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Good Morning Voornaam,

Value. Growth. Gold. Diversification. Consistency. These are just some of the concepts we covered in the latest episode of Ghost Stories, in which Nico Katzke (Head of Portfolio Solutions at Satrix) joined me for a fantastic discussion on several important investment concepts. If you're serious about improving your market knowledge, this show is a terrific use of your time. Find it here>>>

Winning at webinars

There are two webinar recordings that may be of interest to you:

To get mor e information on Afrimat and Capital Appreciation, the latest Unlock the Stock event (brought to you by A2X) is an invaluable resource. The full recording (including the vibrant Q&A in both breakout rooms) is available here>>>
For founders contemplating a sale of shares in a business, understanding more about the pending due diligence process is critical in achieving an attractive and efficient exit. In the latest bizval webinar, Andreas Tsangarakis of STBB and Matt Smith of CleverProfits joined us for a panel discussion on key considerations (and pitfalls) in a due diligence process. Watch it here>>>t>

Bums on seats: Curro is all about operating leverage

I'm a fairly recent Curro shareholder, so I'm not sitting with gigantic mark-to-market losses after the crazy days of 2015 - 2016. I'm still in the red though, so I'm hoping to see some margin expansion happening at Curro. That's difficult with current inflationary pressures and especially the costs of utilities and energy, so treading water at margin level is an OK outcome for now.

What is worrying though is a chart from the results presentation dealing with growth in student numbers. A school fills up from the bottom, so a drop in numbers in Grade R and Grade 1 is precisely what I didn't want to see. It's critical to the investment thesis that Curro finds a way to improve capacity utilisation at th e schools.

For these details and the latest from AB InBev, Capital & Regional, FirstRand, Grindrod, Implats, MultiChoice (a must read), Nedbank, Prosus, Sanlam, Santam and ever-suffering Sasfin, read the latest Ghost Bites here>>>

Speaking of company updates and research, you may also be interested in Barry Dumas from Trive South Africa giving his thoughts on the importance of research for retail investors. You can read it here>>>

Giving your money a passport

In a world far away from load shedding, OrbVest specialises in investing in medical office buildings in the US. You might not always like doctors, but they do tend to pay the rent! In this article, OrbVest explains the important developments in its portfolio and the investment opportunity that is currently available.

The most inverted curve since the early 1980s

With the US 10-year yield at 4.07% and the 2-year yield at 4.92%, the market is pricing in that inflation is here to stay and that the Fed will need to keep rates higher for long er. There is the possibility of a 50 basis points hike at the March meeting.

The rand was stuck in the R18.12 to R18.25 range for the day, with TreasuryONE noting a risk-off tone for emerging markets as treasury yields moved higher. A break below R18.12 would be needed for the rand to step onto the path of redemption.

Copper led the metal sector lower, down 2.4% for the day amid economic uncertainty. Gold was flat for the day and PGMs were softer.

Get ready to learn with Magic Markets

In Magic Markets Premium, we covered MercadoLibre this week. Essentially the Alibaba-meets-Amazon of Latin America, this is one of my f avourite growth companies after what I learnt in the research process. The way that the founders and management team have built an eCommerce and FinTech platform is something to behold. If you aren't a Premium subscriber, you can get access to the full library (including this report) for R99/month or R990/year.

And in our free show, the team from Westbrooke joined us to discuss private debt investing in the UK in a rising rate environment, with particular focus on real estate investing. In an environment in which debt-led investing is offering appealing returns, this is worth learning about. You can enjoy the show here>>>

And to end off your week: DealMakers

In addition to the excellent weekly summaries on South African M&A and local corporate finance activity, there's an article from the team at Webber Wentzel on proposed changes to the JSE Listings Requirements.

So ends a very busy week - I'll be in your inboxes on Monday!

Ghost Bites (AB InBev | Capital & Regional | Curro | FirstRand | Grindrod | Impala Platinum | MultiChoice | Nedbank | Prosus | Sanlam | Santam | Sasfin)

Banking results can vary wildly, as you'll discover in Ghost Bites. Other major releases include results from Curro and a major strategic announcement from MultiChoice.

Not your average retail investment research

Do your own research" was perhaps the phrase of the pandemic, at least in the markets! For a new cohort of retail investors that entered the market, why is it so important? Barry Dumas of Trive explains.

Managing your downside risk with medical buildings - Brought to you by Orbvest

Traditionally, risk-averse investors tended to keep their money in cash, but in many countries the real after-tax return on cash is below the inflation rate, which means those cash holdings are actually losing value

Unlock the Stock: Afrimat and Capital Appreciation

Unlock the Stock is back! In the fourteenth edition, we welcomed Afrimat and Capital Appreciation back to the platform for a presentation and Q&A. Unlock the Stock is brought to you by A2X.

Who's doing what this week in the South African M&A space?

Weekly summary of Merger & Acquisition activity by South African companies

Weekly corporate finance activity by SA exchange-listed companies

Weekly summary of corporate finance activity by South African exchange listed companies

JSE takes another step towards amending the Listings Requirements

Proposals include the regulation of listing of companies with dual share structures, amendment of current free float requirements and aspects of the current SPAC offering.

Magic Markets Ep114: Private Debt and Property in a Rising Rate Environment (with Westbrooke)

In this episode of Magic Markets, we welcomed Richard Asherson and James Lightbody to the show to discuss the US market and the conditions under which the Westbrooke Yield Plus fund is operating. There is much to learn!

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Ghost Stories #7: Growth, Value and Markets (Nico Katzke, Head: Portfolio Solutions at Satrix)

Nico Katzke has an absolute wealth of experience and knowledge, which is why he is the Head of Portfolio Solutions at Satrix. He joined me to talk about, well, almost everything!

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Ghost Wrap 13 (Adcock Ingram | KAP Industrial Holdings | Motus | Tiger Brands | Quantum Foods | Libstar | Bidcorp | City Lodge)

Covering numerous updates across the pharmaceutical, industrial, FMCG and hospitality sectors this week, Ghost Wrap is your whirlwind update on the week's most interesting JSE updates. Ghost Wrap is brought to you by Mazars.

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