START YOUR MORNING BY LISTENING TO TODAY’S BIZNEWS BREAKFAST BRIEFING – Netflix loses subscribers, shares surge; Bitcoin booms; US equities jump most in a month; Piet Viljoen on when to sell; Kokkie Kooyman on what banks to buy; Brazilian Zuma favourite to win presidential election.
During a visit to London in May, our commercial director Clive Eksteen and I spent time with some fascinating people. A highlight was meeting fellow bookworm Anthony Garnett of Mundane Asset Management who pointed me at a book he said was the best on investment of the many he’d read.
___STEADY_PAYWALL___It was no easy task getting my hands on Engines That Move Markets by Alasdair Nairn. But it was worth the effort. Although having just dived in, I’m already indebted to Anthony for recommending this masterpiece. It not only explains ‘this time it’s different’ market booms and busts. But is a useful aid in better understanding emerging countries like ours.
The most powerful theme of the UK and US’s canal and railways booms of the mid-1800s (in the early part of the book) was rampant corruption among public servants and their puppet masters. It was supported by the public’s ignorance or, perhaps, wilful amnesia. Those countries have come a long way in a century and a half. That doesn’t mean their lessons have been universally absorbed, nor replicated.
Which provides useful context when seeing that Zweli ‘Digital Vibes‘ Mkhize is a serious contender for the ANC presidency. Or that his rival Cyril ‘Sofagate‘ Ramaphosa is brazening out his own financial crimes. And how in Brazil, Lula ‘jailed for corruption‘ da Silva is favourite to win the presidential race. Which doesn’t mean we have to accept it. Maybe, with enough effort, SA can indeed leapfrog the quagmire.
More for you to read today:
- Netflix Loses Nearly 1 Million Subscribers, Vows Rebound. In earnings report, streaming giant says launch of ad-supported tier, password-sharing crackdown will happen next year.
- SA on brink of explosive xenophobic violence – UN Experts. “We are gravely concerned that SA is not meeting its positive obligations to protect and promote human rights”, they say.
- Biden’s Saudi Arabia Visit Was Worse Than an Embarrassment. The president’s 24 hours in Jeddah were dominated by photos of his fist bump with Mohammed bin Salman. Things went downhill from there.
- The High Cost of Free Money. Researchers gave cash to low-income people. It led them to spend more and work less.
NB FOR YOUR WALL STREET JOURNAL ACCESS…
As a Premium subscriber you are entitled to full membership of wsj.com (normal price $29 a month). Be sure to action your access through the Premium link on the BizNews website. Because of The Wall Street Journal’s credential requirements, be sure to create a password which has at least 8 characters and includes at least one letter and one number – NB it MAY NOT contain any special characters (ie #, !, @ etc). To maintain access to WSJ.com, you MUST enter our partner’s website via Biznews Premium at least once a month. A final PS, if you had previously signed up for WSJ you’ll need to clear the cookies from your device. Our helpdesk can assist – support@alecbiznews-com
