Investec Focus Radio SA

Episodes

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  No Ordinary Wednesday | Has the AI boom got ahead of itself? 04.11.2026 31m

  AI agents have entered the workplace, robots are edging closer to our homes and billions continue to flow into the infrastructure powering artificial intelligence. But as technology advances, are the returns keeping pace with expectations? In this episode of No Ordinary Wednesday, Investec Global Equity analysts David Smith and Zane Bezuidenhout join Jeremy Maggs to examine the year's defining technology trends, the debate over an AI bubble and the companies best placed to benefit. From the future of work to the economics of AI, they unpack what 2026 has taught investors and what to watch in 2027 and beyond.
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  Macro Monday Ep138: The beats go on for US equities 02.11.2026 8m

  Global equities continue to advance, while US corporate earnings continue to beat expectations. Taking into account these ongoing beats, notes Global Chief Investment Officer Chris Holdsworth, the overall US market now trades at just under 20 times earnings, which is not excessive by historical standards.
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  Macro Monday Ep137: Mortgage market an orange light for the US economy 26.10.2026 8m

  The US economy continues to grow, thanks to ongoing investment into AI, and despite federal government indebtedness and higher inflation because of rising fuel prices. One area where the strain is showing though, says Global Chief Investment Officer Chris Holdsworth, is in the housing market, where mortgage rates are climbing and applications are falling. Should weaker house prices follow, this will be a headwind for consumer spending.
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  No Ordinary Wednesday: IMF 2026 | AI, debt and the global investment outlook 19.10.2026 26m

  AI investment is supporting growth, but its wider benefits remain uneven. Where will global capital go next, and what will businesses pay to access it? In this special edition of No Ordinary Wednesday, Cumesh Moodliar, CEO of Investec South Africa, and Andrew Lillywhite, head of bank funding group at Investec UK, share first-hand insights from their time at the 2026 IMF and World Bank meetings in Bangkok. Drawing on conversations at the meetings, they examine the forces shaping global investment. They also identify signals that could support investment, from more stable long-term interest rates to the potential impact of a stronger South African credit rating.
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  Macro Monday Ep136: Tech sector weakens after US inflation report 19.10.2026 10m

  The war in the Middle East continues to weigh on markets and the economy, with second round effects showing up in US inflation numbers, notes Investment Strategist at Investec Investment Management Osagyefo Mazwai. The tech sector was the biggest loser in the days following the US inflation print.
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  No Ordinary Wednesday: Inside Investec’s investment outlook 13.10.2026 17m

  The global economy is proving resilient, and company earnings remain healthy. Even so, Investec’s Global Investment Strategy Group has maintained a risk score of zero, reflecting a measured approach to portfolio positioning. The findings are published in the quarterly Global Investment View. On No Ordinary Wednesday, Chris Holdsworth, Investec Investment Management’s Global Chief Investment Officer, joins Jeremy Maggs to explain the thinking behind the decision.
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  Macro Monday Ep135: The two sides to the AI investment boom 12.10.2026 5m

  The AI story has been great for investors so far, but it may be making the Fed feel uncomfortable. AI investment is helping to fuel growth and inflation, potentially forcing the Fed to maintain a tighter policy stance – even though, says Global Chief Investment Officer Chris Holdsworth, the sectors most likely to bear the burden of higher rates are those contributing the least to inflationary pressures.
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  No Ordinary Wednesday | Mini-Budget 2026: More revenue, less borrowing? 11.10.2026 26m

  Stronger revenue offers an opportunity to reduce borrowing. Will spending pressures limit the gains? Ahead of the 2026 Medium-Term Budget Policy Statement (MTBPS), Investec’s Annabel Bishop and Tertia Jacobs to examine the choices facing National Treasury. Higher precious metals prices offer the prospect of better-than-budgeted tax revenue. But weaker growth, inflation pressure and higher borrowing costs complicate the outlook. How Treasury uses any additional revenue will matter for debt sustainability and investor confidence. In this episode of No Ordinary Wednesday, our economists discuss spending discipline, the proposed fiscal anchor and why rising bond yields do not necessarily signal weaker confidence in South Africa.
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  Macro Monday Ep134: Fixed income investors are having a tough time 05.10.2026 9m

