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Articles tagged as "economy"

Insights categories - Markets and economy

Seeking a bridge for South Africa’s troubled waters

By Raine Adams on 01 Oct 2024

Reading time: 16 mins

As South Africans breathe a sigh of relief that load shedding has tailed off, water risks have come to the fore. Multiple provinces are grappling with...

Insights categories - Markets and economy

Rate-cutting cycle kicks off

By Thalia Petousis on 25 Sep 2024

Reading time: 8 mins

During the last quarter, US equity indices reached new all-time highs as the US Federal Reserve (the Fed) commenced its rate-cutting cycle with a cut of 50...

Insights categories - Local investing

How we balance the upside-downside risk in South African equities

By Duncan Artus on 08 Aug 2024

Reading time: 7 mins

We often write about large individual equity positions in our portfolios, but this quarter, Duncan Artus focuses on the opportunities and risks in “SA Inc” –...

Insights categories - Markets and economy

Eskom: Are brighter days ahead?

By Raine Adams on 01 Feb 2024

Reading time: 16 mins

What does 2024 have in store for loadshedding? Raine Adams investigates whether there is any light at the end of the dark tunnel.

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 - Markets and economy

Shedding dark on the issue of South Africa’s economic growth

By Thalia Petousis on 04 May 2023

Reading time: 12 mins

South African companies are reallocating billions of rands towards the extraordinary costs associated with loadshedding. Government’s prospects for debt...

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 - Markets and economy

The threat of greylisting

By Sandy McGregor on 31 Jan 2023

Reading time: 17 mins

The Financial Action Task Force (FATF) was established in 1989 to coordinate an international effort to combat money laundering. As South Africa’s economy is...

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 - Markets and economy

The price of money, the shortage of energy, and the monster of inflation

By Thalia Petousis on 27 Oct 2022

Reading time: 10 mins

Thalia Petousis discusses its impact on financial markets, global trade financing and the energy sector, as well as how central banks are now waging a war...

Insights categories - Markets and economy

Whither inflation?

By Sandy McGregor on 28 Jul 2022

Reading time: 21 mins

In the past 12 months , global inflation has surged. Sandy McGregor discusses the increasingly turbulent response of the financial markets.

Insights categories - Markets and economy

On the commodity boom and other South African fables (and foibles)

By Thalia Petousis on 28 Jul 2022

Reading time: 8 mins

Just as the economic destruction from the COVID-19 pandemic rose to crisis levels, strong commodity export prices swept in to alleviate South Africa’s fiscal...

Insights categories - Markets and economy

Podcast: Can optimism rise from the inflationary ashes?

By Thalia Petousis on 25 Jul 2022

Listening time: 43 min

In conversation with portfolio manager, Thalia Petousis, Sandy McGregor reflects on the very real geopolitical and economic challenges currently affecting th...

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 - Markets and economy

The SARB hikes rates as food inflation threatens to erode the income of the working class

By Thalia Petousis on 19 May 2022

Reading time: 3 mins

Raising rates by 50-basis points to take the SA repo rate to 4.75%, the South African Reserve Bank (SARB) delivered what may have been a ‘credibility move’....

Insights categories - Personal investing

2022 Budget speech update

By Carrie Norden on 23 Feb 2022

Reading time: 10 mins

Finance Minister Enoch Godongwana delivered his maiden Budget speech on Wednesday, 23 February. He noted that although the easing of COVID-19-related...

Insights categories - Personal investing

A responsible Budget signalling optimism

By Carla Rossouw on 23 Feb 2022

Reading time: 4 mins

The high cost of living, fuelled by rising inflation, significant fuel price increases and a series of interest rate hikes (which are likely set to continue)...

Insights categories - Markets and economy

‘Hopeful Budget’ may strike right notes, but tax clarity and economic reforms are needed

By Thalia Petousis on 17 Feb 2022

Reading time: 5 mins

This year’s Budget speech, set to be delivered on 23 February by Finance Minister Enoch Godongwana, is likely to strike an optimistic chord thanks to a numbe...

