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Selected Articles from Equinox.co.za

  12/30/09 14:50, by Len, Categories: Financial Management, Personal Financial Management, Investment Management

Source: Equinox Articles - Edited by Liz Still

29 Dec 09 - The economy: Kevin Lings
Kevin Lings, Chief Economist at Stanlib writes that over a year has already gone by since the global financial crisis began in September 2008. Although most economies remain fragile, there are..

29 Dec 09 - A Paradigm shift: Post crisis opportunities (or why economists are not very good at economics)
Eric Lonergan, Director, Asset Allocation, M&G London writes that as humans, whether we admit it or not, we all defer to and like to have structures, paradigms, checklists or frameworks for..

29 Dec 09 - A place for property: Two different views
Keillen Ndlovu and Evan Jankelowitz, Co-Portfolio Managers of the Stanlib Property Income Fund write that many would be surprised to hear that listed property has been the best performing asset..

29 Dec 09 - A place for property: Two different views
Neels van Schaik of Alphen Asset Management writes that the property investors are divided into two very firm camps, the believers and the non-believers. We see ourselves as the 'middle camp',..

22 Dec 09 - Review of 2009: Seed Investments
2009 is fast coming to a close and this is Seed Investment's final newsletter for the year. The year started off where 2008 had ended; reeling from the final quarter of 2008, but then turned..

22 Dec 09 - Ten retirement tips for 2010: Coronation
Pieter Koekemoer , Head of Personal Investments at Coronation Asset Management writes that 2009 started with global financial markets in freefall and the entire financial system in crisis. In an..

22 Dec 09 - Three new macro-economic trends to note: Sanlam Investment Managers
Arthur Kamp, Investment Economist from Sanlam Investment Management writes that we should take note of three new macro economic trends: The SA economy is emerges from recession, local inflation..

22 Dec 09 - The growing fiscal deficit shows business remains under stress
Mike Ronald, Head: Investment Team at Marriott Asset Management, looks at the latest figures from Treasury and concludes that the business sector remains under pressure. In addition, long bond..

18 Dec 09 - Outlook for 2010: Plexus
Dr Prieur du Plessis, chairman of the Plexus Group, sheds some light on his investment team's thinking regarding prospects for the global economy and financial..

18 Dec 09 - Dubai 101: Embracing volatility as a friend
Armien Tyer, Managing Director of Sanlam Investment Managers writes that just when investors thought the worst was over and financial markets were headed for calmer waters, Dubai's shock debt..

18 Dec 09 - It’s only over when the fat turkey flies home to roost
Arno Lawrenz of Atlantic Asset Management writes that when comparing current market levels to those of the previous week (bonds remain within kicking distance of its average for the past 31..

15 Dec 09 - Our views on the investment landscape: Analytics
Lance Vogel, Chief Investment Officer of Analytics, writes that as we head into the holiday season, it is instructive to reflect on some relevant events over the last few months that will have..

14 Dec 09 - Local-Foreign vs. Foreign-Foreign
Greg Flash of Alphen Asset Management writes that it would seem that investing in a local, rand denominated global flexible or global equity fund would on average provide more consistent, less..

14 Dec 09 - The risk/risk trade-off: Allan Gray
Delphine Govender, Portfolio Manager & Director, Allan Gray Limited, writes that Allan Gray's mission is to provide clients with the highest investment returns at no- greater-than-average risk...

14 Dec 09 - How has the buy and hold strategy worked? asks Prieur du Plessis
Prieur du Plessis of Plexus Asset Mangement writes that equity investors who have followed the buy-and-hold strategy in the US market have lost big money over the last ten years in both nominal..

14 Dec 09 - Prospects for 2010: Not fixed, but better
Jeremy Gardiner, director at Investec Asset Management, looks back on a turbulent eighteen months and sets out what we can expect from..

14 Dec 09 - Prospects for 2010: Adrian Clayton
Adrian Clayton, Alphen Asset Management reviews how the company has managed money over the last two years, and notes some concerns for..

