Magic Markets #270: Holding Through Highs and Lows

Magic Markets2026-04-22T21:38:16+02:00

In this episode of Magic Markets, Ghost and Moe balance life’s milestones with market realities. Fresh off Ghost’s wedding celebrations, the duo dive into the resilience required both in personal life and in investing. They explore the discipline of long-term holding, the lessons learned from winners and losers, and how conviction shapes portfolio decisions across geographies and sectors. From South African fintech platforms to Canadian banks, Chinese tech giants, and Latin American bottlers, the conversation highlights the importance of diversification, patience, and understanding the stories behind the stocks. Whether it’s celebrating gains or navigating setbacks, Ghost and Moe show how investors can stay grounded through market cycles.

Magic Markets #270: Holding Through Highs and LowsMagic Markets2026-04-22T21:38:16+02:00

Magic Markets #269: SaaSpocalypse – Surviving the Shock

Magic Markets2026-04-15T23:02:03+02:00

AI is eating software, with the market response being nothing short of brutal. The once-loved Software-as-a-Service (SaaS) stocks have been crushed, with valuation multiples back to levels seen during the Global Financial Crisis. Is the golden age of SaaS over? Has the market perhaps overreacted to the risks? From Adobe and Salesforce to Microsoft, Alphabet, Intuit and ServiceNow, Mohammed Nalla and The Finance Ghost discuss the important of real moats, critical data and pricing power.

Magic Markets #269: SaaSpocalypse – Surviving the ShockMagic Markets2026-04-15T23:02:03+02:00

Magic Markets #268: No One Brakes in Cairo – Except the Central Bank

Magic Markets2026-04-08T21:11:59+02:00

Fresh off a honeymoon in Egypt, The Finance Ghost brings on‑the‑ground perspective to one of Africa’s largest and most misunderstood economies. From Cairo’s adrenaline‑fuelled traffic to the sheer scale of Egypt’s population, this episode blends travel observations with hard macro reality - mid-level GDP per capita, inflation in double digits, and a central bank running a 20% policy rate while nobody else in the country seems to believe in brakes! Together, Ghost and Mohammed Nalla unpack why Egypt feels simultaneously chaotic and safe, why tourism matters more than most investors realise, and why telecoms exposure (hello, Vodafone Egypt) could be far more important than flashy headlines suggest. Welcome to an emerging market deep-dive with pyramids, pain for the Egyptian pound, population growth - and yes, very cheap Uber rides.

Magic Markets #268: No One Brakes in Cairo – Except the Central BankMagic Markets2026-04-08T21:11:59+02:00

Magic Markets #267: Oil and Toil – a Bruising Q1

Magic Markets2026-04-01T11:38:34+02:00

The first quarter of 2026 was a reality check for global markets. If you had oil, you made money. If you had almost anything else, you didn't. With pressure across asset classes, this was a risk-off quarter thanks to the conflict in Iran. Defensive (and defence!) stocks were a decent place to hide, while riskier assets (including AI names) suffered substantial sell-offs. In this episode, Mohammed Nalla looks at the Q1 performance of major asset classes. The Finance Ghost digs into the sectoral performance on the JSE and some of the more notable moves - like Sasol!

Magic Markets #267: Oil and Toil – a Bruising Q1Magic Markets2026-04-01T11:38:34+02:00

Magic Markets #266: Dire Straits of Hormuz

Magic Markets2026-03-25T20:52:03+02:00

Four weeks into the war in Iran, the numbers tell a stark story around the risks for equity plays in regions like the UAE. Dubai-listed property and bank stocks have tumbled, while the government bears the burden of owning leading hotel and airline groups. With the Straits of Hormuz as a daily topic, Mohammed Nalla and The Finance Ghost discuss the ways in which this is reshaping global logistics - and perhaps more importantly, the stocks of companies in this sector. And yes, this includes the concept of war insurance!

