Ghost Stories

Burstone has evolved from a traditional property company into something very different. Instead of relying on shareholders to fund growth, the company is increasingly using institutional partners and private capital to scale its platform. But can that model deliver the returns that investors are looking for? In this episode of Ghost Stories, Andrew Wooler (CEO of Burstone Group) joins The Finance Ghost to unpack the thinking behind the strategy. This includes details on the launch of the Core Plus platform in South Africa with Nedbank Property Partners, as well as a reflection on the Blackstone journey in Europe. Along with more technical concepts like first-loss exposure and the ring-fencing of debt, this podcast offers a great insight into how Burstone uses "Other People's Money" to drive returns. In this episode, we cover: Why Burstone moved away from the traditional REIT growth model The logic behind the Nedbank Property Partners Core Plus platform What went wrong, and what was learned, from the Blackstone partnership First-loss exposure, ring-fenced debt and look-through gearing explained Whether Burstone's platform strategy can ultimately drive stronger returns for shareholders This podcast has been sponsored by Burstone, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.

A year after becoming the first JSE-listed company to join Ghost Stories for a results podcast, STADIO returns to discuss the next chapter of its growth journey. CEO Chris Vorster and CFO Ishak Kula unpack how the group reached its 56,000-student target and, more importantly, how it plans to grow to 80,000 students by 2030 while maintaining academic quality, affordability and attractive returns on capital. The conversation explores the building blocks of the STADIO growth formula, from new campuses and blended learning to operating leverage and curriculum development. We also discuss employability, the role of industry partnerships, the Springboks sponsorship, and why management believes the group can continue expanding while investing heavily in the future. In this episode, we cover: The roadmap from 56,000 students today to 80,000 students by 2030 How STADIO balances contact, distance and blended learning The economics of operating leverage in higher education Campus expansion plans and capital allocation priorities Why management believes the Springboks partnership will help build the STADIO brand This podcast has been sponsored by STADIO, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.

Modern life is a relentless stream of decisions. From school WhatsApp groups and overflowing inboxes to family logistics, work pressures and household finances, the mental load never seems to give us any relief. In this episode of Ghost Stories, The Finance Ghost is joined by Colleen Wagner, CFO of Satrix, to unpack the concept of decision fatigue and why it so often causes long-term financial goals to fall to the bottom of the priority list. The conversation also explores the disproportionate burden many women carry in managing households and caregiving responsibilities, and how this translates into retirement outcomes. Colleen shares practical strategies for breaking the cycle, including automation, goal-setting and simplifying investment decisions. The episode is ultimately a reminder that successful retirement planning doesn't require perfection or expertise. Instead, it needs consistent, manageable actions that can quietly work in the background while life carries on. In this episode, we cover: What decision fatigue is and why modern life makes it so difficult to focus on long-term financial goals. The link between mental load, caregiving responsibilities and poorer retirement outcomes for women. Why small, consistent actions can be more effective than attempting a complete financial overhaul. The role of financial advisors in reducing uncertainty and creating structure around major financial decisions. How ETFs and automated investing can help simplify wealth creation and reduce investment-related stress. This podcast was first published here 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.

How do you know whether your investment performance is actually good? In this episode of Ghost Stories, The Finance Ghost is joined by Siyabulela Nomoyi from Satrix to unpack one of the most important, yet often misunderstood, concepts in investing: benchmarks. From retail portfolios to institutional mandates, they explore why returns only tell half the story and why every investment outcome needs a meaningful point of comparison. The discussion goes well beyond the basics, covering how benchmarks are selected, the role they play in risk management, the differences between indices and other benchmark types, and why ETFs offer investors an accessible way to measure performance against the market. Siya also shares practical insights into index construction, concentration risk, tracking error and the common mistakes investors make when choosing benchmarks, reminding us that outperforming a benchmark isn't always as impressive as it sounds. In this episode: Why benchmarks are essential for evaluating investment performance How investment mandates, time horizons and risk tolerance influence benchmark selection The difference between indices, benchmarks and hedge fund hurdle rates Why ETFs are a practical way to access investable benchmarks How index construction and weighting methodologies affect risk and returns The importance of tracking error, fees and liquidity when assessing ETFs Why beating a benchmark can sometimes be misleading Common mistakes investors make when choosing and using benchmarks This podcast was first published here 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.

