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Dear Investor While we do not advocate blanket investment advice across all our client portfolios, we feel that it is important to let our clients know when major changes occur within the fund management space. During the last 10 days there were two important announcements, one was a spot of good … [Read more...] about Allan Gray’s Rand denominated overseas feeder funds re-open to new business & Marriott’s CEO, Simon Pearse, passes away

Dear Investor What is happening to cause these equity markets to rise like this? There are three possible drivers: Better economic data in China & the US, many promises from Trump and also the US Federal Reserve being determined to raise interest rates. Underlying growth momentum in the US … [Read more...] about Trump bump or long term recovery?

Dear Investor Do you feel that was a long enough break from the rat race?! It seems to me as though the Christmas break gets shorter and shorter every year. This is no doubt because I spend less time than before, relaxing while absorbing the beauty of the countryside and less time relaxing … [Read more...] about A New Year

Dear Investor Thank goodness for the seasons, Our brains start a process of renewal when the weather begins to change, the leaves change colour and the flowers start to wilt or to blossom, We need this to happen, Our human environment is so busy these days that we are struggling to adapt … [Read more...] about Our final message for 2016

Dear Investor Monday saw the launch of the new amnesty or SVDP. What is the SVDP? It is an opportunity for those of us South African taxpayers who have still not declared some of our taxable income or gains to SARS and/or who have not regularized our overseas assets with the Reserve Bank, to … [Read more...] about Special Voluntary Disclosure Programme (latest and the last tax and exchange control amnesty)

Dear Investor Six weeks after the referendum about Britain’s membership of the EU and since then stock markets have dropped off in panic and then recovered strongly. This was an understandably emotional reaction to an unexpected decision (with several potential problems which need to be … [Read more...] about Brexit Update & is the JSE still the best place to achieve high growth?

Dear Investor Britain has voted to leave the EU. This is a massive moment for all those in Britain who’ve been against associating with nations with whom they have very little in common. It is also a vote against allowing foreigners to take over one’s country (maybe too late though). It … [Read more...] about Brexit Rules the Waves!

In just under two days’ time the Brexit referendum will have taken place and the results will be about to be made public. This decision, as superfluous as it may seem to those of us who do not have decent homes or even electricity, is one of the most important in recent decades. The effects of … [Read more...] about To Exit or to Remain – what will the Brits decide?

Dear Client Have a look at the graph to see what the yields (reward for taking the risk of not having one’s capital returned at the end of the term to maturity – in this case, 10 years) selected countries are offering investors who purchase their government bonds which mature after 10 years (from … [Read more...] about SA ten year govt bond yield vs selected ten year global bond yields

Dear Investor The following article appeared in the financial media recently. It is an extract from an interview with a member of Marriott’s investment committee, Lourens Coetzee. I hope that it resonates with you so that we continue the discussion when we next meet or via e-mail. Can you … [Read more...] about Can you find certainty in uncertain markets?