Ghost Stories

Get ready for a masterclass in retail from Pieter Engelbrecht, CEO of South Africa's largest employer. If you're ready to learn about the secrets to Shoprite's success, you're in the right place. It starts with the culture and commitment to delivering value to customers. You can then add the power of investment in data and systems, creating the foundation for an omnichannel model that has positioned Checkers as the biggest brand in South Africa - and not just in retail. With the South African retail sector having to navigate tremendous challenges, Shoprite keeps coming out on top. But how do they do it? This podcast deals with topics like: The "secret sauce" at Shoprite and the culture in the group. The importance of inflation in the retail business model and how deflation makes things much tougher. The difference between Shoprite's measure of inflation and the Official Food Basket used by the SARB in making decisions. The power of the Checkers brand and how Shoprite has taken it right to the top in South Africa - as anyone with a toddler on a Sixty60 bike can confirm! How value retailers can achieve such strong gross margins through efficiencies. The omnichannel strategy and the parallels to a global giant like Walmart. The elevator pitch for why an investor should consider Shoprite. Shoprite believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of Shoprite as an investment.

South Africa’s 2026 Budget Speech announced a mix of bold, interesting and ultimately positive changes - especially for small businesses and South African investors. With pro-business policies that signal economic stability, could this be a turning point for the country? Described affectionately by Tertius Troost (Associate Director - Tax Consulting at Forvis Mazars) as a "boring" budget, this is the first time in years that we've seen any kind of tax relief for South Africa's middle class. In his words, it's a pivot to stability - and at a time when things are really looking up for South Africa. He joined me on this podcast to break down the budget basics and to specifically comment on areas like: How the budget addresses "bracket creep" by adjusting personal income tax brackets for inflation.  The increase in the VAT registration threshold and how this assists small businesses. A boost for investors in the form of a higher annual limit for Tax-Free Savings Accounts (TFSA). The approach taken to online gambling and whether education and regulation should precede taxes. Other changes aimed at helping South Africans with retirements savings and even global investments. You can connect with Tertius on LinkedIn here. As always, please discuss the impact of the tax changes on your affairs with your personal financial advisor. Nothing you hear on this podcast should be interpreted as advice.

The team at Satrix has clearly been busy. They've launched two brand new ETFs to help South Africans tweak their exposure to offshore markets. If you're ready to learn more about Europe and Japan, then you're in the right place. Why does it matter? For most South African investors, offshore exposure is really just a proxy for US tech names. It's hard to avoid this outcome, as Big Tech has been the driving force of most global indices, let alone US indices. The Magnificent Seven are everywhere. Well, almost everywhere. Diversification across both sectors and regions is important for investors. In that spirit, Satrix has launched the Satrix Stoxx Europe 600 ETF and the Satrix MSCI Japan ETF. Siyabulela Nomoyi of Satrix joined me to unpack these offerings. This included discussions on: The macro trends in each region and how they have such different top-of-mind items at the moment The nature of the underlying indices tracked by these ETFs and how they vary in terms of market depth and sector exposures The investment thesis for each regions and what the drivers of returns will likely be over time How both products should be seen as complementary to the global picture If your portfolio is a Lego structure, Satrix has just given you two new pieces. This podcast was first published here.  Disclaimer: Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products

Ian Norden, CEO of Intengo Market, returns to Ghost Stories to talk about the sector of the market that he is passionate about: listed and private credit. Corporate credit (or "debt" from the company perspective) is a key source of funding for companies and can drive higher returns for equity investors if used properly. For investors in these credit instruments, optimising yield and risk are key.  But as we observe a world of shrinking public issuance and growing demand for yield, will private credit be able to address this imbalance and fill the gap? Intengo sits at the coalface of this industry, building the data and workflow systems that allow private credit markets to scale responsibly, transparently and efficiently. They are playing the crucial role of building sonar in a market where you'll find private credit sitting below the surface.  Key themes covered: Private credit vs listed credit — and why the distinction matters Why credit markets are buy-and-hold by design Supply–demand imbalances in South African debt markets The rise of hedge funds and alternative assets Data, complexity, and the future of private credit infrastructure What private credit growth signals about economic growth

