Kingsley Williams is the Chief Investment Officer at Satrix, which means he has built his career around being a student of the markets. He started working right before the dot com bubble, so Kingsley has seen exactly what happens when you have herd mentality in the markets. Bubbles. Biases. Big market moves and the way they make people behave - it's all here in this great conversation around how to stay sane in a market that is driven by emotion, and one of the most dangerous human traits of all: greed. Speaking of greed, Kingsley also addressed the frequently misquoted Warren Buffett comment about greed vs. fear. The markets continue to dish up opportunities and risks. The more we look at history and try to learn from it, the better our chances of future success. This podcast was first published here. Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products

Optasia is listing on the JSE, which means that South African investors will have the opportunity to invest in this exciting fintech business. With a proprietary platform and extensive relationships across numerous emerging and frontier markets, Optasia builds bridges between financial institutions and underbanked consumers seeking airtime credit and microfinance solutions. To explain how the business works, Salvador Anglada (CEO, Optasia) joined me for this detailed discussion. We covered the core underlying model, the DNA of the business and the journey to scale, along with the importance of the relationships that have been built in this ecosystem. We also covered off the risks and opportunities for the group. As always, remember to do your own research and to treat this podcast as being for informational purposes only. For more information on Optasia, visit the website here.

We all need somewhere to live, but that doesn't mean that buying property should be the default decision. Most of all, it doesn't mean that buying any property at any price is sensible. Data-led decision making is crucial when buying a home, especially in South Africa where house prices don't automatically go up. Hayley Ivins-Downes and the team at Lightstone Property are passionate about helping South Africans apply more science to the emotiv decision of buying a home. With incredible data on property across the country, Lightstone makes it easier to avoid turning a dream home into a nightmare. On this podcast, Hayley unpacked topics like: Relative property values across provinces and the trend over the years Development activity and the types of properties being built The effect of the interest rate cycle Semigration trends and the impact they have on values How the average age of buyers has increased vs. ten years ago The question on everyone's lips in Cape Town: has the property trend reached a relative peak? Property is one of the most important financial decisions you can make. If you do the research before you buy stocks, you should certainly do it before you buy property. You can learn more about Lightstone here.  

AI has dominated the headlines this year and is the cause of seemingly bottomless investment in markets like the US. This is technology theatre at its finest, accompanied by flashy presentations and even flashier share prices at the world's biggest tech companies. But what impact is it actually having on the corporates on the ground who are the eventual users of the service? To unpack where AI works (and doesn't) in the real world, Shane Cooper (Head of Digital Advisory at Forvis Mazars in South Africa) joined me for a frank discussion. We covered a number of topics including: AI as the "smartphone moment" of this tech era The key considerations for executives in AI implementations Global and local examples of AI implementations in companies like Zeiss, Sasol, Siemens, Walmart and Shoprite How SMEs are viewing and applying the AI opportunities Disruption to the internet economy as we know it Why AI is still "hallucinating" answers to questions The near-existential questions that AI poses for humanity How to think about your job in the context of AI's strengths and limitations Buckle up. This is a powerful discussion about probably the most important business topic in the world today. You can connect with Shane on LinkedIn here.

Steve Porter gets out of bed every day to make sure that the clients of Metrofile Cloud can keep their businesses running when disaster strikes. In a world of public cloud offerings with all the bells and whistles, Metrofile Cloud's private cloud business takes a no-nonsense approach to delivering cloud services to South African businesses of all sizes - and with a real person on the other end of the phone when you need help. In this episode of Ghost Stories, Steve's candid approach comes through strongly in these discussion points: The layers of risks faced by South African businesses The danger of "sticker shock" in public cloud pricing models and why these models are often overkill for the needs of local businesses The critical importance of having a public cloud exit plan Whether data stored on a public cloud is truly safe and impossible to lose (spoiler alert: it isn't) The pros and cons of private cloud and where such a solution may be more suitable than public cloud Steve isn't for everyone. Metrofile Cloud isn't for everyone. But if it resonates with you, then this might be the most important podcast you listen to for your business this year. Find out more about Metrofile Cloud here and connect with Steve on LinkedIn here.  