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 - Markets and economy

The trouble with municipalities

By Londa Nxumalo on 27 Jan 2022

Reading time: 7 mins

The extensive infrastructure needs of South African municipalities provide an opportunity for long-term bond investors – such as retirement funds – to help...

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 - Local investing

Market update: Weighing up opportunity and risk in the face of volatility

By Duncan Artus on 23 Aug 2021

Listening time: 25 mins

While the local market has been strong, South African assets still look cheap overall compared to many of their global counterparts. There is opportunity in...

Insights categories - Markets and economy

Inflation returns

By Sandy McGregor on 26 Jul 2021

Reading time: 17 mins

Prices are on the up in the wake of the COVID-19 pandemic. The question is, will deflationary conditions resume as global economic conditions normalise or is...

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 - Personal investing

2021 Budget speech update

By Carrie Norden on 25 Feb 2021

Reading time: 7 mins

Finance Minister Tito Mboweni delivered the Budget speech on Wednesday, 24 February. Against the backdrop of the COVID-19 pandemic, the Budget was more...

Insights categories - Personal investing

2021 Budget signals hope for SA taxpayers

By Carla Rossouw and Sandy McGregor on 24 Feb 2021

Reading time: 3 mins

Minimal tax measures aim to bring relief to taxpayers and bolster economy.

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 - 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 - Personal investing

Are you sitting on savings you could be investing?

By Nomi Bodlani on 30 Oct 2020

Reading time: 5 mins

The COVID-19 pandemic has affected people's finances in very different ways. While it has highlighted the need for emergency savings as a buffer against toug...

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 - 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 - Retirement

Will prescribed assets be used as a policy tool?

By Sandy McGregor on 24 Aug 2020

Reading time: 7 mins

Reports that the government plans to compel pension funds to invest in state assets and projects have understandably caused alarm among investors, spurring...

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 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 - Local investing

Do bonds offer opportunity in a post COVID-19 world?

By Londa Nxumalo on 28 May 2020

Reading time: 6 mins

As investors we must think about what the world will look like when the pandemic has passed, and what asset classes offer opportunity. Presenting via Zoom...

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 - 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 - Markets and economy

The world after the COVID-19 pandemic

By Sandy McGregor on 23 Apr 2020

Reading time: 11 mins

We are witnessing a global economic collapse without precedent in modern times. As investors we must think about what the world will look like when the...

Insights categories - Local investing

Positioning our portfolios for growth beyond COVID-19

By Andrew Lapping on 23 Apr 2020

Reading time: 12 mins

The speed at which the financial market swings from despair to elation is astounding. The past few months have seen no shortage of mood swings as investors...

Insights categories - Local investing

The end of the free lunch

By Mark Dunley-Owen on 17 Apr 2020

Reading time: 4 mins

There is no such thing as a free lunch. Yet recent times have provided South African savers with something close to this, as risk-free returns from money...

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 - Markets and economy

Impact of Moody's downgrade

By Sandy McGregor on 30 Mar 2020

Reading time: 2 mins

As a consequence of the decision by Moody’s to lower South Africa’s credit rating from Ba1 to Baa3, all three leading rating agencies now rate South African...

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 - Markets and economy

How could a ratings downgrade affect investors?

By Sehrish Khan on 13 Feb 2020

Reading time: 8 mins

Inundated with reports of failing state-owned enterprises and spiralling government debt, investors are understandably concerned ahead of South Africa’s 2020...

Insights categories - Markets and economy

Platinum can move the needle on the economic growth SA so desperately needs

By Tim Acker on 07 Feb 2020

Reading time: 2 mins

Platinum Group Metals (PGMs) are proving to be market darlings: In the last 12 months platinum prices have soared by 30%, palladium prices have doubled, and...

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

Should you invest in bonds?

By Londa Nxumalo on 29 Jan 2020

Reading time: 7 mins

The recent performance of South African bonds – which have outperformed cash and equities over three and five years – has prompted investors to ask whether...

