Lesetja Kganyago, Making SA Proud

19-JAN-18

To market to market to buy a fat pig. There you have it folks, interest rates will be the same until at least the last week of March. The next MPC meeting falls just before Easter weekend; we might go into that weekend with just a little bit more cash in our pockets.


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JP Morgan FY numbers - poised for growth

18-JAN-18

Last week Friday we received fourth quarter and end of year results from JP Morgan. This is the first results release since we put JP Morgan on our buy list. US companies usually disclose more details on the quarterly movements. I will therefore give a summary of the annual results and then focus more on the quarterly numbers in detail.


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JP Morgan in a Sweet Spot

18-JAN-18

To market to market to buy a fat pig. Wow! Do you remember the frenzy around Black Friday last year? How you couldn't go near anything that resembled a shop and how all the online retailers made you queue!? Yesterday, Stats SA released their Retail trade sales report for November. Retail sales were up 8.2% thanks to the Black Friday (24 November) boost. The last time retail sales were up over 8% was in 2012.


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Dealing before the Ceiling

17-JAN-18

To market to market to buy a fat pig. There were two major milestones for US indexes yesterday. The first was the S&P 500 crossing 2 800 points for the first time and the second The Dow crossing 26 000 for the first time.


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Aspen get approval for Alula in China

16-JAN-18

Yesterday Aspen announced that they received approval in China for their Alula brand of infant milk formula. The company indicated in their last set of results that they were on track to get the approval, it is still a huge step for the company. You may remember the 2008 Chinese milk scandal, where babies in China died and thousands were hospitalised due to poorly manufactured infant formula. The result of the scandal is that brands matter in China. You would rather pay up for a well know international brand than an unknown local brand.


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Winning Formula

16-JAN-18

To market to market to buy a fat pig. Reading Eddy Elfenbein's Crossing Wall Street this morning, he talks about the bull market of the late 1940's. The Dow tripled in seven years, which is on par with the move of the market since the lows of 2009. Here is the graph:


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Luxurious Profits

15-JAN-18

To market to market to buy a fat pig. Another day, another record for US stocks. For new investors, the current low volatility and record high moves are probably creating the wrong expectations about the risks involved in equity investing. As we wrote about last week, if you are in the equity market long enough, there will be a period where stocks go down instead of up. Despite those down periods, owning equity is still one of the best long-term investments you can make. Definitely less admin than having to check up on a tenant the whole time.


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Apple a profit making machine!

15-JAN-18

Scott Galloway was asked how the cult of Apple developed. This is what he had to say: So if we have our religion, Steve Jobs is our god. We no longer worship at the altar of kindness or character, but we worship the altar of innovation and shareholder value. This is the individual who's vision and genius created more shareholder value than any company in history. Which is effectively how we decide who our Jesus Christ is in a capitalist society.


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Cryptoreturns

12-JAN-18

To market to market to buy a fat pig. Wow, what a week! Aspen started on the back foot thanks to the Viceroy rumours, which then spread to the rest of the market. Basically, any stock that has been down over the last two days has been caught up in the Viceroy rumour mill. It seems like a surefire way to tank a stock price is to mention that company's name and Viceroy in the same sentence. Maybe we should start referring to Viceroy as, 'Them who must not be named'?


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Aspen's intangible assets

11-JAN-18

One of the main concerns with Aspen is their high intangible asset level on the balance sheet. An intangible asset is an asset that is not physical in nature and includes things like trademarks, patents and goodwill. This often means that the valuation is somewhat subjective.


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Double through Trouble

11-JAN-18

To market to market to buy a fat pig. While doing my daily Twitter catch-up, I came across a fascinating graph from Morgan Housel. Most people will know him from his 12-years at the Motley Fool or his general awesome Tweets. Before we discuss his graph, let me ask you this question. If you could double your money every ten years in an environment with low inflation would you take it? Now onto the very thought-provoking graph.


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Aspen, Viceroy rumours

10-JAN-18

For many investors they had flashbacks of Steinhoff yesterday as the Aspen share price dropped 10% and the the words 'Viceroy report' were mentioned. Viceroy Research were the guys who published a report showing how Steinhoff were cooking the books. This Tweet from Viceroy in late December confirms that they have a South African company in their sites.


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It is cold in Aspen

10-JAN-18

To market to market to buy a fat pig. For many investors they had flashbacks of Steinhoff yesterday as the Aspen share price dropped 10% and the the words 'Viceroy report' were mentioned. Viceroy Research were the guys who published a report showing how Steinhoff were cooking the books. This Tweet from Viceroy in late December confirms that they have a South African company in their sites.


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Ignore the Forecasts

09-JAN-18

To market to market to buy a fat pig. Welcome to 2018! I was one of the few to remain in 'Joburg' during the festive season. What a great place! You might have to replace an ocean with your pool and 'the mountain' with the Melville Koppies, but it is the few weeks a year where Gauteng's pace slows to a stroll. Not to mention the perfect weather; hot, no wind and the odd afternoon thundershower.


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Never a Dull Day

13-DEC-17

This will be our last newsletter message for the year. And what a year it has been! Some stocks have done amazingly well, and others have been a huge disappointment. Lots of highs and lows, but never a dull day. We have certainly been kept very busy.


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