| You simply cannot ignore the impact of geopolitics on your portfolio. To understand more about multi-polarity and the major shifts in global power in recent decades, listen to Marko Papic's guest appearance in Episode 106 of Magic Markets>>> Turnover for show. Margins for dough.US retail is in trouble and I'm not sure that the situation is much better anywhere else. The shift in supply-demand dynamics over the past year has been breathtaking. After a period of high consumer demand and huge supply bottlenecks, we now see retailers guiding for lower margins that are offset ting the benefit of turnover growth. The latest victim is Lululemon, which dropped 10% in pre-market trading after releasing updated earnings guidance. With reference to this iconic company and our recent work on Nike in Magic Markets Premium, I wrote this piece explaining why gross margins are under pressure at retailers and why investors need to be careful>>> Funnily enough, Lululemon dropped to precisely the technical level that we highlighted in Magic Markets Premium as the next support line. It also did so for exactly the reason we cautioned about: an uncertain festive season in which we were worried about margins. We don't get everything right of course, but the mix of technical and fundamental analysis is a powerful tool in the market. For R99/month or R990/year, you can get access to the full research library at this link>>> 16 years since the iPhone was announcedWith another quiet day on the JSE, I decided to use today's Ghost Mail to remind us that the world changes faster than many of us believe possible. "A widescreen iPod with touch controls. A revolutionary mobile phone. And a breakthrough internet communications device. These are not three separate devices. This is one device. Today, Apple is going to reinvent the phone." -Steve Job s, 9th January 2007 16 years ago, one of the most influential people of the modern age presented a device that would change Apple's trajectory and the way we go about our daily lives. The dawn of the smartphone was upon us, with an extraordinary impact on how we work and play. It sounds so ridiculously simple today, but part of the presentation was to point out that mobile phones don't need buttons. It makes it really hard to make changes to the product, or to provide better experiences for each application. Steve Jobs showed the world a device that was operated entirely through a touchscreen using our fingers rather than a stylus. This allowed the world of applications to explode, as the user interface could be determined by the app rather than the buttons. Everything changed after that. It's easy to be skeptical of new technology, as those who missed out on early Tes la returns have learnt. It's also easy to get carried away by assuming that huge growth will carry on forever, as recent Tesla bulls have learnt the hard way (and will continue to learn, in my view). Somewhere in the middle is a more measured style. It's also the hardest one to get right, as it requires a multi-skilled approach and the ability to be adaptable in your thinking. It's not for everyone, as investing is as much a labour of love as a wealth creation process. If you are a hard-nosed value investor, then the technology sector is always going to be problematic to get your head around. If you're a growth investor, then dividend yields and high free cash flow yields simply won't get you excited. Half the battle in investing is to decide what kind of investor you are. The other half is to manage your own emotions and be willing to change your mind. Risk-on!TreasuryONE highlights a change in market expectations that has seen the rand trade more favourably and the dollar under pressure. The market is now expecting a 25 basis points hike by the Fed in February rather than a 50 basis points hike. The other positive factor is improved sentiment towards emerging markets, with China opening its borders. This helped the rand move below the R17.00 mark against the dollar, recovering the losses experienced after the headlines around the ANC looking for constitutional amendments to the SARB's mandate. Brent Crude and copper gained ground as demand expectations improved. Equity markets followed suit. We aren't wasting any time this ye ar, with TreasuryONE presenting a webinar to Ghost Mail readers next week Wednesday at 9am. Those who have attended these sessions will know that they are fantastic, with ample time at the end for Q&A. Don't miss this opportunity to engage with the team and grow your knowledge as we look at the outlook for 2023. Register for free at this link>>> With that, I leave you to have a fantastic Tuesday. | 