Ghost Stories

The Finance Ghost
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Ghost Stories is a long-form podcast that gives me the opportunity to have deeper conversations with founders, executives and market participants who have a great story to tell.

  1. Ghost Stories #96: Public and private markets - ETFs help bridge the gap

    2 DAYS AGO

    Ghost Stories #96: Public and private markets - ETFs help bridge the gap

    Private markets are playing a growing role in global investing. Private equity, private credit, infrastructure and private property investments are a significant part of economic activity. And with more companies remaining private for longer, investors will need to look deeper for the opportunities of tomorrow. These markets come with challenges related to daily price discovery, liquidity and due diligence. Although ETFs cannot solve these issues, they can act as a liqudity sleeve in situations where committed institutional capital can be invested in a liquid ETF until the private market manager calls the capital. The benefits of this approach include reduced cash drag, efficient cost management in transactions and more certainty over cash deployment for the parties to a transaction. Duma Mxenge, Head of Business & Market Development at Satrix, joined me on this podcast to explain exactly how this works. This discussion is aimed at institutional investors and professionals who are active in private markets. 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

    25 min
  2. Ghost Stories #95: Reeling in returns: Sea Harvest's best-ever performance

    6 MAR

    Ghost Stories #95: Reeling in returns: Sea Harvest's best-ever performance

    The ocean is a mystical place that has captured our imagination as a species for as long as anyone can remember. And although there are many fish in the sea, unlocking that resource in a sustainable and profitable way really isn’t that simple. Sea Harvest has signed off on an incredible year that demonstrates the depth of the strategy - quite literally. The way they think about the various seafood products is fascinating, as explained by CEO Felix Ratheb on this podcast. With operating margin more than doubling in 2025 and headline earnings coming in 4.2x higher than the prior year, this income statement has plenty of operating leverage. This adds to the intrigue around the business model and how the group is managed, with those insights delivered by CFO Muhammad Brey in this discussion. Get ready to learn from Felix and Muhammad on this excellent podcast. The passion for the ocean comes through just as clearly as the numbers. This podcast deals with topics like: The importance of hake to Sea Harvest's business Diversification beyond hake - and beyond South Africa's waters as well Why the Ladismith Cheese disposal makes strategic sense Key features of the business model that lead to such high operating leverage The approach taken to managing financial risks like fuel costs and forex movements Sustainable fishing and how Sea Harvest interacts with the precious resources in our oceans The financial outlook for the group, recognising the cyclicality in the model Sea Harvest 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 Sea Harvest as an investment.

    50 min
  3. Ghost Stories #94: Shoprite's secret sauce: value retail culture meets omnichannel

    5 MAR

    Ghost Stories #94: Shoprite's secret sauce: value retail culture meets omnichannel

    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.

    38 min
  4. Ghost Stories #93: Budget Speech 2026 - a pivot to stability

    1 MAR

    Ghost Stories #93: Budget Speech 2026 - a pivot to stability

    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.

    26 min
  5. Ghost Stories #92: Balancing global portfolios with Europe and Japan ETFs

    10 FEB

    Ghost Stories #92: Balancing global portfolios with Europe and Japan ETFs

    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

    36 min
  6. Ghost Stories #91: Building sonar for navigating private credit

    9 FEB

    Ghost Stories #91: Building sonar for navigating private credit

    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

    31 min
  7. Ghost Stories #90: Beyond bricks and mortar, a global property ETF made for South African investors

    15 JAN

    Ghost Stories #90: Beyond bricks and mortar, a global property ETF made for South African investors

    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

    35 min
  8. Ghost Stories #89: 25 years of Satrix - how indexation changed investing in South Africa

    19/12/2025

    Ghost Stories #89: 25 years of Satrix - how indexation changed investing in South Africa

    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

    25 min
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About

Ghost Stories is a long-form podcast that gives me the opportunity to have deeper conversations with founders, executives and market participants who have a great story to tell.

Information

  • Creator
    The Finance Ghost
  • Years Active
    2022 - 2026
  • Episodes
    25
  • Rating
    Clean
  • Copyright
    © 2022
  • Show Website
    Ghost Stories

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