Magic Markets
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Magic Markets
The Finance Ghost and Moe-Knows discuss key market trends across stocks, currencies, fixed income, commodities, macroeconomics and geopolitical trends, helping you understand what's going on out there.
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Magic Markets #264: Portfolio Positioning for the AI Epoch (with David Eborall of SaltLight Capital)
With lightning-fast developments in AI on everyone's lips, figuring out where to play in this value chain is no mean feat. Will the hyperscalers achie...
Magic Markets #263: The Oil Trade
With the conflict in Iran still fresh in the market at time of recording, we decided to talk about the commodity that everyone is looking at: oil. And...
Magic Markets #262: Free Cash Flow - Friend or Foe? (with Dagon Sachs of Aylett & Co.)
What’s the vital difference between a management team that creates value and one that destroys it? Is the concept of a "capital-light business" always...
Magic Markets #261: The AI Effect on Free Cash Flow
2026 has seen US tech giants throwing enough capex at AI infrastructure to fund a small country. Amazon has guided capex that is roughly half of South...
Magic Markets #260: Grocery Giants and the Value Retail Rotation
While the world’s athletes compete for Winter Olympic Gold, Walmart has secured a podium finish of its own – becoming the first retailer to skate past...
Magic Market #259: Gold, Volatility and Asymmetrical Payoffs
Can one hawkish Fed Chair nomination melt a golden bull’s wings? In this episode of Magic Markets, The Finance Ghost and Moe-Knows look at volatility,...
Magic Markets #258: Stock Picking in Emerging Markets
In a week where the gold price soared to new heights and the rand flexed impressively against the dollar, The Finance Ghost and Moe-Knows have turned...
Magic Markets #257: Investing in Copper with Mesh.Trade
While global superpowers eye new territories for mineral wealth and the likes of Glencore and Rio Tinto dance around a potential merger, investors are...
Magic Market #256: Geopolitics and Banana Republics
The world order is shifting – the US is playing a global-scale game of Risk, the rand is getting stronger, and AI can’t count its ABCs. Amidst the cha...
Magic Market #255: Setting the Scene for 2026
With a new calendar on the wall, there's a lot to consider this year. The world doesn’t behave the same way that our calendars do, with the themes and...
Magic Market #254: 2025 Scorecard – The Good, The Bad and The Macro
In the final Magic Markets show of 2025, we looked back on a watershed year for geopolitics and the technology sector. With Moe focusing on the macro...
Magic Markets #253: General M&A and Netflix - Warner Bros. Discovery
With news breaking of Netflix joining the bidding war for Warner Bros. Discovery and looking to potentially make a huge cash offer to get their hands...
Magic Markets #252: G20 and AI Temperature Check
With the G20 in the rearview mirror in South Africa, we took the opportunity to discuss Moe's views on the geopolitical shenanigans from a North Ameri...
Magic Markets #251: How Sports Brands Win (And Lose)
On Holding might have an awkward name, but the company counts Roger Federer among its early investors and biggest endorsements. Thanks to Nike's misst...
Magic Markets #250: Specialty Retail - When Niche Works Nicely
Specialty retail is a fascinating sector on the global stage. It includes companies like Dick's Sporting Goods and Build-A-Bear, with the latter being...
Magic Markets #249: How Westbrooke Deploys Capital
When it comes to understanding the Westbrooke investment philosophy and approach, there's no better way to do it than through looking at deal case stu...
Magic Markets #248: Stream Wars
The content and distribution game is a hotbed of competition, with leading lights like Netflix, Disney and of course YouTube within the Alphabet (Goog...
Magic Markets #247: Investing in Property with Mesh.Trade and 27four
Property is a vibrant asset class in South Africa. From convenience retail centres through to mixed-use developments, property is a popular way to ear...
Magic Markets #246: To Hedge or Live on the Edge?
There's a lot of nervousness out there at the moment around global asset prices, leading to discussions around whether the top is in. Naturally, this...
