Just as well it’s almost weekend. There is much for the rational to get their minds around right now. Today’s newsletter aims to point you at resources that may help.
I hosted a fascinating debate yesterday between TekkieTown’s Bernard Mostert and veteran money manager Piet Viljoen (click above). Mostert is in court applying for Steinhoff’s liquidation; Viljoen says he should have taken more care when selling into that business. Although the subject is the disgraced Markus Jooste’s business, plenty of broader lessons emerged from the discussion.
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Bottom line: those who hold Steinhoff shares are punting, not investing. And the overpaid lawyers who pose as Steinhoff’s executive management team may have leaned their ladder against the wrong wall. If TekkieTown’s team succeeds in court – and thus far they have won every round – all that fancy legal footwork on a proposed settlement will be worth nothing. Ditto Steinhoff shares.
Two other topics that require your attention.
The mandatory Covid vaccine idea received a huge boost overnight when US president Joe Biden announced all American companies with over 100 employees must make jabs compulsory. It’s either extraordinarily brave, or incredibly foolish of the man heading an Administration staggering in the wake of its Afghanistan debacle. Click here to read.
Of more direct interest for South Africans is further ratcheting up of Chinese president Xi’s assault on Tencent, whose fortunes determine the value of SA’s dominant equities Naspers and Prosus. Optimists who hoped Xi would start playing nice, have received yet another rude awakening. Now Tencent’s gaming business (a third of the revenues) faces an existential risk. The FT’s piece republished below lays out the facts. Click here for the WSJ’s report on the subject.
More for you to read:
* Biden’s approval ratings have fallen from 54% to 45% in the last three months, WSJ columnist Jason Riley explains why in So This Is A Normal Presidency?Â
* Another warning about tougher times ahead from the WSJ in The flu is expected to make a comeback this year, threatening hospitals strained by Delta
* For business owners – and those still confused about the ANC’s true agenda – a speech on the new Employment Equity Amendment Bill delivered in Parliament yesterday by the DA’s Dr Michael Cardo is required reading. Here’s the link.
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