  There’s been an almost universal rise in bond yields around the world over the past few months. According to Global Chief Investment Officer Chris Holdsworth, developed markets have seen the biggest rises, with France one of the hardest hit, as it grapples with a worsening fiscal situation.
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  Macro Monday ep 133 | US growth is running hot 28.09.2026 8m

  The US economy is running hot, with the latest indicators pointing to 5% GDP growth, ahead of market forecasts for third-quarter growth of 2.8%. This comes despite high oil prices and rising inflation and has implications for the US dollar and the prospects of the US being able to grow out of its debt problem.
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  No Ordinary Wednesday | South Africa’s race to get connected 23.09.2026 19m

  South Africa’s digital infrastructure is expanding rapidly, from data centres and fibre networks to satellites. But can the country provide the power, capital and regulatory certainty needed to turn digital investment into lasting growth? On No Ordinary Wednesday, Jeremy Maggs speaks to Investec CIB’s Louise Pillay, a telecoms and media analyst, and David Abbey, a leveraged finance specialist, about what is driving demand, where the risk of overbuilding lies and what it will take to connect more of the country. Chapters: 00:00 - Digital infrastructure as a growth engine 01:58 - How digital infrastructure has evolved 03:17 - Coverage versus digital inclusion 04:54 - What is driving demand for data centres and AI infrastructure? 06:08 - Is there a risk of overbuilding? 07:34 - Is grid access the bigger constraint for data centres? 08:45 - Power, water and social licence 10:53 - What makes a digital infrastructure project financeable? 12:04 - Can new rules speed up fibre rollout? 13:34 - Satellite versus fibre and mobile 14:47 - Does satellite change the economics of rural connectivity? 15:42 - How should policymakers regulate competing technologies? 16:38 - Who will fund the next phase of broadband build-out? 17:30 - What could change the outlook for the sector?
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  Investec Minds Ep 4: Chris Griffith on leading mining through crisis 21.09.2026 32m

  In conversation with Head of Investec Equity Research Nkateko Mathonsi, former Gold Fields CEO Chris Griffith reflects on the high-stakes decisions that shaped his mining career, from investing through downturns to balancing business survival with its human cost. In this episode: 00:00: Introduction 01:08: A $1bn ambition for Africa 02:28: From miner to CEO 05:31: Defending mining rights and the rule of law 13:43: The human cost of restructuring 20:48: Yamana: A question of timing 25:07: Balancing growth and shareholder returns 27:38: The people behind an illustrious career 29:42: Doing right when it matters 30:10: Quick-fire questions 30:33: Outro
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  Macro Monday ep 132: Central banks on a hiking path 21.09.2026 6m

  The Fed hiked rates last week amid resilient economic growth and higher inflation, much of it due to higher fuel prices at the pump, while the Bank of Japan also increased borrowing costs, with more likely to come. South Africa’s Reserve Bank is likely to follow suit this week, as inflation expectations remain elevated.
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  Macro Monday Ep131: Fed meets as oil prices rise 14.09.2026 8m

  Gains by Houthi rebels in recent days have placed further upward pressure on oil prices, with benchmark rates up about 3% on Monday morning, while bond yields have risen since the start of the war. Against this backdrop, the Fed meets this week to decide on interest rates, and, according to Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, many economists are expecting a hike.
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  No Ordinary Wednesday | The signals from oil, bonds and inflation 08.09.2026 17m