Due diligence is often described as "doing your own research" before an acquisition, but the reality is far more complex. In this episode of Ghost Stories, The Finance Ghost is joined by Althea Soobyah, Bongiwe Mbunge and Johan Marais from Forvis Mazars to unpack what a modern due diligence process really looks like. From financial and tax diligence through to ESG and HR considerations, the discussion explores how buyers identify hidden risks, validate value and avoid expensive mistakes. The conversation also dives into deal structuring, cross-border complexities, tax exposures, cultural risks and the growing importance of non-financial factors in corporate transactions. Whether you're a CFO, investor, business owner or dealmaker, this episode offers valuable insights into what happens after the letter of intent is signed and the real work begins. After all, the due diligence can make or break a transaction! In this episode: Financial DD fundamentals: How buyers assess earnings quality, working capital and the key value drivers of a business. Tax traps and opportunities: Why tax diligence goes beyond compliance and can materially impact deal structure and valuation. The rise of ESG due diligence: Understanding culture, governance, workforce risks and sustainability factors that influence long-term value. Cross-border transaction challenges: Navigating tax, regulatory and operational risks across multiple jurisdictions. One deal, many workstreams: How coordinating financial, tax and ESG due diligence can improve efficiency and support better decision-making. Connect with the Forvis Mazars team: Althea Soobyah - website and LinkedIn Bongiwe Mbunge - website and LinkedIn Johan Marais - website and LinkedIn This podcast is brought to you by Forvis Mazars in South Africa.

The Finance Ghost sits down with Tokollo Tau from Nedbank CIB to unpack how South Africa’s energy landscape is evolving beyond the dark days of load shedding. What once felt like a permanent crisis has receded into the background, but the real story now is what’s being built in its place (like power wheeling and aggregation). Against the backdrop of the Africa Energy Forum, the conversation explores the infrastructure and commercial models that are reshaping how electricity is generated, moved and sold across the country, unlocking new levels of flexibility and opportunity for businesses. With practical examples like the multi‑billion‑rand Notsi Solar Project, Tokollo explains how aggregators are bridging the gap between generators and large energy users, helping to solve coordination challenges and accelerate investment in the sector. The discussion also highlights Eskom’s evolving role as an enabler of this ecosystem, and what a truly tradable electricity market could look like in South Africa. The result is a compelling look at a market in transition and why this could mark the start of a far more competitive, efficient and investable energy future. Key topics covered: What power wheeling and energy aggregation actually mean (without the jargon) How projects like Notsi Solar demonstrate the new energy ecosystem in action Why aggregators are critical to unlocking investment and reducing project risk Eskom’s shifting role in a more open, competitive electricity market The long-term outlook: towards a tradable electricity market and greater energy choice

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, 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.

Sibanye-Stillwater CEO Richard Stewart has stepped into the top job at a time when the company is printing money in its gold and PGM operations. But success during the favourable times in the cycle is driven by what a mining company does through the cycle. From cost control measures through to strategic commodity investments, there are many strategies that Sibanye-Stillwater uses to create long-term shareholder value. In this excellent discussion, Richard gives us deeper insights into the operating environment and how the group positions itself over time. This podcast deals with topics like: The reality behind Sibanye’s surge in EBITDA How the gold and PGM portfolios are structured (and why it matters) Synergies from consolidation and the economics of contiguous mining assets The shift from deep-level to shallow gold operations and what it means for margins Cost management, AISC, and building resilience through the cycle Mechanisation strategy in the US and its impact on productivity and costs Section 45X credits and the geopolitics of critical minerals South Africa’s “green shoots” vs persistent structural challenges Sibanye’s lithium strategy and positioning in EV supply chains The growing importance of recycling as a stabiliser in volatile markets Oil price impacts: what matters, what doesn’t, and what to watch The one factor that keeps the CEO up at night (hint: it’s not commodity prices) Sibanye-Stillwater 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 Sibanye-Stillwater as an investment.

In this episode of Ghost Stories, we get stuck into the world of fixed income - a space that retail investors often overlook in favour of equities. Yusuf Wadee of Satrix concurs with The Finance Ghost's cricket analogy: fixed income returns act as the singles that keep the scoreboard ticking over. But that doesn't mean that investors should default to low-yield cash accounts. Veteran fixed-income portfolio manager James Turp from Ninety One explains how his funds aim to optimise returns in the sweet spot between cash and bonds. And now, with the launch of the Satrix Income Actively Managed ETF (AMETF), investors have an easy way to access this expertise. Topics covered in this podcast: How a balanced approach to equities and fixed income helps build an innings Diversification, volatility, and survivorship bias How most investors fall into “lazy cash” traps The structure and purpose of the Satrix Income AMETF How the partnership between Satrix and Ninety One works How James constructs an active fixed‑income portfolio Duration, interest‑rate cycles, and inflation dynamics Liquidity and accessibility of an actively managed ETF Tax‑free savings considerations for fixed‑income ETFs Keen to learn more? Check out the Satrix Income AMETF (JSE: STXINC) here. Please remember that nothing you hear on Ghost Stories should be treated as advice. You must always speak to your personal financial advisor. Satrix Managers (RF) (Pty) Ltd 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 an ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETF 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 it 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 are 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. 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. International investments or investments in foreign securities could be accompanied by additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. AMETF are ETFs which are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETF differ from ETFs which only track indices. The Manag...

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

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.

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