Ghost Stories

The Finance Ghost welcomes Altron CEO Werner Kapp fresh off a standout capital markets day that left a strong impression: this is a business whose growth story isn’t tightly tethered to South Africa’s traditional economic constraints. From FinTech and HealthTech to telematics and IT security, Altron operates a portfolio of platform businesses that quietly underpin everyday life, even if most consumers don’t realise it!

 In this conversation, Werner unpacks how these platforms drive resilient, annuity-style revenues, while also leaning into powerful structural tailwinds like digitisation, mobile adoption and the evolution of the payments ecosystem.

The discussion goes deeper into the mechanics of the Altron model. From competitive moats built over decades, to the strategic role of data, AI and capital allocation across a diversified platform base, there’s much to discuss. Werner also explains the thinking behind the group’s AI factory, its disciplined approach to growth vs margins, and why regulatory change in FinTech could unlock meaningful upside.

This is a rare, detailed look inside a South African tech business that touches millions of lives every day.

Topics in this podcast:

Why Altron’s platform businesses can grow independently of SA GDP constraints

The difference between platform vs IT services exposure to economic cycles

Real-world examples of how Altron products are used daily (IDs, payments, healthcare, vehicle tracking)

South Africa’s digital adoption curve and key structural tailwinds

The impact of payments modernisation (PayShap, SARB reforms) on FinTech

Building and defending a moat through data, distribution and embedded systems

How Altron uses cross-platform data insights to enhance value

The role and strategy behind the AI factory (and why it’s not a GPU business)

Managing capital allocation across multiple platforms with a strong annuity base

Growth vs margin trade-offs in a competitive tech landscape

Netstar dynamics: OEM channels, Chinese vehicle growth and market shifts

Fintech upside from potential direct access to payment rails

Why Altron’s 91% annuity revenue model is central to its investment case

This podcast has been sponsored by Altron. As always, I was allowed to ask whatever I felt is relevant to investors. Please do your own research and treat this as only one part of your research process. Please always speak to a financial advisor before making any investments.

In this episode of Ghost Stories, The Finance Ghost sits down with Investec’s Brian McMillan, fresh off collecting the “Best Issuer in Africa” award in Stockholm on behalf of the Investec Structured Products team. The team's product innovation and ability to earn a place for structured products in modern portfolios is being increasingly recognised.

The latest such product example is the Investec Nasdaq 100 Geared Growth structure. With much debate around the market valuations in this tech-heavy index, this structure is designed to appeal to investors who are finding it difficult to balance the desire to get involved against the risk of being late to the party.

Through a combination of 1.25x geared upside (with a cap) and partial downside protection (a drop of up to 40%), the Investec Nasdaq 100 Geared Growth structure creates a fascinating risk-return profile. 

Key topics covered:

The choice of the Nasdaq 100 index at this stage in the cycle

The underlying themes in this index across AI and valuations, including reference to the bull and bear cases

How geared upside (1.25x) with a 60% cap works

The downside protection mechanism

Rand-denominated exposure and removing USD currency risk

The Flexible Investment Note structure and reinvestment mechanics

Liquidity via the JSE listing and daily pricing

An understanding of the underlying credit risk

Fees and why returns are quoted net of costs

Minimum investment and access via advisors, stockbrokers and EasyEquities

You can find all the information you need on the Investec website at this link.

Disclaimer

In this episode of Ghost Stories, we welcome Old Mutual Investment Group to the platform for the first time. The Finance Ghost sits down with Maahir Jakoet, lead manager of the Old Mutual Global Islamic Equity Fund, to look back on a decade of top quartile performance.

As part of Old Mutual Investment Group’s Championing the Unseen campaign, this podcast lifts the lid on how Shari’ah-compliant investing can deliver unexpected outperformance vs. traditional funds. A constrained investment universe with tight rules can create a powerful framework for risk management and long-term returns. The result? A portfolio that has historically delivered lower drawdowns, faster recoveries and a compelling growth tilt, all while staying firmly within clearly defined guardrails.

In this episode:

What Shari’ah compliance really means in practice and how the rules are applied

The positive impact on portfolio risk and drawdowns of excluding highly leveraged businesses

How the fund performed through the GFC, COVID and rate shocks

The structural tilt towards tech, healthcare and capital-light businesses – and away from banks

Sources of outperformance over the past decade

When the strategy is likely to underperform (and why that’s okay)

How a rules-based, systematic process helps remove emotional decision-making

The role of Sortino ratios, factor scoring and portfolio construction discipline

What differentiates this fund from passive Shari’ah ETFs

 Old Mutual Investment Group (Pty) Ltd is an authorised financial services provider, FSP 604. The contents of this podcast and, to the extent applicable, the comments by presenters do not constitute advice as defined in FAIS. Although due care has been taken in recording this podcast, Old Mutual Investment Group does not warrant the accuracy of the information contained herein and therefore does not accept any liability in respect of any loss you may suffer as a result of your reliance thereon. Past performance is not necessarily a guide to future investment performance. For more information, visit www.oldmutualinvest.com/institutional

In this episode of Ghost Stories, I was joined by Satrix’s Nico Katzke to unpack a global market that feels eerily calm in the face of rising risk. From Middle East tensions and the growing threat of energy disruption to the curious resilience of equity markets, the conversation explores whether investors are underpricing just how fragile the current environment really is.

With oil prices climbing and inflation risks creeping back into the narrative, this episode digs into what it all means for portfolios. From the outlook for South African equities and resources to the surprising strength in US earnings, there's much to discuss.

Along the way, we tackled ETFs, market complacency, and whether concepts like “bubbles” even matter in a world being rapidly reshaped by AI and shifting global power dynamics.

In this episode:

Why oil prices and the Strait of Hormuz matter more than ever

The risk of market complacency in the face of geopolitical tension

How energy shocks could drive inflation and hit consumers

Why SA resources have surged - and whether it can continue

The resilience (and risks) within US equity markets

Stagflation risk and the long-term outlook for the dollar

How ETFs can help navigate uncertain markets

Why “bubbles” might actually be part of progress in innovation

Disclaimer:

Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.

In this episode of Ghost Stories, The Finance Ghost goes beyond the headline numbers and gets under the hood of WeBuyCars with Deputy CEO Wynand Beukes and CFO Chris Rein. Instead of rehashing the latest earnings, the conversation focuses on what really matters: how the business is adapting to a rapidly shifting automotive market, from the rise of Chinese brands to increasing pressure on pricing and margins.

At the heart of it all is data. From Bayesian pricing models to proprietary software and AI-driven decision-making, WeBuyCars is building a competitive edge that goes far beyond scale. This episode explores how the company uses data to manage risk, optimise inventory, and keep turning stock in a deflationary market - and why getting the buying decision right is everything.

This podcast deals with topics like:

What “percentile-based buying” actually means in practice

The impact of Chinese vehicle entrants on pricing and margins

Why the "up to R250k" segment is strategically critical and the competitive realities at higher price points

How WeBuyCars uses data and machine learning to price risk

The “empty bay problem” and why growth requires bold decisions

Inventory risk, margin pressure and managing a deflationary market

Why WeBuyCars sees itself as a technology business at heart

Important disclosure: The Finance Ghost has a shareholding in WeBuyCars.

WeBuyCars believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but The Finance Ghost was allowed to ask whatever he wanted to ask. Please do your own research and do not treat this podcast as an endorsement of WeBuyCars as an investment.