The Money Shot

CLIFFCENTRAL.COM  |  Podcast , ±15 min episodes every 1 week  | 
Find out where the money’s going, who’s got the money, how you can make more of the money and who’s making decisions about the money. Every Monday on The Gareth Cliff Show we get an update on what’s happening in the world of finance from money manager, Anthea Gardner – MD of Cartesian Capital, founder of, Ironman, prolific reader, Francophile, survivor of the Arab Spring & wine enthusiast.

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Crunching the SA Unemployment Numbers

The SA unemployment rate came out last week and had market commentators up in arms – not great, but what did we expect? Anthea examines these numbers, as well as discussing China retaliating after President Trump raised import tariffs, by raising imports on some American goods. She also talks about Netcare, Vodacom, Dis-chem, Transaction Capital and Spar... since reporting season has started again in SA. She wraps up with news of two new listings of interest: MTN Nigeria and Uber.

No Invite for Travis Kalanick

After a rather disappointing election week, the stock market came under huge pressure. Anthea gives her take on that, as well as President Trump raising tariffs. She also touches on mining and manufacturing data, MTN's quarterly update and both Mondi and Sappi reports. And lastly, … drum roll please… the Uber IPO. Poor Travis Kalanick wasn’t even invited to ring the bell (as is tradition for founders and CEOs of newly listed companies to do) – couldn’t have happened to a nicer guy!

The Consistent Amazon Story

Last week, Shoprite Holdings announced that CEO Pieter Engelbrecht had taken a leveraged bet on the company’s share price - Anthea explains to the team exactly what that means for Pick n Pay consumer spending and retail sales. We also discuss America’s GDP figures and the what the addition of 263,000 jobs means for the U.S . Anthea concludes with Facebook earnings, Microsoft quarterly results and the consistent Amazon story.

The 411 on the 996

Joining via Skype from Cape Town, Anthea gives a breakdown of some of the people who have been in the financial news recently. First up, she discusses Maria Ramos heading up the Eskom unbundling project, then how Elon Musk is at it again causing trouble on his phone. She ends off with her take on Jack Ma's views for people to work 12 hours a day, 6 days a week (the 996 schedule).

Who Wears the Pants at Levi Strauss?

IMF has downgraded global growth, while South African business confidence slumped to the lowest level in seven months in March, but the stock market pushed higher. Anthea touches on this, as well as an update on Naspers. In company news, she discusses Pick n Pay, Sibanye Stillwater, MultiChoice, EOH and Uber. On the subject of IPOs, she looks at Levi Strauss, which completed an initial public offering last month, and rose 7% after its first quarterly report as a public company impressed investors.

Moody's Changing Their Mood?

Anthea reflects on a conference call she had with Moody’s, and shares insight into why they left SA’s credit rating unchanged. She also talks about new Vehicle Sales, the firming of the Rand and Aspen jumping for two consecutive days. She concludes with her take on Nampak being higher after news of selling it’s cardboard business and US non-farm payrolls coming in at 196,000 (16k more than expected).

Making Sense of Brexit

It seems like the chaos around Brexit is neverending... to try to make sense of it all, Anthea gives her take on the latest news surrounding it. She also updates the team on the Monetary Policy Committee unanimously deciding to leave rates unchanged after Producer Price Inflation showed a modest 4.7% rise for the month of February. Hear about Moody’s not giving SA a credit rating and why Turkey’s borrowing rate blew out to 1000%. In company news, she touches on Capitec Bank taking a hit of at least $25 million from cutting transaction fees in 2019, Steinhoff beginning to sell off assets and lastly, Naspers announcing it's preparing for a listing in Amsterdam.

Disruption in the Banking Industry

Henry Biddlecombe stands in for Anthea while she is away this week. He kicks things off by discussing Tencent results and moves to examining how the banking industry in South Africa will potentially be disrupted by digital players, and how to invest in this theme. And as the nation continues to battle with load-shedding, how is the current power situation impacting our investment views?

Brexit Takes Centre Stage

Another day, another Brexit headline! It seems like that's the case as Anthea leads a conversation around breaking down the current situation in the UK. She also touches on mining and manufacturing data that's just been released, construction company, Group Five, filing for bankruptcy and Exxaro Resource reporting outstanding results. Patrice Motsepe is on the up and up with the African Rainbow Capital Investments results, and Tyme now adding 3,500 clients a day. She also comments on Rand Merchant Holdings saying releasing their normalised earnings in the six months ended December 2018 growing 7% to R4.4bn - despite “significant turbulence” in the macroeconomic environment. She concludes with PWC’s report on Steinhoff that was revealed this week.

SARB deputy governor taking over as Absa CEO?

SA GDP growth came in at 1.4% for the 4th quarter of 2018. What does Anthea think about this? Listen in this week as she doesn't mince her words, and gives her take on the whispers that South African Reserve Bank deputy governor Daniel Mminele is being eyed as a potential replacement for departing Absa CEO Maria Ramos. She also discusses some of the latest company results, from interesting intel on MTN's plans, to a rather disastrous Aspen and Nedbank - which isn't great, but considering the economic environment neither was it horrendous!

Multichoice lists with a bang

It was an eventful week but fear not as Anthea's got the financial news covered. She reports on the SA Trade Balance and Budget Balances swinging into deficit, the Producer Price inflation number at 4.1% and how Elon Musk is upsetting the US Financial Markets regulatory board (yet again). She breaks down how the uncertainty around Brexit has made markets nervous and gives an update on the SA All Share index. In conclusion, she touches on the Sasol, Shoprite, JSE and Multichoice company reports.

Take Advantage of Tax-Free Savings!

How will the budget and downgrade affect our investment portfolios and what people should be looking to do, following the Budget Speech? Anthea answers this as she also advises to take advantage of the Tax-Free Savings Accounts. She also explains how the launch of the Discovery bank is impacting profits, FirstRand's trading statement and Truworth's jump in results. She concludes with Anglo American continuing to deleverage its balance sheet with net debt to EBIDTA only 0.3x.

180 episodes

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