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Articles tagged as "Markets"

Insights categories - Offshore investing

Orbis: President’s letter 2023

By Adam R. Karr on 01 Feb 2024

Reading time: 19 mins

In his annual president’s letter, Adam R. Karr, from our offshore partner, Orbis, discusses the performance of the Orbis Strategies during 2023, looks back a...

Insights categories - Investment insights

Investment lessons from the Springboks

By Braam Visser on 11 Sep 2023

Reading time: 7 mins

With the Springboks having successfully kicked off their Rugby World Cup title defence campaign in France, Braam Visser draws some interesting parallels...

Insights categories - Markets and economy

The prospects for global growth

By Sandy McGregor on 19 Jul 2023

Reading time: 18 mins

The post-pandemic bounce back of the global economy is losing momentum, and many fear that developed economies may slip into recession.

Insights categories - Offshore investing

Regime change and the rise of the stockpicker

By Alec Cutler on 11 Apr 2023

Viewing time: 4 mins

Alec Cutler chats to Bloomberg’s Merryn Somerset Webb about the impact of central bank and government intervention, the future of inflation and why being a...

Insights categories - Offshore investing

Orbis: President’s letter 2022

By Adam R. Karr on 31 Jan 2023

Reading time: 12 mins

In his president’s letter, Adam Karr, from our offshore partner, Orbis, reflects on the actions that he and the team took during 2022 to ensure they delivere...

Insights categories - Local investing

Was 2022 a secular turning point and if so, what does it mean for the years ahead?

By Duncan Artus on 26 Jan 2023

Viewing time: 12 Mins

In his first investment update of 2023, Duncan Artus discusses the current investment context and how it differs from the past, shares a review of 2022 and...

Insights categories - Markets and economy

Economic update: A post-pandemic new normal

By Sandy McGregor on 20 Jan 2023

Reading time: 4 mins

2022 saw a massive appreciation of the US dollar against all other currencies and the highest inflation since the early 1980s. These trends, which so dominat...

Insights categories - Local investing

Investment update: How to invest in a changing world

By Duncan Artus on 01 Dec 2022

Viewing time: 27 Mins

At Allan Gray we are bottom-up investors, but we want to be on the right side of long-term trends, particularly at secular turning points. During the recent...

Insights categories - Local investing

How to invest in an inflationary, energy-short and increasingly divided world

By Duncan Artus on 06 Oct 2022

Reading time: 6 mins

At Allan Gray, we are bottom-up investors, but we want to be on the right side of long-term trends, particularly at secular turning points. One way is to...

Insights categories - Offshore investing

Solving the diversification dilemma

By Matthew Spencer on 28 Jun 2022

Viewing time: 5 mins

"Don’t put all your eggs in one basket" is a phrase familiar to many of us, and when it comes to investing and minimising risk, it is quite a sensible...

Insights categories - Local investing

Local investment update: Always pay the right price

By Duncan Artus and Jacques Plaut on 03 Jun 2022

Viewing time: 26 min

Jacques Plaut and Duncan Artus discuss the positioning of our equity and multi-asset funds given the pre-existing trends exacerbated by the war in Ukraine....

Insights categories - Local investing

Preparing for more uncertainty and volatility

By Duncan Artus on 31 Jan 2022

Reading time: 10 mins

A look back over the last two years reveals how difficult forecasting is. Even with perfect foresight of the pandemic context, one would not have been able t...

Insights categories - Markets and economy

The transition into the post-pandemic world

By Sandy McGregor on 27 Jan 2022

Reading time: 19 mins

It is remarkable the extent to which the future is hidden from us. We all conduct our lives largely in terms of our experiences in the recent past, assuming...

Insights categories - Offshore investing

Orbis: President’s letter 2021

By Adam R. Karr on 27 Jan 2022

Reading time: 15 mins

In his inaugural president’s letter, Adam Karr, from our offshore partner, Orbis, shares some thoughts about himself, the path forward for Orbis, the market...

