Magic 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 their focus to the high-stakes world of emerging markets. But as global indicators flash green, is it as simple as buying the $EEM?

In this episode, Moe breaks down the macro recipe for a sustainable emerging markets rally and why South Africa might be in the sweet spot of a global rotation right now. He warns against ‘betting the farm’ on emerging markets overall, highlighting the wisdom of being highly selective in where you place your capital.

Ghost brings the conversation a little closer to home. He explores whether macro wins filter down to individual companies, with MTN as a great example of how a stock in South Africa can reflect the dollar realities. He also deals with the recent Clicks and Cashbuild performance and the jitters in the South African consumer story.

This week's topics:

The emerging market rotation: A global investment view on developed vs. emerging markets.

The three pillars of an emerging market rally: Understanding the essential roles of a softer dollar, easier interest rates, and the electrification-led commodity surge.

MTN as a currency proxy: A clever way to play frontier market currency shifts through a telecom giant.

The Clicks and Cashbuild conundrum: Why falling inflation and record Black Friday sales aren't translating into volume growth for SA retailers.

Yield vs. growth: Why South Africa remains a carry trade destination for bonds, even while the consumer economy faces structural pressure.

Get in touch:

The Magic Markets Website

@MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X)

Pop us a note on LinkedIn

Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

Chapters

(00:00:00) - Introduction: Psychological Milestones and the Emerging Markets Theme
(00:01:22) - Timing the Rotation: Why Emerging Markets Are Outperforming the S&P 500
(00:03:51) - The MTN Strategy: Playing Frontier Currencies Via Telcos
(00:06:06) - Attributing the Move: Is the Rand at Fair Value?
(00:10:16) - The Nuance of Valuation: India vs. South Africa
(00:12:06) - Phases of Rotations: Moving From Price Impact to Flow
(00:14:45) - What We Can Learn from Clicks and Cashbuild
(00:19:38) - The Yield-Seeking Destination: South African Bonds vs. Growth Equities
(00:21:28) - Geopolitics and De-Risking: Why LatAm Has Been Shooting the Lights Out
(00:22:49) - Conclusion: Diversifying Your Emerging Market Exposure

While global superpowers eye new territories for mineral wealth and the likes of Glencore and Rio Tinto dance around a potential merger, investors are looking at the most versatile commodity around in 2026: copper. This critical transition metal has captured the imagination of corporate advisors and retail investors alike.

In this episode of Magic Markets, The Finance Ghost and Moe-Knows are joined by Connie Bloem, Managing Director of Mesh.Trade, to discuss why direct-exposure copper is the missing link in most portfolios – and how a token can help you get it.

Ghost, Moe and Connie unpack the electrification and data-centre themes, the challenges of institutional vs. retail portfolios, and why copper is one hot metal (in more ways than one).

Today’s Topics:

Why you can't talk about data centres or the AI revolution without talking about copper infrastructure, with thoughts around the future of electrification and the role of copper.

Why direct-exposure commodity tokens might be a better portfolio ‘anchor’ than mining equities.

How to invest in a metal that costs $13,000 per tonne with as little as R50 through Mesh's offering.

How a digital token can solve the vaulting, deposit, and theft problems of copper for retail investors.

Get In Touch:

Visit the Mesh.Trade website at www.mesh.trade

Reach out to Mesh on X: @Mesh_Trade

Connect with Connie Bloem on LinkedIn

Reach out to us on X: @MagicMarketsPod, @FinanceGhost and @MohammedNalla or pop us a note on LinkedIn.

