| Good morning Voornaam,
In their purest form, public markets are there to help companies raise capital. The idea is to provide a platform for opportunities to be brought to investors, letting them decide where to allocate capital. We all like to believe that companies act in a way that will benefit those investors. Unfortunately, that isn't quite the case.
There are three capital raises covered in Ghost Bites today. One was impressive, another gave the market a negative surprise and the third was negative but not a surprise to anyone who has followed the company's story and the way shareholders have been treated since the beginning.
Clearly, there's a lot to learn today.
Before we dive into that, Dominique Olivier has done it again with another great piece, this time telling the story of the credit card as we know it today. It's amazing that a marketing initative several decades ago has shaped today's consumer environment. Don't miss this article>>>
If you have your own business, you still have a few hours to register for the bizval webinar on the best time to sell a business. Attendance is free but you must register at this link>>>
And for the property enthusiasts among you, there's a Magic Markets podcast that includes an objective look at three home construction companies - D.R. Horton in the US, as well as Balwin and Calgro M3 locally. I'm bearish on property in general. You may hold a different view, but living in an echo chamber doesn't help you. Exposing yourself to opposing views and critically thinking about them is the very best way to grow as an investor and/or business owner. So, with thanks to B2IT, you can enjoy Episode 151 of Magic Markets at this link>>>
Have a great day! |
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| BRAND NEW: Diners Club, debt and the downfall of society
(by Dominique Olivier) |
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| In her latest column, Dominique Olivier tells the story of the credit card and how our lives came to revolve around plastic consumerism.
Just in time for Black Friday, of course! |
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| BRAND NEW: Ghost Wrap podcast
(NEPI Rockcastle | MultiChoice | Santam | Shoprite vs. Woolworths | Richemont) |
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| | | The latest Ghost Wrap podcast needs just a few minutes of your time to get you up to date on six companies across a variety of sectors. Ghost Wrap is brought to you by Mazars. |
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| LATEST: Magic Markets podcast |
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| In Episode 151 of Magic Markets, we looked at home building companies and how they have performed in this environment of higher interest rates.
The results may surprise you!
Moe looked at D.R. Horton and yours truly focused on Balwin, with some passing commentary on Calgro M3 as well.
This show is brought to you by international date and automation specialists B2IT. |
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| LATEST: Global megatrends shaping the ETFs of the future |
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| Kingsley Williams of Satrix looks ahead to the potential landscape for ETFs in 2030 by focusing on the key trends that are driving growth in this asset class. There's a lot to feel excited about! |
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| Bell Equipment and Calgro M3 returned to the Unlock the Stock platform in a joint session to share insights into the recent numbers and the strategic outlook.
You can watch the recording here, thanks to our partner A2X. |
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| LATEST: Ghost Stories podcast with Nico Katzke of Satrix |
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| | | Nico Katzke is no stranger to Ghost Stories listeners. There's always so much to learn from him about markets and investing. This time, you also get to enjoy him putting me through my paces in the second half of the show. |
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| DAILY: TreasuryONE Market Update All that glitters...is not oil? After the outbreak of conflict in Israel - Palestine, there were many sensible arguments to be made that Brent Crude would move higher. And indeed it did, very briefly. It tested $95 a barrel despite faltering demand. This morning, it is trading at $82 a barrel.
Gold, on the other hand, has a very different story to tell. The recent rally has been supported mainly by fundamental rather than geopolitical factors, with declining Treasury yields and a weakening dollar. This suggests that gold's elevated levels could persist, with prices above $2,000/oz. If this level breaks decisively, follow-through buying could be strong.
In general, the world is in risk-on mood when it comes to emerging market currencies and equities. The rand is at R18.62 this morning and has stabilised at a much improved range to where we were earlier this year.
To cap off the year, TreasuryONE is hosting a webinar on Tuesday, 5th December at 9am. Attendance is free, but you must register here. Get it in your calendar nice and early! |
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| | | Get the latest on African Rainbow Capital, Argent Industrial, Coronation, Deneb, Momentum Metropolitan, Sibanye-Stillwater, Sirius Real Estate, Southern Sun and Telkom to keep you up to date. It's all available with a single click in Ghost Bites. |
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| Leisure travel > business travel A topic I've written on several times in the post-pandemic world is the distinction between leisure travel and business travel. It's really very simple in my world: one can be replaced by a video call and the other can't. This means that business travel is far more price sensitive than leisure travel. This helps a business like Southern Sun and makes things tougher for City Lodge.
And indeed, the latest numbers from Southern Sun show a jump in occupancy levels despite a significant increase in the average room rate. The net result is a gigantic increase in profit on a year-on-year basis, after adjusting for the separation payment in the base.
Moving on, we've seen capital raising by Sirius Real Estate, Sibanye-Stillwater and now African Rainbow Capital.
I will never understand why anyone invests in African Rainbow Capital, yet every now and then people make bullish arguments about it. Perhaps this capital raise will make investors realise that things at the company are not going to change. In my opinion, the minority shareholders are treated as second-class citizens and the share price chart is further evidence of that.
We've also seen updates come in from Argent Industrial, Coronation, Deneb, Momentum-Metropolitan and Telkom.
There's a lot of really important news from yesterday. I highly recommend that you get all of it in Ghost Bites at this link>>> |
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Disclaimer
Our content is intended to be used and must be used for informational purposes only. You must do your own analysis before executing any investments or strategic decisions, based on your own circumstances. We do not provide personalised recommendations or views as to whether an investment approach or corporate strategy is suited to the needs of a specific individual or entity. You should take independent financial advice from a suitably qualified individual who gives due regard to your personal circumstances.
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