12th December 2017
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Satchu's Rich Wrap-Up
Monday 11th of December 2017

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Macro Thoughts

Home Thoughts

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This is a recurring scene in my dreams. #California @yamphoto

“All that we see or seem is but a dream within a dream.” ― Edgar Allan Poe

“I dream my painting and I paint my dream.” ― Vincent van Gogh

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.@mohsin_hamid "As a mongrelised human being, I don't find the world around us satisfactory."

“The hope is that new cities are born, people move, new stuff begins
to happen, better food is created, there’s better music, people having
sex who wouldn’t be having sex before, and enjoying it much more now,”
he says.

“If Copenhagen is like Rio de Janeiro in 100 years, maybe people of
Copenhagen today will think that’s a disaster, but maybe their
grandchildren will think it’s fantastic.”

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Leonardo da Vinci's Salvator Mundi {Saviour of the World} was sold at @ChristiesInc for $450.3 million to the KSA Crown Prince

In 2005, the painting was acquired for less than $10,000 (€8,450) at
an auction in New Orleans by a consortium of art dealers that included
Robert Simon, a specialist in Old Masters.[11][12] It had been heavily
overpainted so it looked like a copy, and was, before restoration,
described as "a wreck, dark and gloomy".[13]

The consortium believed there was a possibility that the low quality
mess (with its excessive overpainting) might actually be the long
missing da Vinci original. They spent the next few years having the
painting restored by Dianne Dwyer Modestini at New York University and
authenticated as a painting by Leonardo.[12][13] From November 2011
through February 2012, the painting was exhibited at the National
Gallery as a work by Leonardo da Vinci.[12][14] The last Leonardo to
be discovered was the Benois Madonna, found in 1909.[15]

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We can be sure that in the coming days many an "emergency committee" will be formed to deal with this "danger". They will, as we all know, be worthless.
Law & Politics

we can be sure that in the coming days many an “emergency committee”
will be formed by Arab and Muslim institutions to deal with this
“danger”. They will, as we all know, be worthless.

Goodbye Palestine. Goodbye the two-state solution. Goodbye the
Palestinians. For this new Israeli “capital” is not for them. Trump
did not even use the word “Palestine”. He talked about “Israel and the
Palestinians” – in other words, of a state and of those who do not
deserve – and can no longer aspire to – a state. No wonder I received
a call in Beirut last night from a Palestinian woman who had just
listened to the Trump destruction of the “peace process”. “Remember
Kingdom of Heaven?” she asked me, referring to Ridley Scott’s great
movie of the 1187 fall of Jerusalem. “Well it’s now the Kingdom of

But it was the linguistic analysis of Noam Chomsky when I was at
university – he later became a good friend – which I applied to the
Trump speech. The first thing I spotted was, as I mentioned above, the
absence of “Palestine”.

what is the recognition of Jerusalem as Israel’s capital supposed to
produce? A “debate”, for heaven’s sake? Is that what to “rethink old
assumptions” means?

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Roland Barthes, Camera Lucida: Reflections on Photography
Law & Politics

“In 1850, August Salzmann photographed, near Jerusalem, the road to
Beith-Lehem (as it was spelled at the time): nothing but stony ground,
olive trees; but three tenses dizzy my consciousness: my present, the
time of Jesus, and that of the photographer, all this under the
instance of 'reality' — and no longer through the elaborations of the
text, whether fictional or poetic, which itself is never credible down
to the root.” ― Roland Barthes, Camera Lucida: Reflections on

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Due to heavy traffic on our website, visitors to may find that it is performing slower than usual @CBOE
International Trade

Due to heavy traffic on our website, visitors to http://www.cboe.com
may find that it is performing slower than usual and may at times be
temporarily unavailable.  All trading systems are operating normally.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1766
Dollar Index 93.90
Japan Yen 113.60
Swiss Franc 0.9920
Pound 1.3400
Aussie 0.7523
India Rupee 64.365
South Korea Won 1091.95
Brazil Real 3.2893
Egypt Pound 17.7880
South Africa Rand 13.6429

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Let us all work hard to build a new Zimbabwe, even on the weekend @edmnangagwa

Think outside the box. Work without the clock!

