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  Dear Valued Client It’s been another eventful year for many wrong reasons, with South Africa being pounded by scandals & a seemingly paralysed president, while municipalities crumble, water purification plants founder & Eskom staggers to a near halt & lose their very able … [Read more...] about 2022- A brief end of year update

Despite our consumer confidence index reaching new lows in recent days reflecting the pessimism that South Africans are feeling about the current state of affairs, several of our local stocks are trading at levels that render them very attractive right now, at least for the short to medium term, … [Read more...] about The local stock market is undervalued relative to developed markets

Dear valued Client Please find below a very brief summary of the main topics covered by South Africa’s 2022 Budget speech last month. There were not many changes at all, possibly the right kind of budget to have in this uncertain environment, but there were are few. Here are the main topics … [Read more...] about Budget Highlights – a few pointers

The performance of our client portfolios has been surprisingly robust since the sudden drop in market values in March of last year.  We’d expected a very rocky ride going forward from the discovery of the new Coronavirus, but we didn’t expect the fast recovery that many stock markets … [Read more...] about 2021 – The year that was

We’ve heard the state of the nation address. We now ask ourselves if Cyril Ramaphosa really wants what we want & what he says he wants, i.e. does he really want to stop the raping and pillaging of our country’s coffers & to stimulate investment so that employers are keen to put their hard-earned … [Read more...] about Mr President, should we trust that you intend doing the right things to get this country back onto a growth path?

As this is my first newsletter of 2019, may I wish you all a very happy & healthy new year. In South Africa we also emphasize personal safety as a priority when wishing our friends, families and customers well, so I would like to wish you & your loved ones a safe year ahead too, especially as we … [Read more...] about Is the future any more uncertain this time round? The future is always uncertain, at least we have our eyes wide open in January 2019

Dear Investor I thought it an opportune time to comment on what I find, at first glance, a most confusing situation, namely the surge in the value of the All Share index on the JSE when times are so hard in South Africa. How can investors perceive our listed companies as being under-valued … [Read more...] about Why is the JSE rising when the economy is in tatters?

Dear Investor National Treasury believes that the 183-day threshold for South Africans working outside the country in order to avoid needing to pay income tax should remain in the proposed amendments to the tax laws. National Treasury is in the process of repealing tax exemption laws on income … [Read more...] about Tax proposals for South Africans working overseas

Dear Investor An update regarding our increasingly concerning local political scene: After recalling Finance Minister Pravin Gordhan and his deputy, Mcebisi Jonas from their overseas investment promotion roadshow to the UK & US last Monday, the president looked to have been blocked in his … [Read more...] about Update regarding SA’s political uncertainty and the effect on the value of the Rand