Insights categories - Markets and economy

Global economic recovery slower and more complex than expected

By Sandy McGregor on 19 Jan 2022

Reading time: 3 mins

The global recovery from the severe economic contraction in the first half of 2020, which followed the initial outbreak of the pandemic, has proved to be bot...

Insights categories - Local investing

It’s the price you pay that matters

By Rory Kutisker-Jacobson on 21 Oct 2021

Viewing time: 4 mins

As investors we shouldn’t pretend we operate in a vacuum that is nicely insulated from the prevailing macroeconomic and political trends. However, it is...

Insights categories - Markets and economy

Economic recovery accompanied by a surge in inflation

By Sandy McGregor on 15 Oct 2021

Reading time: 4 mins

With increasing vaccinations economic activity is returning to pre-pandemic levels and, while there may be further waves of infection, governments are learni...

Insights categories - Investment insights

Key questions that advisers and clients are asking

By Tamryn Lamb on 11 Oct 2021

Reading time: 23 mins

Uncertainty is a fact of life, and ever present in investing. There are times, however, when uncertainty seems to dominate sentiment and news flow – and...

Insights categories - Offshore investing

Orbis: The three stages of recent performance explained

By John Christy on 11 Oct 2021

Reading time: 11 mins

The past quarter has been painful. After an encouraging start to the year, the performance of our offshore partner, Orbis, has been impeded by its exposure t...

Insights categories - Local investing

Active management: Potential for a comeback in a divided inflationary world

By Duncan Artus on 23 Sep 2021

Viewing time: 7 mins

For most of the 2000s, the developed world has been characterised by disinflation and falling interest rates. This is despite a large increase in leverage, t...

Insights categories - Personal investing

Investment lessons for sharing

By Daniella Bergman on 26 Jul 2021

Reading time: 16 mins

Money is a polarising topic, yet it is an important subject that greatly influences all of our lives. Opening up the space for money conversations can...

Insights categories - Local investing

Investment update: Is it time to reduce SA share exposure?

By Tim Acker on 09 Jul 2021

Viewing time: 1 min

The FTSE/JSE All Share Index (ALSI) is now significantly higher than it was before the pandemic – 21% up from the start of 2020. Is this a sign that it is ti...

Insights categories - Investment insights

In pursuit of value

By Jacques Plaut on 26 May 2021

Reading time: 10 mins

The current disparity in markets, both locally and offshore, is creating an opportunity for bottom-up investors like ourselves to generate meaningful returns...

Insights categories - Markets and economy

Global recovery underway

By Sandy McGregor on 30 Apr 2021

Reading time: 2 mins

The world is recovering from the pandemic and 2021 should see strong global economic growth. The epicentre of the recovery is now the United States, where th...

Insights categories - Local investing

Equity Fund: Fishing in muddy waters

By Rory Kutisker-Jacobson on 16 Apr 2021

Reading time: 5 mins

In his 1986 letter to shareholders, Warren Buffett famously spoke of being fearful when others are greedy, and greedy when others are fearful.

Insights categories - Offshore investing

Orbis: Harder to get into than Harvard

By John Christy on 17 Feb 2021

Reading time: 5 mins

If 2020 was an emotional roller coaster, the first month of 2021 provided a peek inside the darker corners of the funhouse. We remain hopeful that more...

Insights categories - Markets and economy

The state of the economy

By Sandy McGregor and Vuyo Nogantshi on 10 Feb 2021

Viewing time: 62 mins

In a recent Q&A-style webinar hosted by Allan Gray’s Vuyo Nogantshi, Allan Gray’s Sandy McGregor and the Reserve Bank’s Rashad Cassim and David Fowkes examin...

Insights categories - Personal investing

Habits that set successful investors apart

By Nomi Bodlani on 27 Jan 2021

Reading time: 5 mins

When investing, sometimes the best course of action is to do nothing. Having the ability to block out the noise, and look through the cycle, are some of the...