We know that global equities have outperformed global bonds and money market investments over the long term, but this comes with the risk of higher volatility. The current investment climate has also called into question the traditional 60/40 approach to a balanced portfolio, with problematic correlation for investors. With a track record in structured products spanning 23 years, Investec has seen practically every type of market cycle play out. As a response to relative global equity valuations across multiple regions, Investec (in its capacity as investment advisor and promoter) brings you Advanced Investment Holdings. This is a Guernsey-based structure that holds a portfolio of the S&P 500, Euro Stoxx 50, Nikkei 225 and FTSE 100 indices. Over a term of five years and one month, the investment offers full downside protection (100% capital preservation at maturity in USD) and will multiply the upside by 125% (to a maximum return of 50%). Japie Lubbe brings his extensive experience to this discussion, explaining exactly why Investec has taken this approach to structured equity exposure in the current environment. He also explains the nuts and bolts of the structured product and exactly how the returns and risks work.  Applications close on 28 November 2025. As always, it is recommended that you discuss any such investment with your financial advisor. You can find all the information you need on the Investec website at this link. Disclaimer

The digital generation has access to more information and tools than ever before. But the more things change, the more they stay the same: one of the most powerful tools of all remains the benefit of starting young and entrenching the right money habits from as early as possible in your life. And yes, this includes investing on behalf of your children! In this episode of Ghost Stories, Lauren Jacobs (Senior Portfolio Manager at Satrix) joined me for a candid discussion about her approach to entrenching the right financial behaviours from early in her career and the journey of investing for her family. We also talked about the value of learning by doing, which means testing out the market and banking the hard lessons sooner rather than later! The concept of "time in the market" is one of the most powerful wealth creation strategies of them all. If you are looking for the inspiration to just start, or a refresher on why those tough-to-form habits are so worthwhile, then you'll love this discussion. This podcast was first published here. For more information, visit https://satrix.co.za/products *Satrix is a division of Sanlam Investment Management. Disclaimer: Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. Consult your financial advisor before making an investment decision. Tax Free Savings Accounts: Annual limit of R36000, lifetime limit of R500 000, 40% tax penalty applicable for contributions above the limit, per individual. 

STADIO Holdings is enjoying excellent support in the market for its strategy, evidenced by a strong share price performance in a year when the shine has come off many SA Inc. stocks. This begs the question: how are they getting it right? CEO Chris Vorster and CFO Ishak Kula joined me on this podcast to talk about not just the recent performance, but also the major growth drivers that underpin the medium-term targets. The discussion includes insights into: STADIO's core DNA and the principles that guide the business. The importance of communication with the market, including on financial targets. Key focus areas of institutional investors based on discussions at recent roadshows and conferences. Developments in the underlying business in areas like the Durbanville Campus and AFDA. The broader strategy around the road to being recognised as a university. The value of AI in the business and other shared services. The medium-term goals for student growth, margins and return on equity. My thanks to STADIO for valuing the Ghost Mail audience and recognising the importance of sharing this level of insight with the retail investor base. Please note that this podcast is brought to you by STADIO Holdings. The goal is to give you further insights into the strategy and business model based on recent company announcements. I crafted the questions myself, without any influence from the business. Please note that as always, nothing new here is financial advice and you should not interpret this podcast as an endorsement of the company. Instead use it as part of your broader research process in your portfolio and be sure to refer to STADIO’s announcements and reports for more information.  

Claude Hanan and Luke Jedeikin have quite the story to tell. For roughly 15 years, they've been at the forefront of eCommerce and omnichannel business development in South Africa. With brands like Superbalist and Bash under their belts, this duo made the journey from indie startup founders to corporate executives responsible for driving growth in groups like Takealot and The Foschini Group (TFG). Within TFG, Claude and Luke are redefining how omnichannel retail works in South Africa. This strategy is a core growth engine at TFG and contributes to the group's moat in South Africa. But what are the secrets of omnichannel retail and why is it so successful? What sets it apart from eCommerce? And what are the key ingredients that a retailer actually needs before they can take this step, proving that implementation is always much harder than having ideas? Get ready for an omnichannel masterclass from two of the most respected names in retail in South Africa. This podcast is brought to you by The Foschini Group and Bash and is for informational purposes only. Please treat it as just one part of your research into companies like The Foschini Group and remember that at all times, nothing included in this podcast should be taken as investment advice.   

