There's still time to register for these events this week:

• On Wednesday 21st June at 12pm, you can join the bizval team and special guests from the UK who will discuss how to prepare a business for sale, with the added benefit of insights from the UK private company market and a Q&A at the end of the session. Founders, this is for you. Register here>>>
• Bringing it back to the listed space, Thursday 22nd June at 12pm sees Attacq and Tharisa as our feature companies on the next edition of Unlock the Stock. Brought to you by A2X, this is a fantastic way to learn about both companies and to practice your equity analyst skills in the Q&A. Register here>>>

Fresh out the oven

• Ghost Wrap brings you a fast-paced update on PPC, Sephaku Holdings, Naspers, Prosus, Spar, Alexander Forbes, Glencore, MultiChoice and Telkom. Brought to you by Mazars, you'll find the podcast here>>>
• Trive South Africa has delved into another Chinese tech company, this time Baidu and its positioning for artificial intelligence. Including technical and fundamental analysis, you can read it here>>>
• Magic Markets was a "guestless" show in the past week, which means yours truly and Mohammed Nalla got to discuss a variety of market topics ranging from the recent relief rally on the JSE through to the power of US consumers vs. South Africans. Listen to it here>>>
  

What is your investment personality?

In an interesting new article from the team at Satrix, you can answer a few questions to help you discover your "investment personality" - a r eally useful way to figure out what the most appropriate strategy and investing style is for you.

I highly recommend making time for this article this morning.

Don't buy property companies at a premium to NAV

I have a very simple rule when it comes to property companies, or investment holding companies for that matter: do not pay a premium to net asset value (NAV) per share.

These are companies that trade with reference to their NAV per share because the underlying assets are recognised at fair value at each reporting date. Liabilities on the balance sheet are usually measured at a fair reflection of what they would cost to settle, so the equity on the balance sh eet (assets - liabilities) is a good indication of what would be left for shareholders if all the assets were sold and liabilities settled.

This isn't the case in companies where the assets aren't recognised at fair value. You certainly can't assume that the equity on the balance sheet at a typical industrials firm is what the company is actually worth, for example.

The calculation of NAV per share is based on that equity layer in the balance sheet, so NAV per share in a property company is a strong indication of what the share price could be. It then gets more complicated, as the share price will only trade at NAV if the return on equity achieved by the company is equal to the return on equity being demanded by shareholders. If return on equity is higher, it may trade at a premium to NAV. If return on equity is lower, it will trade at a discount.

Complicated stuff, I know.

Put simply, if you want a return of 10% and som eone is offering you an investment that only pays 5%, will you pay full price for it? No, you won't. That's the principle here, much like government bonds.

Now, to find out how this relates to Stor-Age, you need to read Ghost Bites this morning. To entice you even further, the bites also include important news on a deal closing at Glencore, Novus reporting tough but interesting numbers, Omnia inching forward and Transaction Capital trying desperately to inject some positive news into the share price. Get the latest Ghost Bites here>>>

You want to learn more about the markets, don't you?

There was some technical stuff in there. If investing was easy, everyone would be rich and the Oracle of Omaha would just be another entertaining old man around the Sunday lunch table. Investing isn't easy, which is why the world's best asset managers are treated like superstars in the industry.

Together with my partner Mohammed Nalla, I'm absolutely committed to helping you learn how to research stocks. This isn't about the quick wins or the hot tips that traders use. There's certainly a place for that, but we aren't taking that approach. Instead, we show you how to genuinely assess the strategy of a company, together with many of the same technical indicators used by traders to help you try to optimise your entry and exit.

Each week, we cover a different global company. To give you an idea of the variety, our last six shows were on LVMH, 3M, Tripadvisor, Aston Martin, Salesforce and Topgolf Callaway. Best of all, you can get the entire library of research (over 80 stocks) for just R99/month or R990/year if you're ready to commit for a longer period.

If you are ready to take your money and your success seriously,subscribe to Magic Markets Premium at this link and prepare to see what "doing your own research" really looks like.

A quiet day, but not a quiet week

The US market was closed yesterday, so there was subdued activity that saw the rand weaken slightly and then return to ope ning levels. TreasuryONE expects activity to pick up today as we approach Jerome Powell's testimony in front of Congress.

Locally, inflation is due to be released on Wednesday and headline inflation is expected to drop from 6.8% year-on-year to 6.5% in May. Inflation risks remain significant and the market will watch this closely, as inflation informs future rate decisions by the SARB.

For assistance with managing market risk, contact TreasuryONE here.

Have a lovely Tuesday!