Insights categories - Local investing

Investment update: Taking advantage of disparities in the market

By Duncan Artus on 21 Jan 2021

Viewing time: 12 mins

One of the key preconditions for successful active management is the level of disparity in the markets. Duncan Artus discusses this in our first video and...

Insights categories - Markets and economy

The impact of COVID-19's second wave

By Sandy McGregor on 12 Jan 2021

Reading time: 3 mins

The second wave of the COVID-19 pandemic has interrupted the global recovery following the severe economic contraction experienced during the second quarter ...

Insights categories - Investment insights

Orbis: The power of perspective

By Povilas Dapkevicius on 09 Nov 2020

Reading time: 1 min

It is easy to get caught up in the noise of short-term events like politics. What we have learned over the past 30 years is that a long-term view often revea...

Insights categories - Markets and economy

The dangers of printing money

By Sandy McGregor on 16 Oct 2020

Reading time: 14 mins

Modern Monetary Theory, or MMT as it is often called, is a new term for an old idea. Its proponents argue that a state which issues fiat money does not have ...

Insights categories - Local investing

Prospects look promising

By Stephan Bernard and Radhesen Naidoo on 12 Oct 2020

Reading time: 8 mins

Disappointing short-term performance has had a dampening effect on longer-term numbers. Looking at similar periods in our history provides useful context and...

Insights categories - Markets and economy

Do fundamentals still matter?

By Rory Kutisker-Jacobson on 15 Sep 2020

Reading time: 7 mins

There is an increasingly wide disconnect between the economic reality on the ground and the valuations reflected in some asset classes globally, begging the...

Insights categories - Offshore investing

How is the market up?

By Rob Perrone on 11 Sep 2020

Reading time: 4 mins

After the worst five-week crash ever, global stock markets have recovered all of their losses in just five months, with the MSCI World Index setting a new...

Insights categories - Local investing

Equity Fund update: In pursuit of potential

By Duncan Artus on 03 Aug 2020

Reading time: 9 mins

The most important determinant of investment success is the price you pay for an asset, and valuations for many quality companies are the cheapest they have...

Insights categories - Offshore investing

Orbis: Our job is to be uncomfortable

By Brett Moshal on 03 Aug 2020

Viewing time: 8 mins 26 seconds

Our job at Allan Gray and Orbis is to be uncomfortable and to sweat our clients’ capital. Ultimately what we focus on is the risk of capital loss - and that...

Insights categories - Markets and economy

COVID-19 continues to rock the global economy

By Sandy McGregor on 10 Jul 2020

Reading time: 3 mins

It seems that, with a few exceptions, such as the southern United States, in the Northern Hemisphere the COVID-19 pandemic is well past its peak. Lockdowns a...

Insights category - companies

Dialling in to the mobile network operators

By Varshan Maharaj on 01 Jul 2020

Reading time: 7 mins

MTN has underperformed the FTSE/JSE All Share Index (ALSI) significantly over the last five years. It has been one of our largest underweights compared to ou...

Insights categories - Markets and economy

COVID-19: Portfolio, economic and investment update

By Duncan Artus on 01 Jun 2020

Reading time: 1 min

During February and March, we were active in both the local equity and fixed income markets. This activity reduced during April and May, as we believed the...

Insights categories - Markets and economy

Q&A: Understanding the economic context in which we must invest

By Grant Pitt on 27 May 2020

Reading time: 1 min

As investors, we must understand the economic consequences of COVID-19 and the impact on different asset classes. Grant Pitt, joint head of Institutional...

Insights categories - Markets and economy

The monetary and fiscal response to the COVID-19 crisis

By Sandy McGregor on 27 May 2020

Reading time: 5 mins

The Coronavirus pandemic has caused a massive disruption of global economic activity without peacetime precedent. In a presentation via Zoom webinar, Sandy...

