Nikkei highs, Pick n Pay lows, Bitcoin 1million (#576)

JSE Direct with Simon Brown

Nikkei 225 reached a new all-time high after 35 years

• Historical context: peaked in December 1989, 82% drawdown by March 2009.
• Factors contributing to the 80s crash: Yen protection, low rates, speculative bubble.
• Current challenges: aging population, economic complexities, recent inflation.
• Investment options: Sygnia JP (SYGJP) - JSE-traded, and Investec's structured product.

Warren Buffett's Annual Letter

• Warren Buffett's annual letter to shareholders released.
• AGM scheduled for May 4th, details about screening yet to be announced.
• Historical and informative; available on BerkshireHathaway.com.

City Lodge Results

• City Lodge results: Revenue up 10%, dividend up 20%, HEPS up 10%.
• Occupancy at 61%, pricing power at 65%.
• Challenges in margins due to increased focus on food and beverage.
• Comparison with other hospitality stocks: Sun International, Southern Sun.

MultiChoice Canal+ Offer

• Canal+ acquires 35.01% of MultiChoice voting rights, triggering a mandatory offer.
• Takeover Regulation Panel ruling.
• Speculation on Canal+ offer price, potential sweetening of the deal.

Bitcoin and Bitcoin Halving

• Bitcoin trading around $59,884, near all-time highs.
• Upcoming Bitcoin halving in April and its potential impact.
• Local perspective on Bitcoin and its role in the market.
• Bitcoin in ZAR trading over a million, emphasising its volatility.
• Discussion on Bitcoin's market cap compared to traditional stocks.

Pick n Pay* Update

• Pick n Pay's disappointing update: debt doubled, sales going backward.
• Market's negative reaction reflected in the stock price.
• Potential exit strategy if weekly close falls below 2022.

* Simon holds ungeared positions.