With an ecosystem of 50 million Uber One members and 10 million drivers and couriers globally, Uber has created a multi-product marketplace converting cross-platform usage into cash flow. But with long-term threats to the economics like autonomous vehicle disruption, will Uber remain at the top of the e-hailing pile? And will an aggressive global push in existing services work out?
In this episode of Magic Markets, we unpack the concept of platform economics through a practical lens, using real examples from our portfolios like Uber and Prosus. What separates a true platform from a business that simply claims the label? The discussion dives into the power of network effects, operating leverage and data-driven ecosystems. These elements can create powerful flywheels that drive long-term value when executed correctly. We also explore the growing divergence between platform businesses and the struggling SaaS sector, as rising interest rates and the disruptive force of AI force investors to rethink valuations and moats. Mohammed Nalla does a particularly great job of setting out the different types of SaaS moats and where he's looking for value.
Bond yields are back in the spotlight, and they’re moving markets in ways that investors can’t afford to ignore. In this episode of Magic Markets, The Finance Ghost and Mohammed Nalla unpack what’s really driving the recent rise in US bond yields, from inflation expectations and oil prices to fiscal risks and global growth dynamics. More importantly, they explain why this is a pricing story for every asset class. The discussion then shifts to the real impact on equities, where rising yields force a rethink of valuations, especially for “long-duration” growth stocks. Using examples of pandemic-era darlings like Zoom and broader sector rotations, the episode explores where the pain is likely to show up and where opportunity might lie as capital shifts in response to a higher cost of money.
Tencent’s share price has been under pressure, dragging the Naspers/Prosus duo down with it. The market is worried about single-digit revenue growth relative to the trend in AI spend. But are these concerns overblown, creating a buying opportunity?
Eli Lilly is the stock that burst Novo Nordisk’s GLP-1 bubble. Having strongly rewarded investors who believed in that disruption, Eli Lilly now faces a tricky period of diminishing pricing power and a demanding valuation that assumes no missteps in the defense of market share. Is this phase of the GLP-1 story still attractive?
The AI trade is evolving fast - and Nvidia is no longer the whole story. In this episode of Magic Markets, we unpack how the market is shifting beyond the obvious winner and into the broader AI investment stack, from memory and CPUs to foundries and infrastructure. We explore what’s really driving the explosive moves in names like Micron, AMD and Intel, and whether these are sustainable trends or simply the latest phase of market optimism. Most importantly, we dig into the difference between exposure to AI and the quality of that exposure, because not all “AI stocks” are created equal.
With South Africa finally emerging from its April “December-lite”, the hosts dive into property - an asset class that looks simple on the surface (yield + hard assets), but quickly reveals layers of complexity. From the appeal of listed property versus buy‑to‑let, to the reality that REITs are still equities (with all the balance sheet and management risk that implies), this episode explores why chasing yield can be a trap - and why quality, discipline, and capital allocation matter far more than headline returns. The discussion moves from local ETF structures (and why reading the fact sheet is non‑negotiable) to global thematic opportunities driving modern property investing. From senior housing and data centres to logistics and retail, the conversation highlights how the sector has shifted from a simple rates trade to a far richer set of structural bets. The episode closes with a timely warning: watch capital raises, always keep an eye on valuations, and don’t get caught when enthusiasm turns into excess.
Alphabet has been the best of the Big Tech names in recent times, even outperforming NVIDIA over 12 months. Google Cloud has transformed from an ugly duckling into a swan, but the capex to make it happen is breathtaking. Has the AI market darling almost become a meme stock?
Intel has now beaten expectations for six consecutive quarters. The share price is up 314% in the past year and Intel is among the top performers in the S&P 500 year-to-date. This dog finally had its day. But is there more to come, or was this a case of a trade working out and needing to be closed?
In this episode, The Finance Ghost and Mohammed Nalla unpack why US equity markets are refusing to take a break. With the S&P 500 at all‑time highs despite geopolitical risk and rising energy prices, the conversation turns to what’s really driving returns, and why index‑level strength is masking extreme divergence beneath the surface. The rally is narrow and increasingly concentrated in hardware and semiconductors rather than software or applications. The discussion then zooms out to earnings season, valuation risk and sector‑level surprises. From eye‑catching US earnings beats and six consecutive quarters of double‑digit growth, to stock‑specific lessons from Clicks and Capitec back home, the episode highlights why expectations matter more than good news. Stock picking is becoming unavoidable in a market sailing ever closer to the wind. This discussion lands that message.
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