# Boxer's Blinder & The Pick & Pay Valuation That Makes No Sense

An episode of [WorldWide Markets with Simon Brown](https://invisiblenetwork.ai/podcast/962733842), 12 May 2026, 21 min.

Audio: https://traffic.libsyn.com/secure/justonelap/WorldWideMarkets_677_20260513.mp3?dest-id=244998

Boxer just posted ShopRite-level operating margins — so why is Pick & Pay, which owns 65% of it, trading at an implied negative enterprise value? Simon Brown unpacks the R10bn valuation paradox and whether it's a genuine opportunity. He also walks through his new AI-powered research workflow, using Claude and ChatGPT to produce and fact-check full initiating coverage reports on Balwin Properties and Raubex. Plus: gold miners Goldfields and AngloGold Ashanti on costs, Meta at its cheapest forward PE since 2022, and Open Router token data that shows xAI running a distant fourth behind Anthropic, Google, and OpenAI. WorldWideMarkets is part of JustOneLap.com.

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