14 Dec 09 - A classy set of book recommendations for Christmas reading
There are few things more satisfying than a good book. We asked a selection of fund managers to recommend books that they have recently enjoyed, specifically encouraging the inclusion of..

09 Dec 09 - What is in store for the markets, 2010 and beyond?
Shaun le Roux of Alphen Asset Management writes that it is almost not worth trying to guess what is in store for the markets next..

08 Dec 09 - The year we side-stepped depression: Sanlam Investment Managers
Arthur Kamp, investment economist at Sanlam Investment Managers (SIM) writes that the real world is always more surprising than we can ever imagine. And 2009 proved to be no exception. Markets,..

07 Dec 09 - Global economy has bottomed: Prieur du Plessis
Dr Prieur du Plessis, chairman of the Plexus Group, writes that in his view, the global economy has bottomed. There is definite evidence of expansion in both the manufacturing and..

07 Dec 09 - An interesting year is coming to an end: Alphen
Neels van Schaik reminds us that calendar year 2008 ended with a brave rally of almost 20% between late November and December, after the market crashed during the second half of..

07 Dec 09 - Can active managers consistently outperform an index?
Ian de Lange of Seed investments writes that an ongoing question that many investors pose is one which asks whether fund managers can consistently outperform an..

07 Dec 09 - Dubai or not to buy? asks Arno Lawrenz
Arno Lawrenz, Chief Investment Officer at Atlantic Asset Management, poses the question: Dubai or not to buy... that is the question... or maybe..

07 Dec 09 - Economic and market outlook for 2010: Absa Asset Management
Craig Pheiffer, General Manager: Investments at Absa Asset Management Private Clients writes that in the Absa January 2009 newsletter (in the middle of the recession and before Q4 2008 GDP had..

02 Dec 09 - Earnings season - not shooting green!
Philipp Wörz of Alphen Asset Management writes on the recent earnings season, noting that the All-Share Index continued with its good form in November delivering 2.1% on a total return basis..

02 Dec 09 - China: Worth all the fuss?
Kwabena Twumasi, Trainee Portfolio Manager at Absa Asset Management Private Clients writes that Economists, analysts, chief executives and any other person who has an audience to listen, seem to..

01 Dec 09 - Young South Africans must be considered in retirement and healthcare reforms
In an effort to improve the lives of ordinary South Africans, the country is o­n the brink of reforming both the retirement and health sectors. The issue of youth unemployment is the elephant in..

01 Dec 09 - A bubble: Trade in high volumes at prices significantly above intrinsic value
Arthur Karras of Hermes Asset Management writes that since the global financial crisis hit a year ago, investors have been concerned about further fall-out impacting their depleted portfolios...

01 Dec 09 - What should we make of our currency volatility?
Ian de Lange of Seed Investments writes that markets around the world gained ground on the first day in December. Asian markets closed up strongly, with the Japanese Nikkei up 2,2% on news that..

01 Dec 09 - Investing offshore: Its all about price
Mark Cliff of Alphen Asset Management writes that a cursory glance at the fund fact sheets of the majority of the better asset allocation funds out there shows one call common to most: all the..

01 Dec 09 - Will emerging market outperformance last?
The MSCI Emerging Markets Index has notched up a massive 72,3% gain for the year to date, and an even more impressive 101,4% since the March 9 lows. According to Dr Prieur du Plessis, chairman..

26 Nov 09 - Finding value in an uneven recovery, emerging markets versus developed markets
Michael Hasenstab, Co-Director of International Bonds at the Franklin Templeton Fixed Income Group (pictured) writes that he believes that there is likely to be differentiation in how various..

25 Nov 09 - Myth Busters: Best and worst months for stock markets
Greg Flash of Alphen Asset Management, writes that the quote from Mark Twain, does seem not that profound because three of the worst stock market crashes happened roughly in October - 1929,..

25 Nov 09 - Has the recession ended? [1]
Ian de Lange of Seed Investments notes that South Africa released official quarter 3 GDP statistics yesterday. These tend to be a lagging indicator, but encouragingly reflected growth for the..

