the challenges of institutional vs. retail portfolios, and why copper is one hot metal (in more ways than one). Today’s Topics: Why you can't talk about data centres or the AI revolution without talking about copper infrastructure, with thoughts around the future of electrification and the role of copper. Why direct-exposure commodity tokens might be a better portfolio ‘anchor’ than mining equities. How to invest in a metal that costs $13,000 per tonne with as little as R50 through Mesh's offering. How a digital token can solve the vaulting, deposit, and theft problems of copper for retail investors. Get In Touch: Visit the Mesh.Trade website at www.mesh.trade Reach out to Mesh on X: @Mesh_Trade Connect with Connie Bloem on LinkedIn Reach out to us on X: @MagicMarketsPod, @FinanceGhost and @MohammedNalla or pop us a note on LinkedIn. Check Out Our Other Conversations With Mesh.Trade: Magic Markets #204: Blockchain Technology in Financial Markets (with AnBro and Mesh.trade) Magic Markets #214: Tradition meets tech – buying gold on the blockchain Magic Markets #221: Mesh.Trade – Unlocking Private Markets Magic Markets #228: Mesh.Trade and the Titans Magic Markets #238: Stablecoins with Mesh.Trade Magic Markets #247: Investing in Property with Mesh.Trade and 27four Disclaimer: This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor. Chapters (00:00:00) - Introduction: Megamergers & the Copper Craze(00:01:47) - Gold, Silver, & Will the Mesh Midas Touch Extend to Copper?(00:03:40) - Why Copper, Why Now?(00:06:13) - The Private Market: Where South Africa’s Growth Is Hiding(00:08:45) - Reality Check: Electrification & the Role of PGMs(00:10:06) - Direct Commodities vs. Mining Equities: Cutting Through the Noise(00:12:34) - Institutional Investor Barriers: Why Retail Investors Have an Advantage(00:19:38) - The Logistics of Copper: Storage, Theft, & Deposits(00:24:36) - To the Seventh Decimal: How to Invest in Copper With R50(00:26:14) - What’s Next for Mesh(00:27:41) - Conclusion & How to Get in Touch

The world order is shifting – the US is playing a global-scale game of Risk, the rand is getting stronger, and AI can’t count its ABCs. Amidst the chaos, it’s hard to know which market indicators to listen to. In this episode of Magic Markets, The Finance Ghost and Moe-Knows dive deep into why US Treasury yields aren't necessarily the best indicator of risk, while highlighting that the rand has clawed its way back to pre-Nenegate levels. From the potential for missiles to be flying over an annexed Greenland to how Dune can help us understand the oil supply chain, the Ghost and Moe unpack the geopolitical flashpoints that will define your portfolio this year. This week’s Topics: The Dollar Index (DXY) vs yields: Why the 10-year Treasury yield is the wrong indicator for US risk right now. The rand’s Lost Decade recovery: How the ZAR has clawed its way back to 2016 levels and what ‘fair value’ means for your offshore timing. The death of "There’s War, Buy Oil": Why geopolitical flares in Iran and Venezuela aren't spiking crude prices like they used to. The credit card cap trap: The unintended consequences of US interest rate caps on Visa, Mastercard, and American Express. Taiwan and the semiconductor tail risk: Why the US focus on Greenland and LatAm might be emboldening moves in the East. Reach out to us on X: @MagicMarketsPod, @FinanceGhost and @MohammedNalla or pop us a note on LinkedIn. Disclaimer: This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor. Chapters (00:00:00) - Introduction & is Canada the 51st State?(00:02:15) - The US and Geopolitical Risk(00:03:03) - The US 10-Year yield disconnect: Why isn't borrowing getting costlier?(00:04:07) - The DXY as the true expression of US risk(00:05:58) - South African Bonds: The carry trade darling and the SARB’s credibility(00:08:04) - The rand's 10-year comeback and what fair value means for your offshore goals(00:10:52) - Central bank independence and gold as a safe haven against a dollar downdraft(00:13:01) - Interest rate caps: How US policy is hitting Amex and the banking sector(00:15:43) - Oil & Geopolitics: Venezuela, Iran, and the "Spice Must Flow" problem(00:21:11) - Taiwan, the semiconductor tail risk, and global choke points(00:23:12) - AI hallucinations: Why you shouldn't trust the bots just yet

