I'm very bullish about US equities, because I believe in their brand of capitalism. More than any other country in the world, their economic system incentivises individuals to take risks. American society is not pretentious, it's egalitarian, offering opportunity to all, which fosters vigorous competition.

The depth of US capital markets, the scale of their physical infrastructure and buildings, and the sophistication of their consumer sector is truly amazing. I was in New York last month setting up my younger son to do his Masters at NYU, and saw it up close, yet again. There is no problem in America that you cannot solve with money.

Writer Roger Lowenstein (pictured here) notes: "The Jeffersonian origins of the US economic system make it uniquely geared toward the individual. Europe has a broad safety net and high-speed rail; America has highways and startups."

Morgan Housel, the Lionel Messi of financial writing, made a good point: "For many people the process of becoming wealthier feels better than having wealth."

That makes a lot of sense. For me, the challenge of building up a balance sheet has been incredibly stimulating. As you reach certain goals, you find that your expectations and ambitions change, and you are motivated to keep pushing.

Many successful people continue to work and keep themselves busy. Even if you have made more money than you can ever spend, continuing to build a business or an investment portfolio, or getting involved with NPO's and charities will make you feel useful, needed and productive. For many, that's far more rewarding than buying a fancy sports car.

I was chatting to a client about the surge in tourist numbers to Europe, particularly post-Covid. He lives between Cape Town and Madeira, so has seen first hand how things have shifted. In 2024, Madeira welcomed 2.2 million guests, representing a 61% increase from 2019. To put that in perspective, the population of Madeira is only 260 000.

Our client noted how property prices have surged on the island as the tourism sector tries to accommodate all the extra people. Added to that, once peaceful hiking trails are now just one long stream of people. Just like the queues of people trying to summit Everest. It seems there are too many tourists visiting too few places.

For those in the tourism business, the growth has been amazing. For others, who have lived in these places for generations, the surge of people arriving has been disruptive.

When I visited Prague in 2018, the touristy centre of the city was unpleasant. It was dirty, overpriced, and full of disrespectful louts. Worst of all, it felt devoid of culture, like a shopping mall full of popular international brands, just with a historic facade. It was much better one train station past the centre, more authentic and pleasant.

In a world where many places are trying to slow tourist growth, it's frustrating that South Africa has the opposite problem. In 2024, we had 8.9 million tourists arrive, a 13% decrease from 2019 levels.

Many couples have one dominant earner, who also runs the family finances. If that person dies, it leaves a big a hole even if there is lots of money to work with. Losing a spouse is traumatic enough; suddenly becoming the chief financial officer of the household only adds to the stress.

Jean Trebek, the widow of Jeopardy! host Alex Trebek, learned this first-hand in 2020 when she inherited responsibility for the family's investments. Like many widows, she shifted focus from wealth creation to wealth preservation.

UBS estimates that about $9 trillion will move sideways to surviving spouses before trickling down to children, with women more often the initial beneficiaries, thanks to their longer life expectancy. This is an underappreciated part of the $83 trillion "Great Wealth Transfer".

Advisers say simple preparation - wills, spreadsheets of assets, and shared passwords - makes the journey less daunting. The lesson here is simple. Don't wait. A 20-minute conversation today with your spouse about money, paperwork, and priorities can save years of confusion later.

Some like Bitcoin for its scarcity. Mathematics argues that a limit in supply makes it fragile - Is Bitcoin really built to fail or is it digital gold?

We should all get our financial lives in order. Begin the conversation with your spouse and children with clarity and care - Estate planning is an act of love.

Asian markets traded mixed this morning. Benchmarks in Hong Kong, India, Japan, South Korea, and Taiwan edged higher, while Australia, Indonesia, mainland China, New Zealand, and Singapore slipped.

In local company news, Sun International's interim profits more than doubled, powered by a strong run from its digital gaming arm, SunBet. Elsewhere, AVI gained 2.2% after reporting full-year results with profits up 7.8% to R3.56 billion, helped by cost control and a strong showing from its I&J fishing arm.

In a deal announced this morning, Anglo American has agreed to merge with Canada's Teck Resources, where Anglo shareholders will own 62% of the merged entity. Anglo will also pay its investors a $4.5 billion special dividend ahead of the deal's completion.

US equity futures are in the green again pre-market. The Rand is trading at around R17.48 to the US Dollar.

Apple has an event tonight (SA time) which promises several big announcements like the iPhone 17, the Apple Watch Series 11, and the AirPods Pro 3. The whole presentation will be streamed live, If you'd like to tune in.

That's all for today, have a good one.