Podcast appearances and mentions of keith mclachlan

Alex Duys of Umthombo Wealth shares insights on Altron's impressive performance, highlighting the strength behind its latest results. Keith McLachlan from Element Investment Managers sees undervalued opportunity in Pick n Pay, despite the retailer's ongoing struggle to reach breakeven. Eva August, CEO of Century 21 SA, notes that sustainable homes have moved beyond niche appeal – they're now the expected norm.

Schalk Louw from PSG Old Oak dives into Capitec's latest results – the stock's not cheap, but the numbers and growth are hard to ignore. Keith McLachlan from Element Investment Managers chats about what to do when one of your stocks has run hard and suddenly makes up a big chunk of your portfolio. Dr Azar Jammine from Econometrix gives his take on the IMF's downgrade of South Africa's 2025 GDP forecast – and why it's way below what Treasury is expecting.

Keith McLachlan from Element Investment Managers explains the concept of embedded value in insurance companies.

Viv Govender from Rand Swiss breaks down a tough day of selling in local and global markets; what now? Keith McLachlan from Element Investment Managers explains the concept of embedded value in insurance companies. Simon shares his insights on expenses and the importance of knowing your effective annual cost.

Nick Kunze from Sanlam Private Wealth unpacks more strong US jobs data and more Trump risks, while Integral Investment Managers's Keith McLachlan explores ‘mine streaming,' where funders are repaid in mined commodities. Beer Association of SA CEO Charlene Louw breaks down the scale of the local and global beer economy.

‘Over the last number of years it's become harder and harder for, for example, oil, gas and coal companies to raise funding and financing to build mines. The streamers have jumped into that space to fill the niche' – Keith McLachlan from Integral Asset Management.

‘The nature of the beast is yes, these drugs come off patent; the demand is there and someone could produce it more cheaply', Integral Asset Management's Keith McLachlan points out.

Shaun Dendere from Trive Investments breaks down Sasol's trading update and Cashbuild's strong results. Keith McLachlan from Integral Asset Management dives into the GLP-1 drug boom and its investment opportunities. Simon on big purchases: Trust less, verify more.

For the twelfth year in a row Marc Ashton, Keith McLachlan & Simon Brown get together and make three predictions each for year ahead. They then also give their expectations for the local Top40 index and the Rand against the US$. But first every year they start by scoring their previous year predictions to keep things real and honest.

Keith McLachlan from Integral Investment Management shares insights on offshore investing, evaluating executive performance, and uncovering value.

  Boxer IPO Hits the Market Boxer* (JSE code will be BOX) lists on 28 November, debuting at R54/share after a highly oversubscribed IPO. Strategies discussed for trading or investing in Boxer shares, including buying through Pick n Pay shares. Key takeaway: Patience is key; wait for potential pullbacks. Two-Pot Retirement Savings and Market Impact Early evidence of consumer spending from the two-pot retirement system. Stocks like Mr. Price*, Pepkor, and Keith McLachlan's picks (e.g., Afrimat, Netcare) reviewed as beneficiaries. Satrix 40 ETF Turns 24 Launched in 2000, the Satrix 40 has delivered an annualized return of 11.3%. Impact: Introduced passive investing and slashed fees for South African investors. Bitcoin's Psychological Barrier at $100,000 Bitcoin fell short of the $100K milestone, retracing to around $93K. Analysis of big psychological levels in markets and what this means for Bitcoin's momentum. Bitcoin | Weekly | 27 November 2024 Anglo-Platinum Share Sale Anglo-American reduces its stake in Anglo-Platinum, selling at cycle lows. Discussion on PGM market challenges and future outlook. Trump's Proposed Tariffs Announced 10% tariffs on all Chinese imports and 25% on goods from Mexico and Canada. Potential economic implications and geopolitical fallout analysed. Rand, DXY, and Gold The Rand holds surprisingly well despite DXY strength; predictions for 2024 suggest potential recovery. Gold price fluctuations and long-term bullish outlook. US$ Index (DXY) | Weekly | 27 November 2024 Commodity Spotlight: Coffee and Cocoa Coffee prices hit 20-year highs due to Brazilian droughts, impacting consumer costs. Cocoa prices stabilise after a surge, with Nestlé and soft commodity ETFs in focus. Super Group and SG Fleet Deal SG Fleet receives a buyout offer, boosting share prices. Opportunities in second-tier stocks like Invicta and Hudaco highlighted for a potentially improving economic environment. MPC Update South African Reserve Bank increases rates by 0.25%, citing risks from core inflation and external pressures. Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order 00:00 Market Overview and Boxer IPO Insights 03:08 Two-Pot Money and Consumer Spending Trends 06:03 Satrix 40: A 24-Year Retrospective 08:51 Bitcoin's Psychological Barriers and Market Sentiment 11:40 Anglo-American's Strategic Moves and Market Reactions 14:58 Commodity Prices: Coffee and Cocoa Trends 17:49 Monetary Policy Committee Decisions and Economic Outlook jj  

Keith McLachlan from Integral Asset Management highlights strong performance in two niche offshore stocks – Lotus Bakeries and Sprouts Farmers Market

Independent analyst Jimmy Moyaha previews a big week ahead with the US elections, FOMC, and BoE rate decisions. Keith McLachlan from Integral Asset Management highlights strong performance in niche offshore stocks. Absa's Sello Sekele notes October's positive PMI data as a good sign for interest rates and consumer confidence.

‘In a normal cycle developed markets, and particularly US small caps, rally first, and emerging market small caps rally last' – Keith McLachlan of Integral Asset Management.

Anchor's Kieran Witthuhn discusses the JSE's results and potential value amid rising trade. Keith McLachlan from Integral Asset Management examines the rotation of US small caps. Wiehann Olivier from Forvis Mazars addresses the shortcomings of the Sarb's crypto oversight and proposed solutions.

‘If there is remotely any whiff of positive South African sentiment from this GNU – and it does look like a reasonably positive outcome – small caps on the JSE stand to benefit', reckons Keith McLachlan of Integral Asset Management.

Chantal Marx from FNB Wealth and Investments shares her preferred picks in the new cabinet announced by the president. Phil Roux, CEO of Nampak, discusses results as the turnaround gathers momentum. Keith McLachlan discusses his preferred SA Inc stocks in light of the GNU cabinet.

