Ghost Stories

Hosted by The Finance Ghost

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Jun 2026

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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.

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25 recent

June 11, 202632 min

Ghost Stories #105: Altron – a multi-platform, multi-decade moat

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.

June 9, 202622 min

Ghost Stories #104: Take a byte of growth - Investec Nasdaq 100 Geared Growth

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

June 9, 202624 min

Ghost Stories #103: How Shari'ah-compliant investing can outperform (with Maahir Jakoet)

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

May 20, 202625 min

Ghost Stories #102: A market holding its breath

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.

May 20, 202631 min

Ghost Stories #101: Under the hood - the data edge at WeBuyCars

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.

May 11, 202641 min

Ghost Stories #100: Mining through the cycle - Sibanye-Stillwater's strategy

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.

March 31, 202629 min

Ghost Stories #99: Unleashing independent retail - the foundation of SPAR's turnaround

Reeza Isaacs is the newly appointed CEO of SPAR. As hot seats go, this one is warmer than a freshly-baked bread at your local store. With plenty of experience in difficult retail settings, Isaacs is excited for the challenge. He believes strongly in the independent retail model that forms the underpin of the SPAR wholesale business. Through a focused strategy on Ireland and South Africa, SPAR is committed to getting the basics right and demonstrating the benefits of independent retail. This podcast deals with topics like: Management stability and long‑term commitment at SPAR. Lessons from offshore activities and why Ireland is different. The strengths and trade-offs of SPAR's wholesale and independent retailer model. SAP implementation failures and risk mitigation strategies. Rebuilding retailer trust and loyalty, especially in KZN. Online, on‑demand retail, and SPAR’s pragmatic participation strategy. Margin recovery initiatives and operational self‑help levers. Growth adjacencies, including pharmacy, pet care, and private label. SPAR 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 SPAR as an investment.

March 24, 202634 min

Ghost Stories #98: Fixed income investing - how to move beyond cash in a balanced portfolio

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...

March 23, 202628 min

Ghost Stories #97: From mechanical work to judgement in portfolio management - reallocating human effort with AI

At Forvis Mazars in South Africa, the team is actively working on AI-driven solutions for clients. Shane Cooper (Head of Digital Advisory) is spearheading this effort, with one of the applications of this technology being in the portfolio management space. Institutional investors with complex structures face multiple challenges in managing their investments. As Shane explains in this podcast, it's an operating model problem rather than a software problem - but AI can help. Rishi Juta (Director of Corporate Finance) joined this discussion to deliver insight into real-world applications across due diligence and risk management. It's all about transforming unstructured data and commentary into useful information for decision-making. This is an excellent introduction to the technology that Forvis Mazars in South Africa is developing for institutional clients. Topics covered in this podcast: The shift from mechanical work to judgement work - and why it changes the entire process of portfolio oversight. Why unstructured data (like management commentary and board‑pack narratives) often tells you more than the numbers. How “intelligent ingestion” lets AI chew through PDFs, emails, scans, and commentary like a grown‑up sorting out a toddler’s plate of vegetables. Early‑warning risk signals across a portfolio: covenant pressure, reporting behaviour, management tone, governance drift, sector stress and more. How this tech is being built specifically for regulated environments - IFRS, GRAP, scenario planning, traceability, explainability and all the governance that institutions actually need. Why large‑scale portfolios guarantee that humans will miss something - and how an AI layer can stop the rot early, while still taking advantage of having a human in the loop. If you would like to learn more about this technology, connect with Shane Cooper or Rishi Juta on LinkedIn. For more information on AI-specific applications, you'll find Shane's contact details on the Forvis Mazars website.

March 11, 202624 min

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