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Ghost Bites

Dis-Chem is still growing into its share price
Two more of MTN's African subsidiaries have reported numbers
Pepkor guides solid HEPS growth

There's a wonderful learning opportunity for you in Ghost Bites th is morning. Dis-Chem is performing well and has released really strong results, yet the share price is practically flat over the past 12 months.

How is that possible?

Remember, an investment is always a function of what you bought and how much you paid for it. When people buy a house, they take great care in making a sensible offer. Yet when buying shares, investors often just choose a company based on its brand or a personal experience with the company, rather than its fundamental valuation.

When trading at a high valuation multiple, a company needs to keep producing great results to justify the current share price. Achieving meaningful share price growth is difficult, with greater risk of disappointment rather than a strong outcome for investors.

If investing was easy, everyone would be rich.

Speaking of investor disappointment: Big Tech earnings

In Ghost Global this week, we pulled together a highlights reel (or perhaps a bloopers reel) of earnings from Alphabet, Amazon and Meta. As always, I would encourage you to subscribe to Magic Markets Premium if you are looking for detailed, high-quality research on global stocks.

For those of you who just enjoy staying up to date with the latest trends, this morning's Ghost Global is a treat.

75bps in the US

The FOMC hiked by 75 basis points in the US, raising base rates to 4% for the first time since 2008. Jerome Powell hinted that policy change could be on the cards at meetings to come, which put the dollar under pressure. Even though markets had priced in a 75bps hike, the rand still traded stronger at R18.06 to the dollar.

This update was brought to you as always by TreasuryONE.

Podcasts for your Thursday

Here are two great shows for those who are serious about increasing their investment knowledge:

I was a guest on Talking with Traders, hosted by Garth Mackenzie, where we talked about three of the stocks covered in Magic Markets Premium: Accenture, Ferrari and Sysco
In Episode 99 of Magic Markets, Richard Asherson from Westbrooke Alternative Asset Management joined us to talk about dealmaking conditions in the UK and the trends he is seeing in private company transactions

Have a terrific day!

Ghost Bites (Dis-Chem | MTN | Pepkor)

Dis-Chem is still growing into its share price. Two more of MTN's African subsidiaries have reported numbers - it's just a pity that one website doesn't work. Pepkor guides solid HEPS growth.

Ghost Global (Alphabet | Amazon | Meta)

Alphabet sticks to a slow and steady strategy. Amazon struggles to see the forest for the trees. Meta-morphosis: does Zuck have this under control?

Talking with Traders guest appearance

In a guest appearance on Talking with Traders, Garth Mackenzie asked me to discuss the investment case for Accenture, Ferrari and Sysco. He is a passionate Magic Markets Premium subscriber and enjoyed our research on these stocks in particular.

Listen Now

Magic Markets Ep99: What's happening in the UK?

The UK has been so topical lately. Thanks to Richard Asherson from Westbrooke, we can bring you insights from ground-level dealmaking in that market.

Listen Now

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