The first Ghost Stories podcast in 2026 opens the door to global property investments with Satrix. In this lively and insightful discussion with Lauren Jacobs, Senior Portfolio Manager at Satrix, you'll learn about how Satrix is broadening the range of property investment opportunities for investors. Aside from a discussion on the various property strategies followed by investors (ranging from buy-to-let through to owning REITs and associated ETFs), this podcast gives you details on the existing suite of property ETFs and unit trusts offered by Satrix. This includes the Satrix Property ETF (JSE: STXPRO) that Ghost loves owning in his tax-free savings account. And of course, there was much focus placed on the new ETF in the stable: the Satrix Global Property ETF (JSE: STXGLP). With rand-denominated exposure to offshore property, this ETF brings property asset classes that you won't find anywhere else on the JSE (like senior housing and data centre funds). Get ready to learn about how to broaden and diversify your equity exposure in property.  This podcast was first published here. Disclaimer: Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products   

In the year 2000, a lot happened. There was some questionable pop music. There was also the Dot-Com Crisis, followed by a period that saw incredible equity returns in South Africa until the Global Financial Crisis hit in 2007/2008. And during that important period in our local market, we also saw the emergence and initial growth of ETFs in South Africa, spearheaded by Satrix. To reflect on 25 years of ETFs in South Africa, René Basson joined me to share the important milestones and fascinating stories that defined this journey. In doing so, it became clear just how much has changed in South Africa to make investing accessible to everyone. Join us as we look back on how Satrix made it possible for everyone to own the market. This podcast was first published here. Disclaimer: Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products   

Cell C has been on quite the adventure in its efforts to carve out a sustainable competitive position. The telcos space can be brutal, with historically high levels of capital investment required to compete. This has thankfully changed, with Cell C having created a profitable business model that goes well beyond the MVNO operations that the market tends to focus on. In this podcast, CEO Jorge Mendes joined me to explain Cell C's business and how they plan to win across key verticals like Prepaid and Postpaid in addition to the exciting MVNO and other opportunities. We talked about why the turnaround is behind them and how Cell C plans to grow into the future. As a separately listed company with a much simpler balance sheet, Cell C is on the radar of investors and worth understanding in more detail. This podcast is an excellent resource in your research process. This podcast has been sponsored by Cell C. As always, I was given an opportunity to dig into the strategy and ask my own questions in my quest to learn more. You must always do your own research and speak to a financial advisor before making any decision to invest. This podcast should not be seen as an investment recommendation or an endorsement.

As we look back on a fascinating year in the markets, Nico Katzke (Head of Portfolio Solutions at Satrix) delivered a fantastic mix of insights on this podcast that can be applied to your strategy in 2026 and beyond. For example, it's so important not to learn the wrong lessons from a particular investment or observation. It's also important to avoid complexity for the sake of complexity - if there's a simple solution that works, then that's probably the right one.  Along with insights related to investment term, diversification, the AI "bubble" (a term that Nico isn't a fan of), US hegemony, gold and REITs, there's just so much in here. Get ready to apply more discipline and less drama to your portfolio decisions, assisted by the depth of knowledge and experience shared by Nico on this podcast.  This podcast was first published here. Disclaimer: Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products  

Sirius Real Estate is a great example of a JSE-listed property fund that gives local investors a chance to participate in offshore markets. With a strategy focused on the UK and Germany, Sirius follows an “always-on” mentality to the opportunities in those markets. Whether following megatrends like defence spending and the further industrialisation of the German economy, or being open to opportunistic plays in business parks that offer attractive upside opportunities, Sirius is never too far away from a deal. To understand more about the strategy of the fund and how they win in these markets, I was joined by a full house of CEO Andrew Coombs, CFO Chris Bowman and CIO Tariq Khader. Get ready to learn all about Sirius and the opportunities for this fund. This podcast has been sponsored by Sirius Real Estate. As always, I was given an opportunity to dig into the strategy and ask my own questions in my quest to learn more. You must always do your own research and speak to a financial advisor before making any decision to invest. This podcast should not be seen as an investment recommendation or an endorsement.

DIY investing is all the rage and certainly has a place in the market, but so does financial advice. As a new generation of investors power through the market and look to build on the knowledge and wealth gained in recent years, there’s an opportunity to pause and consider whether it wouldn’t be better to do this with a broader financial plan in place. After all, you might love decorating a home, but wouldn’t you still use an architect to design it properly? Drawing on the benefits of DIY investing and financial planning leads to a best-of-both-worlds approach. You can have fun with investing and do so with the safety of guardrails provided by a proper financial plan. Kapil Joshi, Managing Director: Strategy and Proposition at Momentum Wealth, joined me on this podcast to talk about how these worlds should co-exist for investors who want to take a more active approach to their wealth creation. Momentum Wealth is part of Momentum Investments and Momentum Group Limited. Momentum Wealth (Pty) Ltd is an authorised financial services provider (registration number 1995/008800/07, FSP number 657). Momentum Metropolitan Life Limited is an authorised financial services and credit provider(registration number 1904/002186/06, FSP number 6406).

