Life after Magda

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Tuesday 8 June 2021

Good morning Voornaam,
I came across a wonderful quote yesterday that sums up so much about the markets:
"Now having said that, I wouldn't short it because I don't like putting campfires out with my face. So I just try and pretend DOGE doesn't exist. I think so little of it, it doesn't even bother me when it goes up." - Stan Druckenmiller
Druckenmiller is referring to Dogecoin of course, which has become synonymous with "meme-investing" in an era of loose money and even looser trading strategies. You just have to watch some of the video clips from the Bitcoin conference in Miami to realise that we are living in volatile times.
In my personal portfolio, I try to avoid over-hyped investments and I accumulate investments that look cheap relative to past and forecast performance. I don't have a specific value or growth style, but rather an overall belief that any asset can be interesting at the right price.
The analogy of putting campfires out with your face is as vivid as it is brilliant. Trying to short some of these meme stocks (i.e. betting on the price going down) is as dangerous and foolish as using your face to put out fires. Whether or not the fire deserves to burn isn't the point of course. The point is that the market can remain irrational longer than you can remain solvent, to borrow the famous quote from John Maynard Keynes.
This is part of what makes the markets so exciting, which is why you are reading InceConnect this morning.
If you feel like a strategic read on the used car industry and the lessons that I believe can be learned from the success of WeBuyCars, check out this article I wrote on thefinanceghost.com and consider how it applies to the industries you invest and operate in.
For insights into s12J venture capital structures, which cannot accept any new inflows after 30th June 2021, be sure to listen to Ep 28 of Magic Markets where we welcomed Haroon Jeena of Olive VCC to explain these structures to us and to shed light on their investment strategy.
The lead article this morning is an acknowledgement of Sygnia and the strong position it finds itself in. David Hufton is now in charge after Magda Wierzycka retired from the company she built. Can strong retail inflows continue in a country notorious for a poor savings culture?
Other company news this morning includes FirstRand's recovery thanks to welfare states propping up consumers, Sirius' strong results in Germany and Thungela's debut on the JSE.
Finally, Allan Greenblo of Today's Trustee writes on transformation in the financial sector.
Have a productive Tuesday!
The Finance Ghost
Follow @Finance Ghost

Local and Offshore Market News

Life after Magda
David Hufton has taken the reins at Sygnia, inheriting strong asset and profit growth. Can Sygnia keep this up if the market goes sideways? Read More

FirstRand benefits from welfare states
FirstRand is expecting a major profit recovery, assisted by lower impairments and better-than-expected economic recoveries in key markets. Read More

The resource that people love to hate
Thungela Resources has commenced trading on the JSE and London Stock Exchange and came under immediate selling pressure as Anglo shareholders offloaded the exposure to coal. Read More

Are you (invested in) Sirius?
Sirius Real Estate Fund has released strong results but the share price shrugged them off. Read more to find out why. Read More

Finer points finessed
Transformation in the financial sector, including retirement funds, is a work in progress. With fresh blood in the FSTC, it's about to be accelerated. Read More

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