Insights categories - Markets and economy

Q&A with Allan Gray and Orbis: Investing beyond COVID-19

By Tamryn Lamb on 26 May 2020

Reading time: 1 min

While financial market volatility as a result of COVID-19 is expected to continue over the short term, the investment teams at Allan Gray and Orbis are focus...

Insights categories - Offshore investing

Orbis: Resilience and enthusiasm at a time of uncertainty

By Matthew Spencer on 25 May 2020

Reading time: 7 mins

In a presentation to advisers and clients via Zoom webinar, Matthew Spencer, from our offshore partner Orbis, discusses the disappointing recent performance ...

Insights categories - Local investing

Investing during lockdown and beyond

By Duncan Artus on 25 May 2020

Reading time: 4 mins

Sometimes in investing, the best thing to do is nothing. In a presentation to advisers and clients via Zoom webinar, Duncan Artus examined the levels and...

Insights categories - Local investing

Perspectives and portfolio positioning amid COVID-19

By Andrew Lapping on 08 May 2020

Reading time: 6 mins

The world as we know it has changed dramatically over the last two months, with the COVID-19 pandemic and lockdown strategies causing extreme volatility on t...

Insights categories - Markets and economy

Opinion: Counting the economic cost of South Africa’s lockdown

By Andrew Lapping on 07 May 2020

Reading time: 8 mins

As South Africans, we want our country to prosper and the quality of life for all those living within our borders to improve. Millions live in total poverty...

Insights categories - Offshore investing

Orbis: Performance and positioning during COVID-19

By Radhesen Naidoo on 17 Apr 2020

Reading time: 9 mins

There has been little else to talk about as COVID-19 dominates world headlines. Globally, everyone is trying to evaluate the real impact the pandemic will ha...

Insights categories - Personal investing

Managing your portfolio through COVID-19

By Marise Bester on 13 Apr 2020

Reading time: 9 mins

In just a matter of weeks our world has changed dramatically. In an attempt to make sense of it all, we look for information that will provide us with a sens...

Insights categories - Markets and economy

COVID-19: Looking to history to understand potential outcomes

By Stephan Bernard on 09 Apr 2020

Reading time: 7 mins

With much of the world in lockdown, one wonders whether it is appropriate to draw on past analogies in thinking about what lies ahead. However, every prior...

Insights categories - Markets and economy

COVID-19: Q&A with Allan Gray portfolio managers

By Tamryn Lamb on 08 Apr 2020

Viewing time: 6 mins

With many countries in lockdown, uncertainty prevails. Against this backdrop, many clients are asking for our views on the economic impact, an update on our...

Insights categories - Corporate citizenship

COVID-19: We remain open for you during the lockdown

By Tamryn Lamb on 25 Mar 2020

Viewing time: 1 min

As we enter into lockdown, Tamryn Lamb, head of retail distribution, reassures investors that we are open during this most unsettling time. She also provides...

Insights categories - Markets and economy

COVID-19: Evaluating market risk versus opportunity

By Duncan Artus on 25 Mar 2020

Viewing time: 1 min

We have managed our portfolios through a range of different crises since 1974. Over the last 20 years, the dotcom collapse in 2001/02, the global financial...

Insights categories - Corporate citizenship

COVID-19: Supporting umbrella fund members through the lockdown

By Saleem Sonday on 25 Mar 2020

Viewing time: 1 min

As we enter into lockdown, Saleem Sonday, head of group savings and investments, reassures umbrella fund members that the trustees continue to ensure that...

Insights categories - Markets and economy

Coronavirus: Taking stock of the state of the markets

By Andrew Lapping on 19 Mar 2020

Reading time: 10 mins

The world is changing extremely fast. The global business shutdown is unlike anything seen outside wartime. It is impossible to know the length or depth of t...

Insights categories - Markets and economy

How will current market conditions impact our portfolios?