With a new calendar on the wall, there's a lot to consider this year. The world doesn’t behave the same way that our calendars do, with the themes and risks of 2025 bleeding into 2026. Aside from the obvious (like AI), what can we learn from some of the best-performing sectors in the final quarter of 2025 and over the past 12 months? What regional outlooks are relevant? And perhaps most importantly for most Magic Markets listeners, what does this mean for the rand and the potential for SA Inc. stocks to have a strong year? It’s time for a new year in the markets and the implementation of strategies to create wealth. Welcome back to Magic Markets and thanks for being here with us! This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

In the final Magic Markets show of 2025, we looked back on a watershed year for geopolitics and the technology sector. With Moe focusing on the macro story and the performance of the various global asset classes, our resident ghost took a bottom-up approach and highlighted the performance of certain stocks in the portfolio. From US banks through to energy counters and FMCG stocks that threw us a lemon (ahem), there’s much to reflect on. Join us as we bid goodbye to a wild year in the markets and prepare for 2026. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

With news breaking of Netflix joining the bidding war for Warner Bros. Discovery and looking to potentially make a huge cash offer to get their hands on the studios, this was a good opportunity to look back at the streaming wars that we've recently covered. It also gave us the perfect opportunity to discuss general M&A concepts, especially the risks that come with the opportunities. This is topical given our work in Magic Markets Premium this week where we focused on Dick's Sporting Goods now that the Foot Locker deal has closed. M&A always captures the imagination of investors, but caution is warranted. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

With the G20 in the rearview mirror in South Africa, we took the opportunity to discuss Moe's views on the geopolitical shenanigans from a North American perspective (for the benefit of new listeners: he has lived in Canada for several years). We also talked about the other big theme at the moment: AI and technology stocks, particularly in light of some pretty nasty sell-offs. Having just covered NVIDIA in Magic Markets Premium, this was a good opportunity to take a look at how some of the big names have performed this year. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.  

On Holding might have an awkward name, but the company counts Roger Federer among its early investors and biggest endorsements. Thanks to Nike's missteps during the pandemic, ON was able to win market share in core categories like running and tennis shoes. Once that foundation is established, the opportunity is there to expand into apparel. With On Holding as our research topic in Magic Markets Premium this week, we decided to dedicate Ep251 of Magic Markets to discussing how its story compares to the likes of Nike and Lululemon - and what we can learn from those names about the risks of this sector. Names like Dick's Sporting Goods also made an appearance in this show. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

Specialty retail is a fascinating sector on the global stage. It includes companies like Dick's Sporting Goods and Build-A-Bear, with the latter being our latest research topic in Magic Markets Premium. But what is it about these retailers that makes them both interesting and risky? And in South Africa, what is the lay of the land with specialty retailers and why don't we see more of them on the JSE? As we celebrate 250 episodes of Magic Markets, join us for a fun discussion on retailers that focus on doing just a few things really well - with varying results. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

When it comes to understanding the Westbrooke investment philosophy and approach, there's no better way to do it than through looking at deal case studies and seeing examples of exactly how the team deploys client capital into alternative assets. To walk us through examples of recent property deals in the UK, James Lightbody (Head of Real Estate at Westbrooke UK) joined us on this show. He was accompanied by Jodi Slotsky from the Distribution team who brought great insights into how these deals fit into the broader Westbrooke investment fund structure. If you're interested in concepts like property vs. holdco lending, the timing of drawdowns, loan-to-value ratios and how broader themes find their way into property investments, then you'll love the case studies. And with alternative assets becoming increasingly popular among investors as a source of diversified returns, any capital allocator or serious investor should be putting effort into learning as much as possible about this area. To learn more about Westbrooke and to connect with the team, visit their website here. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.  

The content and distribution game is a hotbed of competition, with leading lights like Netflix, Disney and of course YouTube within the Alphabet (Google) stable. There are many others trying to get a piece of the action, like Amazon and Apple. And of course, there are the legacy names in entertainment that are desperately trying to cling to market share. While the streaming players are investing billions in content and distribution, the legacy names are busy with M&A and consolidation strategies. The competitive dynamics in this space are changing constantly, which means that consumers are winning and investors need to be careful. Having covered Netflix this week in Magic Markets Premium, we decided to take a broader look at this exciting sector. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

Property is a vibrant asset class in South Africa. From convenience retail centres through to mixed-use developments, property is a popular way to earn yield and achieve real returns in excess of inflation. 27four Investment Managers has partnered with Mesh.Trade to bring private property investment opportunities to a retail investor audience. There are at least two opportunities that will be made available, with the first being mixed-use commercial development Van Rijn Meent in the heart of Stellenbosch. On this podcast, Mesh.Trade's Connie Bloem and 27four's Mornay Visser joined us on Magic Markets to unpack the opportunity and why they believe that this is a compelling alternative asset for investors to consider. You can learn more by visiting the website at this link. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor. Mesh Trade SA (Pty) Ltd is a licensed Financial Services Provider (53710) and an Accountable Institution registered with the Financial Intelligence Centre. 27four Investment Managers (Pty) Ltd is an authorised financial services provider with license number 31045.