We have much work to do 🇿🇼

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Rebels kill 15 peacekeepers in Congo in worst attack on U.N. in recent history

Suspected Ugandan rebels killed at least 15 Tanzanian U.N.
peacekeepers and wounded 53 others in a raid on a base in Congo that
U.N. Secretary-General Antonio Guterres on Friday called the worst
attack on the organisation in recent history.

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This Man with a Midas Touch. @TheStarKenya

Bloomberg reported on Friday that in the space of one week, Steinhoff
International Holdings had become the world's worse performing stock
of 2017 amongst stocks that began the year with a market
Capitalisation of more than $20b. Since Monday about $14b of market
cap has been erased.

The owner of Conforama in France, Mattress Firm in the U.S. and
Poundland in the U.K. is also working with auditors Deloitte LLP to
publish full-year financial results, which were delayed indefinitely
on Wednesday after the company discovered accounting irregularities
and said Chief Executive Officer Markus Jooste had quit. Steinhoff on
Friday postponed an annual meeting with bankers in London by eight
days, to Dec. 19, citing a lack of financial information to discuss
[Bloomberg].  Steinhoff was founded in 1964 by Bruno Steinhoff in
Germany. Bruno Steinhoff sourced furniture from communist Europe and
sold it in Western Europe. The company moved its headquarters to South
Africa in 1998 and went public on the Johannesburg Stock Exchange that
same year. Mr. Christo Wiese [known as the Man with the 'Midas Touch']
is the largest shareholder in Steinhoff which is listed in both
Frankfurt [The European Commercial Bank is holding Steinhoff bonds as
part of their Quantitative Easing Program and are nursing a whopping
loss] and in Johannesburg. Wiese is a colourful Fellow and was once
intercepted at London's City Airport with close to a million pounds in
cash in his luggage.

“All these companies were suckered into believing Christo Wiese has
the ‘Midas touch’,” says Magda Wierzycka, chief executive of Sygnia,
the South African investment manager. “Let’s ignore the noise [about
Steinhoff] because it’s Christo Wiese — that was the view.”

Born in Upington in the Northern Cape, and graduating from
Stellenbosch university near Cape Town, Mr Wiese cut his teeth in his
family’s retail business, Pep Stores. Over the decades it became
Pepkor, sold to Steinhoff for $5.7bn in 2014. Another early bet on
Shoprite, a Western Cape grocer, eventually also turned into a stake
in an African consumer behemoth — burnishing the legend of his golden

Lenders and other creditors have almost 18 billion euros on the hook
to the company. Long-term liabilities were 12.1 billion euros and
short-term liabilities 5.87 billion euros at the end of March,
Steinhoff’s first-half earnings statement showed. In South Africa,
Steinhoff has relationships with Standard Bank Group Ltd., Investec
Ltd. and a unit of FirstRand Ltd. Globally some of the lenders include
Citigroup Inc., Bank of America Corp., HSBC Holdings Plc and BNP
Paribas SA. Steinhoff’s share decline has spread to related companies
associated with Wiese, including Steinhoff Africa Retail Ltd. and
Shoprite Holdings Ltd.

As I scrambled to catch up with the story, I was amazed at how the
story was being reported in South Africa which proudly advances the
idea that it is the most liquid market in Africa. SABC News was
reporting the story from the Angle of black disempowerment, that
Steinhoff did not have sufficient BEE-correlated representation and
this was the fundamental flaw. The JSE was arguing that the primary
listing was in Frankfurt and therefore the primary investigation was
being led by the Europeans. No-One seemed Keen on establishing the
facts and sizing the hole other than opining on the share price
collapse and Christo's exponentially reducing fortune. This forensic
intellectual cul-de-sac seemingly across vast swathes of South African
Media [Alishia Seckham of Business Day TV deserves a shout-out for
bucking this trend] was very curious and made me wonder if the Zuptas
linguistic onslaught over the years had not dumbed things down big.

As I scanned the Internet for some serious beef and something I could
tuck into I finally came across a report authored by the Viceroy
Research Group headlined ''Viceroy unearths Steinhoff's skeletons –
off-balance sheet related party entities inflating earnings, obscuring
losses'' See here http://bit.ly/2kIVk5D

What is clear is that Steinhoff has been using Off-Balance Sheet
Entities to pump up Earnings and obscure losses.