‍‍How do your patients REALLY perceive your dental practice? How can convenience, image, and service make or break their overall experience? In this compelling Monday Morning conversation with industry veteran, Keith McLachlan, we dive deep into the heart of these issues. Keith passionately argues for the urgent need for dental practitioners to adopt a retail business model that is profoundly patient-centric. And not just in theory, but in practice - with a focus on delivering care that brilliantly suits patients' lifestyles, work schedules, and personal preferences.Keith takes us on a journey of understanding through the eyes of patient, shedding light on the overlooked importance of practice accessibility. Is your office meeting the demands of the early birds and night owls who work 9 to 5 jobs? Are you addressing the needs of those who can only carve out time over weekends? Keith doesn't stop there. He delves into addressing tricky roadblocks like work-life balance and provider burnout, while underlining the potent impact of a strong online presence and memorable first-visit experiences in captivating new patients. Keith makes a compelling case for reshaping our practice mentalities, daring us to redesign our dental offices with a healthier balance of professional commitment and patient-centric empathy.What You'll Learn in This Episode:The crucial role of a patient-centric approach in running successful practices.The underestimated power of operating hours in patient retention and satisfaction.How to prevent provider burnout while still accommodating patient needs.Tips for creating a strong online presence and memorable first-visits.The importance of work-life balance in avoidance of provider burnout.Tune into this intensive MME with Keith now, and take a leap towards a more inclusive, patient-centric service delivery model!‍Learn More About the Ground Marketing Course Here:Website: https://thedentalmarketer.lpages.co/the-ground-marketing-course-open-enrollment/‍You can reach out to Keith McLachlan here:Website: https://dentalteamfinder.com/LinkedIn: https://www.linkedin.com/company/dental-team-finder/Facebook: https://www.facebook.com/dentalteamfinderYouTube: https://www.youtube.com/channel/UC5mEcmTS-xGSt5gpbajZ6owEmail: keith@dentalteamfinder.comEmail: info@dentalteamfinder.com‍Mentions and Links: Books/Publications:Maslow's Hierarchy of Needs‍If you want your questions answered on Monday Morning Episodes, ask me on these platforms:My Newsletter: https://thedentalmarketer.lpages.co/newsletter/The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041‍Episode Transcript (Auto-Generated - Please Excuse Errors)‍Michael: Hey Keith. So talk to us. What's one piece of advice you can give us this Monday Keith: morning? Oh, Michael, well, thank you for having me on and thanks to your listeners for listening. Um, one piece of advice that, you know, I obviously am not a dentist or dental provider, been in dentistry for 30 years, but, one thing that I see, and again the concept was introduced to me in full disclosure by somebody else, but it bears repeating as much as one can do as a dental provider and still maintain some quality of life, think of your business as a retail business. think in terms of, maybe you can have on one end of the spectrum, you can have your old medical provider, 1950s medical office where you have the sliding, opaque, you know, separation barrier between, um, patients and the team members.And then you have kind of what we have today, which is more of your open concept, right? So there's been some adaptation to that idea. But in terms of offering, right? Are you working four days a week? Eight to five? As a dental practice provider. Um, well, ironically, most of the patients are probably working Monday through Friday, eight to five, and they have to take off work to see you.So perhaps thinking in terms of, earlier appointments before eight A.M. or uh, maybe, uh, extended hours after, maybe two hours after. Five o'clock. Not every day necessarily. Some offices do a successful seven to seven shift between two doctors. somebody will do the morning shift and one do the afternoon shift.If it's a multiple doctor I. Practice. Some will do a weekend, half day or full day weekend. Um, and they find that those are wildly popular hours. Mm-Hmm. But the whole idea, and again it's, not just one thing. like I said, I can credit Fred Doyle for this idea and it. Book, everything is marketing, but think in terms of your business as a retail business as opposed to kind of the old school medical offices that were not very patient-centric.Gotcha. Okay. Michael: So it sounds like practices today they're looking more modern, right. When it comes to like their. I guess like design and everything, but the way of working, like their culture, whatever, like their time is still kind of stuck back into the nine to five, right? Or eight, nine to six kind of thing.Yeah. And so you're kind of thinking, hey, adjust it, hybrid it, right? Like time and things like that. Is that what you're. Keith: Absolutely. So you're just making it easier for your patients to come see you, in times that they're not already working times that they may not be available without having to request off.we also see it in emergency visits, right? Being available to see emergency patients and I understand if they're not a patient of record and there's some concern with that but especially for your patients that are established patients being available to see them when they're in need.Let's face it. An emergency patient will pay any price and meet you at any time to get out of pain. That is in Maslow's hierarchy of need. One of the greatest motivators, right? Somebody that's in pain and wants to be out of pain. So, yeah, just making it easier for patients to find you, um, and again, not putting up a road box for your patients to come see you.Michael: Gotcha. In your experience, Keith, what have been some of the, besides time, right, besides like the, I'll be more available in the afternoons. What have you seen that really hasn't changed where it's like the most or the biggest roadblocks? Keith: I would say it, it comes down to mostly quality of life choice.Right? Maybe uh, the provider has a family. Maybe they want to be able to have dinner with their family at night. They want to enjoy their weekend time with their families. I would say, and again, we're all, Dentist or or non dentists were all guilty of saying, I, I'm gonna put up some, barriers, where it comes to interfering with.My time out of the office. So that's probably more of what it is. as opposed to, it is just more about in terms of thinking as a patient and not as the doctor or the business owner. thinking in terms of, you know, uh, uh, I've heard this expression before. When's the last time As a dental provider the owner of the business walked into the waiting room as opposed to walked into the back door. Right? It's a whole different experience, right? You're seeing through the eyes of your patients, right? that might be a good exercise is, you know, know, when I walk in my office, Do I see an optimal patient experience? what do I pick up on? What cues do I pick up on visually, audibly, is it pleasant? Is it relaxing? what are my sensory cues telling me here? Michael: Gotcha. Okay. So kind of walk in with a.Patient point of view. So then the biggest roadblock that you've seen besides time, would be quality of life. So it's more like the doctors thinking, I wanna be home. I want to have Friday, Saturday Sundays off. I only wanna work four days a week. Mm-Hmm. But this is possible though, right? To have that. Keith: It is very possible.And that's where you see, um, many dental business owners get an associate, maybe that associate can help augment the hours, maybe they can stick to their same schedule. The business owner while the associate may work, different time slots, right? Or they can split it up a little bit, but it's not all dependent upon one person.It can be divvied amongst another doctor and team members for that matter. Michael: Gotcha. Okay. So then if we did do that, let's just say we treat it like a retail business. We're open on weekends and we're doing all these things. Do you foresee burnout Keith: If one person or a set of people are asked to do more without a necessarily wanting to do more, I.Or B, not getting. Something more from it, compensation wise, then yes, I could see burnout at, or I would say even before burnout. You may have attrition, you may have people that, leave. They're like, I didn't sign up for this. I wanna work for practice that I can get my kid from daycare by 5:00 PM or whatever the case may be, right? So other people have put up their roadblocks, but as far as burnout, I talk to dental business owners that even have Sunday hours. Now, again it's not always the owner, but, they tell me that those are some of the most coveted appointment times.Or the weekend times. Because they don't have to take off time from work or from school to see the dentist. Michael: Mm-Hmm. Yeah. Okay. That's interesting. Yeah. So when it comes to the retail part, what else? How else should we treat our practice in the form of a retail business besides like the hours.Keith: Well, remember patients have a choice. There are, I mean, I've talked to plenty of successful dentists that have multi-generational, right? They've seen three generations of families at the practice, and that's great, but for the vast majority of people today, there's more credibility online than there is from a personal referral.So take a look at. Your website, take a look at your social media. If you don't have somebody, I'm not saying you have to manage it, but have somebody manage that and remember that what's gonna make your office stand out to somebody that's new to the area, to somebody that doesn't already know about you, to another practice down the street.What's gonna make you stand out? Is it a, First-visit impression that you made. Is it what they see online? Is it patient testimonials? What is gonna compel somebody to choose your office versus a competing office? Michael: you, your own personal experience looking at it from a patient point of view, right.Let's just say right now you're like, you know, I don't, I'm not in an emergency, but I do need a doctor. Yes to you. What is it where, What would make you, even though your friend's like, Hey, my dentist is good, what would make you ignore that recommendation and say like, let me look at this one person right now because of Keith: what.Right. Well, you know, I hear this a lot. I'm not saying it's, right. But you really hear many patients say, I chose this dentist because they were on my plan. Whereas we all know, I can see the eyes are rolling now but we know that's not the best way to choose your doctor.It, It's almost in spite of that. But most people choose their dentist because I. They were a participating provider, that shouldn't be. But you hear people because they're in, that, they're programmed by insurance to, Hey, they, they're not on my plan, and then I shouldn't go to them.but usually the best doctors are not on their plan. it's giving them a reason to come. Right. That is, um, convenient hours. It is location. It is. what's the first visit impression look like? Right? Why would I, what's gonna make me want to choose your office?Right? Is it the stories in the bios? like I said, it's usually in a retail environment. It's about access. How convenient are the hours and a location. Michael: Gotcha. So convenience and access. Awesome. Keith, thank you so much for your time. I appreciate you and if anyone has further questions or concerns, where can they find Keith: you?Absolutely. Well, uh, Dental, team, Finder. We're online, dentalteamfinder.com, we're on LinkedIn. If you spend time on LinkedIn, we're on Facebook. YouTube. Also you can contact me. My first name's Keith K-E-I-T-H at Dentalteamfinder.com, or info at Dentalteamfinder.com. So should be able to find us.Michael: Okay, awesome. So it's gonna be in the show notes below as well, so if anyone wants to go down and click on that. So thank you so much, Keith, for being with us on this Monday morning episode. Well, Keith: thank you for having me. Yeah.‍

Independent analyst Carmen Mpelwane unpacks Sasol's six-month trading update. Keith Mclachlan from Integral Asset Management on local education stocks; AdvTech, Curro and Stadio. What's the Curro write down about, and which is his preferred? Anchor's Casey Sprake on slowing growth in China: is the economy at a crossroads?

