Market scorecard
US markets ended slightly higher yesterday in a quiet session. We are back to waiting for key jobs data on Friday and parsing Fed Chair Jerome Powell's remarks for rate-cut signals. Risk appetite was also dampened by geopolitical jitters after South Korea's mad hatter president briefly declared martial law. Our favourite names like Meta (+3.5%), Eli Lilly (+1.7%), Apple (+1.3%), and Nvidia (+1.2%) managed to stay ahead.
In company news, Amazon rose 1.0% after reports that US consumers spent $13.3 billion on Cyber Monday, well above 2023's less impressive $12.4 billion, making it the single biggest shopping day of all time. Elsewhere, BlackRock has agreed to acquire HPS Investment Partners in an all-stock deal worth about $12 billion, boosting its position in the private credit sector.
At the end of the day, the JSE All-share was up 0.10%, the S&P 500 rose by a modest 0.05%, and the Nasdaq was 0.40% higher. Life continues.
Our 10c worth
One thing, from Paul
I'm a big fan of street trees, so I was thrilled to read about the plan to plant more on Paris's streets by removing parking spots. They want to reduce traffic, drop speed limits, repurpose lanes, do away with 60 000 parking bays and create urban "oases" to combat extreme heat.
In the era of the motor car, most city streets were designed to have curb-side parking on both sides of every single road. Those will simply be replaced with lines of trees planted in beds. The improvement in the urban landscape will be dramatic, and the shade cuts the ambient temperature by about 5 degrees Celsius.
Is there a problem? People have to take an Uber, use public transport, or ride a bike to get around. Their cars (if they still have one) will have to be stored in an offsite multi-level garage at a steep monthly rental.
I've always thought that planting trees is similar to investing in equities. You really need to get started now, but the fruits of your care and attention will be enjoyed in 30 years.
Byron's beats
When looking at various success stories, how much of them can be attributed to luck versus hard work? I do not believe there are any big wins out there without a bit of luck, whether it's sports teams, businesses, individuals or any type of organisation that has experienced success.
Of course every situation is different. Some positive results might be more due to luck than hard work and vice versa. It also depends who you ask. I would imagine people with bigger egos believe that hard work was the main reason for their success.
If I were forced to give a split I would say that the average successful outcome is 60% hard work and 40% luck. I do however believe you can make your own luck. If you don't get a good break in your first few ventures, keep trying and the luck will eventually come. As the great Gary Player once said, the more I practice, the luckier I get.
Michael's musings
What do you think Elon Musk is currently worth? My guess was in the range of around $200 to $250 billion but I was wrong. Bloomberg estimates his current net worth at $353 billion.
A large part of that gain is thanks to a 47% rise in Tesla's share price over the last month. Added to that, the value of SpaceX is surging too. Earlier this year, the rocket company was valued at about $210 billion. Bloomberg reported on Monday, that insiders are arranging to sell shares at a value of $350 billion.
The market is pricing in the value of Musk being Trump's new best friend. SpaceX, for example, could benefit from some big US government contracts, both sending things into space and paying for access to the Starlink internet service. Musk has built numerous companies that are the leaders in their respective industries. His net worth is a reflection of that. Well done!
Bright's banter
Foot Locker is expanding Nike's Home Court basketball zones to 100 stores around the world by 2026, a move to repair their strained partnership after Nike shifted focus to its own stores in 2021, and online purchases inside the Nike app.
These zones feature tech for sneaker fit and performance, blending Foot Locker's loyalty programs and store revamps with Nike's renewed wholesale strategy.
Nike, which once made up 75% of Foot Locker's inventory (now under 60%), acknowledged earlier missteps and started reinvesting in retail relationships.
The partnership now includes competitors like Adidas, Puma, and New Balance alongside Nike products. Footlocker CEO Mary Dillon made positive comments about the tie-up.
This is good news for long-suffering Nike shareholders.
Linkfest, lap it up
Some names have been tarnished so badly, they just need to be put to bed. Enron has been resurrected - This is probably a hoax.
Facts don't change people's minds. Only feelings can do that - We only feel what is right.
Signing off
Asian markets slipped as South Korea's political upheaval rattled investors. A brief martial law declaration by President Yoon Suk Yeol, later revoked, has spurred calls for his impeachment, raising uncertainty. The Kospi Index tumbled as much as 2.3% but is now only down 1.8%, while the MSCI Asia Pacific Index slid, with declines across Australia, Japan, and China.
In local company news, payments and software group Capital Appreciation reported revenue that was up 10.4% to R611 million. Elsewhere, Anglo American has acquired Vale's Serra da Serpentina iron ore project, integrating it with Minas-Rio in Brazil.
US equity futures are a bit higher in early pre-market trade. The Rand is at R18.15 to the US Dollar.
Have yourself a top day.