Sandy McGregor

Sandy McGregor

Sandy joined Allan Gray as an investment analyst and economist in October 1991. Previously he was employed by Gold Fields of South Africa Limited in a variety of management positions for 22 years, where much of his experience was focused on investment related activities. His current responsibilities include the management of fixed interest and he is a fund manager for the Allan Gray Bond Fund. He was a director of Allan Gray Limited from 1997 to 2006.

Articles by Sandy McGregor

Markets and economy

Business confidence improves in South Africa

By Sandy McGregor on 13 Apr 2018

After 18 months of accelerating growth, the momentum of the expansion of the global economy slowed in the first quarter of 2018.  It is noteworthy that an...

Markets and economy

Fixing the South African economy

By Sandy McGregor on 24 Jan 2018

If we can make necessary changes domestically, favourable global business conditions will support a rapid economic turnaround. Now that the ANC conference is...

Markets and economy

What can be done to address SA’s fiscal crisis?

By Sandy McGregor on 12 Jan 2018

Global economic activity continued to gain momentum in the last quarter of 2017. Global purchasing manager’s indices, which are a good barometer of current a...

Markets and economy

Facing a fiscal crisis

By Sandy McGregor on 13 Oct 2017

The synchronised global economic expansion continues to gain momentum. World trade is growing and increasing demand is putting upward pressure on commodity...

Markets and economy

The economics of taxation

By Sandy McGregor on 20 Jul 2017

An efficient tax system is a necessary feature of a modern state. Taxes have always been a focus of political concern, even when, by modern standards...

Markets and economy

SA economy in the doldrums as the rest of the world picks up

By Sandy McGregor on 14 Jul 2017

Since January, domestic demand in South Africa has been very weak, the clearest evidence of which has been poor retail sales. The consumer is no longer in a...

Local investing

South Africa at a political crossroad

By Sandy McGregor on 04 Apr 2017

The political events of the last 10 days, and the resulting ratings downgrade by S&P Global Ratings, have seriously eroded investor confidence in South Afric...

Markets and economy

The winds of change

By Sandy McGregor on 06 Jan 2017

While the election of Donald Trump as the next president of the United States was not expected by investors, it does not seem to have been unwelcome:  both t...

Markets and economy

A changing world

By Sandy McGregor on 31 Dec 2016

The political shocks of 2016 are a manifestation of rising public discontent about prevailing economic and social conditions. Sandy McGregor provides some...

Markets and economy

The economic consequences of political decisions

By Sandy McGregor on 06 Jul 2016

The vote by the British electorate in support of leaving the European Union (EU) took markets by surprise. The immediate impact was a strengthening of the US...

Markets and economy

Gold: A history of its price

By Sandy McGregor on 30 Jun 2016

Inventories play a significant role in the pricing of commodities: when they are low prices tend to rise, while excessive inventories depress prices. However...

Markets and economy

The triumph of the bureaucrats

By Sandy McGregor on 31 Dec 2015

There is a widespread lament that economic growth is disappointing. While demographics and structural problems are largely to blame, the increasing cost of...

Markets and economy

Secular stagnation: The new normal?

By Sandy McGregor on 30 Jun 2015

Economists are engaged in an interesting debate about economic growth and what has been described as 'secular stagnation'. The issue has received widespread...

Markets and economy

The collapse of the oil price and its consequences

By Sandy McGregor on 31 Dec 2014

The dramatic collapse of oil prices at the end of last year caught most market participants by surprise. For three and a half years, between February 2011 an...

Markets and economy

What's wrong with the South African economy

By Sandy McGregor on 30 Sep 2014

After growing strongly for 10 years, since 2012 the South African economy has been stagnating, which prompts the question: What has gone wrong and how can th...

Markets and economy

China's Malthusian challenge

By Sandy McGregor on 31 Mar 2011

Two years since the global financial crisis and commodity prices are back at the record levels of June 2008. This growth has been about five years quicker th...

Markets and economy

Deflation

By Sandy McGregor on 30 Sep 2010

It seems the world may divide into two distinct camps: the mature economies gripped by deflation and stagnation, and the emerging markets, which continue to...

Markets and economy

The triumph of the markets

By Sandy McGregor on 31 Dec 2009

It is the nature of markets to reward success and eliminate what is unsustainable. During the past year we have seen a dramatic manifestation of this process...

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