Good morning Voornaam,
Not only is Ghost Mail late this morning, but it's also full of bad news. I'm sorry about that. There's no point in sticking our heads in the sand. That works for ostriches (though I've never seen it myself). It doesn't work for the rest of us.
At least the reason for the lateness is a happy one. My 1969 Alfa Romeo is off to get a new fuel pump, having done the most Italian thing ever by giving its last spurt of life when I moved house several months ago. It literally made it into the new garage and then gave up, so I needed to get a flatbed this morning to finally get it sorted out. There's something very special (and dare I say - sustainable?) about keeping a beautiful car going for 54 years and counting.
Speaking of special old things, the big news overnight was that Charlie Munger has left us. Part of the dynamic duo with Warren Buffett, Munger was universally admired for his wit as much as his investing abilities. One wonders if Munger had a feeling that he wasn't going to make it to 100 (short by just over a month), having finally given his only longform podcast interview to the Acquired podcast in October. If you would like to listen to it, you'll find it here. He leaves one hell of a legacy.
If Munger gives us an opportunity to celebrate life, I'm afraid that Impala Platinum has only given us a reason to mourn death. Some may differ to me on this view, but I don't see Munger's passing as a tragedy. It's the natural order of things, having had an incredible innings of 99 years. There's nothing natural about the 11 mineworkers who didn't make it home to their families this week, as a truly awful accident was reported at Impala's Rustenburg 11 Shaft. The CEO called it the darkest day in the company's history. That's accurate.
I did warn you that the only good news this morning relates to my Italian senior citizen.
Luckily, there's some really solid new content to lift your head from all this. First up, I recorded a podcast with Anoop Ninan, the CEO of Mazars in South Africa. We talked about the landmark network deal with Forvis, as well as how audit firms differentiate themselves and where he sees the opportunities for businesses in South Africa. It's a great listen, available to you here.
I also have a double release of Unlock the Stock for you. You can watch the recording of the recent events with TWK Investments (here) and Karooooo (here). This is a great opportunity to hear directly from the management teams and to see the questions that were asked.
And for those looking to stretch their budgets this December (i.e. everyone), there's a really interesting piece from AA Inform on how to cut your fuel costs if you drive a diesel vehicle. Unlike petrol, the price of diesel isn't regulated in South Africa. This is why the price varies from forecourt to forecourt. Find out more here>>>
If you're looking for a valuation for your vehicle, AA Inform can help with that as well. Check it out here>>>
Have a great day! |
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BRAND NEW: Unlock the Stock with TWK Investments |
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TWK Investments returned to the Unlock the Stock platform 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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BRAND NEW: Unlock the Stock with Karooooo |
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| | Karooooo joined the Unlock the Stock platform for the first time to share insights into the recent numbers and the strategic outlook both locally and abroad.
You can watch the recording here, thanks to our partner A2X. |
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BRAND NEW: Ghost Stories podcast with Anoop Ninan, CEO of Mazars in South Africa |
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| | Hot on the heels of the news of a landmark network deal with Forvis in the USA, Anoop Ninan (CEO of Mazars in South Africa) joined me to explain the deal and to talk about the general business landscape in South Africa. Don't miss this one! |
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BRAND NEW: Magic Markets podcast |
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In Episode 152 of Magic Markets, we looked at international retailers Walmart and Target.
With topics ranging from their earnings guidance through to why concepts like constant currency earnings are important, there's much to learn here.
We also talked about the "stickiness" of inflation - or lack thereof?
This show is brought to you by international data and automation specialists B2IT. |
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BRAND NEW:
Why rules-based funds will continue to dominate future flows |
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The team at Satrix celebrates the ten-year anniversary of the Satrix Balanced Index Fund and explains why they believe that rules-based funds will dominate future flows. |
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LATEST: The bittersweet truth about intellectual property
(by Dominique Olivier) |
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In her latest column, Dominique Olivier tells an incredible story of a copyright nightmare in the music industry, featuring one of the most recognisable tunes of the 90s. Against the backdrop of the Checkers - Pick n Pay fight in the news, this a fascinating display of intellectual property in action. |
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LATEST: Ghost Wrap podcast
(Mr Price | Southern Sun vs. City Lodge | Sirius Real Estate |
African Rainbow Capital | Sibanye-Stillwater) |
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| | The latest Ghost Wrap podcast goes into a bit more detail than usual, but these stories were worth it. Ghost Wrap is brought to you by Mazars. |
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DAILY: TreasuryONE Market Update A usually hawkish Fed Governor, Chris Waller, commented last night that high rates had pushed back inflation and the Fed could ease earlier than expected. The dollar is at 4-month lows against major currencies. Markets will be watching the Core PCE Price Index release tomorrow, with US Q3 GDP out today. Markets are expecting 4.9% growth.
The rand closed firmer at R18.60 last night but is still lagging emerging market peers. Local headwinds are hurting us here, ranging from load shedding to news of layoffs at major mines. The warning from Volkswagen about its local manufacturing plants didn't help matters either.
Gold rallied to $2,041 after the more dovish comments from Fed officials. Sadly, PGMs remain week. Brent Crude has moved back above $81 a barrel.
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 ArcelorMittal, Attacq, Bidvest, Delta Property, Impala Platinum, Nampak, RH Bophelo, Stefanutti Stocks and Vodacom - Remgro to keep you up to date. It's all available with a single click in Ghost Bites. |
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Bad news. Bad news (almost) everywhere. I've already mentioned the tragedy at Impala Platinum. You'll find the details in Ghost Bites. In addition to this, the mining sector was hit by news of major potential job losses at ArcelorMittal. The chickens of many years of poor government policies and decaying infrastructure are coming home to roost.
Even Bidvest is struggling now, with the pricing power we've seen in the aftermath of the pandemic dissipating. It's really tough out there. And if you need a further reminder of how rough things can get, the eyewatering losses at Nampak will help with that.
Was there any good news? Well, things at Attacq seem to be going pretty well. Also, from what I can see, Delta Property Fund may have steadied the ship in the past six months.
You'll also find the latest from RH Bophelo, Stefanutti Stocks and Vodacom regarding the fibre deal that Remgro sits on the other side of.
Along with the usual assortment of Little Bites, you can get everything you need from SENS with a single click in Ghost Bites. Read it here>>>
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You should expect us in your inbox Monday – Friday. If you don’t receive an email, please check your spam, or junk folder and “move us” into your primary inbox to ensure you get it each morning.
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.
Whilst every care is taken, we accept no responsibility or liability for any errors or omissions in any of our content.
The views, thoughts and opinions expressed in our content belong solely to the author or quoted individuals and/or entities, and not necessarily to the author's employer, organisation, committee or other group or individual, or any of our affiliates or brand partners. |
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