No pot of gold here

Good Morning Voornaam,

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And for a different learning opportunity, founders and those interested in investing in private companies should register for the next bizval webinar, scheduled for Wednesday 22nd March at midday. Andreas Tsangarakis of STBB and Matt Smith of CleverProfits will be back for a deeper dive into key concepts in a due diligence, a process that is the difference between success and failure when trying to sell a company. Register for free to attend here>>>

Sabvest > African Rainbow Capital

There are two types of investment holding companies: those where you invest alongside the management team, and those where you invest for the benefit of the management team.

Sabvest is the former, offering a 17% CAGR in net asset value over the past 15 years and 17.6% growth in the latest period. African Rainbow Capital has b een the latter, with a performance hurdle for the management team of just 10%. This was missed in the latest period, even though it could've been achieved by just buying government bonds with shareholder money.

There are no prizes for guessing which fund trades at a higher discount to NAV.

Other news in Ghost Bites this morning includes strong earnings from ADvTECH, Caxton, Exxaro, Hyprop and Investec. In mining news, AngloGold and Gold Fields want to create the largest gold mine in Africa and BHP's legal headache in the UK isn't going away. Ascendis has no debt for the first time since listing and PPC has made good p rogress with its debt. Finally, there isn't much twinkling at Libstar at the moment. Get all the details here>>>

The ECB hikes

The ECB kept its promise by hiking rates by 50 basis points despite the turmoil surrounding Credit Suisse. The ECB warned that some banks might come under pressure from these hikes, with the focus being put on managing inflation. The dollar traded stronger after the press conference, suggesting that the market is seeing a higher possibility again of a rate hike at next week's FOMC meeting. The rand had a somewhat uneventful day, s urprisingly.

TreasuryONE also highlights that all commodities (except gold) were in the red in afternoon trade, with Brent Crude below $73 a barrel.

Check out the TreasuryONE YouTube channel and enjoy videos like Andre Botha's weekly market view and Pieter Cronje's webinar recording of TreasuryONE's cash flow forecasting solution.

Is Aston Martin back on track?

With Fernando Alonso showing significantly more resilience and staying power than the Transaction Capital share price, Aston Martin is getting plenty of TV time in Formula One. Whether this will translate into more financial success for Aston Martin Lagonda Global Holdings PLC is another story altogether, as that company's financial performance has been as checkered as the flag at the end of the race.

In the latest episode of Magic Markets, Barry Dumas of Trive South Africa joined us to discuss Aston Martin in the context of the luxury automobile industry. It's a really fun way to get revved up for the weekend! Enjoy it here>>>

With that, I wish you a great weekend.

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