The AI trade is evolving fast - and Nvidia is no longer the whole story. In this episode of Magic Markets, we unpack how the market is shifting beyond the obvious winner and into the broader AI investment stack, from memory and CPUs to foundries and infrastructure.

We explore what’s really driving the explosive moves in names like Micron, AMD and Intel, and whether these are sustainable trends or simply the latest phase of market optimism. Most importantly, we dig into the difference between exposure to AI and the quality of that exposure, because not all “AI stocks” are created equal.

Key topics covered:

Get in touch:

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

With South Africa finally emerging from its April “December-lite”, the hosts dive into property - an asset class that looks simple on the surface (yield + hard assets), but quickly reveals layers of complexity.

From the appeal of listed property versus buy‑to‑let, to the reality that REITs are still equities (with all the balance sheet and management risk that implies), this episode explores why chasing yield can be a trap - and why quality, discipline, and capital allocation matter far more than headline returns.

The discussion moves from local ETF structures (and why reading the fact sheet is non‑negotiable) to global thematic opportunities driving modern property investing. From senior housing and data centres to logistics and retail, the conversation highlights how the sector has shifted from a simple rates trade to a far richer set of structural bets. The episode closes with a timely warning: watch capital raises, always keep an eye on valuations, and don’t get caught when enthusiasm turns into excess.

Key topics covered:

Get in touch:

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

In this episode, The Finance Ghost and Mohammed Nalla unpack why US equity markets are refusing to take a break.

With the S&P 500 at all‑time highs despite geopolitical risk and rising energy prices, the conversation turns to what’s really driving returns, and why index‑level strength is masking extreme divergence beneath the surface. The rally is narrow and increasingly concentrated in hardware and semiconductors rather than software or applications.

The discussion then zooms out to earnings season, valuation risk and sector‑level surprises. From eye‑catching US earnings beats and six consecutive quarters of double‑digit growth, to stock‑specific lessons from Clicks and Capitec back home, the episode highlights why expectations matter more than good news.

Stock picking is becoming unavoidable in a market sailing ever closer to the wind. This discussion lands that message.

In this episode:

Get in touch:

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

In this episode of Magic Markets, Ghost and Moe balance life’s milestones with market realities. Fresh off Ghost’s wedding celebrations, the duo dive into the resilience required both in personal life and in investing. They explore the discipline of long-term holding, the lessons learned from winners and losers, and how conviction shapes portfolio decisions across geographies and sectors.

From South African fintech platforms to Canadian banks, Chinese tech giants, and Latin American bottlers, the conversation highlights the importance of diversification, patience, and understanding the stories behind the stocks. Whether it’s celebrating gains or navigating setbacks, Ghost and Moe show how investors can stay grounded through market cycles.

Today’s Topics:

Get in touch:

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

AI is eating software, with the market response being nothing short of brutal. The once-loved Software-as-a-Service (SaaS) stocks have been crushed, with valuation multiples back to levels seen during the Global Financial Crisis.

Is the golden age of SaaS over? Has the market perhaps overreacted to the risks?

From Adobe and Salesforce to Microsoft, Alphabet, Intuit and ServiceNow, Mohammed Nalla and The Finance Ghost discuss the important of real moats, critical data and pricing power.

Today’s Topics:

Get in touch:

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

Fresh off a honeymoon in Egypt, The Finance Ghost brings on‑the‑ground perspective to one of Africa’s largest and most misunderstood economies. From Cairo’s adrenaline‑fuelled traffic to the sheer scale of Egypt’s population, this episode blends travel observations with hard macro reality - mid-level GDP per capita, inflation in double digits, and a central bank running a 20% policy rate while nobody else in the country seems to believe in brakes!

Together, Ghost and Mohammed Nalla unpack why Egypt feels simultaneously chaotic and safe, why tourism matters more than most investors realise, and why telecoms exposure (hello, Vodafone Egypt) could be far more important than flashy headlines suggest.

Welcome to an emerging market deep-dive with pyramids, pain for the Egyptian pound, population growth - and yes, very cheap Uber rides.

Today’s Topics:

Get in touch:

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

The first quarter of 2026 was a reality check for global markets. If you had oil, you made money. If you had almost anything else, you didn't. 

With pressure across asset classes, this was a risk-off quarter thanks to the conflict in Iran. Defensive (and defence!) stocks were a decent place to hide, while riskier assets (including AI names) suffered substantial sell-offs.

In this episode, Mohammed Nalla looks at the Q1 performance of major asset classes. The Finance Ghost digs into the sectoral performance on the JSE and some of the more notable moves - like Sasol!

Today’s Topics:

Get in touch:

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

Four weeks into the war in Iran, the numbers tell a stark story around the risks for equity plays in regions like the UAE. Dubai-listed property and bank stocks have tumbled, while the government bears the burden of owning leading hotel and airline groups.

With the Straits of Hormuz as a daily topic, Mohammed Nalla and The Finance Ghost discuss the ways in which this is reshaping global logistics - and perhaps more importantly, the stocks of companies in this sector. And yes, this includes the concept of war insurance! 

Today’s Topics:

Get in touch:

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

From a macro perspective, the ongoing conflict in Iran has dished up some important movies in currencies, bonds, commodities and inflation expectations. Mohammed Nalla takes us through what we've learnt in the past few weeks - and not just about oil.

In South Africa, earnings season on the JSE has put the spotlight on certain sectors and themes. With reference to retail, property, banks and even a couple of high-growth companies on the market, The Finance Ghost delivers a useful summary of what we've seen this month.

Today’s Topics:

Get in touch:

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

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 achieve return on investment, or is it better to sit as far back in the chain as possible, targeting names like NVIDIA rather than Microsoft or Alphabet?

Is this just a fad, or are we in an "AI epoch" that wil define the next few decades of our lives?

These are examples of the many questions that David Eborall must ask himself on a daily basis in the process of managing the funds at SaltLight Capital. As an entrepreneur-turned-fund-manager, he brings a unique lens to his capital management decisions.

This podcast is part of our efforts to bring you some of South Africa's best and most interesting boutique fund managers. It's a great way to understand more about David's edge and why he believes that AI is still in its infancy in our lives.

Today’s Topics:

Find out more about SaltLight Capital here:

Get in touch:

Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. SaltLight Capital Management (Pty) Ltd is an Authorised Financial Services Provider, FSP number 48286. Past performance is not an indication of future performance. Please always speak to your financial advisor when making any investment decisions.