A decade ago, barely anyone you knew would even have heard of Bitcoin and cryptocurrency, let alone blockchain technology. But today, the tokenisation of digital assets is so important that regulators around the world are paying increasing attention to it.  Dr Wiehann Olivier is passionate about the financial guardrails that need to be in place for digital asset adoption to increase. Having completed his PhD in topics related to the assurance needed in a blockchain context, Wiehann has become a subject matter expert within the global Forvis Mazars ecosystem. On this podcast, he joined me to walk us through the evolution of cryptocurrency from the initial Bitcoin years through to the modern environment of stablecoins and widespread adoption by leading institutions. You can connect with Wiehann on LinkedIn here.

Duma Mxenge (Head of Business and Market Development at Satrix) joined me right at the start of the year to talk about some of the things we would be looking out for in the markets this year. With the benefit of hindsight, we could now dig into some of our winners, overall surprises and missed opportunities in 2025. We also took the opportunity to talk about the nuances for entrepreneurs when it comes to personal financial management. Drawing on my own experience, I shared some of the strategies I use for dealing with variable income. As Duma has these conversations with other entrepreneurs on a regular basis, he threw some great insights into the mix about how entrepreneurs tend to think about their wealth creation journeys - and the biggest mistake they make: treating their businesses as their retirement plans. This podcast was first published here. Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products

WeBuyCars is an excellent example of a disruptor in the South African market, having completely changed the way people buy and especially sell their vehicles. Gone are the days of desperate listings in the classifieds and opaque market prices that are difficult to estimate. Today, the used car market is liquid and filled to the brim with data, thanks primarily to the scale achieved by WeBuyCars. As a sign of just how valuable the data and technology systems are, WeBuyCars has announced that Chief Digital Officer Wynand Beukes will also take the role of Deputy CEO as part of succession planning at the group. CEO Faan van der Walt isn't going anywhere just yet though - he still has plenty of energy to give the group. In this candid discussion about the vehicle market and the business, Faan and Wynand joined me to discuss topics like: The succession planning at the group and what investors can expect from this. The significant changes in the local vehicle landscape and the impact this has had on used car vehicles and trade patterns. The flexibility in the WeBuyCars business model and how they use data and technology to buy smarter and optimise their operations. Opportunities related to value-added services and expansion of the footprint. Please note that I have a long position in WeBuyCars at the time of this recording - a position that I have written about many times before. This podcast has been sponsored by WeBuyCars. As always, I was given an opportunity to dig into the strategy and ask my own questions in my quest to learn more. You must always do your own research and speak to a financial advisor before making any decision to invest. This podcast should not be seen as an investment recommendation or an endorsement.

Lesaka Technologies is among the most interesting companies listed on the JSE. With a growth strategy that is grounded firmly in the belief that Southern Africa offers one of the most exciting opportunities in the world today, Lesaka is executing from a tried-and-tested playbook of disruption in the fintech space. To explain the opportunity and how Lesaka’s business model is built to win, Executive Chairman Ali Mazanderani joined me on this podcast. He brings deep experience in building multi-billion dollar platforms around the world. In Ali’s own words, “A lot of the best innovation happens with constraint, not with largesse.” Get ready for fantastic insights into building platforms in Africa, with Lesaka as a homegrown example that can be accessed on the JSE. To learn more about Lesaka, you can visit their website here. This podcast has been sponsored by Lesaka Technologies. As always, I was given an opportunity to dig into the strategy and ask my own questions in my quest to learn more. You must always do your own research and speak to a financial advisor before making any decision to invest. This podcast should not be seen as an investment recommendation or an endorsement.

Kingsley Williams is the Chief Investment Officer at Satrix, which means he has built his career around being a student of the markets. He started working right before the dot com bubble, so Kingsley has seen exactly what happens when you have herd mentality in the markets. Bubbles. Biases. Big market moves and the way they make people behave - it's all here in this great conversation around how to stay sane in a market that is driven by emotion, and one of the most dangerous human traits of all: greed. Speaking of greed, Kingsley also addressed the frequently misquoted Warren Buffett comment about greed vs. fear. The markets continue to dish up opportunities and risks. The more we look at history and try to learn from it, the better our chances of future success. This podcast was first published here. Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products

Optasia is listing on the JSE, which means that South African investors will have the opportunity to invest in this exciting fintech business. With a proprietary platform and extensive relationships across numerous emerging and frontier markets, Optasia builds bridges between financial institutions and underbanked consumers seeking airtime credit and microfinance solutions. To explain how the business works, Salvador Anglada (CEO, Optasia) joined me for this detailed discussion. We covered the core underlying model, the DNA of the business and the journey to scale, along with the importance of the relationships that have been built in this ecosystem. We also covered off the risks and opportunities for the group. As always, remember to do your own research and to treat this podcast as being for informational purposes only. For more information on Optasia, visit the website here.

