Look, I know I said I would wait around 10 days between each Letter from the Editor, but the heart wants what it wants. The second letter is here, dealing with a topic that is as emotive as can be. But instead of hitting you with adverts showing happy people on their yachts from Monday to Friday and with the grandchildren Saturday to Sunday, I'm going to give you a completely different view on "retirement" and a way to seriously improve the maths between now and then. I love getting your feedback, so please leave a comment and let me know what you think! You'll find the letter here>>>
With a new Ghost Wrap episode due imminently, make sure y ou don't fall behind. The latest episode covers Bowler Metcalf, City Lodge, Shoprite, The Foschini Group, Bidvest and AVI. Brought to you by Mazars, you'll find it here>>>
I also have a new Unlock the Stock recording for you, this time featuring Curro Holdings. The Q&A was incredibly interesting around supply and demand for schools and the strategy for different income levels. If you are interested in this space, then watching the recording is a great use of your time. Brought to you by A2X, you'll find it here>>> a>
Give your money (and knowledge) a passport
Over the past four Magic Markets episodes, you can get the latest on eight global companies. This is an incredibly efficient way to enhance your knowledge of the global opportunity set. If the bug really bites, you can consider subscribing to Magic Markets Premium and getting almost 100 research reports in the library for just R99/month!
For a lighter touch that still offers plenty of insights, you can enjoy these Magic Markets episodes:
Insights from Satrix
I sincerely hope you watched the Bokke kick off their Rugby World Cup campaign last night with a powerful display against the Scottish. Or is that Scott-ish, based on some of the key team members and where they went to school? Nonetheless, we are in a rugby-inspired mood and so is Siyabulela Nomoyi of Satrix, bringing us an article on investor insights inspired by rugby coaches. Read it here>>>
If you haven't given it a whirl yet, then the latest Ghost Stories podcast with Nico Katzke of Satrix is well worth your time. We delved into dividends and whether they are always good news for shareholde rs, with plenty of insights around capital allocation as well. This podcast is highly recommended>>>
Capitec finds some love in the market
A share price that has come off the boil is always looking for a reason to get back on it. Despite the company still trading at a hefty multiple, Capitec punters found reasons to get excited about HEPS growth of 8% to 10% year-on-year. I'm really not sure why, as there are other banks doing much better than this and still trading on more modest multiples. If the market always made sense, then I guess it would be boring?
At the other end of th e investment style spectrum, we find value stock Caxton trading at roughly half its net asset value per share. Now, what makes this particularly interesting is that a big chunk of the NAV is the look-through exposure to the large stake in listed group Mpact, so the rest of the Caxton operations are at a much deeper discount than you think. The release of results for the year ended June will help you understand more about the group.
We also saw some interesting balance sheet news come in from Curro and Hammerson. Even if you are only an equity investor, understanding how these companies structure their debt is incredibly useful in your investment journey.
Ghost Bites this morning is short but oh-so-sweet, with plenty to learn. Find it here>>>
A big data week
The dollar ended last week on a high of note, with the rand and other emerging markets under pressure based on sentiment that interest rates in the US will stay higher for longer. Although the rand had a better day on Friday, the picture for the week was far less rosy.
TreasuryONE notes that we are in a busy week of data, with the inflation print in the US due on Wednesday. Retail sales figures and PPI are due on Thursday, along with the ECB's rate decision.
To help you understand these important concepts and data releases, the Treasury ONE YouTube channel is a wealth of information. You can find it here>>>
With that, I wish you a productive start to the week filled with rugby banter around the watercooler! Or on Zoom, for that matter.
