Clear market notes built around the JSE, the rand, and what matters locally.

2026-10-12 16:45 • The Motley Fool Negative Axe Cap view: Selective

JPMorgan Chase CEO Jamie Dimon warns that rising bond yields could trigger a corporate credit crisis as global competition for capital intensifies. With Treasury yields at 24-year highs and AI companies borrowing hundreds of billions for infrastructure, bond investors are demanding higher returns, which could eventually force companies—especially those with lower credit ratings—to struggle with refinancing debt and potentially default.

Axe note: Dimon warns rising global bond yields and fierce capital competition could worsen credit conditions—here’s the local angle.

2026-10-12 16:39 • The Motley Fool Positive Axe Cap view: Selective

David Gardner, Motley Fool co-founder, addresses how 100-baggers are still possible despite mega-cap IPOs launching at massive valuations. He argues that future 100-baggers will likely come from companies currently valued at tens or hundreds of billions that grow into $50 trillion companies by 2056. Gardner emphasizes that finding great companies (Traits) combined with holding them through volatility (Habits) is key to achieving 100-bagger returns over the next 30 years.

Axe note: David Gardner’s long-term growth thesis remains relevant, but South African investors should tread carefully when hunting mega returns locally.

2026-10-12 16:30 • The Motley Fool Positive Axe Cap view: Selective

Nu Holdings, a digital bank serving 139 million customers across Brazil, Mexico, and Colombia, achieved its first quarterly profit above $1 billion in Q2 2026. Rather than focusing on customer count, investors should monitor three key metrics: Average Revenue Per Active Customer (ARPAC) which reached $17 (up from $13 year-over-year), Return on Equity at 33% annualized, and the 90+ day non-performing loan ratio at 6.9%. These metrics indicate whether the company can increase customer value, generate efficient returns on capital, and maintain manageable credit risk as its lending portfolio grows.

Axe note: Nu Holdings' real strength lies in revenue per customer, return on equity, and managing credit risk—not just growing its user base.