Market scorecard
US markets stepped up yesterday, with both the Nasdaq and S&P 500 ending solidly in the green. It's interesting to note that we enjoyed a calm session despite widespread dismay at President Trump's attempt to fire Fed governor Lisa Cook. These officials are supposed to have long tenures and protection from removal.
In company news, Eli Lilly climbed 5.9% after reporting a second set of trial results for its obesity pill called (for now) Orforglipron. It helped patients shed up to 9.6% of their body weight, and is now on the verge of FDA approval. Elsewhere, Apple set 9 September for its big event, where it's expected to unveil the iPhone 17 lineup, including a slimmer version of its flagship device.
In summary, the JSE All-share closed down 0.53%, but the S&P 500 marched 0.41% higher, and the Nasdaq followed suit with a 0.44% gain. Splendid.
Our 10c worth
One thing, from Paul
Many people are very worried about the state of the world, but I'm feeling happier than ever.
Folks my age and older (I'll be 59 on my next birthday) usually have firm views about politics, so they get stressed out when they are governed by people they don't like. Some are paralysed with fear at the current behaviour of their least-favourite world leaders. Trump, Xi, Putin, Modi, Starmer, Ramaphosa, etc, take your pick.
Modern life suits me just fine. It seems to be getting better and better. What's more, I'm happily invested in many of the companies that make the experience more enjoyable.
I've been lucky in business, so I'm very well-off. That hasn't always been the case, it's taken a long time, a lot of disciplined saving, and many, many hours of hard work.
I really like my iPhone. I'm especially fond of WhatsApp, Google Maps, FindMy, Wikipedia, and the apps I use to monitor and control the solar system at my home.
I'm happy to be online on my trusty Apple MacBook for about half of every day, following the market and running a very slick asset management operation. I'm a well-practiced user of Microsoft Outlook and Excel. I use Google all the time, and find myself depending on their new AI tools more and more.
I love social running, using my Apple Watch and Strava on route, and Mailchimp to share runs and routes with my friends. My new metal knee is holding up well. I wear Nike Alphafly shoes on my feet, naturally.
I'm not a heavy content watcher, but when I do, I'm thrilled by the wide choice of digital media to choose from, including live sports, shows, and movies. I like social media, but try to keep the time spent on those enticing (but trivial) feeds to a minimum.
Compared to when I was child, the systems available to me today to save, transact, and shop are vastly improved. I really enjoy using digital banking and SARS eFiling, to stay organised and keep my finances in order. When I can, I use my Visa card to pay for things.
I'm a committed traveller, and consider myself lucky to be able to take long-distance flights to spend time with my family in interesting locations. This winter, I've been out of the country for about a week a month. I reserve accommodation on Booking.com whenever possible. I get around in Uber.
I only worry about things I can change. I'm a curious, active, contented adult. I am not a victim.
Bright's banter
Rivian makes fantastic trucks. Anyone who's seen one up close can't help but admire the engineering. But here's the rub: since listing, the share price has collapsed by almost 90%. That's the lesson small-cap EVs like Rivian (and Lucid, for that matter) keep teaching us, a great product is not the same thing as a great investment.
Too often, investors go hunting for "the next Tesla" the way people buy lottery tickets. The odds are about the same. Most of these fledgling companies burn through cash, struggle to scale, and eventually fade. Chasing them is exciting, but it's not how lasting wealth is built.
Our philosophy here at Vestact is to back high-quality businesses with proven earnings power and the quality to go the distance. The compounding happens not in the meme hype cycles but in the consistency.
Which brings us to Tesla. Unlike its smaller rivals, Tesla scaled production, built a global charging network, and created a brand that is as much cultural as it is automotive. The numbers speak for themselves: since its IPO in 2010, Tesla has returned over 26 978% to investors, compared to about 650% for the S&P 500.
That's why we like Tesla. Not as a lottery ticket, but as a business that has already beaten the odds.
Linkfest, lap it up
You need to reframe how you say no. There's a lot at stake for saying yes to everything - The art of saying yes less.
Whales and dolphins liking hanging out together. They engage in mutual play - Water mammals are intriguing.
Signing off
Asian markets are mostly higher this morning, with significant gains in Hong Kong, China, South Korea, and Taiwan. Markets in India are shut today for the Ganesh Chaturthi holiday. In Australia, fashion jeweller Lovisa jumped nearly 14% after posting strong full-year results.
Locally, Harmony Gold put out a trading update saying headline earnings per share for the year to June will be up by between 18% and 35%, thanks to a 27% surge in the gold price over the period.
US equity futures are slightly positive in pre-market trade. The Rand is at around R17.64 to the greenback.
Investors will be watching closely tonight as Nvidia, the world's most valuable listed company, delivers its much-anticipated earnings report. We will try to stay up late to watch those hit the wires.
Live long and prosper.