Play to your strengths, figure out the aspects that you are better at, and try to use those to a greater degree than the things that you're weak at – Keith McLachlan of Integral Asset Management.

Now for the eleventh year in a row, we kick off the new year with a prediction show. Marc Ashton, Keith McLachlan and Simon Brown put their heads on the block with three wild and woolly predictions for the markets for 2024 followed by a call on the Top40 and ZAR for the year ahead. Importantly we start each show with a review of the previous year's predictions and you'll find the 2023 predictions show here.  

Independent analyst Jimmy Moyaha talks the weak updates from both Omnia and MTN. Keith McLachlan of Integral Asset Management on his JSE-listed offshore small cap AMC (actively managed certificate). 10X Investments's Chris Eddy talks the pitfalls of tactical asset allocation in the short term.

On this edition of stock picks, Keith McLachlan from Integral Asset Management unpacks Reinet, NewGold debentures and Afrimat. Stock Watch

Reko Nare from Anchor on what individual components have been driving the local inflation basket. Keith McLachlan from Integral Asset Management talks preference shares as an alternative to cash for better tax treatment in the search for yield. Fortress's Steven Brown unpacks the Reit's plan to collapse the A and B share structure.

Investing in companies that compete with SA's public sector can pay off because the competition is weak – Keith McLachlan of Integral Asset Management.

Independent analyst Jimmy Moyaha on results from Sun International and City Lodge. Keith McLachlan from Integral Asset Management talks Grindrod as the stock rallies back above 1 000c. After recent results, does it offer value? Mandy Dix-Peek from Old Mutual Wealth on recent changes to the Trusts Act as SA tries to get off the grey list.

Witthuhn from Anchor on markets as Thungela's results saw Heps off 67% as coal prices fell by a similar amount over the last year. Keith McLachlan from Integral Asset Managers unpacks Curro's results and takes a broader look at the education sector. DebtBusters's Benay Sager talks debt as more South Africans turn to personal loans as financial lifelines.

SA's education stocks are ‘very different businesses earning very different returns'. Keith McLachlan of Integral Asset Managers looks at results and prospects.

Alex Duys from Umthombo Wealth on Mondi's Canadian expansion. After a solid first half, US markets seem priced for perfection, Craig Antonie from Anbro Capital Investments takes a look. Keith McLachlan from Integral Asset Management on the value proposition for Transaction Capital.

On this episode of Stock Picks, Keith McLachlan from Integral Asset Management takes a closer look at DRD Gold, HCI, Equites property fund and Kap industrials. Stock Watch

‘I love both of those', says Keith McLachlan of Integral Asset Management. ‘I think the starting point here has to be you're buying rand-hedge stocks.'

FNB's Wayne McCurrie on Richemont's strong results, as luxury continues to boom. Keith McLachlan from Integral Asset Management on local small caps benefiting from a weaker rand. Damian Bunce of Exness on the evolution of trading and the best broker models.

Gary Booysen on Zeda: newly listed is it an attractive investment?Keith McLachlan looks at whether Santova has more to offer in 2023 after a stellar year, and Renergen, as it starts producing LNG.Kokkie Kooyman on banks in 2023, after they were the top sector in 2022.

While, despite all the chaos, Santova has been steadily expanding internationally, Renergen could easily double ‘assuming everything works': Keith McLachlan of Integral Asset Management.

FNB's Chantal Marx unpacks Richemont's strong first-half results. Keith McLachlan from Integral Asset Management on concerns around the recent inventory increases. Michael Zahariev co-founder of Luxity on trends in high-end online retail.

We are seeing the transition of the business from product sales to cloud sales, from once-off sales into annuity contracts, with all the economics in its favour: Keith McLachlan of Integral Asset Management.

Keith McLachlan......

Wayne McCurrie on rate increases in the UK and SA, and Blue Label's recapitalising of Cell C. Keith McLachlan from Integral Asset Management on investing in music via song catalogues. Simon gives thoughts on dividends, the good, the bad and the ... tax.

Keith McLachlan of Integral Asset Management shares his method of screening the vast universe of investible stocks to select a few worth looking at.

Alex Duys from Umthombo Wealth on Mondi exiting Russia and Spar's Poland update. Keith McLachlan from Integral Asset Management on how to filter down the global share universe to a few stocks worth researching. Momentum's Therese Grobler unpacks the Asisa data that shows South African investors moving towards higher risk funds.

Lonwabo Maqubela from Perpetua Investment Managers talks the Nedbank and ArcelorMittal updates. Investec's Tertia Jacobs on the 7.4% June inflation figure and MPC rate decision later today. Keith McLachlan from Integral Asset Managers updates us on one of his preferred offshore stocks: Levi Strauss.

Preference shares are hybrid financial instruments, predominantly exotic equity or debt instruments – Keith McLachlan of Integral Asset Management.

‘This stock is massively cheap, and yet it's experiencing tailwinds as Covid recedes': Keith McLachlan of Integral Asset Management.

Herenya Capital Advisors's Petri Redelinghuys talks the oil price as Brent trades at $123 a barrel. John Wentzel of Adcorp on results as the business gets back into shape. Keith McLachlan from Integral Asset Management takes a look at the Momentum Metropolitan trading update, especially in light of the recent KZN flooding.

Petri Redelinghuys Herenya Capital Advisors as US markets have the worst start to the year since 1939. Janina Slawski Head Investments Consulting Alexforbes on The Alexforbes Manager Watch™️ findings on the retirement fund investment management industry. Keith McLachlan from Integral Asset Management on what to look at first when reading a set of results.

‘Capitec [is] a good example of an excellent investment, bought for all the right reasons, held for the right reasons, and then sold because of a technicality': Keith McLachlan of Integral Asset Managers.

‘Capitec [is] a good example of an excellent investment, bought for all the right reasons, held for the right reasons, and then sold because of a technicality': Keith McLachlan of Integral Asset Managers.

Petri Redelinghuys of Herenya Capital Advisors talks global agriculture stocks. Analyst Anthony Clark on agri stocks, prices are rising but so are inputs. Is there value? Keith McLachlan of Integral Asset Managers explains Ebitda and how to use it.

Famous Brands is betting on the plant-based dining market. The branded food services franchiser has acquired a 51% stake in Lexi's Healthy Eatery for an undiscolsed amount, which gives it access to Lexi's franchise and central kitchen operations. Business Day TV discussed deal with Keith McLachlan, Investment Officer at Integral Asset Management.

Keith McLachlan, Investment Officer at Integral Asset Management discusses bizarre moves that took place on the JSE in the last two years. Partner in competition and corruption law at Primerio International on combating of foreign bribery, non-trial resolutions and corruption. Then in investment school, Gary Booysen Director at Rand Swiss explains what you need to know about your offshore allowances. See omnystudio.com/listener for privacy information.

Petri Redelinghuys of Herenya Capital Advisors on the S&P500: has it bottomed?Janet Brewis from Retail Savings Bonds on National Treasury launching a new facility in its retail savings bond.Keith McLachlan of Integral Asset Management on the investment case for gold, with war and inflation.

Deryck Janse van Rensburg from Anchor Capital talks Steinhoff's reduction of its Pepkor stake and MTN's results. Keith McLachlan from Integral Asset Management discusses profiting from delistings. Old Mutual's Michelle Acton, on their call to Minister Godongwana to greenlight pension fund reforms.

‘Bad companies tend not to be delisted, because no one wants them, so the delistings tend to be good companies with good cash flows': Keith McLachlan from Integral Asset Management.

