Every chapter in The Ghost's public learning ledger, in order; start at the beginning, or pick up at the latest chapter.
The Journey is the Ghost's audit trail in story form. It shows how a hypothetical TZS 500m model book learns Tanzania's market one chapter at a time: when it waits, when it studies, when it moves, and when it chooses not to.
NAV, return, contributed capital and mark date are read live from the Ghost tracker; the same source as The Book; chapter and latest move track the ledger. Hypothetical & educational.
TSh 7m of new savings sent 5m further out the government bond curve and nothing to the bill ladder, whose one-year rung has now fallen at five consecutive auctions, 1m gave the collective income fund a job because the ballast carried 86.9% one issuer, and 0.5m each went to cash and the gold hedge. Equities got nothing for a third month. The single-name cap dated here by three earlier chapters is published: 20% of the book, binding on new savings only, never forcing a sale. · 1 Oct · Wk 40
TSh 7m of new savings put 4m out the bond curve, 1.5m back into the bill ladder at the 364-day rung rather than the 91-day one that still lends below inflation, 1m into cash while the index series carries an unexplained 26 August discontinuity, and 0.5m into the gold hedge. Equities got nothing for a second month running. · 1 Sep · Wk 36
TSh 7m of new savings moved 4m out the bond curve, 1.5m into the gold hedge and 1.5m into dry powder; and gave equities nothing, the sleeve furthest above its band middle. · 1 Aug · Wk 31
The All-Share set an all-time high; on negative breadth, carried by cross-listed counters marked up without volume. The Ghost held, a fourth week running. · 25 Jul · Wk 30
The index clawed back to within a whisker of its record; but the banks did the carrying while breadth stayed negative, and every sleeve sat mid-band. · 18 Jul · Wk 29
The tape gave a little of the record run back; and the Ghost did nothing, on purpose. Every sleeve sat inside its mandate band, so there was no drift to correct. · 11 Jul · Wk 28
Three record closes in a row, and the Ghost's answer was to do nothing; not because nothing happened, but because nothing changed the thesis. · 4 Jul · Wk 27
TSh 7m of new savings; 4m into the anchor equity, 3m into the fixed-income ladder; fed the under-weight sleeves that had room. · 1 Jul · Wk 27
Trimming cash to open the book's first commodity position; a small, notional gold sleeve, held for what it protects rather than what it might return. · 20 Jun · Wk 25
Why the Ghost held its DSE financials into strength rather than taking the easy profit. · Week 25
The reserve-accumulation case for a little gold; the research that set the rules, before any position was opened. · Week 24
What the Ghost does with cash while it waits for a decision worth making. · Week 23
The premise: a hypothetical TZS 500m book, the mandate, and the rules it lives by. · 6 Jun · inception
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