Economic views The eye of the storm

“The president can't change the country on his own. But what can he do? He can give an example.” - Volodymyr Oleksandrovych Zelenskyy; President of Ukraine

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“The president can't change the country on his own. But what can he do? He can give an example.” - Volodymyr Oleksandrovych Zelenskyy; President of Ukraine

While the uncertainty has increased and the range of outcomes is greater, the long-term opportunity remains, with Netflix still being the clear market leader in an industry with strong structural tailwinds.

While economic recovery challenges still abound, the likelihood of South Africa tumbling into a debt trap within the next five years has, thankfully, diminished.

Netflix’s scale, ongoing product innovation and strong execution set the company up well for sustained leadership in an industry that continues to shift online at accelerating pace.

‘In the midst of every crisis, lies great opportunity.’ - Albert Einstein

Budget delivers good news, but some assumptions may prove too optimistic

A disciplined approach delivers over the long term

But SAGBs might still fare better than expected

Long-term thinking and rigorous research needed to spot opportunities.

Mounting risk to the fiscal health of indebted emerging markets will require careful navigation.

An attractive new add to our portfolios.

An attractive, growing sector in both Eastern and Western Europe.

Portfolio managers Gavin Joubert and Suhail Suleman talk about their journey with the Global Emerging Markets Equity Strategy over the last 13 years.

It’s not just about Tencent, games and China

“We demand rigidly defined areas of doubt and uncertainty!” – Douglas Adams, The Hitchhiker’s Guide to the Galaxy

Understanding the risks and return opportunities remains crucial

But open minds and ability to shift positions are key

Global Frontier Markets

Passing breeze or real winds of change?

Shifting growth dynamics and inflation uncertainty

Cheap insurance at a time of heightened risk

Finding value in complexity

“Your perception may not be my reality.” – Aporva Kala, author and philosopher

Inflation – it’s time to pay attention

Promising long-term growth seen in emerging equity markets

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A story of a year we shall never forget.

A growth opportunity in the lacklustre retail space

Good intentions and a renewed commitment to growth are not enough to make government's financial position sustainable

Post-pandemic recovery in the balance of vaccines and a return of confidence

Bloated merchant acquirers face disruption in the Brazilian market spac

Bloated merchant acquirers face disruption in the Brazilian market spac

Vulnerabilities increase the risk of longer-term damage

Transformation through green initiatives and new demand sources

“If you want to lift up humanity, empower women. It is the most comprehensive, pervasive, high-leverage investment you can make in human beings.” – Melinda Gates, in her book, “Moment of Lift”

We can’t afford not doing better

“The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.” – Benjamin Graham, The Intelligent Investor

“When the world is running down, you make the best of what’s still around.” – Musician and actor, Gordon Sumner (aka Sting)

100 days and counting …

South African investor heaven or hell?

- an excerpt from the Coronation 2019 Stewardship Report

A chance to add good quality domestic businesses to your portfolio

Investment opportunities in the eyecare industry

A butterfly flaps its wings in Wuhan, China

Life in the time of coronavirus

“Battles are never the end of the war” – former US President James Garfield

South African government bonds remain attractive despite global shocks

What did this programme really achieve?

Pause and reflect.

We’re up for the challenge

Cable operators leading US broadband internet momentum

Our purpose in numbers

Inverted yield curves, negative bond yields, liquidity everywhere and not a drop to drink

Transformative policy paper needs strong implementation

A weighty issue?

Restoring confidence is key to growth recovery

IPO learnings from frontier markets

But depressed growth and further Eskom support weigh heavily on government

The price is right (or at least it feels that way)

How sports content (and fast cars) became frontrunners in the media content race

Offshore acquisitions by domestic companies

The economic cost of rent seeking

The trade war between the US and China is not ending anytime soon, notwithstanding the efforts of presidents Trump and Xi to make nice on the sidelines of the Osaka G20 Summit.

When desirability becomes necessity

“Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis

World economy balancing on regional tensions and precarious geopolitical alliances

In the cold light of day

Feeling in the dark? Shining a light on uncertainty

Highlights from ‘Talking Investments with Coronation’

Government’s management of the power crisis will be telling of its broader capacity for reform

“The trouble is, you think you have time.” – Gautama Buddha

But South African bonds still offer a bulwark against global policy normalisation

The way in which financial markets respond to US rate expectations is important

2018 in review

Reaping the rewards of pension reform

Reflecting on a tough year

Responsible investing involves constructive, behind-the-scenes communication

But overcoming deeply rooted economic problems remains challenging

Tighter financial conditions are the greatest near-term threat to global growth

China’s competitive education system drives strong growth

How companies avoid obsolescence through innovation

It was always going to get messy

Despite new vehicle technology, global car sales still drive demand

Spotify and Apple Music lead the revival of the recorded music industry

Despite positive moves, South Africa’s fiscal position is still very vulnerable

When it rains on your parade

The value of proprietary, deep-dive research

Addressing the future for women

A homegrown success story

“May you live in interesting times” – Chinese curse

Earning its stripes

What you see is not always what you get

Thriving in a highly regulated industry

How worried should investors be?

Land reform under new leadership – both risk and opportunity

The relevance of auditors in a post-financial scandal world

International growth looks solid, but be wary of a concentrated consensus

New year, new hope

Real change will depend on the will to fight

Valuations are high and uncertainty is increasing

The next generation of big bets

Well positioned in an evolving environment

Cyril Ramaphosa’s ANC needs to save South Africa from economic déjà vu

What now that the kings are gone?