Simon Shares Local CPI 7.1% for March up from 7.0% in February. Expected was 6.9%. Core inflation 5.2% vs expectations of 5.1%. Rates higher for longer. Reviewing Minister Pravin Gordhan's portfolio. Too many stocks, why not more ETFs? Platinum at all-time highs in rands. This as it trades at more than 50% off the all-time US$ highs from 2008. Still long all my index trades. Time to sell Capitec* (JSE code: CPI) as results show them as ex-growth? Return in Equity (RoE) 26% Cost-to-income (CTI) 39%. Impairments +80% and worrying the market But my worry is it is priced +2x valuations of the other four big banks and it is now largely a mature bank. Sure low cost base, but I do not think it deserves that high valuation so am likely exiting after holding since 2009. * I hold ungeared positions.

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