Magic Markets #245: How Big Deals Create Big Problems
The quality (and track record) of corporate M&A ranges from incredibly smart deals through to corporate disasters. One thing is for sure: results may...
Magic Markets #244: Buying Shovels in the X-Rush
The concept of "shovels in the gold rush" is really useful in investing, as it speaks directly to thematic opportunities where the approach is to pick...
Magic Markets #243: Hallucinations and Hype: AI Bubble Risks
With the news of NVIDIA investing in OpenAI and with our focus this week in Magic Markets Premium on the truly wild forecasts being put out there by O...
Magic Markets #242: Defending quarterly reporting
In the US market, companies are required to report quarterly - for now, at least. The latest utterances by President Trump suggest that quarterly repo...
Magic Markets #241: Catalysts and Meme Stocks
What causes share prices to move? Are there always sensible reasons, or does the market sometimes dish up crazy things?
There are academic argum...
Magic Markets #240: Omnichannel Observations - The Biggest Trend In Retail
As a follow-on show from the previous week where we talked about how to analyse retailers, we decided to cover the biggest trend right now in the sect...
Magic Markets #239: Analysing Retailers
The retail sector isn't just a critical source of employment and consumer goods in every economy in the world. No, it's also a major contributor to st...
Magic Markets #238: Stablecoins with Mesh.Trade
Stablecoins are highly topical at the moment, with important new legislation in the US and many discussions taking place around the world with regulat...
Magic Markets #237: Buying Market Leaders
Stocks like Microsoft, Meta and Netflix have been strong winners in our portfolios (although we've had different exposures to them at different times)...
Magic Markets #236: Mpact's Bullish Outlook on SA Agri - Fact or Fiction?
Earlier this week, Mpact gave the South African market a positive surprise. The packaging group is a major supplier to the agri sector, particularly f...
Magic Markets #235: Can Fast Food Stocks Keep Growing?
Are consumers still having fries with that, or have changes in consumer preferences (like more awareness of health and nutrition) given fast food stoc...
Magic Markets #234: How Do Banks Manage Their Balance Sheets?
After covering the financials sector on the JSE last week and with our latest Premium research being on Goldman Sachs, we decided to talk about bank b...
Magic Markets #233: Financials on the JSE - Paradise for Stock Pickers
The financials sector on the JSE is a substantial contributor to the overall index. Although banks make up the bulk of the sector, there are also majo...
Magic Markets #232: Hybrid Capital - Best of Both Worlds (with Westbrooke)
The "capital stack" refers to the mix of debt and equity that provides the funding for a business. With so many options on the spectrum from senior de...
Magic Markets #231: Platinum and the cheese spread
Drawing charts like orange juice and cheese futures might be fun, but there's an important underlying influence that soft commodities have on inflatio...
Magic Markets #230: Insights from five global companies
In this episode of Magic Markets, Mohammed Nalla and The Finance Ghost decided to each choose three companies from the recent research in Magic Market...
Magic Markets #229: Macro World Tour
There's a lot going on in the world right now, giving us a great opportunity to let Moe wax lyrical about the key macroeconomic indicators and trends...
Magic Markets #228: Mesh.Trade and the Titans
Magic Markets listeners have become familiar with AnBro's approach to building global equity portfolios with different mandates. Titans is just one su...
Magic Markets #227: Saudi Aramco and Ferrari
After a few weeks of Formula One races every weekend, many sports fans have been bombarded with two brands: Saudi Aramco and Ferrari. This gave us a g...
Magic Markets #226: From Analyst to Entrepreneur
Muofhe Kwinda is a Magic Markets listener who reached out to us because he has an interesting story. He's made the leap from being a financial analyst...
Magic Markets #225: US Downgrade and JPMorgan Views
The US credit downgrade by Moody's wasn't a huge surprise, as they are just playing catch-up to what other ratings agencies already did. The complacen...