There's a lot of nervousness out there at the moment around global asset prices, leading to discussions around whether the top is in. Naturally, this drives investors and traders to think about hedging strategies to mitigate the impact of a correction - or worse, a crash. In this episode, we discussed why hedging is used as a strategy instead of just selling down positions. We looked at different kind of hedges, ranging from index futures through to ETFs like SQQQ and VIXY. As always, this podcast is a way to share our ideas with listeners and drive debate. It is for informational purposes only and should not be treated as financial advice.    

The quality (and track record) of corporate M&A ranges from incredibly smart deals through to corporate disasters. One thing is for sure: results may vary when you see companies announcing large transactions. After dedicating Magic Markets Premium this week to the proposed Keurig Dr Pepper - JDE Peet's transaction, which has all the makings of a mess, we decided to use our free show to discuss more fundamental principles around M&A and why large deals are often a flop. It almost always comes down to the same problem: misalignment between management and shareholders. We also brought some balance to the discussion by looking at great examples of successful M&A strategies both in South Africa and abroad.  As always, this podcast is a way to share our ideas with listeners and drive debate. It is for informational purposes only and should not be treated as financial advice.  

The concept of "shovels in the gold rush" is really useful in investing, as it speaks directly to thematic opportunities where the approach is to pick a stock as far up the value chain as possible. A perfect example is Coinbase, which is really a play on the broader crypto market. A less pure-play example is Accenture, which is an attempt to get a slice of the action in AI and cloud investment by corporates. And if you stretch the definition even further, you can come up with plenty of other examples. Is this a good strategy? And why? Perhaps most importantly, does it always work? Using examples from our own portfolios, we took the opportunity to discuss the concept of shovels in the X-rush and why investors should add it to their thinking. As always, this podcast is a way to share our ideas with listeners and drive debate. It is for informational purposes only and should not be treated as financial advice.    

With the news of NVIDIA investing in OpenAI and with our focus this week in Magic Markets Premium on the truly wild forecasts being put out there by Oracle, we use our recent real-world experience with AI to comment on where it works and where it horribly fails to add any value at all. Or worse, where it confidently "hallucinates" and gives completely the wrong answer. Of course, there's a much bigger risk at play here: whether the world has found itself in bubble territory in AI, particularly in assets like data centres. Amidst all the excitement out there, it's important to keep the bear case in view for these assets. As the markets have taught us many times, things are rarely as good or as bad as they seem. As always, this podcast is a way to share our ideas with listeners and drive debate. It is for informational purposes only and should not be treated as financial advice.    

In the US market, companies are required to report quarterly - for now, at least. The latest utterances by President Trump suggest that quarterly reporting is being viewed in a negative light, with the SEC noting that they will be looking at whether reporting should move to align with most of the rest of the world i.e. results every six months. We don't like this idea. Although there are lots of arguments out there about short-term vs. long-term thinking and all the rest, our preference is always for fresh information and giving investors more to work with. In this episode, we discussed our views on quarterly reporting and debated some of the associated points. As always, this podcast is a way to share our ideas with listeners and drive debate. It is for informational purposes only and should not be treated as financial advice.  

What causes share prices to move? Are there always sensible reasons, or does the market sometimes dish up crazy things? There are academic arguments and practical considerations for most things, ranging from dividend signalling through to technical indicators and even the pandemic-era phenomenon that is meme stocks. In this podcast, we covered a number of price catalysts and what they really mean, while touching on things to look out for. As always, this podcast is a way to share our ideas with listeners and drive debate. It is for informational purposes only and should not be treated as financial advice.  

As a follow-on show from the previous week where we talked about how to analyse retailers, we decided to cover the biggest trend right now in the sector: the rise of omnichannel retail. Digital isn't the future, it's the present! Retailers without proper digital strategies are being left behind at an alarming rate. We touched on global statistics around eCommerce penetration before diving into specific elements of omnichannel retail, including fascinating insights gleaned by our resident ghost in a discussion with Shoprite CEO Pieter Engelbrecht after the release of results. If you're interested in understanding the top-of-mind strategies in the retail sector, this show is for you.   As always, this podcast is a way to share our ideas with listeners and drive debate. It is for informational purposes only and should not be treated as financial advice.  

