JSE-listed group Gemfields is an emerald and ruby miner that also happens to own Faberge, a jewellery manufacturer famous for making decorative eggs that cost more than a family hatchback. One great truth about the world is that the rich always seem to have money for shiny things, so businesses like Richemont, Gemfields and De Beers (within Anglo American) never seem to struggle to find clients.

With a net cash balance of roughly R2.75 billion (after collecting receipts from the last auction) and a market cap of around R3.4 billion, Gemfields is trading on a multiple that is far more modest than the products themselves. The group operates in risky territories like Mozambique, which doesn't do the valuation any favours. Still, it's a great example of an interesting company that many people don't know about.

Here are some other goodies from yes terday's JSE updates:

• Afrimat is raising equity capital (around R420 million of it) to supplement its balance sheet as it moves forward with the Gravenhage and Glenover projects.
• AVI navigated a really tough year to increase its revenue by 4.3% and HEPS by between 5% and 7%, a result of strict cost controls and tight operations.
• British American Tobacco's reported profits got smoked by impairments in Russia, a charge related to breaching sanctions and once-off restructuring costs.
• Transnet has achieved its first clear audit in five years and even made a profit - a big one!

You can get all the details on these updates and many more in today's edition of Ghost Bites, a must-read for anyone interested in the local market. GET YOUR GHOST BITES>>> a>

Of course, investing isn't just about following the news. You need to understand what you are reading and think critically about it. To help you understand more about the concept of "defensive stocks" (and why I think they are very dangerous), I wrote a piece inspired by the tough year that Walmart has had. We've covered the stock before in Magic Markets Premium and we highlighted the exact issues that the company is still dealing with. LEARN ABOUT DEFENSIVE STOCKS>>>

Other great reads this morning:

• Crypto arbitrage is a way to make money from crypto even when the coins seem to be on fire. By taking advantage of pricing dislocations in different markets, the team at Future Forex locks in a profit of between 1% and 1.5% on each trade on behalf of clients. This can bring annualised returns of 70% to 80% on initial capital! GET THE ARBITRAGE ADVANTAGE>>>
• TreasuryONE wrote an article as a preview to last night's FOMC meeting. It gives great context to the Fed's decision to raise rates by 75 basis points, which was in line with market expectations. UNDERSTAND INFLATION AND RATES HERE>>>

Speaking of that rate hike, Fed Chair Jerome Powell highlighted that inflation is much too high and that it is "essential to lower inflation" - hence the need for action. TreasuryONE thinks that the rand i s going to test R16.70 once the dust settles.

Podcasts:

• Don't fall behind on Magic Markets! In Episode 85, we discuss topics like US banking and the success of direct-to-consumer strategies for US retailers. LISTEN TO EP 85>>>
• In Episode 2 of Ghost Stories, Justin Clarke joined me to talk about his journey as the founder of Private Property and his current role as Operational Director at OrbVest, bringing US medical real estate investment opportunities to South Africans. LISTEN TO GHOST STORIES>>>

By the time you read thi s, I'll be on a plane to Joburg for my first trip back in a few years. It should be interesting to see how things have changed!

Good luck in the markets.