Exchange Traded Funds (ETFs) offer diversified exposure through a single investment, just like buying a box of biscuits and getting to enjoy a variety of flavours inside. But if you don't know how to read a fact sheet or assess which ETFs you like, then there's no way of knowing what's in the box. We don't buy biscuits without the packaging making it clear what's inside. We shouldn't buy ETFs like that either! To help bridge the gap and enhance your understanding of what to look for when selecting ETFs and reading fact sheets, Siyabulela Nomoyi (Quantitative Portfolio Manager at Satrix*) joined me on this podcast. It offers an excellent learning experience for both experienced and newer investors in ETFs. This podcast was first published here. For more information, visit https://satrix.co.za/products *Satrix is a division of Sanlam Investment Management. Disclaimer: Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products

China offers an exciting emerging markets opportunity, driven by the country's vast manufacturing base and the progress made in areas like artificial technology. But geopolitical risks and the volatility that plagues emerging markets is also present, making it more difficult for investors to add exposure to this market. With the launch of two new structured products that reference the Shanghai Shenzhen CSI 300 index, Investec has sculpted two payoff profiles that could appeal to investors of varying risk tolerances. With a combination of mechanisms that create capital protection and enhanced upside under certain outcomes, these products aim to take advantage of the opportunity in China, while reducing the overall risks. Brian McMillan and James Cook of Investec joined me to talk through not just the appeal of China, but also the way in which the two products work. There's a wealth of information in this discussion on the Investec ZAR CSI 300 Digital Plus and the Investec USD CSI 300 Geared Growth products. Applications close on 13 August, so you must move quickly if you are interested in investing. As always, it is recommended that you discuss any such investment with your financial advisor. You can find all the information you need on the Investec website at this link. Disclaimer

Martin Slabbert, co-founder of Prime Kapital, is someone that you've become familiar with thanks to the ongoing corporate finance activity around MAS Real Estate. Prime Kapital has launched a voluntary bid to acquire all the shares in MAS, with the SENS announcement and circular having been distributed to shareholders. These documents can be complex to understand, so this podcast is aimed at explaining some of the key concepts of the deal and giving further insights into the recent noise in the market around MAS' relationship with Prime Kapital. I was joined by both Martin Slabbert and Johan Holtzhausen, Chairman of PSG Capital, in his capacity as advisor to Prime Kapital. This podcast will be a useful resource to help you research and understand the transaction.   Important disclosure: Prime Kapital has paid a market-related fee for the production and placement of this podcast. The views shared by each of Martin Slabbert, Johan Holtzhausen and The Finance Ghost in this podcast reflect their opinions on the topics covered herein and should not be seen as financial advice. As noted in the podcast, The Finance Ghost currently holds a position in Hyprop, although Hyprop's offer for MAS has been withdrawn. The Finance Ghost has no position in MAS. As always, do your own research in forming a view on this transaction.

Tinus Rautenbach from Clarity by Investec is passionate about the markets and the full spectrum of its participants, from traders through to long-term investors. Clarity caters to them all, with Tinus joining me to share useful tips and insights into how volatility should be managed by different types of equity enthusiasts. We covered concepts like the sources of volatility and its importance for long-term investors and traders alike, recognising the different goals of these players in the market. We also talked about how critical money management and position sizing are to the overall goal of protecting capital. The various tools used in risk management came up, as did the different kinds of inputs that traders and investors use in their processes. For newer and more experienced investors and traders alike, this is a great overview of many of the most important elements of a successful market strategy. As always, nothing you hear on this podcast should be taken as advice. Investec Corporate and Institutional Banking is a division of Investec Bank Limited, a licensed over-the-counter derivatives provider and an authorised Financial Services Provider, FSP number 11750.  

Martin Slabbert of Prime Kapital has strong views on the Hyprop offer to MAS shareholders. As a follow-up to the press release dealing with his concerns around the deal, he joined The Finance Ghost on this podcast to dig deeper into key concepts including: The backstory to the relationship between Prime Kapital and MAS; His views on why Hyprop has put in this offer; The conditional nature of the Hyprop bid and the risks that he believes that this introduces; The highly unusual structuring of the deal in terms of how long the offer is open for; The nature of an irrevocable undertaking; and What the future might look like if this deal goes ahead.   Important disclosure: Prime Kapital has paid a market-related fee for the production and placement of this podcast. The views shared by each of Martin Slabbert and The Finance Ghost in this podcast reflect their opinions on the topics covered herein and should not be seen as financial advice. As noted in the podcast, The Finance Ghost currently holds a position in Hyprop. As always, do your own research in forming a view on this transaction.