By Radhesen Naidoo on 11 Mar 2020

Reading time: 8 mins

The start of 2020 has been tumultuous as fears about the coronavirus have dominated the news and global markets. The resulting volatility has been compounded...

Insights categories - Markets and economy

Making sense of current market conditions

By Andrew Lapping on 09 Mar 2020

Reading time: 4 mins

The current market volatility is understandably causing investors much stress. Andrew Lapping examines the impact of coronavirus and the drop of the oil pric...

Insights categories - Personal investing

2020 Budget: Stuck between a rock and a hard place

By Carla Rossouw on 25 Feb 2020

Reading time: 4 mins

A revenue shortfall of R50bn was announced in the Medium-Term Budget Policy Statement (MTBPS) in October 2019, and this sets the scene for the 2020 Budget....

Insights categories - Investment insights

The money bubble

By Claire Gallagher on 12 Feb 2020

Viewing time: 1 min

There’s something magical about bubbles. Formed of water, soap and a breath of air they seem incredible. In financial markets, bubbles are a lot less revered...

Insights categories - Markets and economy

Inflation

By Sandy McGregor on 29 Jan 2020

Reading time: 15 mins

Inflation is a phenomenon of great importance to investors. It is subject to intense scrutiny but is not well understood. Sandy McGregor offers his perspecti...

Insights categories - Local investing

Negativity can often present opportunity

By Duncan Artus on 23 Oct 2019

Reading time: 5 mins

With doom and gloom pervading locally, and the world economy slowing, you may be feeling like the safest place for your money is under your mattress. This is...

Insights categories - Markets and economy

An age of anxiety

By Sandy McGregor on 22 Oct 2019

Reading time: 3 mins

We are living in an age of anxiety. After decades in which the norm has been optimism, everywhere market participants are extremely nervous about evolving an...

Insights categories - Local investing

Is it time for equity investors to party like it’s 2002?

By Duncan Artus on 30 Jul 2019

Reading time: 4 mins

Not quite, says Duncan Artus.

Insights categories - Markets and economy

South African investors need to fall out of love with equities

By Kevin Lings on 30 Jul 2019

Reading time: 6 mins

South Africa’s equity market capitalisation equates to more than 200% of the country’s GDP, the highest proportion in the world and a level that is simply no...

Insights categories - Local investing

Is it 2002 all over again? Not quite

By Duncan Artus on 29 Jul 2019

Reading time: 6 mins

Domestically focused shares that are exposed to the local economy have underperformed the overall market. Duncan Artus investigates whether the current...

Insights categories - Markets and economy

Trade wars

By Sandy McGregor on 29 Jul 2019

Reading time: 18 mins

In recent months, we have observed increasing uncertainty and concern among our clients about what impact rising international tensions, particularly the tra...

Insights categories - Markets and economy

Global business conditions deteriorate

By Sandy McGregor on 12 Jul 2019

Reading time: 2 mins

Negative news about the global economy persists. Purchasing manager indices continue to signal a widespread deterioration in business conditions. Even in the...

Insights categories - Personal investing

Grow your wealth by attending the Allan Gray Investment Summit

By Tamryn Lamb on 24 May 2019

Reading time: 3 mins

After successfully bringing together renowned investment experts from all over the globe for two consecutive years to sold-out audiences, the Allan Gray...

Insights categories - Local investing

Balanced Fund update: An improved opportunity set

By Andrew Lapping on 03 May 2019

Reading time: 4 mins

The poor sentiment towards equity markets at the end of 2018 reversed sharply in the first quarter of 2019, with the JSE appreciating 8% and the MSCI World...

Insights categories - Markets and economy

Finding value in frontier African markets

By Nick Ndiritu on 29 Apr 2019

Reading time: 12 mins

Across corporate boardrooms in South Africa, a number of management teams and institutional investors are grappling with a vexing question: Is investing in...

