A client wrote to me at the end of 2022, complaining about the poor performance of Meta Platforms. The company had renamed itself in October 2021 and hit a high a few days later of around $380 before crashing to $93. It lost 76% of its value in a matter of months.

Tech stocks had a torrid time in 2022 because inflation spiked higher, the Fed hiked interest rates and consumers were confused in the aftermath of Covid. Meta had the added problem that Zuckerberg was spending billions on creating a metaverse that no-one wanted.

Here's what the unhappy client said: "It is a mathematical fact that if a share has dropped in price by 60%, it must treble to get back to where it started. Obviously this is not going to happen".

I replied that I did not agree. "I would not be surprised to see these stocks regain their all-time highs. Precipitous falls can be followed by heroic recoveries".

Well, the rest is history, Meta proceeded to go from $93, to its close last week at an all-time high of $600 per share.

Stay long and strong.

There are many different ways to make money from the stock market. The key is finding your strengths and creating a plan that works around those attributes. The Vestact team is optimistic about human progress, especially when it comes to tech and healthcare. We are also patient, resilient in the face of volatility and not overly sensitive about price. Naturally, we have gravitated to a buy-and-hold strategy, owning mostly tech and healthcare stocks that often come with high growth expectations.

Some market participants don't agree with that strategy and that is fine. People with different personalties will have different investment tactics that make them feel comfortable. As long as you have a sensible plan and remain consistent, there is money to be made. The worst thing to do is jump around between different strategies.

Don't bother fighting with people who disagree with your methods. In fact, reading their stuff will broaden your horizons and make you a better investor. The best thing about investing is that if you are right, you get properly rewarded with returns and that is what really matters. Not the approval of your naysayers.

The much anticipated Tesla Robotaxi event happened on Thursday night. As expected, the new vehicle doesn't have a steering wheel or pedals, and will cost less than $30 000. Tesla calls it a 'Cybercab' and Musk said the new car would be 'available before 2027'.

The market was underwhelmed, and Tesla's share price dropped 9% on Friday. Uber's share price jumped 11% on the news, speculators seem to think the Cybercab will not be a threat. My guess is that the traders were looking for something more concrete from Tesla. Musk has a history of overpromising and underdelivering on timelines. So it is easy to say that the goal is 2027, but time will tell if Tesla can reach really achieve that.

Musk said he expects to start fully unsupervised autonomous driving in Texas and California in 2025 for the Model 3 and Model Y. These cars would be able to join the self-driving taxi program Tesla is building. If the company can get this step right, it would be an important milestone.

The unveiling of a Robovan was a positive surprise. It's also fully autonomous and doesn't even have a windscreen. The van is intended for cargo or for transporting up to 20 people, and looks straight out of a sci-fi movie. No date for expected production was given though.

Tesla is firmly focused on reshaping our future, which is what you want in a company. These aspirations make Tesla a high-risk holding because part of the innovation process will include a few failures along the way. Musk has a reputation for making the impossible happen.

BlackRock brought in a record $221 billion in new client cash last quarter, boosting its total assets to $11.5 trillion. I had to count how many zeros there were!

Shares jumped 3.6% after BlackRock reported earnings and revenue that beat expectations. The firm saw strong inflows, especially in ETFs and fixed-income investments, and has already surpassed its full-year net inflows from the previous two years.

BlackRock is positioning itself as a go-to for both public and private market investments. It's expanding its private credit business and recently completed a $12.5 billion deal with Global Infrastructure Partners.

The firm is also acquiring the private-markets data company Preqin for $3.3 billion, further growing its private assets. With these moves, BlackRock is solidifying its leadership across various asset classes.

Global wealth levels are rising. That's good news for everyone - There is a declining proportion of the global population living in extreme poverty.

Petrolheads don't like EVs. They prefer an old V8 muscle car - Thieves prefer old cars too, EVs have too much tracking technology in them.

Asian markets are performing well this morning, with solid gains in India, mainland China, South Korea, and Taiwan. Japanese markets are closed today in observance of Sports Day - a day to promote sports and an active lifestyle. It commemorates the opening of the 1964 Summer Olympics held in Tokyo.

In local company news, Bell Equipment expects its headline earnings per share to fall by at least 25%, pointing to weak market conditions impacting production and sales. Maybe investors should have accepted the management buyout offer when they had the chance?

In sad news over the weekend, former Reserve Bank Governor Tito Mboweni died. He played an important part in leading the ANC away from totalitarian economic policies, and was a colourful character that will be missed.

US equity futures are marginally higher pre-market. The Rand is trading at around R17.43 to the US Dollar.

This week earnings season kicks up a gear with reports from UnitedHealth, Johnson & Johnson, Bank of America, Goldman Sachs, Citigroup, ASML, and Netflix.

Have a good one.