What the Ghost weighed first
A monthly saving is a small decision made often — which is exactly why the discipline matters. The Ghost doesn't ask "what's hot." It asks three duller questions, in order.
Where is the book light?
Equities sit near the top of their 30–60% band; fixed income sits below the middle of its 25–50%. The anchor has room and the engine doesn't — that points new capital toward the ballast.
What has it been taught?
Last month's lesson was patience — buy the boring thing before you need it. A month after opening the gold hedge, the read is to keep strengthening defence, not chase the rally.
What is the context?
91-day T-bills near 3.6% and inflation around 4% keep real short yields thin but positive — enough to make rebuilding the T-bill ladder a fair place to park patient capital.
4m to the anchor equity, 3m to the ladder
The 4m equity share goes to NMB — the book's most liquid, highest-quality earner — rather than to a new name: adding to conviction already earned beats reaching for a fresh thesis with a small monthly cheque. The 3m fixed-income share tops up the Treasury-bill ladder, nudging the under-weight anchor back toward the middle of its band and rebuilding the dry powder the gold sleeve drew down.
Model-book context: how The Ghost reads these names → NMB one-pager · Government securities board
Both moves stay comfortably inside the mandate bands, so neither needs a band-breach rationale. Nothing was sold; this is new savings finding its place, not a rotation.
A deposit is not a gain
The book is now worth more because the Ghost saved, not because it earned. Contributed capital rises to TSh 507m; the money-weighted return holds at +2.80%, exactly as it should — new savings never flatter performance. The two figures are shown side by side on the tracker so the difference is always legible. null > fabricated, always.