We all need somewhere to live, but that doesn't mean that buying property should be the default decision. Most of all, it doesn't mean that buying any property at any price is sensible. Data-led decision making is crucial when buying a home, especially in South Africa where house prices don't automatically go up. Hayley Ivins-Downes and the team at Lightstone Property are passionate about helping South Africans apply more science to the emotiv decision of buying a home. With incredible data on property across the country, Lightstone makes it easier to avoid turning a dream home into a nightmare. On this podcast, Hayley unpacked topics like: Relative property values across provinces and the trend over the years Development activity and the types of properties being built The effect of the interest rate cycle Semigration trends and the impact they have on values How the average age of buyers has increased vs. ten years ago The question on everyone's lips in Cape Town: has the property trend reached a relative peak? Property is one of the most important financial decisions you can make. If you do the research before you buy stocks, you should certainly do it before you buy property. You can learn more about Lightstone here.  

AI has dominated the headlines this year and is the cause of seemingly bottomless investment in markets like the US. This is technology theatre at its finest, accompanied by flashy presentations and even flashier share prices at the world's biggest tech companies. But what impact is it actually having on the corporates on the ground who are the eventual users of the service? To unpack where AI works (and doesn't) in the real world, Shane Cooper (Head of Digital Advisory at Forvis Mazars in South Africa) joined me for a frank discussion. We covered a number of topics including: AI as the "smartphone moment" of this tech era The key considerations for executives in AI implementations Global and local examples of AI implementations in companies like Zeiss, Sasol, Siemens, Walmart and Shoprite How SMEs are viewing and applying the AI opportunities Disruption to the internet economy as we know it Why AI is still "hallucinating" answers to questions The near-existential questions that AI poses for humanity How to think about your job in the context of AI's strengths and limitations Buckle up. This is a powerful discussion about probably the most important business topic in the world today. You can connect with Shane on LinkedIn here.

Steve Porter gets out of bed every day to make sure that the clients of Metrofile Cloud can keep their businesses running when disaster strikes. In a world of public cloud offerings with all the bells and whistles, Metrofile Cloud's private cloud business takes a no-nonsense approach to delivering cloud services to South African businesses of all sizes - and with a real person on the other end of the phone when you need help. In this episode of Ghost Stories, Steve's candid approach comes through strongly in these discussion points: The layers of risks faced by South African businesses The danger of "sticker shock" in public cloud pricing models and why these models are often overkill for the needs of local businesses The critical importance of having a public cloud exit plan Whether data stored on a public cloud is truly safe and impossible to lose (spoiler alert: it isn't) The pros and cons of private cloud and where such a solution may be more suitable than public cloud Steve isn't for everyone. Metrofile Cloud isn't for everyone. But if it resonates with you, then this might be the most important podcast you listen to for your business this year. Find out more about Metrofile Cloud here and connect with Steve on LinkedIn here.  

We know that global equities have outperformed global bonds and money market investments over the long term, but this comes with the risk of higher volatility. The current investment climate has also called into question the traditional 60/40 approach to a balanced portfolio, with problematic correlation for investors. With a track record in structured products spanning 23 years, Investec has seen practically every type of market cycle play out. As a response to relative global equity valuations across multiple regions, Investec (in its capacity as investment advisor and promoter) brings you Advanced Investment Holdings. This is a Guernsey-based structure that holds a portfolio of the S&P 500, Euro Stoxx 50, Nikkei 225 and FTSE 100 indices. Over a term of five years and one month, the investment offers full downside protection (100% capital preservation at maturity in USD) and will multiply the upside by 125% (to a maximum return of 50%). Japie Lubbe brings his extensive experience to this discussion, explaining exactly why Investec has taken this approach to structured equity exposure in the current environment. He also explains the nuts and bolts of the structured product and exactly how the returns and risks work.  Applications close on 28 November 2025. As always, it is recommended that you discuss any such investment with your financial advisor. You can find all the information you need on the Investec website at this link. Disclaimer