''This is reflected by the fact that 85% of Steinhoff’s EBIT is not
translated into free cash flows. The above facts indicate that
Steinhoff appear to be running a Ponzi scheme, as these non-cash
earnings are disguised through issuing fresh equity''

The Report is worth reading in full.

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Viceroy unearths Steinhoff's skeletons - off-balance sheet related party entities inflating earnings, obscuring losses"

This is reflected by the fact that 85% of Steinhoff’s EBIT is not
translated into free cash flows. The above facts indicate that
Steinhoff appear to be running a Ponzi scheme, as these non-cash
earnings are disguised through issuing fresh equity.

read more

Dollar versus Rand 6 Month Chart INO 13.6429

South Africa's top 10 Nelson Mandela sites by @LucyCorne


Egypt Pound versus The Dollar 3 Month Chart INO


Nigeria All Share Bloomberg +46.08% 2017


Ghana Stock Exchange Composite Index Bloomberg +49.24% 2017


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N.S.E Today

The US is expected to raise the FED FUNDS rate 25 basis points this week.
With the world economy heading into its strongest period since 2011,
Citigroup Inc. and JPMorgan Chase & Co. predict average interest rates
across advanced economies will climb to at least 1 percent next year
in what would be the largest increase since 2006.
As for the quantitative easing that marks its 10th anniversary in the
U.S. next year, Bloomberg Economics predicts net asset purchases by
the main central banks will fall to a monthly $18 billion at the end
of 2018, from $126 billion in September, and turn negative during the
first half of 2019.
BITCOIN which according to Mike of the Blockchain Association of Kenya
trades Sh 60 Million weekly in Kenya, traded higher on the day that
BITCOIN Futures were introduced by the CBOE. Circuit Breakers were
triggered on two occasions today.
The Story of Uber Kenya [where I had the wonderful experience of
waiting 26 minutes for a ride that said it was 1 minute away all that
waiting time and got charged for the privilege - The system has been
sabotaged] which rose exponentially and whose demise has been equally
exponential is a warning to BITCOIN Investors who might think its
always going to be one way traffic.
The Nairobi All Share rallied +0.41% to close at 176.00 and is +32.00%
Year to date outperforming all over assets in Kenya this year.
The Nairobi NSE20 Index closed -18.74 points lower at 3731.79.
Equity Turnover was 367.934m and ad a yuletide feel.

N.S.E Equities - Commercial & Services

Safaricom firmed +0.9% to regain an all time closing high of 28.00
[previously reached on 22nd November] and traded 5.902m shares with
Buyers outpacing sellers by a Factor of 2 to 1. Safaricom is +51.27%
on a Total Return Basis and will set a Fresh All Time closing High as
early as tomorrow.

WPP-Scangroup traded 2.229m shares worth 41.253m all at 18.50 -5.61%.
WPP-Scangroup trades on a Trailing PE of 16.517 and reported a
-40.909% decline in H1 2017 EPS.

The_EastAfrican reported that the Government of Kenya has released $7m
of bailout cash to Uchumi Supermarkets. Uchumi bounced +2.94% on tis
news and closed at 3.50.

Standard Group rallied +8.27% to close at 36.00. Standard is an
Outlier at the NSE this year and is +118% in 2017.

N.S.E Equities - Finance & Investment

Equity Group edged -0.61% lower to close at 40.75 and traded a brisk
2.261m shares. Equity trades on a Trailing PE ratio of 9.303 and
reported a -3.629% decline in Q3 PBT 2017.

The Nairobi Securities Exchange rallied +2.32% to close 22.00 and
traded 136,100 shares.

N.S.E Equities - Industrial & Allied

EABL rallied +2.469% to close at an 8 week high of 249.00 and traded
42,200 shares. Buyers outpaced Sellers by a Factor of 3 to 1
signalling we are all set to vault 250.00 and head to 260.00.

KenGen ticked 5cents higher to close at 8.55 and was trading at 8.70
+2.35% at the finish. Volume clocked 39,200 shares signalling sell
side exhaustion.

by Aly Khan Satchu (www.rich.co.ke)
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December 2017

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