Magic Markets #290: Storm Front – Winners and Losers in an El Niño World

This week, Mohammed Nalla explores El Niño, the climate phenomenon that can have a surprisingly powerful effect on economies and markets. With forecasts pointing to a strengthening event, Moe unpacks the impact on inflation, growth and food security, explaining why countries like South Africa, India and Australia tend to face headwinds while others, including Argentina and parts of North America, can actually benefit. The Finance Ghost follows the investment implications through agricultural value chains, looking at everything from food retailers and fishing companies to fertiliser suppliers and farm technology businesses. He explains why climate-related disruptions can create both risks and opportunities, and why investors should focus on quality when uncertainty starts creeping into the outlook.

Magic Markets #290: Storm Front – Winners and Losers in an El Niño WorldMagic Markets2026-09-09T20:29:12+02:00

Victoria’s Secret – The Business of Bras

Victoria’s Secret owns leading brands in intimate apparel, beauty and adjacent categories, distributed through a footprint of experiential retail stores and digital channels. After losing its way, the company is now in turnaround mode, with initial progress telling a promising story. Can management sustain the momentum and further strengthen its position in intimate wear and other strategic areas?

Victoria’s Secret – The Business of BrasMagic Markets2026-09-09T20:25:17+02:00

DICK’s Sporting Goods – The Foot Locker Shocker

DICK’S Sporting Goods sits between global sports brands and consumers. It combines a full-line sporting-goods franchise, experiential stores and digital assets with Foot Locker’s global sneaker distribution. While the core business still produced decent comparable growth, the Foot Locker acquisition has swung sharply into losses once more, forcing a guidance reset. Is the sell-off overdone, or will Dick’s be relegated to the M&A hall of shame?

DICK’s Sporting Goods – The Foot Locker ShockerMagic Markets2026-09-02T21:06:42+02:00

Magic Markets #289: Jackson Hole and CrowdStrike’s Explosive Growth

This week, Mohammed Nalla unpacks the key takeaways from Jackson Hole, where new Fed Chair Kevin Warsh reminded markets that “down is not the same as done” when it comes to inflation. With PCE inflation still running well above target and labour markets showing resilience, the Fed’s hawkish tone recalibrated expectations for a September hike and reinforced the “higher for longer” narrative. Moe explains what this means for bonds, equities, currencies and commodities, and why investors should brace for a more data‑dependent Fed. The Finance Ghost then shifts focus to CrowdStrike, a cybersecurity leader riding the AI wave. Despite past concerns around customer trust, the company has delivered its best second quarter in history, with strong revenue growth, rising free cash flow and powerful new monetisation models like Falcon Flex and reFlex. Ghost explores how AI adoption is expanding the attack surface, why hyperscaler marketplaces are boosting distribution, and whether CrowdStrike’s sky‑high valuation can be justified in the current market.

Magic Markets #289: Jackson Hole and CrowdStrike’s Explosive GrowthMagic Markets2026-09-02T20:57:37+02:00

Magic Markets #288: Treasury Troubles and Walmart Wobbles

Mohammed Nalla unpacks the US Treasury's decision to increase buybacks at the long end of the bond market, explaining why soaring long-term yields matter for everything from mortgages and property valuations to equity markets. He also explores why this intervention may ease pressure temporarily, without addressing the deeper issues of inflation, deficits and government borrowing. The discussion then shifts to Walmart, where The Finance Ghost digs into a fascinating set of results that managed to disappoint the market despite strong underlying fundamentals. From margin expansion and eCommerce growth to tariff refunds and valuation concerns, the hosts explore whether the share price reaction was justified and what Walmart's outlook says about the health of the US consumer.

Magic Markets #288: Treasury Troubles and Walmart WobblesMagic Markets2026-08-26T21:18:45+02:00

Alibaba – Capex Up 75%, Profits Down 75%

Alibaba is a Chinese domestic champion, but the AI investment cycle is taking its toll. With the balance sheet being pulled in multiple directions and Alibaba now raising equity capital, investors are being asked to believe strongly in the full-stack AI side of the business. Alibaba has some engines of growth, but there’s a slowdown in eCommerce to worry about. Capex up 75% and GAAP net income down 75% isn’t the combination investors want to see!

Alibaba – Capex Up 75%, Profits Down 75%Magic Markets2026-08-26T20:45:50+02:00

Magic Markets #287: From Warsh to Woolies – the inflation stories worth watching

Federal Reserve Chair Kevin Warsh faces a tricky backdrop of cooling inflation, a softer labour market and growing speculation around the Fed's next move. Mohammed Nalla breaks down the latest US inflation data and what it could mean for global markets. The conversation then shifts to South Africa, where The Finance Ghost explores how inflation is affecting retailers, food producers and consumers in very different ways. From Woolworths and Boxer to poultry businesses and packaged foods, the hosts unpack the trends shaping earnings across the value chain.

Magic Markets #287: From Warsh to Woolies – the inflation stories worth watchingMagic Markets2026-08-19T21:44:37+02:00

Caterpillar – Hyperscaler Yellow Goods

Caterpillar is the dominant global equipment and lifecycle-services platform for construction, mining and now distributed power. With data centre-related demand taking Caterpillar to over $20bn in quarterly sales for the first time, has the company emerged from its cocoon as a secular (rather than cyclical) play?

Caterpillar – Hyperscaler Yellow GoodsMagic Markets2026-08-19T20:45:07+02:00

Magic Markets #286: Banks, Bancassurance and Balancing Exposure

This week, we're diving into the banking sector, from the investment banking giants of Wall Street to the retail and commercial banking powerhouses of South Africa. Mohammed Nalla takes us on a global tour of the sector, unpacking strong results from US banks, the surprising resilience of European lenders and why Canadian banks continue to quietly outperform their peers. Along the way, we explore the key themes driving performance, including capital markets activity, buybacks, net interest margins and pockets of consumer weakness that investors should be watching closely. On the local front, The Finance Ghost breaks down the latest developments ahead of a busy South African bank reporting season. With Nedbank's results already in the market and Standard Bank, Absa and FirstRand still to report, there are important signals emerging around credit losses, vehicle finance, home loans, insurance earnings and African growth opportunities.

Magic Markets #286: Banks, Bancassurance and Balancing ExposureMagic Markets2026-08-13T01:21:22+02:00

Meta – Can ROI Catch Capex?

Meta is the global attention-and-messaging platform boasting over 3.5bn daily users, across Facebook, Instagram, Messenger, Threads and WhatsApp. It is now funding AI agents, compute and Reality Labs as potential future profit pools. But can ROI catch up to rampant capex and depreciation?

Meta – Can ROI Catch Capex?Magic Markets2026-08-12T22:27:04+02:00

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