The retail sector isn't just a critical source of employment and consumer goods in every economy in the world. No, it's also a major contributor to stock indices and portfolio strategies that look for strong underpins that can give protection against inflation. Analysing retailers requires a nuanced approach that includes an understanding of margins, working capital and other balance sheet concepts. With a discussion that includes topics like category-level gross margin and the importance of omnichannel strategies to trading density, this episode of Magic Markets gives a useful overview of some of the key concepts used by professional analysts when they assess retailers. As always, this podcast is a way to share our ideas with listeners and drive debate. It is for informational purposes only and should not be treated as financial advice.  

Stablecoins are highly topical at the moment, with important new legislation in the US and many discussions taking place around the world with regulators. But why do they matter so much in the world of blockchain and crypto? To explain the importance of stablecoins and to talk through critical concepts like yield-bearing stablecoins and the various use cases of this technology, Connie Bloem of Mesh.Trade joined us on this podcast. We also touched on the recently launched SLVR token that allows investors to gain access to silver, an interesting follow-up the gold product that launched on Mesh.Trade earlier this year. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor. Mesh Trade SA (Pty) Ltd is a licensed Financial Services Provider (53710) and an Accountable Institution registered with the Financial Intelligence Centre.

Stocks like Microsoft, Meta and Netflix have been strong winners in our portfolios (although we've had different exposures to them at different times). These stocks are great case studies to deal with two important questions. The first relates to letting winners run. How do we think about having long-term vs. tactical positions and potentially trimming them over time? The second relates to winners in a different context, being stocks in sectors with winner-takes-all or winners-take-most economics. Does this change the way we think about them over time? As always, this podcast is a way to share our ideas with listeners and drive debate. It is for informational purposes only and should not be treated as financial advice.

Earlier this week, Mpact gave the South African market a positive surprise. The packaging group is a major supplier to the agri sector, particularly for the export of agricultural products from South Africa like citrus. At a time when the market was expecting doom and gloom thanks to US tariffs, Mpact gave a positive outlook around agricultural activity and the share price rallied in response. To find out whether this bullish outlook is warranted, we asked Wandile Sihlobo to join us on the show. Despite the last minute decision to go this route, he graciously accepted the invite and brought his expert voice to the discussion. It turns out that the real story on SA agriculture is a lot more bullish than you might think. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.  

Are consumers still having fries with that, or have changes in consumer preferences (like more awareness of health and nutrition) given fast food stocks a knock? Quick-service restaurants are businesses that can scale quickly, usually through a franchise model, which is why they've historically done well. They don't all take this route though, as evidenced by Chipotle that we just covered in Magic Markets Premium - and that's one of the best names in this sector. Clearly, there are important nuances here. Aside from the global names, how have Spur and Famous Brands been doing on the JSE? And what are some of the core differences in their strategies? You listen to this show on an empty stomach at your own risk. You can also expect to hear a brief argument about Italian milkshakes. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.  

After covering the financials sector on the JSE last week and with our latest Premium research being on Goldman Sachs, we decided to talk about bank balance sheets and some of the key concepts. This includes elements like capital adequacy, non-performing loans and portfolio tilts across various products. If you've ever wondered why mortgage originators even exist in the first place, you'll enjoy this show. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.  

The financials sector on the JSE is a substantial contributor to the overall index. Although banks make up the bulk of the sector, there are also major businesses in areas like insurance and wealth management. With South Africa's difficult macro backdrop, there isn't a rising tide that lifts all boats in this sector. Instead, it tends to reward stock pickers who understand the nuances across the various businesses, including their relative exposure to South Africa vs. offshore markets. In this episode, we dig into some of the key concepts to keep in mind when looking at the banks, large diversified financial services groups and businesses that earn fees from assets under management. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor. 

The "capital stack" refers to the mix of debt and equity that provides the funding for a business. With so many options on the spectrum from senior debt to pure equity, companies and investors come together in search of optimal solutions for all involved. Westbrooke's approach makes use of various funding mechanisms, with hybrid capital as a particular favourite. This aims for debt-like risk and equity-like returns, while providing capital for lower- to mid-market deals in markets like the UK. Dino Zuccollo, Head of Investor Solutions at Westbrooke Alternative Asset Management, joined us on this episode to update us on the alternative asset market, recent deal trends across markets and the exciting news of the R3.8 billion WDO UK Fund II, raised by Westbrooke in partnership with RMB. To learn more about Westbrooke and to connect with the team, visit their website here. Westbrooke Alternative Asset Management is an authorised Financial Services Provider, FSP number 46750. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.      