  Oil, bond yields and inflation are sending a more cautious signal on the global outlook. Growth has held up better than expected. But energy markets remain tight, long-term borrowing costs are rising, and central banks are weighing the risk of another inflation shock. In the latest No Ordinary Wednesday, Ellie Henderson and Callum Macpherson of Investec UK discuss what the oil market, sovereign bonds and economic data are telling us now. They also explore what this means for interest rates, corporate investment and the risks facing South Africa.
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  Macro Monday Ep130: Crude prices, US jobs place focus on interest rates 07.09.2026 8m

  Crude oil prices have risen over 20% in the last month, and this problem seems unlikely to be resolved quickly: prediction markets put only a 30% likelihood of normal flows through the Strait of Hormuz by December. Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management says with services inflation pressures also rising, and jobs numbers looking stronger, markets are pointing to rate hikes by the Fed.
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  Macro Monday Ep129: Warsh’s hawkish speech 31.08.2026 9m

  New Fed chief Kevin Warsh delivered a hawkish speech at the Jackson Hole symposium of central bankers on Friday, leading to a stronger US dollar and increased expectations of rate hikes this year and next year. Investec Investment Management’s Investment Strategist Osagyefo Mazwai examines what this means for the US economy, as well as emerging market currencies like the rand.
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  No Ordinary Wednesday | The economics of tourism in SA 25.08.2026 12m

  South Africa’s growth challenge is shifting from reform to delivery. Tourism is part of that test. International arrivals rose 12.3% in the first half of 2026. And phase III of the government-business Partnership now puts the sector firmly on the growth agenda, with a focus on air access, visas, safety and infrastructure. On No Ordinary Wednesday, Jeremy Maggs and Investec economist Lara Hodes examine what it will take to turn that momentum into investment, jobs and sustained growth. Read more on www.investec.com/now
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  Everything Counts | Episode 54: Protecting property wealth 25.08.2026 28m

  Property is often seen as one of the more reliable ways to build long-term wealth. It’s tangible, familiar and, for many South Africans, an important part of their financial plan. But investing in property comes with risks that can be easy to overlook, from hidden costs and changing rental yields to considerations around what happens if you’re no longer able to earn an income. In this episode of Everything Counts, we look beyond the property itself to explore what it really takes to build a resilient property investment strategy. Motheo Khoaripe is joined by Sinenhlanhla Sithomo, head of insurance business at Investec, and Elsie Rateiwa, head of financial services at Lightstone Property, to unpack the risks, potential returns and the importance of protecting the income behind your investment. 00:00 Introduction 01:05 Investment property as part of a broader wealth strategy 01:39 What are the risks of investing in property? 03:10 Is buying property in Cape Town a good investment? 04:52 The need for liquid cash when you own an investment property 05:48 Risk of buying multiple properties in a concentrated area 06:25 What are the hidden costs of investing in property? 07:30 How to financially prepare to buy a house 08:28 How to calculate cash flow resistance 09:51 How to calculate a realistic return on investment in property 10:40 Protecting the income that maintains your property investment 11:42 The benefits of having life insurance and mortgage protection insurance 12:07 Does mortgage protection insurance cover you if you become disabled? 13:34 Why people don’t see themselves as assets to insure 14:25 What insurance do I need for investment property? 16:40 Life cover vs mortgage protection cover for property investments 18:25 What to consider if you have multiple investment properties 21:50 How long to see return on investment in property? 24:52 How to identify a good area to buy investment property in? 25:36 Key takeaways for investing in property 26:53 Conclusion
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  Macro Monday Ep128: US bond market intervention fails to bring down yields 24.08.2026 4m

  Moves by the US Treasury to intervene in the bond market failed to bring down yields meaningfully, and the continuing worsening of the US’s fiscal position may explain why. According to Chris Holdsworth, Global Chief Investment Officer, Investec Investment Management, the US’s debt-to-GDP ratio is above 100% and seems set to remain above that level, with tax hikes politically unpalatable and little room to cut spending in areas such as defense, healthcare and social security.