Insights categories - Markets and economy

Global growth slows

By Sandy McGregor on 13 Jan 2020

Reading time: 3 mins

Over the past year, global economic growth has slowed. International trade volumes have contracted. This slowdown has many causes but has been significantly...

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 - Markets and economy

Economic update: A state of stagnation

By Sandy McGregor on 11 Oct 2019

Reading time: 2 mins

Global economic conditions continue to deteriorate but so far, no major economy has entered a recession. Business conditions in Europe and Japan are best...

Insights categories - Markets and economy

Making sense of the rand

By Linda Kallis on 10 Oct 2019

Reading time: 9 mins

Like other emerging market currencies, the rand has seen periods of prolonged fluctuation since September 2018 but has remained relatively stable over time....

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 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

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 - Local investing

Valuations matter

By Andrew Lapping on 11 Jun 2019

Reading time: 12 mins

Uncertainty abounds at present. Equity returns for the past few years have been underwhelming, political upheaval locally and internationally is causing wave...

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 - Personal investing

How you can influence your investment outcomes

By Lettie Mzwinila on 16 Apr 2019

Reading time: 6 mins

After an undeniably tough 2018, the local market staged a turnaround during the first quarter. But the atmosphere in the country is blowing hot and cold: As...

Insights categories - Markets and economy

South Africa's fiscal dilemma

By Sandy McGregor on 25 Jan 2019

Reading time: 11 mins

Faced with sky-high debt, a stagnant economy and disappointing tax collections, South Africa is on an unsustainable fiscal path. Difficult choices have to be...

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 - 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

SA needs to unlock its 'demographic dividend' by getting the private sector to invest

By Kevin Lings on 18 Jul 2018

Reading time: 5 mins

South Africa needs to stop looking to government spending as the catalyst for economic growth and should instead foster a more conducive environment for...

Insights categories - Markets and economy

Approaching a tipping point?

By Sandy McGregor on 30 Jun 2018

Reading time: 11 mins

After a strong start to the year, global investors have been spooked by a diverse combination of developments, including a slowdown in global economic...

Insights categories - Markets and economy

Business confidence improves in South Africa

By Sandy McGregor on 13 Apr 2018

Reading time: 2 mins

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...

Insights categories - Markets and economy

Fixing the South African economy

By Sandy McGregor on 24 Jan 2018

Reading time: 10 mins

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

Insights categories - Local investing

How are our portfolios positioned to protect and grow our clients' capital?

By Duncan Artus on 24 Jan 2018

Reading time: 7 mins

Regular readers of our commentaries would have noted that we have found an increasing number of attractive opportunities in local equities over the last 18...

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 - Local investing

How to be a discerning investor

By Andrew Lapping on 25 Aug 2017

Listening time: 1 min

Negative sentiment and lower expectations for future growth are sending investors scurrying...

Insights categories - Local investing

If South Africa was a company would you include it in your portfolio?

By Mark Dunley-Owen on 04 Aug 2017

Reading time: 3 mins

Sentiment towards South Africa is poor. It is tempting to believe that excessive bad news is priced into South African assets, which should deliver attractiv...

Insights categories - Markets and economy

The economics of taxation

By Sandy McGregor on 20 Jul 2017

Reading time: 11 mins

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...

Insights categories - Markets and economy

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

By Sandy McGregor on 14 Jul 2017

Reading time: 2 mins

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...

Insights categories - Local investing

South Africa at a political crossroad

By Sandy McGregor on 04 Apr 2017

Reading time: 6 mins

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...

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 - Markets and economy

A changing world

By Sandy McGregor on 31 Dec 2016

Reading time: 13 mins

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

Insights categories - Local investing

Money Market Fund update: Rising inflation and low growth continue to cause concern

By Gary Elston on 05 Aug 2016

Reading time: 3 mins

Global yields have fallen after Brexit became a reality when the UK voted to leave the EU. This uncertainty has decreased the expectation that the US Federal...

