My eyes nearly popped out of my head when I sat down to write this yesterday. The two SENS announcements from Nutritional Holdings were simply the next instalments in an almost comical sequence of announcements this year.

Unfortunately, there is always more risk when investing in small caps. Smaller companies trade at lower multiples, as a discount for risk is applied to the share price. Just yesterday, I wrote in my weekly mailer Ghost Mail about liquidity, which is another reason why small caps trade at a discount.

When trying to value listed companies, it's important to remember that a rand of profit in a large cap is usually worth more than a rand of profit in a small cap. Until the company becomes larger, that structural discount will apply.

The reward for higher risk is supposed to be higher reward. When small caps go well, the returns can be eye-watering. When they go badly, the result can also be eye-watering (with tears).

This morning, the lead article is Nutritional Holdings, famous for trying to launch a cryptocurrency to fund its cannabis operations. They take us on a journey into the cannabyss.

You can also read updates on EOH which has reached a deal to sell Sybrin at a relatively modest multiple, as well as Life Healthcare which has highlighted that some of its businesses will benefit from the newly-approved Alzheimer's treatment.

Andrew Ludwig writes on fixed income as a strategic contributor to a sophisticated portfolio, introducing yield and diversification into the mix.

Finally, InceConnect reader Cuma Dube (@TheESGGuy) penned a response to my article on Thungela Resources, the coal business spun out of Anglo. After being sold-off on the first day of listing, the company rebounded significantly yesterday.

Dube and I are aligned: the prospects for coal aren't great long-term. My argument would be that the dividends in the meantime are worth thinking about, while Dube focuses on the longer-term view on coal in general.

It's incredibly exciting to see readers engaging with my work to such an extent. Please, feel free to send in your thoughts on articles. If you really feel inspired, write a blog in response!

If it's good enough, you might find yourself published in InceConnect...

With that, I leave you to enjoy your Wednesday.

The Finance Ghost