Drawing charts like orange juice and cheese futures might be fun, but there's an important underlying influence that soft commodities have on inflation. Even if you don't trade commodities, there are useful things to learn. And of course, when we get to the hard commodities that are actively traded every day, we move from jokes about the cheese spread to very real analysis around the drivers of the platinum price and what this is doing for stocks like Sibanye-Stillwater, where our resident Ghost is looking forward to finally breaking even after a long and painful period in the PGM cycle. Join us for a fun show that is ultimately an ode to commodities and the sheer breadth of opportunities available on the market.  This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

In this episode of Magic Markets, Mohammed Nalla and The Finance Ghost decided to each choose three companies from the recent research in Magic Market Premium, with the goal being to discuss some of the most interesting insights that came out of each one. Both chose Berkshire Hathaway (predictably), so there were actually only five companies to discuss. Luckily, this left more than enough meat on the table. This podcast highlights some of the best insights from research into Berkshire Hathaway, BAE Systems, 3M, Waste Management and Alibaba. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

There's a lot going on in the world right now, giving us a great opportunity to let Moe wax lyrical about the key macroeconomic indicators and trends in the US, Europe, China and Japan. We also touched on markets like the UK and India as part of this world tour. Of course, there's nothing Ghost enjoys more than a share price chart when it comes to the markets, or in this case an index chart going back many years. Looking at the relative returns of these markets over the past 25 years tells quite the story, with some major winners - and losers. This is a great reminder that where you invest is just as important as what you invest in - and in fact, it might be even more important!   This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

Magic Markets listeners have become familiar with AnBro's approach to building global equity portfolios with different mandates. Titans is just one such example, focusing on an equal-weighted portfolio of best-of-breed stocks across various sectors. With Titans now available on Mesh.Trade's platform alongside the other AnBro offerings, it was the perfect opportunity for Craig Antonie of AnBro to join us to talk about the fund strategy, accompanied by Connie Bloem of Mesh.Trade to talk about the platform offering. Mesh Trade (Pty) is a licensed Financial Services Provider, FSP number 53710. AnBro Capital Investments (Pty) Ltd is an authorized financial service provider in South Africa, FSP number 48371. Please do your own research and remember that nothing you hear on Magic Markets is advice, nor should you treat this as an endorsement. Visit the AnBro website and the Mesh.trade website.

After a few weeks of Formula One races every weekend, many sports fans have been bombarded with two brands: Saudi Aramco and Ferrari. This gave us a great opportunity to talk about both listed companies - from fossil fuels to fast cars! Our view is that Ferrari is without a doubt the better business in terms of brand strength and long-term prospects, but why is that? And just how much does Formula One actually matter to them anyway? This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

Muofhe Kwinda is a Magic Markets listener who reached out to us because he has an interesting story. He's made the leap from being a financial analyst in the investment space to being an entrepreneur, with business interests in mining and agriculture. We couldn't resist the temptation to tap into what he's learnt by moving from desktop analysis of companies into the "real world" where you can actually taste the effect of working capital pressure. There's a big difference between thinking of a bear case and experiencing the day-to-day operational risks of doing business. This is a highly insightful discussion that helps bridge the gap between financial and operational roles in business. You can connect with Muofhe on LinkedIn. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

The US credit downgrade by Moody's wasn't a huge surprise, as they are just playing catch-up to what other ratings agencies already did. The complacency in the market in response to the downgrade is interesting though, as it became the catalyst for us to talk about the dollar as the world's reserve currency. In the same week, a JPMorgan investor day provided an excellent opportunity to dig into the wisdom of not just Jamie Dimon, but CFO Jeremy Barnum as well. Aside from some insights into JPMorgan's view on the economic outlook, Barnum delivered an absolute masterclass in capital allocation. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

After a wonderful year in 2024 for property funds (especially in South Africa), the sector has taken a breather in 2025. That's not surprising given how much things have changed, particularly when you consider that 2024 really did create the perfect opportunity for local REITs. In this review of the sector, we talked about concepts like whether tariffs actually affect property, how yields work in this space and what the effect of inflation is. We looked at yields across the US and South Africa, while highlighting major trends affecting demand for property in different segments. This podcast is an excellent way to get to grips with the listed property sector and some of the key investment principles.  This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.