The Hang Seng Leader

If you currently own a portfolio of shares, and did not have or implement a stop-loss strategy, then our advice, at this point, is to wait and see how this market unfolds - especially if you have high-quality rand-hedge shares. We do not see this "quarantine recession" and its concomitant bear trend lasting very long. Our view is that markets, world-wide, will begin to discount a recovery

Green Shoots

Amidst the bloodbath on the JSE, there have been some winners among the losers. Consider this market carpet of the JSE sectors for the week ending 20th March 2020:

Amazingly, five sectors showed positive growth during that most horrendous of weeks – and they can give us some pointers as to where we should be looking in the crisis for potential investment

Bear Trend?

I saw my first bear trend in 1969 – I was 16 years old and still at school. I did not really understand what was happening – but it made a deep impression on me. Since then I have studied all the major bear trends going back to the 1907 bear market.
I did this because I believe that the only intelligent way to predict the future is to study the past. Consider: the only reason you know that the sun is going

Standard Bank

Buying shares in Standard Bank has always been a long term investment in South Africa and Africa in general.
The company is enormously profitable producing over R28bn in headline earnings in the year to 31st December 2019 – and it is the ultimate service business which receives its income from a spread of millions of individuals and companies. Banks are the only organisations in the

The Confidential Report - March 2020

This month’s Confidential Report is dominated by two major developments:

  1. Internationally, by the correction in world markets caused by the coronavirus - which has been gaining some momentum with the S&P500 index down 12,75% at one stage from its highest point.
  2. And locally by the South African Budget – especially the plan to cut R160bn from the wages of