Insights categories - Offshore investing

Should you invest offshore at R15/US$?

By Tamryn Lamb on 01 Aug 2016

Viewing time: 1 min

It is exceptionally difficult to decide when is the best time to invest offshore based on news headlines. If you want to get more for what you pay, investing...

Insights categories - Local investing

Equity Fund update: Volatility presents opportunity

By Ruan Stander on 25 Jul 2016

Reading time: 3 mins

The economic outlook deteriorated during the second quarter, exacerbated by the British referendum. Although the market’s perception of near-term headwinds m...

Insights categories - Markets and economy

How to think about the rand when making investment decisions

By Andrew Lapping on 18 Jul 2016

Viewing time: 1 min

Over the last few years we have been concerned about the strength of the rand and our portfolios have been positioned for currency weakness. One of our...

Insights categories - Local investing

Stable Fund update: How to invest in ‘interesting’ times

By Mark Dunley-Owen on 15 Jul 2016

Reading time: 4 mins

‘May you live in interesting times' is an English expression which many believe to be a translation of a traditional Chinese curse. The expression seems to...

Insights categories - Markets and economy

The economic consequences of political decisions

By Sandy McGregor on 06 Jul 2016

Reading time: 2 mins

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...

Insights categories - Markets and economy

Gold: A history of its price

By Sandy McGregor on 30 Jun 2016

Reading time: 11 mins

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

Insights categories - Markets and economy

Managing portfolios in times of uncertainty

By Duncan Artus on 24 Jun 2016

Reading time: 4 mins

My inbox is filling up with commentary about the impact of Brexit. Some of the commentary is of debatable long-term value and with news of this nature it tak...

Insights categories - Offshore investing

Broaden your horizons with offshore investments

By Tamryn Lamb on 14 Jun 2016

Reading time: 4 mins

It is natural to feel uneasy about your finances during times of uncertainty. However, one should be wary of making decisions based on short-term events. The...

Insights categories - Markets and economy

Uncertainty persists

By Gary Elston on 20 Apr 2016

Reading time: 3 mins

The increased uncertainty that arose in December of last year has persisted throughout the first quarter of 2016. The current political climate and the threa...

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

The triumph of the bureaucrats

By Sandy McGregor on 31 Dec 2015

Reading time: 8 mins

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

Insights categories - Local investing

Interim investor update

By Rob Dower on 17 Dec 2015

Reading time: 10 mins

Some clients have asked for an update on how well their investments are doing in the current very volatile market. It’s risky to respond until things have...

Insights category - companies

Manufacturing in meltdown

By Simon Raubenheimer on 30 Jun 2015

Reading time: 13 mins

The manufacturing sector is currently in a woeful state. Simon Raubenheimer discusses why we are where we are. 'The Board of Directors has taken the decision...

Insights categories - Markets and economy

Secular stagnation: The new normal?

By Sandy McGregor on 30 Jun 2015

Reading time: 11 mins

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

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

Not the time to relax risk appetite

By Ian Liddle on 28 Jan 2013

Reading time: 5 mins

In his 1988 annual letter to shareholders, Warren Buffett wrote: ‘We have no idea how long the excesses will last, nor do we know what will change the...

Insights categories - Local investing

Message from our Top 10 equity holdings

By Simon Raubenheimer on 26 Nov 2012

Reading time: 5 mins

Investors frequently ask us whether or not our choice of shares reveals a particular theme or ‘story’. Investors are also curious as to how we alter our...

Insights categories - ESG

Tobacco economics

By Ruan Stander on 30 Jun 2012

Reading time: 8 mins

Most industries have a single factor that helps investors to understand them better. Unfortunately for investors looking for easy wins, it does not necessari...

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 - 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

China's Malthusian challenge

By Sandy McGregor on 31 Mar 2011

Reading time: 9 mins

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...

Insights categories - Markets and economy

Deflation

By Sandy McGregor on 30 Sep 2010

Reading time: 8 mins

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...

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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