Insights categories - Markets and economy

Global slowdown continues to take its toll

By Sandy McGregor on 26 Apr 2019

Reading time: 2 mins

The synchronous global slowdown, which commenced in the last quarter of 2018, continues to take its toll. While Europe is not in recession, it has returned t...

Insights categories - Local investing

The dash for cash

By Duncan Artus and Nathan Wridgway on 28 Feb 2019

Reading time: 4 mins

The end of the calendar year often leads to reflection on how one’s investments have performed. Many savers are questioning the wisdom of investing in South...

Insights categories - Markets and economy

Global economy losing momentum

By Sandy McGregor on 18 Jan 2019

Reading time: 3 mins

After two years of strong synchronous growth the global economy is losing momentum. Almost without exception the most recent purchasing manager’s indices are...

Insights categories - Local investing

The upside of down markets

By Andrew Lapping on 11 Jan 2019

Reading time: 7 mins

2018 was not a good year for investors with price declines in many asset classes. The FTSE/JSE All Share Index (ALSI) fell 8.5% in 2018, or 21% when measured...

Insights categories - Local investing

Understanding recent performance

By Andrew Lapping on 07 Dec 2018

Reading time: 6 mins

2018 was a difficult year for investors with most asset classes falling in price. The prices of all assets are volatile; the only asset to seemingly lack...

Insights categories - Markets and economy

Global growth accelerates but emerging markets under pressure

By Sandy McGregor on 05 Oct 2018

Reading time: 3 mins

Following a slower first quarter, the rate of global economic growth accelerated during the Northern Hemisphere summer, with Europe being the only notable...

Insights categories - Personal investing

How to thrive in choppy markets

By Andrew Lapping on 23 Aug 2018

Reading time: 4 mins

This year has been characterised by increased volatility and concern about the global risks – from trade disputes to inflation. After a strong start to the...

Insights categories - Personal investing

Ride out volatility and maximise returns

By Andrew Lapping on 22 Aug 2018

Viewing time: 1 min

Market fluctuations are an expected and necessary part of investing. While market volatility often presents good opportunities for value investors like Allan...

Insights categories - Markets and economy

Increasing policy uncertainty

By Sandy McGregor on 20 Jul 2018

Reading time: 3 mins

With few exceptions, notably India, most countries experienced slower economic growth in the first quarter of 2018. Anecdotal evidence suggests that that the...

Insights categories - Markets and economy

Zimbabwe in transition

By Nick Ndiritu on 06 Jul 2018

Reading time: 6 mins

Zimbabwe’s election on 30 July 2018 heralds a new beginning after the abrupt end to President Robert Mugabe’s 37-year reign in November 2017. We are not...

Insights categories - Offshore investing

Q&A: Orbis Global Equity Fund

By Tamryn Lamb on 09 Feb 2018

Reading time: 9 mins

What are the names of the managers of the Orbis Global Equity Fund and where are they based...

Insights categories - Markets and economy

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

By Sandy McGregor on 12 Jan 2018

Reading time: 2 mins

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...

Insights categories - Investment insights

The value of bitcoin

By Jacques Plaut on 24 Oct 2017

Reading time: 10 mins

The total market value of all bitcoins is US$80bn, which is more than the value of Richemont and triple the value of Anglo American. It is the topic on which...

Insights categories - Markets and economy

Facing a fiscal crisis

By Sandy McGregor on 13 Oct 2017

Reading time: 2 mins

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

Insights categories - Markets and economy

Is now the time to invest?

By Todd Buchholz and Andrew Lapping on 12 Oct 2017

Reading time: 1 min

Is it time to put your money under the mattress or is it time to invest? Watch this 7-min clip with Andrew Lapping, our chief investment officer, and Todd...

Insights categories - Offshore investing

Global jitters: Avoid safe havens, opportunity in overlooked sectors

By Dan Brocklebank on 15 Sep 2017

Reading time: 5 mins

The uncertain global political and economic backdrop created by unexpected recent shocks has spooked investors. However fear, particularly when spurred by...

