Ghost Stories

Hosted by The Finance Ghost

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Oct 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

October 20, 202619 min

Ghost Stories #117: The next frontier - Satrix's Africa expansion

For more than 25 years, Satrix has helped South Africans access local and global markets through ETFs. Now, the business is taking that expertise beyond the country's borders, with listings in Namibia, Botswana and Kenya as it works to bring simple, low-cost investment solutions to a new generation of African investors. In this episode of the Ghost Stories podcast, The Finance Ghost is joined by Duma Mxenge, Head of Business and Market Development at Satrix, to unpack the opportunities and challenges of expanding ETFs across the continent. From navigating regulations and market infrastructure to understanding what investors in different African countries actually want, Duma shares insight into the work being done behind the scenes to build deeper, more accessible capital markets. We also explore why demand for global exposure is often stronger than demand for local equity products, whether an Africa-focused ETF is realistic any time soon, and what the future may hold for cross-border investing on the continent. In this episode, we cover: Why Satrix believes the time is right to expand beyond South Africa The journey from initial research in 2019 to listings in Namibia, Botswana and Kenya Why African investors are increasingly looking for global market exposure The popularity of products tracking the S&P 500, MSCI World and Nasdaq 100 How ETFs can help deepen African capital markets The regulatory, liquidity and operational challenges of cross-border ETF listings Why institutional and retail investors are responding differently to these products The importance of education, distribution and local partnerships Whether an Africa-wide equity ETF is a realistic prospect Alternative ways for South African investors to gain exposure to growth elsewhere on the continent The role Satrix hopes to play in building Africa's investment ecosystem over the coming decades Disclaimer: Satrix Investments (Pty) Ltd is an approved financial service provider in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002 (“FAIS”). The information above does not constitute financial advice in term of FAIS. 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 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. Perfor...

October 8, 2026Episode 11633 min

Ghost Stories #116: Burstone's property platform play

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. Chapters (00:00:00) - Intro (00:01:48) - How Burstone evolved from Investec Property Fund (00:05:35) - The platform strategy: using partner capital to grow (00:10:03) - Private capital vs. public markets (00:12:15) - The Core Plus platform in SA explained (00:17:54) - What happened in Europe with Blackstone? (00:22:14) - First-loss exposure explained (00:24:11) - Ring-fenced debt, recourse and the loan-to-value ratios (00:28:39) - Burstone’s outlook and long-term strategy

October 6, 202625 min

Ghost Stories #115: Life after JIBAR - how Intengo simplifies the ZARONIA era

Debt has never been simple, but the shift from JIBAR to ZARONIA has added a whole new layer of complexity. In this episode of Ghost Stories , The Finance Ghost is joined by Ian Norden of Intengo Market to unpack what South Africa's new benchmark rate means for borrowers, lenders and treasury teams, and why debt management is becoming increasingly data-intensive. From covenant tracking and hedging strategies to AI-powered administration and access to capital markets, the discussion explores the real-world challenges facing CFOs and treasurers. Ian explains how Intengo is helping companies move beyond spreadsheets, improve governance and unlock funding opportunities in a rapidly evolving debt landscape. In this episode, we cover: Why the transition from JIBAR to ZARONIA is changing the way debt is managed The hidden operational risks that come with growing debt portfolios How poor administration can affect lender relationships and funding outcomes The role of AI in treasury management, covenant tracking and debt reporting How Intengo helps corporates access funding while reducing complexity and manual effort Ready to learn more? Visit the Intengo Market website here and connect with Ian on LinkedIn here .

September 22, 202635 min

Ghost Stories #114: The STADIO growth formula

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.

September 15, 202625 min

Ghost Stories #113: What every CFO should know about changing auditors

Changing auditors is not something most CFOs do often, but when the moment arrives, the decision can have far-reaching implications for governance, stakeholder confidence and the effectiveness of the audit process. In this episode of Ghost Stories , The Finance Ghost is joined by Yolandie Ferreira, Head of Africa for Forvis Mazars Africa, to explore what companies should consider when appointing a new auditor and why the process is about much more than compliance. From audit quality and industry expertise to AI, auditor independence and sustainability assurance, the discussion unpacks the factors that separate a routine audit from a truly valuable audit relationship. Whether you're preparing for an auditor transition or simply want a better understanding of how modern auditing creates trust and accountability, this episode offers practical insights from the front lines of the profession. In this episode, we cover: Why companies change auditors and how CFOs should approach the transition Common misconceptions about auditing, fraud detection and audit quality The role of industry expertise, geographic reach and auditor relationships How AI is changing audit processes while leaving human judgment at the centre Why sustainability assurance is becoming increasingly important for businesses and stakeholders

September 1, 202623 min

Ghost Stories #112: Decision fatigue - why important financial decisions get delayed

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 .

August 12, 202634 min

Ghost Stories #111: International Titans Basket Ltd - 100% capital protection, geared upside (with Japie Lubbe)

The award-winning Investec Structured Products team brings you the latest iteration of International Titans Basket Ltd. This product offers 100% capital protection and geared upside (with a cap), referencing a basket of underlying global equity indices. Bringing decades of experience and passion to this discussion, Japie Lubbe walks us through exactly how the structure works. In this podcast: 00:00 Intro 01:32 60-40 portfolios vs. structured products 04:04 Track record of Investec Structured Products 05:00 Overview of latest product: International Titans Basket Limited 09:30 Index exposure and valuations 11:21 Stats around trying to “time” the market 13:41 100% capital protection 19:00 Backtesting the upside cap and gearing 21:02 The underlying mechanics of the structure 23:50 Credit risk 27:41 Fees and access to product You can find all the information you need on the Investec website at this link. Disclaimer Chapters (00:00:00) - Intro (00:01:32) - 60-40 portfolios vs. structured products (00:04:04) - Track record of Investec Structured Products (00:05:00) - Overview of latest product: International Titans Basket Limited (00:09:30) - Index exposure and valuations (00:11:21) - Stats around trying to “time” the market (00:13:41) - 100% capital protection (00:19:00) - Backtesting the upside cap and gearing (00:21:02) - The underlying mechanics of the structure (00:23:50) - Credit risk (00:27:41) - Fees and access to product

August 4, 2026Episode 11024 min

Ghost Stories #110: Putting performance in context - choosing the right benchmark

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 .

July 27, 202634 min

Ghost Stories #109: The quant behind the alpha - inside Old Mutual Investment Group's Global Managed Alpha Fund

In this episode of the Ghost Stories podcast, The Finance Ghost sits down with Reza Fakie, portfolio co-manager of the Old Mutual Investment Group Global Managed Alpha Fund. The fund has delivered consistent outperformance against its benchmark since inception, but the real story is how it does it. Reza takes us inside the world of quantitative investing, explaining how academic research, factor investing and disciplined portfolio construction come together in a systematic process designed to remove emotion from investment decisions. From identifying overlooked opportunities around the world to navigating the AI boom and managing risk in a concentrated global market, this is a fascinating look at how a modern quantitative fund is built and managed. In this episode, we cover: How multi-factor investing works in practice The factors that drive stock selection and portfolio construction Managing risk while seeking consistent alpha Why the fund looks beyond the biggest global tech names Finding overlooked opportunities in emerging markets How quantitative investing helps remove emotion from decision-making The growing role of AI in investment research and portfolio management 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

July 8, 202624 min

Ghost Stories #108: Due diligence decoded - inside the modern deal risk process

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.

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