25 Nov 09 - Has the recession ended? [2]
Adenaan Hardien, Chief Economist at Cadiz Asset Management writes that Stats SA figures showed that South Africa’s first recession since 1992 was relatively short-lived and ended in the second..

17 Nov 09 - Investing in the post-crisis era: Cannon Asset Management
Adrian Saville, CIO of Cannon Asset Managers, says the global fabric has changed. He assesses the post-crisis investment landscape and suggests the best investment..

17 Nov 09 - Interesting breakdown of collective investment market share
Mark Seymour of Alphen Asset Management writes that South African retail investors in unit trusts are spoilt for choice. At present there are 601 funds which house R666bn worth of assets to..

17 Nov 09 - The risk/reward ratio of the stock market is much higher today than it was on 9th March 2009
According to the Stanlib Executive Summary, yesterday the JSE rose to a new 2009 high of over 27,000. The last time it was at this level was in early September 2008, before the Lehman Bros..

13 Nov 09 - Shape doesn't matter - emerging markets do
Arthur Kamp, Investment Economist at Sanlam Investment Managers (pictured right) says that current attempts to predict the likely shape of the global recovery are focusing attention too narrowly..

13 Nov 09 - Update on emerging markets, including a closer look at the Russian market
Dr. Mark Mobius, Executive Chairman, Templeton Asset Management Ltd (pictured right) writes that emerging markets recorded mixed results in October. This led the MSCI Emerging Markets index to..

13 Nov 09 - Show me the money: A bird in the hand is worth two in the bush
Chris Boehmke, investment analyst at Regarding Capital Management writes that for some time now, dividends have been considered passé and just plain boring. A cursory glance through history..

12 Nov 09 - Economic performance no guarantee of investment returns: Allan Gray
Research conducted by Orbis, Allan Gray’s global asset management partner, shows very little correlation between growth in real dividends per share over the 20th century and economic growth in..

12 Nov 09 - Which is best? A single manager or a multi-manager?
One of the the age-old debates in the investment and retirement fund industry is whether it is better to put all your eggs in one basket, or to spread your hard- earned savings between a number..

12 Nov 09 - ASISA: Rand strength drives institutional investors into foreign equity funds
Association for Savings and Investment South Africa (ASISA) report on one of the highest ever net quarterly inflows into foreign currency unit trust funds registered with the Financial Services..

10 Nov 09 - Building capital: The cornerstone of any investment portfolio
According to Johan Pyper, head of research at Plexus Asset Management, it is a well-known fact that South African investors do not make adequate provision for retirement. He believes the reason..

09 Nov 09 - Australia eyes South African unit trust trading model
South Africa is the only country in the world to have successfully launched an industry-wide electronic bureau for the trading of unit trust funds. The business, called FinSwitch, is now 10..

09 Nov 09 - Does Tactical Asset Allocation Work?
Tactical Asset Allocation in conjunction with Strategic Asset Allocation are both strategies that are used by many asset management houses both in South Africa and abroad. Greg Flash of Alphen..

09 Nov 09 - Analytics: No lurch to the left
Lance Vogel of Analytics writes that the most important recent event for market- watchers was Finance Minister Pravin Gordhan's presentation of the Medium Term budget framework. 'In our view', he..

04 Nov 09 - Why the extrapolation of investment trends is not such a hot idea
Ian de Lange of Seed Investments writes that Robert Prechter is a technical market specialist who has been analysing the markets since 1975. In a report titled, "What really moves the market" he..

29 Oct 09 - Active versus passive debate: Not so simple anymore
Johan Pyper, head of research at Plexus Asset Management, writes that with the increasing number 'more clever' index trackers such as fundamental indexation, the traditional arguments for and..

29 Oct 09 - Lower inflation ... for now
Ian de Lange of Seed Investments writes that inflation came in slightly lower than expected, which helped government bond yields down - i.e. prices up. This despite the fact that government is..

29 Oct 09 - ASISA stats reveal investors have largely missed the equity market recover
Jeremy Gardiner, director at Investec Asset Management, says the third quarter collective investment scheme statistics, released by ASISA this week, suggest that many retail investors have..