Now for the tenth year in a row, we kick off the new year with a predictions show. Marc Ashton, Keith McLachlan and Simon Brown put their heads on the block with three wild and woolly predictions for the markets for 2022 followed by a call on the Top40 and ZAR for the year ahead. Importantly we start each show with a review of the previous year's predictions and you'll find the 2021 predictions show here.

In this podcast episode #121, Ortho Marketing President, Dean Steinman, is joined by special guest Keith McLachlan, President of Dental Team Finder. A dental consulting and recruiting firm specializing in helping practitioners optimize people and performance. In addition to his work with Dental Team Finder, Keith is also a consultant in the dental and healthcare industries. He has over 22 years of experience in leading Sales & Marketing teams as well as sales process creation and implementation. Keith's experience has afforded him insight and working knowledge of the dental specialty space in hospitals and clinics, both private and corporate.What you will learn in this podcast: - What are the most common staffing issues- How to help improve your staff's efficiency- How to nail your interview process- What skills should your TC have?- & more!Check them out: dentalteamfinder.com

In this podcast episode #121, Ortho Marketing President, Dean Steinman, is joined by special guest Keith McLachlan, President of Dental Team Finder. A dental consulting and recruiting firm specializing in helping practitioners optimize people and performance. In addition to his work with Dental Team Finder, Keith is also a consultant in the dental and healthcare industries. He has over 22 years of experience in leading Sales & Marketing teams as well as sales process creation and implementation. Keith's experience has afforded him insight and working knowledge of the dental specialty space in hospitals and clinics, both private and corporate.What you will learn in this podcast: - What are the most common staffing issues- How to help improve your staff's efficiency- How to nail your interview process- What skills should your TC have?- & more!Check them out: dentalteamfinder.com

‘The best turnarounds don't need dilution, and that's always the sign that their core is right': Keith McLachlan from Integral Asset Management.

Viv Govender of Rand Swiss on commodities, is the super cycle over? Keith McLachlan from Integral Asset Management on company turnarounds and how to spot the winners early. Simon's thoughts on 2021's market returns.

Rand Swiss's Viv Govender talks markets as local and global markets hit all-time highs. Should we be worried?Keith McLachlan of Integral Asset Management on Stor-Age and why it's the best Reit in the world. Grant Field, CEO Fedgroup, chats impact farming.

Simon Shares Iron ore below US$100. Kumba (JSE code: KIO) halved since July highs. And still falling. But Q3 sales were at US$180 / tonne and even at current lows likely they get US$150 / tonne for the second half. Mid-year cost per tonne was US$26 and sale price US$165 / tonne. So the share is pricing in horror stories which likely aren't true fr the full year ending December. BUT next year will be different and you don't try to catch falling knives, wait for a confirmed reversal. Woolies* (JSE code: WHL) trading update, really weak. Shoprite* (JSE code: SHP) trading update, really strong. Strong PPC (JSE code: PPC) update. Local inflation came in at 5%, the fourth month we're below US inflation and likely we'll see no change at MPC on Thursday. * I hold ungeared positions. [caption id="attachment_31691" align="aligncenter" width="888"] Top40 daily[/caption] Upcoming events; 18 November ~ JSE Power Hour: Opportunities in local and global property 25 November ~ The inflation threat, is it becoming structural? 02 December ~ JSE Power Hour: Position your portfolio for 2022 09 December ~ Portfolio construction with Keith McLachlan

Simon Shares Tesla (NYSE code: TSLA) becomes the worlds 7th trillion-dollar company. Excellent Santova (JSE code: SNV) results. My bad pandemic crash sale. Decent Famous Brands* (JSE code: SSW) results. Implats (JsE code: IMP) wants to buy Royal Bafokeng Platinum (JSE code: RBP). Sibanye-Stillwater* (JSE code: SSW) buys two Brazilian mines for US$1billion and 19.99% investment in New Century Resources for US$46million. * I hold ungeared positions. Upcoming events; 04 November ~ JSE Power Hour: Bold predictions from SA's top broker 11 November ~ Investment Valuation with Keith McLachlan From the last week Satrix launches All Share ETF CoreShares dividend tax

Simon Shares South Africa inflation rose to 5% in September. Food inflation is 7%, electricity 14%, and fuel almost 20%, with a large petrol price increase expected in November. These increases are partially offset by clothing inflation at 1.6%, appliances -0.4%, and housing rentals around 1% — kevin lings (@lingskevin) October 20, 2021   Wesizwe Platinum (JSE code: WEZ) went crazy after releasing a competent person report. Calgro M3 (JSE code: CGR). Balwin Properties (JSE code: BWN). US lists its first Bitcoin ETF, ProShares Bitcoin Strategy ETF (NYSE code: BITO). It doesn't hold actual Bitcoin, rather it uses futures to track gains. losses. Everything Rally My positions for the everything rally. * I hold ungeared positions. Upcoming events; 21 October ~ JSE Power Hour: Small cap investing with Anthony Clark 27 October ~ FX and Commodity prices and their effects on investments 04 November ~ JSE Power Hour: Bold predictions from SA's top broker 11 November ~ Investment Valuation with Keith McLachlan

Simon Shares Murray & Roberts* (JSE code: MUR) expands in the US. The government says they'll only use locally produced cement in projects. PPC (JSE code: PPC) and Sephaku (JSE code: SEP both fly higher. But is the market right about this? We're off the UK red list, good for local hotels? Aveng (JSE code: AEG) have announced plans for a 1:500 share consolidation in December. This usually sees prices weakness after the consolidation. * I hold ungeared positions. Upcoming events; 14 October ~ Investment Fundamentals with Keith McLachlan 21 October ~ JSE Power Hour: Small cap investing with Anthony Clark 27 October ~ FX and Commodity prices and their effects on investments

In this week's episode we chatting with portfolio manager at Integral Asset Management Keith McLachlan Poker and the markets Midcaps Psychology Time manager Learn to write Account Summary on 10 October 2021 Capital invested: R10 303.77 Current Balance: R6 021.11 -41.56% Current Equity (Balance including paper P&L): R19 154.62 +85.9% Current P&L : R13 133.51 View portfolio Journal Join Simon Brown and Njabulo Nsibande trading live CFD accounts every Wednesday 17:30 Join here Follow us on social media @VillageTraderZA @keithmclachlan TradingView Village TraderZA YouTube On YouTube Podcast also available on Spotify Google play iTunes Youtube Subscribe to our mailing list Music by Narco Beats

Simon Shares Facebook (Nasdaq code: FB), Instagram and WhatsApp all down on Monday. Evergrande is suspended. Last week it was a fat finger Purple Group* (JSE code: PPE) taking the stock down to 125c. This week it hits 225c. Murray and Robert* (JSE code; MUR) starting to move higher. Brent oil is now around $82. PGMs remains under pressure. EOH (JSE code: EOH) makes an operational profit, but the debt pile remains. * I hold ungeared positions. Upcoming events; 14 October ~ Investment Fundamentals with Keith McLachlan 21 October ~ JSE Power Hour: Small cap investing with Anthony Clark  

Simon Shares FOMC and MPC both keep rates unchanged, No surprise. Evergrande is not a threat to the global financial system. Fat finger on Purple Group* (JSE code: PPE).    * I hold ungeared positions. Upcoming events; 30 September ~ Power Hour - JSE traded ETNs on Tesla, Apple, clean energy and more 14 October ~ Investment Fundamentals with Keith McLachlan

Simon Shares Shoprite* (JSE code: SHP) results. Christo Wiese gets R342m in dividends. 21million consumers using their Xtra Savings and 1.5million downloads of the Sixty60 app. The market did not much like the Murray & Roberts* (JSE code: MUR) results. Old Mutual updates 2021 GDP forecast to 5.5%. This is after Stats SA released GDP for Q2 QonQ at 1.2% (YonY 19.3%) and better than expected. The economy remains 1.4% below pre-covid levels. FSCA fines Viceroy R50million. They won't pay. SARB governor Kganyago Lesetja suggests we work towards a 3% inflation target, with a 2-4% tolerance range. New infrastructure ETF from Satrix. * I hold ungeared positions. Upcoming events; 30 September ~ Power Hour - JSE traded ETNs on Tesla, Apple, clean energy and more 14 October ~ Investment Fundamentals with Keith McLachlan

