Machango

Happiness

[Mwango Capital @MwangoCapital]

Here is Dr. David Ndii, Chair of the President’s Council of Economic Advisors, delivering his full keynote at the Mwango Capital Markets Forum on Thursday, 20th August 2026:

@DavidNdii

[Machango @Machangoh]

@WambuiMuchiri_ Haha, the mentor is innocent.

[Vatican News @VaticanNews]

Gospel of the Day (Matthew 17,14-20)

A man approached Jesus, knelt down before him,
and said, "Lord, have pity on my son, for he is a lunatic and suffers severely; often he falls into fire, and often into water.
I brought him to your disciples, but they could not cure him."
Jesus said in reply, "O faithless and perverse generation, how long will I be with you? How long will I endure you? Bring him here to me."
Jesus rebuked him and the demon came out of him, and from that hour the boy was cured.
Then the disciples approached Jesus in private and said, "Why could we not drive it out?"
He said to them, "Because of your little faith. Amen, I say to you, if you have faith the size of a mustard seed, you will say to this mountain, 'Move from here to there,' and it will move. Nothing will be impossible for you."

https://t.co/J5jdzl9Bdx

[🇰🇪 James WaNjeri @JamesKWaNjeri]

Hiyo interior CS ipatiwe Wamunyoro because he has more intel than the CS for Interior Mr. Kikombe

[Julians Amboko @AmbokoJH]

When I sat down with @StanbicKE CFO, @Musaus this morning on the back of the HY2026 numbers (see quoted tweet), my starting point was the balance sheet.

I told Musau that:

· Whereas the headline growth was robust (27.12% to Kes 602.18 billion) the quality underneath was a lot more mixed
· Whereas financial investments are up 63.18% to Kes 176.87 billion, we are seeing a much leaner 16.66% increase in the loan book to Kes 360.16 billion
· This suggests to us that there's a leaning towards lower risk, low yield assets even as the lending engine is revving up
· I am concerned about the margins compression (NIMS down 122.0 bps) that is visible in the HY2026 & the fact that this risks being compounded further by rising yields (context , 91 Day >9.0% now) & the possibility of the Central Bank keeping the benchmark at 8.75%

Musau takes a different view. He argues that:

· My analysis misses taking into consideration customer assets as a proportion of total assets & how that fits within the growth story
· Whereas financial investments indeed increased, it was not on account of executing a trade-off with lending to the real economy
· Margins are indeed under immense pressure & the switch in the Risk Based Credit Pricing Model places even more pressure on margins
· The bank is taking measures to cushion itself from the ongoing margins compression, especially from a balance sheet growth perspective

Full conversation airs tonight on @ntvkenya starting 8:30pm

[Cerebral Assassin @xysist]

Another excellent article from Charles Mwaniki of Nation Media

[Lumen @lumenxbt]

https://t.co/3hWKMIBJcw

[Ronit Pereira @CAronitpereira]

Charlie Munger on Rose Blumkin (Mrs. B), the founder of Nebraska Furniture Mart :

“She was very bossy. She was illiterate in english and she could make arithmetic calculations in her head that you can’t make.”

“She worked herself 100 hours a week. Her sons-in-law worked maybe 50 hours after they were filthy rich. She used to call them bums.” 😂

- Charlie Munger. 2017

[Incentivising @incentivising]

Game theory proves that the most cooperative people in any group are usually the most exploited. Not because they are weak, but because they are fundamentally more predictable: Every "defecting strategy" relies on the foolishness of unconditional cooperators. The issue is that these cooperators expect reciprocity all the time. But what they truly get is betrayal. Cooperation must be conditional; otherwise, you will pay.

[Tren Griffin @trengriffin]

Howard Marks: "In addition to magnifying losses as well as gains, leverage carries an extra risk on the downside that isn’t offset by accompanying upside: the risk of ruin.”

[Julians Amboko @AmbokoJH]

Former National Treasury CS, Prof. Njuguna Ndung'u, says whereas institutions in Kenya have the capacity to do the right thing, "the current President overruns all the institutions and that is why everybody in those institutions will have to conform, for fear"

[Gregory Blotnick @gregoryblotnick]

on daily routine/schedule...Munger

"I have always sought, since I quit law practice [in 1965], to have a lot of time in every day to read and think. And talk to a few friends about this or that."

"Warren’s the same way. We both hate too many appointments in one day. We both have long segments [of free time]. The lives we live would look to anybody else like academics."

https://t.co/CjGII7dTtC

[Edwin H. Dande @ehdande]

The ongoing convo on Special Fund is interesting to watch... my two cents.

1. NAMING: The name "Special Fund" is really misleading. The ordinary mwananchi would think there are ordinary and special investments, and who does not want to be special? Investments should be described by their portfolios strategy... debt, equity, money markets, multi assets, etc. There is nothing like a special portfolio save for the fact that our regulations mandate the name.

2. DISCLOSURES: The best antidote is to require all funds, ordinary or special, to fully disclose their portfolio contents each quarter so that investors can calculate for themselves where returns are coming from. It would put the debate to rest.

3. Those who understand portfolio attribution as a technique know there is a problem, but it has to reach systemic risks levels to confront.

[Kevin Carpenter @kejca]

Alice Schroeder: "[Warren Buffett] has a great way of dealing with people."

"He doesn't criticize anybody. If he's friends with someone, he will never — to their face or behind their back — ever say a word about them that's negative."

"He also knows how to sort people into piles of 'stay away from', people that he wants really close to him, and people that are in the middle."

(Microsoft Research || 2008)

[myTradeSignals @mytradesignals]

GOAT: Stanley Druckenmiller (Duquesne Capital) printed +30% net annualized for 3 decades with no red year...

* Theme-based investing

[Machango @Machangoh]

Life is simply more fun when you surround yourself with marvelous people.

[Kevin Carpenter @kejca]

Charlie Munger: "If a person is a chronic drunk — we avoid him. Everybody has shortcuts to screen out certain hazards — and we probably have more of those shortcuts than others. And they have served us well over the years."

"One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people."

(Daily Journal AGM || 2021)

[Mwango Capital @MwangoCapital]

Kenya’s inbound FDI rose 38% YoY to a record $3.2 billion in 2025, extending the sharp recovery from $1.7 billion in 2023 and $2.3 billion in 2024.

That is the strongest foreign investment inflow in the 2006–2025 period, surpassing the previous peak cycle seen between 2011 and 2013.

[Machango @Machangoh]

Don't obsess over grand plans. Do today's work well.

[Mwango Capital @MwangoCapital]

Warren Buffett: "You should write your obituary and then try to figure out how to live up to it. That’s something you get wiser on as you go along."