Investment views
Portfolio construction amid rising global inflationTaking money offshore may be popular, but, at present, South African opportunities are still more attractive.
June 2022 · 7 min read
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Taking money offshore may be popular, but, at present, South African opportunities are still more attractive.
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
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.
An attractive new add to our portfolios.
An attractive, growing sector in both Eastern and Western Europe.
It’s not just about Tencent, games and China
Understanding the risks and return opportunities remains crucial
Global Frontier Markets
Cheap insurance at a time of heightened risk
Finding value in complexity
“Your perception may not be my reality.” – Aporva Kala, author and philosopher
Promising long-term growth seen in emerging equity markets
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
Bloated merchant acquirers face disruption in the Brazilian market spac
Bloated merchant acquirers face disruption in the Brazilian market spac
A chance to add good quality domestic businesses to your portfolio
South African investor heaven or hell?
“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)
A butterfly flaps its wings in Wuhan, China
What did this programme really achieve?
A weighty issue?
But depressed growth and further Eskom support weigh heavily on government
The price is right (or at least it feels that way)
Cable operators leading US broadband internet momentum
IPO learnings from frontier markets
Inverted yield curves, negative bond yields, liquidity everywhere and not a drop to drink
When desirability becomes necessity
Offshore acquisitions by domestic companies
How sports content (and fast cars) became frontrunners in the media content race
“Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis
Where the frontiers of consumer need, technical innovation and pragmatic regulation meet
Reflecting on a tough year
But South African bonds still offer a bulwark against global policy normalisation
But overcoming deeply rooted economic problems remains challenging
Reaping the rewards of pension reform
China’s competitive education system drives strong growth
How companies avoid obsolescence through innovation
Despite new vehicle technology, global car sales still drive demand
Spotify and Apple Music lead the revival of the recorded music industry
The value of proprietary, deep-dive research
A homegrown success story
Thriving in a highly regulated industry
Earning its stripes
What you see is not always what you get
How worried should investors be?
What now that the kings are gone?
Valuations are high and uncertainty is increasing
The next generation of big bets
Well positioned in an evolving environment
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