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

2026-10-01 09:30 • The Motley Fool Positive Axe Cap view: Selective

Bill Ackman's Pershing Square completely exited its Alphabet position to increase its stake in Microsoft during mid-2026. Microsoft, which had fallen ~20% from its highs due to enterprise software sector concerns and OpenAI-related uncertainties, was trading at a lower valuation (low 20s P/E) compared to Alphabet (low 30s P/E). The trade has paid off so far, with Microsoft up 26% and near all-time highs, while Alphabet is down 15%. However, both companies remain solid long-term investments with strong fundamentals.

Axe note: Bill Ackman swapped Alphabet for Microsoft mid-2026, favoring a cheaper AI play that rewarded him—but what does this mean for JSE investors?

2026-10-01 09:20 • The Motley Fool Neutral Axe Cap view: Selective

U.S. households pay a median of $363 monthly ($4,356 annually) in utility bills, rising faster than inflation. An investor would need approximately 2,058 shares of NextEra Energy (worth ~$156,500) to generate enough dividend income to cover these costs after taxes. While NextEra has a 32-year dividend growth track record averaging 10%, management has guided for slower 6% growth going forward, and the pending Dominion Energy merger creates uncertainty.

Axe note: NextEra’s long dividend growth run faces headwinds, and the capital needed to generate substantial income is high even before rand translation.

2026-10-01 09:06 • The Motley Fool Mixed Axe Cap view: Selective

Greg Abel, Warren Buffett's successor as Berkshire Hathaway CEO, has significantly reshuffled the company's $358 billion investment portfolio. Abel sold off Amazon stock in Q1 2026, likely due to profit-taking and the departure of investment manager Todd Combs. Meanwhile, Abel has dramatically increased Berkshire's stake in Alphabet (Google parent) from $5.59 billion to $36.37 billion between December 2025 and September 2026, a 550% increase, citing the company's dominant search market position, YouTube strength, and promising AI ambitions in Google Cloud.

Axe note: Greg Abel’s reshuffle of Berkshire’s portfolio signals a shift from Amazon to Alphabet amid AI optimism.