Thungela at last results said their breakeven is $90 RB. Current RB price is $93 (i.e. it's essentially at break-even). Given that Thungela is making no margin, the share can easily trade at R60.

TGA made R12/s last 6 months. RB has been lower last month than 2H23 ave price. What’s spot HEPS? Seems close to breakeven.

Someone needs to make a movie about the day Google decided to remove “Do No Evil” as its motto

This has been known for a while, Sasol not cheap at spot but really cheap if oil returns to its $100 range pre-2014. Market seems to be pricing in oil dropping to $60 and then returning to current levels after the drop.

TGA breakeven price disclosed at results yesterday

For anyone who wants to buy Growthpoint for a SA 2024 “bounce” - a reminder that their main problems are in their non-SA portfolio (Aus and CEE).

Went through some fund fact sheets yesterday and was encouraged to see how many fund managers were OW Anglos. Sometimes the value is obvious, and most get it right. Similar to how most FMs were UW PGMs in 2023.

Listening to BCI Global Investment Conference presentations and amazed how few fund managers talk about the biggest macro issue today: extreme pro-cyclical US fiscal deficits.

A year ago SP500 at 4700 with Fed Funds at 5.1%. By Aug 23 Fed Funds went to 5 3/8%. SP 500 dropped to 4200 by Sept. By Dec 23 Fed Funds stayed at 5 3/8% but SP500 ended year 4750. Now Fed Funds at 5 3/8% and SP 500 at 5450. Now explain Fed relationship to SP 500?

Thungela in 4 years will be interesting

China goods and services are so damn cheap, been here for a week. I can't believe people are making bets on Yuan collapse.

Interesting how SA listed REITs have not really benefited from this despite getting the macro very right

He thinks it’s a criticism but he’s unconsciously making the MMT argument

Quite funny that one of the hottest speculative stocks on US FinTwit right now is a JSE listed South African company that hardly anyone in SA cares about