29 Oct 09 - The seven myths of investing: Sanlam Investment Management
Ricco Friedrich, head of value-managed shares at Sanlam Investment Management writes that myths are widely held beliefs that are mistaken as truths. For example, for long periods of time people..

29 Oct 09 - Time horizon determines appropriate asset allocation decisions
Mark Cliff of Alphen Asset Managers looks at the risk/return trade-off and how critical an investor's time horizon is in determining an appropriate asset..

20 Oct 09 - Global and South African economic update from Stanlib
Kevin Lings and Melissa Dyer of Stanlib Economics and Group Advisory Services write that during September US retail sales declined by 1.5%m/m, which was still better than expected. Overall..

20 Oct 09 - The key to correct asset allocation
Ian de Lange of Seed Investments (pictured) writes that a critical detail when deciding on the composition of your portfolio is your investment time horizon. Many studies have shown that your..

20 Oct 09 - To index or not to index?
Arthur Karas , the Chief Investment Officer of Hermes Asset Management writes that benchmarking has encouraged conservatism amongst fund managers. The issue of benchmarking in investment has..

20 Oct 09 - SA likely to escape recession in third quarter 2009: Old Mutual
Recent economic data are pointing to the likelihood that South Africa came out of recession during the third quarter of 2009, with third quarter GDP data likely to show economic growth of around..

15 Oct 09 - Active management delivers in emerging markets: Coronation
Following the events of 2008, emerging markets sustained their excellent performance in the past quarter, with most African markets following suit. Through smart stock selection and asset..

15 Oct 09 - The never ending question: Do you switch to the top performer?
Mark Seymour writes that we are all aware that there has been a proliferation of funds and many investment professionals and retail investors make a habit of switching between managers to attain..

13 Oct 09 - The rise of China: An eyewitness account
Dr. Mark Mobius, Executive Chairman, Templeton Asset Management Ltd writes that on October 1, 2009, China celebrated the 60th anniversary of the founding of the People's Republic of..

13 Oct 09 - Market set to move sideways for many years: Allan Gray
Mahesh Cooper, head of Orbis Servicing in South Africa and a director of Allan Gray says that the significant rise in global stock markets over the last 12 months has resulted in many questions..

13 Oct 09 - The case for investing in Global Real Estate Funds: Plexus
Real estate equities and funds have re-bounded strongly from their lows in February this year. According to Dr Prieur du Plessis, chairman of the Plexus Group, the Plexus Global REIT Index - an..

13 Oct 09 - Diversification of Equity Funds - Is this Really Possible?
Greg Flash of Alphen Asset Management notes that in South Africa on the JSE All Index there are 163 stocks that can be invested in. For the local equity unit trust managers this is not a large..

08 Oct 09 - Is a 2009-style gold rush upon us?
Shaun le Roux of Alphen Asset Management writes that investing in gold shares is not for the faint-hearted. They have a life of their own and are unlike any other shares on the stock exchange...

08 Oct 09 - Watch and wait for further market direction: Analytics
Lance Vogel, Chief Investment Officer of Analytics writes that other than the derailed MTN/Bharti merger causing a minor blip in the strong nature of the rand, our local investment landscape is..

08 Oct 09 - Equity market on track but showing signs of exhaustion: Investec
Jeremy Gardiner, director of Investec Asset Management writes that despite predictions of doom and gloom from several of the world's leading economic commentators, the equity market recovery..

06 Oct 09 - Markets have gone up too much, too soon, too fast: Nouriel Roubini
Ian de Lange of Seed Investment writes that during rising markets, asset prices climb a wall of worry and the last seven months have been no..

06 Oct 09 - 'Is it a good time to invest offshore?', asks Prieur du Plessis.
With the South African rand proving to be one of the world's strongest currencies for the year to date (gaining almost 29% against the US dollar, 22% against the euro and 17% against the pound..

06 Oct 09 - Good news out there, but don't lose sight of the problems in a 'less bad' environment: Flagship
Winston Floquet, Chief Investment Officer of boutique asset management company Flagship Asset Management writes that while the much-celebrated green shoots have, until recently, generally..

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