The ocean is a mystical place that has captured our imagination as a species for as long as anyone can remember. And although there are many fish in the sea, unlocking that resource in a sustainable and profitable way really isn’t that simple.

Sea Harvest has signed off on an incredible year that demonstrates the depth of the strategy - quite literally. The way they think about the various seafood products is fascinating, as explained by CEO Felix Ratheb on this podcast.

With operating margin more than doubling in 2025 and headline earnings coming in 4.2x higher than the prior year, this income statement has plenty of operating leverage. This adds to the intrigue around the business model and how the group is managed, with those insights delivered by CFO Muhammad Brey in this discussion.

Get ready to learn from Felix and Muhammad on this excellent podcast. The passion for the ocean comes through just as clearly as the numbers.

This podcast deals with topics like:

• The importance of hake to Sea Harvest's business
• Diversification beyond hake - and beyond South Africa's waters as well
• Why the Ladismith Cheese disposal makes strategic sense
• Key features of the business model that lead to such high operating leverage
• The approach taken to managing financial risks like fuel costs and forex movements
• Sustainable fishing and how Sea Harvest interacts with the precious resources in our oceans
• The financial outlook for the group, recognising the cyclicality in the model

Sea Harvest believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of Sea Harvest as an investment.

Get ready for a masterclass in retail from Pieter Engelbrecht, CEO of South Africa's largest employer. If you're ready to learn about the secrets to Shoprite's success, you're in the right place.

It starts with the culture and commitment to delivering value to customers. You can then add the power of investment in data and systems, creating the foundation for an omnichannel model that has positioned Checkers as the biggest brand in South Africa - and not just in retail.

With the South African retail sector having to navigate tremendous challenges, Shoprite keeps coming out on top. But how do they do it?

This podcast deals with topics like:

• The "secret sauce" at Shoprite and the culture in the group.
• The importance of inflation in the retail business model and how deflation makes things much tougher.
• The difference between Shoprite's measure of inflation and the Official Food Basket used by the SARB in making decisions.
• The power of the Checkers brand and how Shoprite has taken it right to the top in South Africa - as anyone with a toddler on a Sixty60 bike can confirm!
• How value retailers can achieve such strong gross margins through efficiencies.
• The omnichannel strategy and the parallels to a global giant like Walmart.
• The elevator pitch for why an investor should consider Shoprite.

Shoprite believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of Shoprite as an investment.

South Africa’s 2026 Budget Speech announced a mix of bold, interesting and ultimately positive changes - especially for small businesses and South African investors. With pro-business policies that signal economic stability, could this be a turning point for the country?

Described affectionately by Tertius Troost (Associate Director - Tax Consulting at Forvis Mazars) as a "boring" budget, this is the first time in years that we've seen any kind of tax relief for South Africa's middle class. In his words, it's a pivot to stability - and at a time when things are really looking up for South Africa.

He joined me on this podcast to break down the budget basics and to specifically comment on areas like:

• How the budget addresses "bracket creep" by adjusting personal income tax brackets for inflation.
• The increase in the VAT registration threshold and how this assists small businesses.
• A boost for investors in the form of a higher annual limit for Tax-Free Savings Accounts (TFSA).
• The approach taken to online gambling and whether education and regulation should precede taxes.
• Other changes aimed at helping South Africans with retirements savings and even global investments.

You can connect with Tertius on LinkedIn here.

As always, please discuss the impact of the tax changes on your affairs with your personal financial advisor. Nothing you hear on this podcast should be interpreted as advice.