Simon Shares Jackson Hole Bonang Mohale and his Serialong trust converts a Purple Group* (JSE code: PPE) loan into 11.46% shares in the group ADvTECH* (JSE code: ADH) Stadio (JSE code: SDO) Cashbuild (JSE code: CSB) Sun International (JSE code: SUI) MAS Real Estate (JSE code: MSP) Motus (JSE code: MTH) Woolies* (JSE code: WHL) Is this Woolworths' attempt at Athleisure ? Yikes! 😬 Crop Top : R249.99 Leggings : R299.99 I am flattered they think I,their customer, is a 20 year old Instagram Fitness star 🤣🤣 pic.twitter.com/B4xsTJ36ho — Moms 💖 investing (@mommy_moneyza) September 1, 2021   * I hold ungeared positions. Upcoming events; 02 September ~ JSE Power Hour: Picking the next winning stock 14 October ~ Investment Fundamentals with Keith McLachlan

Simon Shares Jackson Hole South African GDP rebased. The economy is 11% larger than previously measured. It is still the second-largest economy in Africa, after Nigeria. South Africa unemployment 34.4%. National treasury says KZN July violence will take 0.7%-0.9% off 2021 GDP. New oil & copper ETNs Upcoming events; 02 September ~ JSE Power Hour: Picking the next winning stock 14 October ~ Investment Fundamentals with Keith McLachlan

RMB's Matete Thulare unpacks BHP's excellent results. Keith McLachlan, Integral Asset Management, on why Pfizer is his preferred global healthcare stock. Anchor's Henry Biddlecombe asks whether Apple can double in value from here.

Simon Shares JSE is broken. 100 MW gazetted. Renergen* (JSE code: REN) update. South Africa inflation lower at 4.6% in July 2021. Tencent (Hong Kong code: 700) results. Resource stocks ex-div. But still lots of pain. Super BHP Group* (JSE code: BHP) results. New Clean energy and water ETNs listed. * I hold ungeared positions. Upcoming events; 19 August ~ JSE Power Hour: BEE shares and the JSE 02 September ~ JSE Power Hour: Picking the next winning stock 14 October ~ Investment Fundamentals with Keith McLachlan  

The pandemic has accelerated the casualisation of the workplace since all one has to do is look smart from the waist up in a Zoom meeting: Keith McLachlan from Integral Asset Management.

Nesan Nair of Sasfin Securities on local markets' strong day. Keith McLachlan from Integral Asset Management on why it's important to know how execs earn their bonuses. Chris Rule of CoreShares on offshore-listed property bouncing back strongly.

Keith McLachlan talks to Sean Ashton of Prime Asset Managers on the Fed meeting, inflation and big tech. Mustek's David Kan discusses the microchip shortage and how it's affecting manufacturing. Stenprop CEO Paul Arenson on their recent results and multi-let industry property in the UK.

FNB Wealth and Investments's Chantal Marx unpacks Standard Bank's trading update. A look at Famous Brands results with CEO Darren Hele as lockdown restrictions result in a full year. Keith McLachlan of Integral Asset Management on what mining CEOs should do with all the cash they're generating.

Anchor's Martin Smith unpacks Telkom and Netcare results. Andries van Heerden from Afrimat discusses the building materials company's new manganese mining right. Keith McLachlan of Intergral Asset Management on control structures and those high voting shares.

‘The more variables going into a valuation, the more chance there is that that the outcome is actually rubbish’: Keith McLachlan, Integral Asset Management.

FNB's Wayne McCurrie: 'Forget inflation – watch commodities'. Maurice Madiba, Cloud Atlas CEO, talks their new African bond ETF. Keith McLachlan of Integral Asset Management on the key variables to watch when buying a stock.

Business Day TV caught up with Integral Asset Management’s investment officer, Keith McLachlan to find out which three companies in the small-cap sector could offer the potential for big returns.

Keith McLachlan of Integral Asset Management on Sabvest and the holding company discounts offering an opportunity? Strategist Mohammed Nalla on digging into structural inflation, productivity gains and the all-important PCE

Jeremy Ord is South African business royalty having founded and helped to grow Dimension Data into a global ICT powerhouse. Ord founded Dimension Data in 1983 by Keith McLachlan, Werner Sievers, Jeremy Ord, Peter Neale, and Kevin Hamilton.

Subscriber to our feed here Sign up for email alerts as a new show goes live Subscribe or review us in iTunes. Simon Shares Libstar listing is proceeding and I am not taking part. I do think the market will love it but Google the private equity sellers (Abraaj) lots bad happening their and the company has declared a R800million pre listing dividend - while raising R1.5billion? Consol has pulled their JSE listing citing "challenging market conditions". Have the market conditions really changed that much in the last few weeks or was the market just not excited by the listing? Auditing - it's complicated The local auditing profession is having a tough time of it with the Auditor General (Thembekile Makwetu) commenting on The Money Show with Bruce Whitfield he said that that the professions reputation was "in the gutter". I wanted to understand what we as investor really can expect from an auditor? Are they to blame for Steinhoff (JSE code: SNH) and other recent collapses or is that beyond their scope? Keith McLachlan, fund manager at Alpha Wealth, studied as an auditor and is now a fund manager so decided to have a short chat with him to get some perspective. The short chat ended up being a long chat and I suspect we missed a number of angles but one thing did stand out for me, the word "material". JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

