Capex booms lead to lower future returns.

SA inc shares, without an event driven catalyst, is dead money from here.

Invesment quote for the day: "The prudent see danger and take refuge, but the simple keep going and pay the penalty." - Psalm 22:3 NIV

“The equity market selloff is a Mag7 problem, not a MAGA problem” Scott Bessent

Bear markets are a process. 1. The market struggles to break previous highs 2. Event triggers market into aggressive selling. 3. Market losses triggers forced and systematic selling. 4. Furious "coast is clear" rallies along the way. 5. Slower more lengthy market decline.

We are Long $IDR DYODD

The "Capital Cycle" from the book "Capital Returns" by Edward Chancellor about the process championed by Marathon .....and adopted by Capicraft.

There are only three levels of wealth: 1. You have a garden, but you cut your own grass on a Saturday 2. You pay someone to cut your grass on a weekday. 3. You cut your own grass, on a weekday.

"Bear markets exist to destroy the stupidities of the previous bull market." - Ralph Wanger

"Literally nobody is long the Dollar" Actually, everyone is long the Dollar The specs are consensus short, but they are absolutely tiny The world is long the $24 trillion negative Net Foreign Investment Position of the US Bring on the squeeze $DXY

100%

Our latest newsletter is available. capicraft.co.za/2025/07/11/new…

As always, a great and insightful quarterly newsletter by Drikus Combrinck Capicraft Investment Partners !

Do yourself a favor and read this

Always excellent Capicraft newsletter by Drikus Combrinck Particularly liked his writing on the Triffin Dilemma.

SA investors worried about the economic impact of tariffs... The real risk is stage 2 when US puts up an embargo against owning SA bonds. Currency and bond sell-off. Then reg 28 forced buying of more SA bonds followed by much stricter FX controls.

I'll file this under 'things you see near the top'