Check Out Our Other Conversations With Mesh.Trade:

Magic Markets #204: Blockchain Technology in Financial Markets (with AnBro and Mesh.trade)

Magic Markets #214: Tradition meets tech – buying gold on the blockchain

Magic Markets #221: Mesh.Trade – Unlocking Private Markets

Magic Markets #228: Mesh.Trade and the Titans

Magic Markets #238: Stablecoins with Mesh.Trade

Magic Markets #247: Investing in Property with Mesh.Trade and 27four

Disclaimer: This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

Chapters

(00:00:00) - Introduction: Megamergers & the Copper Craze
(00:01:47) - Gold, Silver, & Will the Mesh Midas Touch Extend to Copper?
(00:03:40) - Why Copper, Why Now?
(00:06:13) - The Private Market: Where South Africa’s Growth Is Hiding
(00:08:45) - Reality Check: Electrification & the Role of PGMs
(00:10:06) - Direct Commodities vs. Mining Equities: Cutting Through the Noise
(00:12:34) - Institutional Investor Barriers: Why Retail Investors Have an Advantage
(00:19:38) - The Logistics of Copper: Storage, Theft, & Deposits
(00:24:36) - To the Seventh Decimal: How to Invest in Copper With R50
(00:26:14) - What’s Next for Mesh
(00:27:41) - Conclusion & How to Get in Touch

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 chaos, it’s hard to know which market indicators to listen to.

In this episode of Magic Markets, The Finance Ghost and Moe-Knows dive deep into why US Treasury yields aren't necessarily the best indicator of risk, while highlighting that the rand has clawed its way back to pre-Nenegate levels.

From the potential for missiles to be flying over an annexed Greenland to how Dune can help us understand the oil supply chain, the Ghost and Moe unpack the geopolitical flashpoints that will define your portfolio this year.

This week’s Topics:

The Dollar Index (DXY) vs yields: Why the 10-year Treasury yield is the wrong indicator for US risk right now.

The rand’s Lost Decade recovery: How the ZAR has clawed its way back to 2016 levels and what ‘fair value’ means for your offshore timing.

The death of "There’s War, Buy Oil": Why geopolitical flares in Iran and Venezuela aren't spiking crude prices like they used to.

The credit card cap trap: The unintended consequences of US interest rate caps on Visa, Mastercard, and American Express.

Taiwan and the semiconductor tail risk: Why the US focus on Greenland and LatAm might be emboldening moves in the East.

Reach out to us on X: @MagicMarketsPod, @FinanceGhost and @MohammedNalla or pop us a note on LinkedIn.

Disclaimer: This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

Chapters

(00:00:00) - Introduction & is Canada the 51st State?
(00:02:15) - The US and Geopolitical Risk
(00:03:03) - The US 10-Year yield disconnect: Why isn't borrowing getting costlier?
(00:04:07) - The DXY as the true expression of US risk
(00:05:58) - South African Bonds: The carry trade darling and the SARB’s credibility
(00:08:04) - The rand's 10-year comeback and what fair value means for your offshore goals
(00:10:52) - Central bank independence and gold as a safe haven against a dollar downdraft
(00:13:01) - Interest rate caps: How US policy is hitting Amex and the banking sector
(00:15:43) - Oil & Geopolitics: Venezuela, Iran, and the "Spice Must Flow" problem
(00:21:11) - Taiwan, the semiconductor tail risk, and global choke points
(00:23:12) - AI hallucinations: Why you shouldn't trust the bots just yet

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 risks of 2025 bleeding into 2026.

Aside from the obvious (like AI), what can we learn from some of the best-performing sectors in the final quarter of 2025 and over the past 12 months? What regional outlooks are relevant? And perhaps most importantly for most Magic Markets listeners, what does this mean for the rand and the potential for SA Inc. stocks to have a strong year?

It’s time for a new year in the markets and the implementation of strategies to create wealth. Welcome back to Magic Markets and thanks for being here with us!

This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.

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 story and the performance of the various global asset classes, our resident ghost took a bottom-up approach and highlighted the performance of certain stocks in the portfolio.

From US banks through to energy counters and FMCG stocks that threw us a lemon (ahem), there’s much to reflect on. Join us as we bid goodbye to a wild year in the markets and prepare for 2026.

This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.