Episode 537
Reviewing Gordhan's portfolio & time to sell Capitec? (#537)
WorldWide Markets with Simon Brown · JustOneLap.com
April 19, 202320m 22s
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Show Notes
Simon Shares
- Local CPI 7.1% for March up from 7.0% in February. Expected was 6.9%. Core inflation 5.2% vs expectations of 5.1%.
- Rates higher for longer.
- Reviewing Minister Pravin Gordhan's portfolio. Too many stocks, why not more ETFs?
- Platinum at all-time highs in rands. This as it trades at more than 50% off the all-time US$ highs from 2008.
- Still long all my index trades.
- Return in Equity (RoE) 26%
- Cost-to-income (CTI) 39%.
- Impairments +80% and worrying the market
But my worry is it is priced +2x valuations of the other four big banks and it is now largely a mature bank. Sure low cost base, but I do not think it deserves that high valuation so am likely exiting after holding since 2009.