Insights categories - Offshore investing

Beware the siren song of growth

By Dan Brocklebank on 03 Mar 2017

Reading time: 5 mins

Growth has an almost irresistible allure for investors. Whether it’s a rapidly growing economy, a start-up with a hot new product, or a new industry that...

Insights categories - Local investing

Keep calm and carry on investing

By Andrew Lapping on 17 Jan 2017

Reading time: 5 mins

The past 12 months seem to have passed particularly swiftly, maybe because fundamentally very little changed. Interestingly, the light in which investors vie...

Insights categories - Markets and economy

The winds of change

By Sandy McGregor on 06 Jan 2017

Reading time: 2 mins

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...

Insights categories - Local investing

Annual report from the outgoing Chief Investment Officer

By Ian Liddle on 01 Mar 2016

Reading time: 5 mins

Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2015. These are Ian Liddle’s final Annual...

Insights categories - Markets and economy

What's wrong with the South African economy

By Sandy McGregor on 30 Sep 2014

Reading time: 8 mins

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...

Insights categories - Markets and economy

A simple checklist for domestic asset allocation

By Duncan Artus on 07 Aug 2013

Reading time: 5 mins

I recently read the fascinating book ‘The Success Equation: Untangling luck in Business, Sports and Investing’1, which explores, how much of one’s success or...

Insights categories - Offshore investing

Investing: a history of bubbles

By Jonathan Brodie on 30 Jun 2012

Reading time: 9 mins

'Invest in stocks? Forget about it.' - USA Today headline, 8 May 2012. As contrarian investors, we cannot help but take notice when one of the most widely re...

Insights categories - Markets and economy

The trend is your friend till it bends at the end

By Duncan Artus on 24 May 2012

Reading time: 4 mins

For some time we have been concerned about the sustainability and unbalanced nature of consumption growth in South Africa. I don’t believe you can consume,...

Insights categories - Offshore investing

High correlations present challenges

By Seema Dala and Chris du Toit on 31 Mar 2012

Reading time: 8 mins

Actively managed funds, including the Orbis Global Equity Fund, have struggled to outperform the market over the past year. Actively managed funds are able t...

Insights categories - Markets and economy

Looking back at 2011 and preparing for the years ahead

By Ian Liddle on 20 Jan 2012

Reading time: 6 mins

South Africa has thus far been spared the crushing austerity measures affecting Europe. Three important factors have been in our favour so far: a decade of...

Insights categories - Markets and economy

An era of high global earnings

By Simon Raubenheimer on 30 Sep 2011

Reading time: 8 mins

Company profits are currently at historic highs, but we do not know with any certainty where they are headed. Although it is entirely possible for global and...

Insights categories - Markets and economy

What we know for sure

By Delphine Govender on 01 Sep 2011

Reading time: 6 mins

At Allan Gray we prefer not to opine over reasons for short-term movements in stock markets and share prices and we shy away from predicting changes in the...

Insights categories - Markets and economy

Can the level of interest rates be used to reliably predict investment returns?

By Duncan Artus on 13 Jul 2011

Reading time: 4 mins

Local and global short-term interest rates are at low levels. This has led to questions about the rationale for holding cash both locally and offshore. We ha...

Insights categories - Markets and economy

Welcoming the world to South Africa (but are they here to stay...?)

By Ian Liddle on 30 Jun 2010

Reading time: 6 mins

For most of the time since our first democratic election in 1994, foreign investors have been net buyers of companies listed on the JSE. They are now...

Insights categories - Markets and economy

Another view

By Duncan Artus on 31 Dec 2009

Reading time: 7 mins

Governments around the world are engaged in significant fiscal and monetary stimulus. But there is some doubt about whether their efforts will improve the re...

Insights categories - Markets and economy

The triumph of the markets

By Sandy McGregor on 31 Dec 2009

Reading time: 8 mins

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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