It's becoming increasingly clear that access to money isn't always the best thing. In last week's episode, Pieter explained how access to a free house and investments didn't make him great at money. Fat Wallet bestie and newly appointed spy, Wilhelm, sent us news from the front line this week. Wilhelm started sorting out his money and sharing his journey with us when he was still a student. It's been such a pleasure witnessing his pre-income journey. If you can figure out your money situation before you actually have any, how much you earn becomes irrelevant. You'll be a financial success. Sadly, the opposite is also true. I certainly learned that the hard way getting into mountains of debt in my 20s. The difference between me and Wilhelm's new colleagues is that I earned a junior journalist's salary (basically just enough to make my engineering friends feel sorry for me). The amount of damage I could do to my financial life was artificially limited by the amount of money I earned. Thank goodness. This week we talk about the dangers lurking behind the piles of money of high-income earners. If you're a low-income earner, this is good news for you too. These are the traps to watch out for before the dineros start rolling in. We are giving away a prize for the first time ever. Sam Beckbessinger is the author of Manage Your Money Like a Fucking Grownup. She donated a copy of her book to one lucky Fat Wallet listener. Find out how to win it in this week's show. You can find out more about the book here.  Kris Subscribe to our RSS feed here. Subscribe or rate us in iTunes. Sign up here to receive an email every time a new show goes live. Wilhelm writes: The government takes really good care of its young doctors. We get a good salary, but the lack of financial education means that a lot of that money simply gets wasted. I know of three doctors living in my building who purchased expensive brand new cars (Mercedes Benz A class AMG, Audi RS3) before receiving their first salary (and without receiving any help from their parents). They bought cars on credit using only a contract from the department as collateral, where it has often happened that people do not get paid the first month due to the poor admin/payroll/HR abilities of the DoH. One is paying an interest of 13% over seven years. In PE we get the opportunity to live in the doctors' quarters. It's an old apartment building in an old and rather dodgy part of town, but it is centrally located with adequate security, a brilliant sea view. We get to live here for R1100 per month. My flatmate and I pay R2200 for a three-bedroom apartment. Many of the new doctors don't want to live in the flats. They are old, the outside looks a little dilapidated and the first two floors had a history of cockroach problems (which has been sorted out). They justify their choice with, “I'm only here for two years, I'd rather live close to the beach.” They pay between R6,000 and R8,000 per month for two- or three-bedroom apartments. This often excludes water and prepaid electricity or 24-hour security. That is 300-400% more than we are paying. The last thing I noticed is the absolute ignorance towards savings and investments. Of the 52 interns who started at Livingstone hospital, I've chatted to more than 40 of them and only two of us have TFSAs. One of them even said his financial advisor told him that TFSAs are “only for poor people”. People blindly follow the advice from advisors from companies like Sanlam (which gets sold to us under the Abacon brand), Old Mutual and Liberty with very few people even knowing that 10X, Sygnia and EasyEquities exist. People have private financial advisors that have them investing in Funds with TER > 3% with many hidden costs. When they asked them about TFSAs, they said “oh yes we can talk about those when you want to get serious about saving!” From a financial point of view I'm on target to have my TFSA topped up for 2018 within four months. My emergency fund is also growing nicely, already up to three months of living expenses. I've also done a bit of research and found that you can save quite a few rand every month on insurance if you increase your excess payments when you claim. You should only do this if your emergency fund is able to cover the amount of excess that you are taking on (maybe even two or three times over so that one single claim does not consume your entire emergency fund). Mary-Ann wants to know if her emergency fund can do better. I am currently keeping my emergency cash funds of about R100k in my OST account which currently earns me 5.638% - better than a Savings account. I've been trying to figure out if it is worth putting that cash into something like the Newfunds GOVI ETF or Newfunds or Satrix ILBI ETFs. It seems to me like I could earn closer to 8% there although would need to deduct the TER from that return. I realise that the capital could fluctuate slightly, but is there significant capital risk to make it not worthwhile? It could get liquidated if required in a few days. I would probably continue to keep a portion as cash for immediate emergencies that could not wait a few days. What are your thoughts on pros and cons of this strategy? Where might I do better? I hate having money laying around not earning its keep! Milan has an answer for Georgie regarding her bond insurance. I think he's going to save many of you a lot of money. Georgie mentioned having trouble trying to reduce her credit insurance premium. There's an easy way around this issue. The new credit life regulations state the credit provider must allow the bond holder to substitute the insurance cover as long as it provides the same level of benefits. In other words Georgie can look to other credit life insurance providers for insurance on her bond and get a quotation based on the outstanding balance of the loan. Antoine (who shared their thoughts on RA penalties being like debt) has another pearl of wisdom. They say, regarding when to spend and when to save I heard a good explanation for this on “Money Management Skills”, from the Great Courses series: Think of your past, current and future self. If you borrow money, your current self is taking from your future self. When it comes to a home or study loan, you can argue that future self will also benefit from the house or degree, so it is not that bad. When you save money, you are sending some money to future self. In this instance, it doesn't make sense that your 30-or 40 year-old current self can't do anything fun while you're still young and active and your future 90-year-old self lies in bed with millions in the bank. I recently bought a new bike. I am able to buy a very fancy bike cash, but at a certain price the marginal gains are not worth the money you spend at my level of cycling. Instead of spending thousands extra on a bike that's a bit lighter, I decided to get a good enough bike and shoot some of that cash to my future 70-year-old self, so that he can use that cash to go on a nice overseas trip. Last week Keith Mclachlan took issue with ETFs on Twitter. We gave him an opportunity to share his views on our website. Paul reckons he hit the nail on the head: Because we all wish to improve our knowledge and understanding of investments we should welcome Keith's view. I just don't see any misunderstanding; He uses ETFs when/if he doesn't know/understand a market and doesn't have the time to study/follow it. That's what we all do. That's the reason ETFs exist.   Glad to see my investment strategy mirrors his. Denzel just discovered fees. He's not happy. He has questions. I'm sorry to get back onto RAs again but the fees these f*ckers have been charging me is absurd. Now I know why my FA drives the car he does!! I have two RAs: One is with 10X (very happy, even though returns to date are average, market not great) The other is with Liberty through a FA. They invest in Allan Gray and Coronation. The fees are just crazy. See below image of the EAC I have just come across. I'm so angry I didn't look at this before. I've been with them for two years after moving from Discovery (another mess). Would it be best if i cancel the Liberty/ AG/ Coronation F*ck up and put it all into 10X? I know it seems obvious, but I have to ask! I have a Liberty Evolve investment with them too Again, crazy fees (like 8% it seems!) I'm thinking of cancelling this and placing this straight into Easy Equities, spread over a year or two of course. I have an emergency fund of just under three months that i'm building up to be six months where i'd be comfortable Would it be best to use the evolve investment to get this to six months worth and then put the rest into my Easy Equities TFSA/ Equities? The only debt I have is my wife's car, Still owe about R200k on this - Pay off first? Pieter wants to know how to find a cheap car. In one of your earlier shows Simon mentioned how he figured out the year price (or something) to help him to buy an underpriced second hand car. I can't remember which episode and I am having trouble figuring it out. Could you please be so kind as to give the formula again? Subtract the current milage from 150,000 (or whatever you suspect the Death Mileage is for a car). Divide your expected annual milage into the remaining milage for number years until you suspect the car might have no real economic value. Divide that number of years into the price. That gives you a ballpark of cost per year. Now you can compare cars! Flipi is living in Japan at the moment. They wrote us about RAs a while back, but this week sent pictures of the cherry trees in bloom. Since this show comes out on a public holiday, I'm including them in the show notes. Seeing the Japanese cherry blossoms are a bucket list item for me. Thanks for sending them, Flipi! [gallery ids="7483,7484,7485,7486"]

Every year the first JSE Direct of the year is our annual predictions show. Marc Ashton, Keith McLachlan, Small/Midcap fund manager at Alpha Wealth and Just One Lap founder Simon Brown review their predictions from the previous year and make their top three predictions for 2018. They then also make a call on the Top40 and ZAR/US$ for the year. You can find the 2017 edition here. Subscriber to our feed here Sign up for email alerts as a new show goes live Subscribe or review us in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Simon Shares EOH (JSE code: EOH), so the collapse was because of directors margin calls that forced them to sell? This is an epic disaster, if it was my board I would fire them. A share price collapse has real consequences, especially for a company like EOH that uses their shares for acquisitions. Steinhoff (JSE code: SNH) mess continues but an interesting meme occurring in an attempt to make sure the asset managers take no blame. The same happened after African Bank, Enron and other notable corporate collapses. I not saying we should be jailing the asset managers but we should be asking hard questions and having the debate. I am seeing more and more analysis on the fact that SNH was not quality, sure it is in some (but not all) cases after the fact but enough people are speaking out. Yet this low quality stock was valued at around R300billion at its peak and suggesting that it was impossible to tell is an outright lie as proved by many people being short and querying the numbers. Surely as an industry it is important to understand how this happened? Now some managers hunt out low quality as an investment theme, but they are the minority. Pretty much every asset manager will say they buy quality at a good price - but then I ask again, how did this low quality stock end up worth over R300billion? As an industry we are the custodian of peoples retirements, savings and ultimately their dreams - we need to take this seriously and surely, at a minimum, the honest response when we get it spectacularly wrong is to reflect how we get it wrong? Instead I see all sorts of head in sand or finger pointing? Why? Too busy keeping the fees and buying luxury German sedans and Cape Town holiday homes? Likely this is the final JSE Direct for 2017. I have many more ideas but need to take a break. We'll be back with our predictions show in January with Marc Ashton and Keith Mclachlan and as always we'll start by scoring our 2017 predictions (find our 2017 predictions here) Position your portfolio for 2018 is online (video, audio and PDF). Asymmetry of investing The asymmetrical nature of investing is a huge boom to investors. A share we own can go to zero with a 100% loss, but the flip side is that it can up go up multiples of 100%. So even the occasional loser doesn't derail a diverse quality investment portfolio. The two key points, diverse and quality. If you have only one stock you're at massive risk and if you have a basket of dogs then you're still in serious trouble. But a collection of quality stocks can survive the occasional blow out as they others run and we only needs a few real winners to make it all work and market beating. Now in an ideal world we'll never see a 100% blow out because when it's time to panic we'll panic quick, right? A last word on the asymmetry of trading (as apposed to investing). We have no real floor on loses as we also have no real floor on gains. So it is not asymmetrical and so we have to make it so by being ruthless with stop losses. I have long said my trading success is due to my always taking the stop immediately no questions asked. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

