Articles about
SA economy
“When the world is running down, you make the best of what’s still around.” – Musician and actor, Gordon Sumner (aka Sting)
“If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.” – Economist John Maynard Keynes
Despite positive moves, South Africa’s fiscal position is still very vulnerable
Cyril Ramaphosa’s ANC needs to save South Africa from economic déjà vu
South Africa’s prospects are looking better, but durable change needs vision and consensus
“The storm only comes to teach you how to skillfully sail your ship.” – Matshona Dhliwayo, author and philosopher
But SAGBs are still an attractive investment
Improving local economic outlook
But South African bonds still offer a bulwark against global policy normalisation
It was always going to get messy
The price is right (or at least it feels that way)
But after riding the wave of optimism, we are now cautious of South African bonds at current levels
We can’t afford not doing better
Vulnerabilities increase the risk of longer-term damage
Good intentions and a renewed commitment to growth are not enough to make government's financial position sustainable
Let us not waste another crisis
Transformative policy paper needs strong implementation
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
“You can’t always get what you want, but if you try sometimes you just might find you get what you need.” – The Rolling Stones
Enough already!
“Trust is undeniably linked to doing what is right. Ethical drivers such as integrity, dependability and purpose drive the trust capital of business.” – 2020 Edelman Trust Barometer
“It does not matter how slowly you go, as long as you do not stop.” – Confucius
“Give me accountability, I’ll give you peace.” – Abhijit Naskar, neuroscientist and author
“A promise is a cloud; fulfilment is the rain.” – Arab Proverb
“Throughout human history, in any great endeavour requiring the common effort of many nations and men and women everywhere, we have learned – it is only through seriousness of purpose and persistence that we ultimately carry the day. We might liken it to riding a bicycle. You stay upright and move forward so long as you keep up the momentum.” – Ban Ki-moon
But depressed growth and further Eskom support weigh heavily on government
“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese proverb
Passing breeze or real winds of change?
Restoring confidence is key to growth recovery
The element of surprise is common in a system where so many decisions depend on forecasts of the future.” – Iconoclastic economist Frank Knight, mid-20th century
“He who indulges in empty fears earns himself real fears. We should always allow some time to elapse, for time discloses the truth.“ – Lucius Annaeus Seneca
Significant opportunities may underlie a bleak outlook
We continue to focus on valuation to find attractive opportunities
2017 proved to be a strong year for most asset classes and our portfolios performed well over the period
A good quarter for investors, but a tough one for South Africa
In the short run, the market is a voting machine, but in the long run, it is a weighing machine.
Mounting risk to the fiscal health of indebted emerging markets will require careful navigation.
The economic cost of rent seeking
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