The latest C-suite Barometer study by Forvis Mazars paints a positive picture for private equity and alternative investments, with 26% of global executives planning to use these channels to raise funds in the year ahead. South Africa is no different to the global trend here, as evidenced by the extent of exits and capital raising transactions in private vs. public markets. But why is this the case? And will private equity continue to outpace IPOs as the exit mechanism for choice? To unpack these topics, I was joined by Wiehann Olivier and Johan Marais of Forvis Mazars in South Africa. Listen to this podcast if: you want to understand the structural advantages that private equity has over public markets, particularly for mid-sized companies.

With edgy branding and a highly unusual approach in South Africa of building from the ground up in public (i.e. while listed on the JSE), Altvest is playing life on hard mode. CEO and founder Warren Wheatley knows this, yet he remains steadfast in his belief about what they are building. With no shortage of critics (and a few negative clickbaity articles in the press along the way), Warren approached me to have a no-holds-barred conversation with him about literally anything that I felt was pertinent to Altvest investors. I also canvassed my followers on platforms like X to get a sense of the questions they wanted me to ask. The result? Over an hour of hard-hitting discussion on topics ranging from the branding strategy and underlying assets in Altvest through to the concerns in the market around remuneration and the related party transactions. As balanced and authentic discussions go, you won't find better than this. As always, the Ghost Mail platform is here to help you form your own view about what's out there in the market. Listen to this podcast and decide for yourself whether Warren and the Altvest team will make this a success or suffer a failure. Remember to speak to your financial advisor, as nothing you hear on the Ghost Stories podcast should be seen as advice.

With half of 2025 in the rearview mirror, it's been a period in which investors have actively looked for opportunities beyond the United States. That's good news not just for alternatives like Europe, but emerging markets like India and China as well. Kingsley Williams (Chief Investment Officer of Satrix*) joined The Finance Ghost to talk about the key drivers and opportunities in each of China and India. The discussion also included insights from Ghost's bottoms-up analysis of US-based companies and what those strategies teach us about what is happening elsewhere in the world. There's a lot more in the markets than just the S&P 500. This podcast will appeal to anyone looking to broaden their horizons and enhance their understanding of global investment opportunities. This podcast was first published here. For more information, visit https://satrix.co.za/products *Satrix is a division of Sanlam Investment Management. Disclaimer: Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products

PSG Financial Services is the proud sponsor of the Think Big South Africa competition, in collaboration with Economic Research Southern Africa (ERSA). PSG wants to encourage South Africans to get involved in their country at the highest level, bringing forward policy ideas and constructive solutions to drive conversations and real change in our country. The 2025 topic is How Capital Markets Enhance Economic Performance and Facilitate Job Creation. Papers are due for submission by 30 August 2025. In addition to the fantastic opportunity to drive change in our country, there's an impressive first prize of R500,000 and there are several other cash prizes as well. To discuss the importance of this competition and why PSG is so proud to be involved, PSG Financial Services CEO Francois Gouws joined me on this podcast. You can find out more about the competition at this link.

Five years ago, the world was a wild place. We were "staying home and staying safe" - and global central banks were cutting rates dramatically in an effort to stimulate economies under impossible circumstances. This created an unprecedented situation for equities in particular. It's certainly been a great time to be invested in the markets, but which indices have done well and which ones have been disappointing in relative terms? How does the local vs. offshore story stack up? What about developed vs. emerging markets? And what of government bonds? With a great selection of statistics to share with the listeners, Siyabulela Nomoyi of Satrix was a wealth of knowledge in this podcast. This podcast was first published here. For more information, visit https://satrix.co.za/products Satrix Investments Pty Limited and Satrix Managers RF Pty Limited are authorised financial services providers. Nothing you have heard in this podcast should be construed as advice. Please do your own research and visit the Satrix website for more information on all their ETF products.