AI is eating software, with the market response being nothing short of brutal. The once-loved Software-as-a-Service (SaaS) stocks have been crushed, with valuation multiples back to levels seen during the Global Financial Crisis.

Is the golden age of SaaS over? Has the market perhaps overreacted to the risks?

From Adobe and Salesforce to Microsoft, Alphabet, Intuit and ServiceNow, Mohammed Nalla and The Finance Ghost discuss the important of real moats, critical data and pricing power.

Today’s Topics:

• Why SaaS stocks are being punished while the broader market holds up
• AI as a margin killer vs a moat builder
• Price‑to‑sales multiples collapsing to Global Financial Crisis levels
• Which software businesses still control sensitive, mission‑critical data
• The growing divergence between platform giants and pure‑play SaaS
• Survivors, casualties, and where selective long‑term opportunities may lie

Get in touch:

• The Magic Markets Website
• @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X)
• Pop us a note on LinkedIn

Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

Fresh off a honeymoon in Egypt, The Finance Ghost brings on‑the‑ground perspective to one of Africa’s largest and most misunderstood economies. From Cairo’s adrenaline‑fuelled traffic to the sheer scale of Egypt’s population, this episode blends travel observations with hard macro reality - mid-level GDP per capita, inflation in double digits, and a central bank running a 20% policy rate while nobody else in the country seems to believe in brakes!

Together, Ghost and Mohammed Nalla unpack why Egypt feels simultaneously chaotic and safe, why tourism matters more than most investors realise, and why telecoms exposure (hello, Vodafone Egypt) could be far more important than flashy headlines suggest.

Welcome to an emerging market deep-dive with pyramids, pain for the Egyptian pound, population growth - and yes, very cheap Uber rides.

Today’s Topics:

• What Egypt actually looks like on the ground vs. the macro data
• GDP, population growth and why Egypt remains a lower middle‑income market
• Tourism as a critical FX earner
• Cairo traffic, LNG-powered Ubers and ultra‑low transport costs
• The Egyptian pound, inflation and a 20% policy rate
• Vodacom, Vodafone Egypt and the scale of the telecom opportunity
• Why Egypt feels more Middle Eastern than African
• Investment upside, currency risk and the realities of emerging markets

Get in touch:

• The Magic Markets Website
• @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X)
• Pop us a note on LinkedIn

Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

The first quarter of 2026 was a reality check for global markets. If you had oil, you made money. If you had almost anything else, you didn't.

With pressure across asset classes, this was a risk-off quarter thanks to the conflict in Iran. Defensive (and defence!) stocks were a decent place to hide, while riskier assets (including AI names) suffered substantial sell-offs.

In this episode, Mohammed Nalla looks at the Q1 performance of major asset classes. The Finance Ghost digs into the sectoral performance on the JSE and some of the more notable moves - like Sasol!

Today’s Topics:

• Q1 2026 market recap across equities, commodities, bonds and crypto.
• Oil’s standout performance and the knock‑on effects for inflation.
• Gold’s reversal and the impact of rising real yields.
• Global equity performance: US, Europe, Japan, China and India.
• South African markets: bond yields, property, financials and industrials.
• Big winners and losers on the JSE (including Sasol’s incredible run).
• Currency moves, dollar strength and what it means for the rand.
• Defensive rotations in US markets and the tech sell‑off.

Get in touch:

• The Magic Markets Website
• @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X)
• Pop us a note on LinkedIn

Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.