How to invest when markets are in a bubble - and still sleep at night

Not quite, says Ingram. He explained that while the JSE’s performance might look outstanding on paper, it is mostly driven by a few mining shares and the Naspers-Prosus group, while much of the market is simply “doing okay.” The same situation is unfolding in the US, where “those tech shares are just pushing everything through the roof.”

The outcome is a “bifurcation of the market”, with two very different realities coexisting. Some stocks soar, while others slog along quietly behind.

When Grootes compared the markets to a massive wave, Ingram agreed that you can ride it but with caution.

“Fund managers will talk about momentum investing. The trick is to take advantage of the wave responsibly," explains Ingram.

He adds this advice: “Every time it performs well, say it goes up by fifty percent, take half of that money off the table and allocate it elsewhere.”

Nevertheless, avoid investing everything in the current hot sector. “If you’ve ever watched big wave surfing, when you get it wrong, it’s catastrophic,” Ingram warned.

When a listener asked whether to pay off his home loan or build an emergency fund, Ingram offered a practical solution: “Focus on building the emergency fund in your bond. You’re hitting two birds with one stone.”

Ultimately, Ingram reminded listeners of the real superpower in investing: humility: “Having the self-awareness to say, ‘I actually can’t forecast the markets,’ is something very few people do.”

Long-term perspective, common sense, and sticking to your own plan, he says, are what matter most. “You’re not ranked against anybody else,” he concluded. “Don’t underestimate the power of common sense. A little bit of common sense in times like these is really powerful.”