Coca‑Cola FEMSA is the world’s largest franchise bottler of Coca‑Cola products operating across nine Latin American countries. How will the company navigate Mexico’s 2026 sugar‑tax headwinds? And can its wide economic moat sustain margins across both profitability and free cash flow?
Listen to the show here: Description: Magic Markets #280: Portfolio Housekeeping - New Positions and Hard Lessons This week on Magic Markets, we're opening up the portfolios and discussing some of our most recent investment decisions. From beaten-down SA Inc. names to Chinese tech, Latin American fintech and Canadian financials, we explain what we've been buying, what we've been trimming and the investment theses behind those moves. The Finance Ghost unpacks recent additions including Cashbuild, Pepkor, iOCO, WeBuyCars and Afrimat, as well as a frustratingly early sale of Intel (but still at a juicy profit). Meanwhile, Mohammed Nalla discusses building geographical [...]
The Fed doesn’t just set US interest rates - it effectively sets the price of money for the entire world. In this episode, we unpack why that matters, from how US Treasury yields anchor global valuations to the way a stronger dollar filters into emerging markets like South Africa. If you’ve ever wondered why local interest rates, the rand, and equity markets all seem to dance to the Fed's tune, this conversation is for you. We also explore the evolving role of the Fed chair, the reality of policymaking by committee, and the limits of political influence on central banks. With a new era underway and markets questioning whether the famous “Fed put” still exists, the big takeaway is simple: don’t assume rate cuts are coming to save the day.
Accenture is a global professional services firm that sits at the intersection of consulting, technology implementation and managed services. A cyclical slowdown in IT services and the AI driven ‘SaaSpocalypse’ has taken the share price down more than 60% from the 2021 peak. Can the company continue to generate strong free cash flow and position itself as the “reinvention partner” for the generative‑AI era?
Aylett & Co. returns to Magic Markets for a deep dive into one of the more debated sectors in global markets: alcohol. Justin Ritchie and Ryann Dean unpack the big question facing investors: is the recent weakness in alcohol stocks structural, or simply cyclical? From the COVID-era demand surge and subsequent hangover to shifting consumption patterns, affordability pressures and inventory cycles, this episode cuts through the noise with a data-driven lens (and a healthy dose of scepticism about popular narratives aroung GLP-1 impacts and Gen Z drinking habits). Premiumisation, no-alcohol products and the contrasting dynamics between beer and spirits - it's all in here, including a look at developed vs. emerging markets.
Adobe is a perfect example of a broken growth stock, with the valuation smashed back down to pre-SaaS levels. Adobe has had to execute a major technology transition before, and now they need to do it again - but with greater uncertainty and no consistency in executive management. Is the market right to be terrified, or is there value here?
In Episode 277 of Magic Markets, The Finance Ghost and Mohammed Nalla tackle the theme of “bad things happening to good brands” - with lululemon and Ulta Beauty under the microscope. From margin compression to weakening brand heat, lululemon’s fall from pandemic darling to turnaround case is unpacked in detail. The duo explore how a still-respected brand can lose pricing power, why the Americas region is struggling despite international growth, and how inventory, competition and execution missteps have all collided at the worst possible time. On the flip side, Ulta Beauty offers a very different story: a solid business facing a valuation reset rather than a fundamental crisis. Ghost breaks down the retailer’s steady growth profile, strong loyalty ecosystem and recent margin performance, while also highlighting why the market remains cautious. The episode is an incredibly helpful example of the difference between a broken story and a derating, and why diversification remains critical when even the “best” brands can disappoint.
Broadcom is one of the better names in the “not NVIDIA” bucket. With a relatively capital-light model and more to the group than just frothy AI demand, the market has held this stock in high regard - and valued it accordingly. Is the sharp sell-off after recent results a buying opportunity, or is there still a case to be made for caution?
In this episode of Magic Markets, The Finance Ghost and Mohammed Nalla unpack the uncomfortable reality facing South African consumers: soaring petrol prices, rising inflation, and a SARB rate hike that many would rather not see. But is the central bank really swinging a blunt hammer at the wrong nail, or is there a deeper strategy at play? The discussion dives into why interest rates have gone up despite inflation being driven by global oil prices, and why credibility and inflation expectations matter far more than the immediate optics. The conversation then shifts from macro to markets, exploring how higher rates ripple through the system from the rand and bond yields to equities on the JSE. With a particular focus on the retail sector, the duo highlights just how brutal the environment is becoming for weaker players, especially in turnaround scenarios. They also break down where investors should be cautious, where the risks are hiding (often in balance sheets), and why banks may quietly be among the beneficiaries of this cycle.
MercadoLibre is often called the “Amazon of LatAm” - and since the average American makes 41 online purchases per year vs. just 7 by the average Latin American, that’s a bullish comparison! But the emerging markets thrill ride carries a cost, as the recent trend in margins confirms. Is share price weakness an opportunity to invest in this long-term story, or will the lofty multiple unwind further?
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