Monthly Archives: February 2019

Why would investors take inflation plus 5% return on a 30-year bond, or inflation plus 10% on an equity portfolio, with the non-negligible risk of facing significant drawdowns over a 1-year horizon, if investors can accrue inflation plus 3% via…
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In arguably the most challenging macro and political backdrop since the dawn of democracy, Finance Minister Tito Mboweni had to deliver a credible budget that not only appeased the rating agencies, but gave credence to President Ramaphosa’s reform promises while…
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The New Year got off to a racing start, thanks in large part to the Powell Put as the Federal Reserve significantly softened its language. The market’s interpretation of the January FOMC statement and press briefing was unambiguously dovish, as…
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Download Performance Update Eskom and load shedding are again front and centre with South Africa suffering bouts of no electricity ranging from Level 2 to Level 4 when you could be left in the dark for two periods of 2½…
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Download Performance Update It is getting late in the year to say this, but all the best for 2019! Let’s hope this is a better year than 2018 on many fronts. Although we are only half-way through the first month,…
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