The 2017 predictions show Every year the first JSE Direct of the year is our annual predictions show. Marc Ashton, GM at Moneyweb, Keith McLachlan, Small/Midcap fund manager at Alpha Wealth and Just One Lap founder Simon Brown review their predictions from the previous year and make their top three predictions for 2017. They then also make a call on the Top40 and ZAR/US$ for the year. You can find the 2016 edition here.   JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Simon Shares Pick n Pay (JSE code: PIK) results. Everybody loves them but I am not wowed. Operating margin of 1.5% up from 1.3% is tiny. By comparison Shoprite (JSE code: SHP) is 5.6% and Spar (JSE code: SPP) is 2.8%. Like for like constant currency turnover grew 3.8% against selling price inflation of 5.5%, so still losing market share? New offshore ETFs from CoreShares. A S&P500 tracker and a Global Property fund. I have applied for the later. Up coming events; JSE Power Hour: 20th at 5.30pm - New offshore ETFs from CoreShares. Keith McLachlan fund manager at Alpha Wealth Chatting Calgro M3 results, memorial parks, new CEO and their residential Reit. We also touch on the Dischem listing and Cell C results that we got a first look at due to the Blue Label 45% stake in the business. 123 Download the audio file here or subscribe to our feed here or sign up for email alerts as a new show goes live or subscribe in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Simon Shares Thursday 29 September is the last day for SABMiller (JSE code: SAB). Shareholders approved the take over and it will be suspended and delisted from close on 29th. It has been listed on the JSE since 1897 Index changes; IMP into Top40, AVI into Indi25 & FFA/B into Findi. There is a chart floating around of Lehman Brothers just before they hit the wall and one of Deutsche Bank over laid on each other. Nice to look at but in no way telling us anything worth being told. Deutsche Bank is the largest German bank, fourth largest European bank, and 11th largest bank in the world with assets of over $1.9 trillion – equal to half the size of the German economy. (source Sparkfin.com) Remgro (JSE code: REM) is doing another rights issue at R192.50, a decent discount to the current price of some R240. That said the book value of Remgro in the most recent results was R153.17 (intrinsic value was R306.44). MTN, more woes in Nigerian. I remain a happy ex-shareholder. What happens to bonds and bond ETFs if we get downgraded? Can we trust Capitec? Capitec (JSE code: CPI) results were decent enough albeit Keith McLachlan pointed out on Twitter "Quick calc: If Capitec had kept Arrears Coverage Ratio flat at 239% (not dropping it to 229%), Basic Earnings would've been R1504m =only +2%" Capitec defines Arrears Coverage Ratio as "The provision/arrears coverage ratio expresses the provision for doubtful debts as a percentage of the loans in arrears. The ratio is therefore affected by the arrears performance of the month in which it is measured, while the impairment model is used to determine the provision for doubtful debts over the loan period. The ratio should therefore not be considered in isolation." We Get Mail Samuel If you own CSEW40 do you get invited to the different companies AGM? Who makes decisions for all the investors shares? Alec Points out the very marked difference between saving and investing. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Reviewing small cap results with Keith McLachlan Reviewing small cap results with Keith McLachlan Simon Shares Wells Fargo is the sort of stock that if I owned it, I would sell it as management totally failed and refuse to accept any blame. There is a theory that equal weight ETFs have higher costs because they have to rebalance every stock every quarter. But checking the STXIND over the last four quarters. Twice every stock changed weight and twice only two stocks did not change weightings. Harmony (JSE code: HAR) buys the half of the Hidden Valley mine in Papua New Guinea for US$1! PPC (JSE code: PPC) rights offer was 92% taken up but with excess allocation requests of another 509%. Some serious big hitters thinking this a great deal. Sasfin (JSE code: SFN) nonperforming loans more than doubled. They operate in the small-and medium-sized enterprises so it is a telling number. The economy is seriously struggling and while I have seen some economists upgrading GDP expectations for 2016, none have us at above 1% for the year. So better but not close enough to good. Moody's says a one third chance of a downgrade but what really matters is Fitch and Standard and Poors as they have us just above junk status. Things are looking a bit better but I still think we're on track for a downgrade to junk. Proptrax SAPY ETF from CoreShares. Trading Master Class, reversal patterns video is online. Follow up webcast (live on the IG platform) is 5th October 1pm (book here). Keith McLachlan small / mid cap fund manager at Alpha Wealth Tough conditions for SA inc. but we've seen some great results from small and mid cap listed companies. Simon chats to Keith about recent results from; Afrocentric (JSE code: ACT) Rolfes (JSE code: RLF) Acendis Health (JSE code: ACS) Master Drilling (JSE code: MDI) We Get Mail Sarel SAB Options. Any strong opinions regarding these two options? JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Simon Shares US mattresses with Steinhoff (JSE code: SNH)? Paying more than double the last traded price? MTN looks all ugly. Forget the fine, forget over a billion Rands in associated costs. Nigerian and South African markets look weak and I still say they need to transition into being a data utility. That said there's a nice trade from around R122 - R140. SABMiller (JSE code: SAB) leaving the JSE on 11 October (most likely) after listing on the JSE in 1897 (just two years after being founded and a decade after the JSE was founded). SAB has been one of the key drivers of the Indi25 index over the last decade (SAB +472%, All Share +154%). They're going to leave a gapping hole. If you had R300, which ETF would you buy? We ask the Just One Lap team for their picks. The Fat Wallet Show goes where few are brave enough to trend. Renting vs. buying, what does the maths say? Keith McLachlan from Alpha Wealth Finding a local Berkshire Hathaway? Simon answered a listener questions suggesting that maybe Conduit Capital (JSE code: CND) was an option. The trick however is the regulatory environment and Keith McLachlan helps us understand what those Solvency Assessment and Management (SAM) regulations are and how difficult it makes for a company to model themselves on Berkshire Hathaway. We Get Mail Caroline Richemont (JSE code: CFR) has been falling steadily for nearly a year and is down 26.59%. Is it now regarded as a “Dog”???? Or because it is in your Death Do Us Part portfolio has it become a “Puppy”? Question – have you sold or not? My problem is Astoria (JSE code: ARA). I bought for long, long, term and that has fallen about the same. Do I bale and lose a large dollop of my portfolio which I am no longer in a position to recoup, or let it turn around with the Rand exchange rate. Problem is that might not happen in my lifetime!!! Decisions …. decisions Tax feedback Just a point on not being able to offset trading losses against other income, believe you can as long as SARS didn't ring fence the loss and your chances are better if you are not at marginal tax rate,activity not deemed to be a hobby and not more than 3 losses out of last 5 tax years. I can feel for Johan. I used the "Other income" to declare 'trading income' from various sources. I keep these income's to the bare minimum. HOWEVER.... No easy place to claim expenses as a separate entry. Unless You open the can of worms called "Business" income. Jacques Any ideas on how to benefit from current strong rand i.e. which ETFs are good options to take some cash offshore? JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Short zombie stocks Simon Shares Did you sell your dogs? Keith McLachlan commented on Conduit Capital and it's not all wannabe Berkshire Hathaway. Second session in the first Trading Master Class with IG was on Tuesday. We're looking at a CFD trading plan and this session went live on the IG platform looking for stocks and three buys popped up; Barclays Africa Group (JSE code: BGA), PSG & Woolies (JSE code: WHL). The Fat Wallet Show goes back to bonds because last time we started complicated which is not what Fat Wallets are about. Small is the new big says Trader Petri and we agree 100%. Short the zombie stocks We Get Mail Johan I would appreciate it very much if you could tell me where one would declare CFD trading outcomes on the SARS form. Have just spent 45 minutes on the phone to SARS help without making any progress. Sarah What about Bitcoin as an investment? Pipcoin is a scam. 123 Download the audio file here or subscriber to our feed here or sign up for email alerts as a new show goes live or subscribe in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Simon Shares New logo for JSE Direct to bring it inline with the new Just One Lap branding. S&P is negative but not junk, Fitch says we stable, GDP says we half way to a recession. GIVISA, the cheapest ETF on the JSE. But is it any good? Kristia goes on a nerdy bender digging into the details. Keith McLachlan on building a small cap portfolio. The Just One Lap team is starting to do more Periscope videos; follow us all at; DeeOnMoneyZA TraderPetri KristiaVH SimonPB Zack Bezuidenhout S&P Dow Jones Indices We chat indices, costs, new developments and smart beta. Zack also has a great analogy about the financial services fee structure and the medical industry that really highlights the wrongs in the financial services industry. We Get Mail Lauren What about the Swix index for investing? Rudolph A question, are you still happy with your decision to sell all your BATS shares, after a 40% return the past year? Philip Regarding the debate of investing in the US or worldwide, why not invest in these 2 ETFs – namely, IXUS and ITO? I do not think you are going to find ETFs with lower fees, 0.03 and 0.14. The IXUS seeks to track the investment results of an index composed of large-, mid- and small- cap non-U.S. equities. The ITOT seeks to track the investment results of a broad-based index composed of U.S. equities.

