Nikkei 225 reached a new all-time high after 35 years
- Historical context: peaked in December 1989, 82% drawdown by March 2009.
- Factors contributing to the 80s crash: Yen protection, low rates, speculative bubble.
- Current challenges: aging population, economic complexities, recent inflation.
- Investment options: Sygnia JP (SYGJP) - JSE-traded, and Investec's structured product.
Warren Buffett's Annual Letter
City Lodge Results
- City Lodge results: Revenue up 10%, dividend up 20%, HEPS up 10%.
- Occupancy at 61%, pricing power at 65%.
- Challenges in margins due to increased focus on food and beverage.
- Comparison with other hospitality stocks: Sun International, Southern Sun.
MultiChoice Canal+ Offer
- Canal+ acquires 35.01% of MultiChoice voting rights, triggering a mandatory offer.
- Takeover Regulation Panel ruling.
- Speculation on Canal+ offer price, potential sweetening of the deal.
Bitcoin and Bitcoin Halving
- Bitcoin trading around $59,884, near all-time highs.
- Upcoming Bitcoin halving in April and its potential impact.
- Local perspective on Bitcoin and its role in the market.
- Bitcoin in ZAR trading over a million, emphasising its volatility.
- Discussion on Bitcoin's market cap compared to traditional stocks.
Pick n Pay* Update
- Pick n Pay's disappointing update: debt doubled, sales going backward.
- Market's negative reaction reflected in the stock price.
- Potential exit strategy if weekly close falls below 2022.
* Simon holds ungeared positions.