Magic Markets #266: Dire Straits of HormuzMagic Markets2026-03-25T20:52:03+02:00

Magic Markets #265: Iran and JSE Earnings Season Themes

Magic Markets2026-03-18T21:34:23+02:00

From a macro perspective, the ongoing conflict in Iran has dished up some important movies in currencies, bonds, commodities and inflation expectations. Mohammed Nalla takes us through what we've learnt in the past few weeks - and not just about oil. In South Africa, earnings season the JSE has put the spotlight on certain sectors and themes. With reference to retail, property, banks and even a couple of high-growth companies on the market, The Finance Ghost delivers a useful summary of what we've seen this month.

Magic Markets #265: Iran and JSE Earnings Season ThemesMagic Markets2026-03-18T21:34:23+02:00

Magic Markets #264: Portfolio Positioning for the AI Epoch (with David Eborall of SaltLight Capital)

Magic Markets2026-03-12T14:09:22+02:00

With lightning-fast developments in AI on everyone's lips, figuring out where to play in this value chain is no mean feat. Will the hyperscalers achieve return on investment, or is it better to sit as far back in the chain as possible, targeting names like NVIDIA rather than Microsoft or Alphabet? Is this just a fad, or are we in an "AI epoch" that wil define the next few decades of our lives? These are examples of the many questions that David Eborall must ask himself on a daily basis in the process of managing the funds at SaltLight Capital. As an entrepreneur-turned-fund-manager, he brings a unique lens to his capital management decisions. This podcast is part of our efforts to bring you some of South Africa's best and most interesting boutique fund managers. It's a great way to understand more about David's edge and why he believes that AI is still in its infancy in our lives.

Magic Markets #264: Portfolio Positioning for the AI Epoch (with David Eborall of SaltLight Capital)Magic Markets2026-03-12T14:09:22+02:00

Magic Markets #263: The Oil Trade

Magic Markets2026-03-04T23:09:26+02:00

With the conflict in Iran still fresh in the market at time of recording, we decided to talk about the commodity that everyone is looking at: oil. And for South African investors, that means that Sasol comes up as well. Mohammed Nalla tends to be an oil bull, while The Finance Ghost is only really interested in putting the downstream products in his car. But there's no denying that oil plays a role in global markets, particularly as it has a tendency to spike to $100 in times of crisis. Perhaps the most surprising insight is this: over the past two decades, the oil majors have done a spectacular job of creating shareholder value despite the oil price showing little in the way of underlying inflation. Their approach of owning the value chain has been the right one.

Magic Markets #263: The Oil TradeMagic Markets2026-03-04T23:09:26+02:00

Magic Markets #262: Free Cash Flow – Friend or Foe? (Dagon Sachs, Aylett & Co.)

Magic Markets2026-02-25T22:31:53+02:00

What’s the vital difference between a management team that creates value and one that destroys it? Is the concept of a "capital-light business" always positive? And what about management alignment and incentives? This episode is the first in a new series - The Finance Ghost and Mohammed Nalla are bringing you some of South Africa’s best boutique fund managers, kicking off with Aylett & Co. represented by Dagon Sachs. As a founding member of Aylett and a highly-experienced asset manager who has spent over two decades mastering the art of stock picking, there's much to learn from Dagon. With the hospitality industry as a useful case study, this podcast is an important look at how to assess the way that corporate management teams behave with shareholder money.

Magic Markets #262: Free Cash Flow – Friend or Foe? (Dagon Sachs, Aylett & Co.)Magic Markets2026-02-25T22:31:53+02:00

Magic Markets #261: The AI Effect on Free Cash Flow

Magic Markets2026-02-18T20:36:57+02:00

2026 has seen US tech giants throwing enough capex at AI infrastructure to fund a small country. Amazon has guided capex that is roughly half of South Africa's entire GDP! But with fracture lines appearing in the AI landscape, is the ROI really justifiable? And if not, will Big Tech even feel it, or will someone else be left to foot the bill? In this episode of Magic Markets, The Finance Ghost and Mohammed Nalla explore the dangerous games that giants like Amazon, Alphabet and Microsoft are playing, exhausting their free cash flow on data centres and AI projects with a potential half-life of an overripe avocado. Alphabet is borrowing money from a hundred years down the line. Is that the sign of the top? And if not, then what is?

Magic Markets #261: The AI Effect on Free Cash FlowMagic Markets2026-02-18T20:36:57+02:00

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