Fund of funds with Keith Mclachlan Fund of funds are the Russian nesting dolls of investment. When you strip away all the layers, are you left with fees or profit? In the second episode of The Fat Wallet Show, Simon and I bedevil industry boytjie* and small caps fund manager Keith Mclachlan about these products. Keith reckons the collective investment scheme tax shuffle, institutional fee efficiency and access to products not ordinarily available to retail investors make funds of funds worthwhile. He has a point, until he starts talking about “fuzzy logic” (which, I'm pretty sure, is a type of washing machine setting) and how you have to trust the fund manager. Is there a person in the world that I trust enough not to fleece me on fees and to make decisions that will benefit me and not him? Haha! Yeah, right. There is a moment right in the middle when we all go really quiet to process everything. Not great radio-ing, I know, but sometimes the brain needs a while to catch up to the information. We recorded this episode at the JSE right before Keith did a very enlightening presentation on buying small caps. He talks about the process of selecting a good stock that will be valuable to any investor. It's worth a watch here. * I once called him something way worse in a poker game. I know he'll forgive me.

A simple diverse ETF portfolio Simon Shares Balwin (JSE code: BWN) knocked their results out of the park, but my bigger picture concerns remain. Standard & Poors down grade or not is next Friday. I did a Twitter poll that came in split by 1 vote. So nobody knows. Twitter poll on SP downgrade Complexity of costs. Come industry make it simple. Mining: Returning to the mean? Peter Major did an excellent JSE Power Hour for us, the video is here. On the ETF blog this week we look at the Pref shares ETF (JSE code: PREFTX). 2 June at 5.30pm,Keith McLachlan on building a small and mid cap portfolio the right way. Book here. Nerina Visser, director at ETFsa.co.za Which ETF if you buying for; R300 / month (CTOP50) R1000 / month (CTOP50, DBXWD & ASHINF) Large lump sum into a TFSA (CTOP50, DBXWD, ASHINF & PTXTEN) We also chatted about costs, are we missing any ETFs as an industry and how to respond to the potential downgrade from Standard and Poors.  JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Realistic expectations and success Simon Shares The rand is back where it was when then Finance Minster Nene was fired. So everybody who was lamenting that they missed their chance to get money offshore into USD, here's your second chance. The NewFunds ILBI (JSE code: NFILBI) is our focus ETF this week. Tracking inflation linked bonds it sounds perfectly boring but actually looks really interesting for a broad ETF portfolio. Expectations. What are your expectations from your trading and/or investing? Are they reasonable? Are they hurting your ability to create wealth? We Get Mail Terrance I also hold Astoria (JSE code: ARA), I bought @ R15.14- 10% of portfolio already down 6.8% but so also is the rand/dollar, I was wondering on your thoughts regarding its value and comments by Keith Mclachlan as there seems quite a bit of negativity surrounding its value and costs. I bought it for the long term 5-10 years and the purpose 2 fold to invest in other markets and rand hedge. Is this all just hear say and noise? Everybody What about putting your emergency cash into your bond? JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

We're back! It's 2016, wowzer. This week's show is our annual predictions show with Marc Ashton, GM at Moneyweb, Keith McLachlan, Small/Midcap fund manager at Alpha Wealth and Simon Brown from JustOneLap. We did our first predictions show in January 2014 and and the second a year later and this is now our third show. Find 2014 here and 2015 here. We promised to revisit our predictions a year later and here we are marking our 2015 predictions and also making our 2016 predictions. Tweet or Facebook us your predictions. ==== Subscriber to our feed here or sign up for email alerts as a new show goes live or subscribe in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Simon Shares Astoria (JSE code: ARA) listed yesterday and traded pretty much inline with net asset value (NAV) of USD1.00. I hold and like it very much. But it could be a tough year for the stock if Rand strengthens and US markets slow. Balwin (JSE code: BWN) published their first set of results as a listed company, for the six months ending August. Really strong numbers but one confusing comment from management was that the second half of the year is seasonally stronger than the first. yet this is over the Christmas holidays when builders shut down and surely people are not buying houses while also buying Christmas presents? Pioneer (JSE code: PFG) results were confusing with the company trumpeting adjusted HEPS growth of 23%. But adjusted for what? I always use the simple diluted HEPS which was up 12% and I know exactly what it means. Join us on 7 December for the last JSE Power Hour of the year at the JSE. Topic is 'positioning your portfolio for 2016' and being the last function of the year we'll have drinks afterward and we've invited all the speakers from the year so you can mingle and ask questions of them. Keith Mclachlan fund manager at Alpha Wealth How does one become a fund manager? What are the exams and where does one start? We also sneak in a question on the Balwin results. We Get Mail Matt (via Twitter) Can you please explain 'pre-market moves' and 'after hours trading' in US stock markets? Franz I bought Steinhoff shares about a year ago and they have done really well. However, I am a bit confused now regarding the delisting from the JSE and the listing on the FSE. Does this mean I have to sell my shares? What happens if I don't sell them before they delist from the JSE? I see the deadline is 27 November. Stephan I've had it twice now that I've been offered shares in lieu of a cash dividend (most recently on Steinhoff). Is this a case by case decision or is there a general rule of thumb to follow? If it is case by case, is there a simple analysis process to follow for a decision? ====== Subscriber to our feed here or sign up for email alerts as a new show goes live or subscribe in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Keith McLachlan Fund manager Alpha Wealth Like Santova (SNV) Master Drilling (MDI) Don't like Rhodes Foods (RFG) Gareth Stobie Head of CoreShares The new CoreShares Top50 ETF (CTOP50). Subscriber to our feed here or sign up for email alerts as a new show goes live or subscribe in iTunes. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

Nerina Visser ETF strategist at ETFSA.co.zaWe discuss building an Exchange Traded Fund (ETF) portfolio with either; R300 monthly, R1,000 monthly or a larger lump sum. The end of the conversation is also around tax and in particular the R30,000 tax free CGT and how one can make use of it. ETFs and ETNs covered include; BBET40, DBXWD, PTXTEN, RMBINF, STXDIV, DIVTRX, LVLTRX and SBAEI. Q&A with Keith MaCachlan of Alpha Wealth and SmallCaps.co.zaA half session with listener driven questions. We cover different investment models, risk free rate, small cap liquidity risk, management, investing as an art or a science and more. Link for the weekA Dozen Things I've Learned from Joel Greenblatt about Value Investing Subscriber to our feed here or sign up for email alerts as a new show goes live or subscribe in iTunes.

We're back! After a six month sabbatical JSEDirect is back and running from JustOneLap coming to you every Thursday. We're making some changes that we'll detail in the weeks ahead. This week's show is our annual predictions show with Marc Ashton, GM at Moneyweb, Keith Mclachlan, Small/Midcap fund manager at Alpha Wealth and Simon Brown from JustOneLap. We did our first predictions show in January 2014 and promised to revisit our predictions a year later (find that show here) and here we are marking our 2014 predictions and also making our 2015 predictions. Subscriber to our feed here.