Durable portfolios
The JSE is up 38% this year. That’s an astounding number. What’s interesting, though, is that, like in most markets around the world, the returns have been extremely concentrated. The resources sector, which makes up about 30% of our market, is up more than 80% year to date. The rest of the sectors have […]
The Soul of Wealth
I came across a podcast with Daniel Crosby discussing his book The Soul of Wealth: 50 Reflections on Money and Meaning. It stood out because it was not about building wealth but about what wealth is for and how we can use it to create more purpose, freedom and contentment in our lives. Here are […]
The rand
Five years ago, the rand was about R17.04 to the USD. Today, it is R17.37. That is only a 1.9% weakening over five years, which is pretty flat in the bigger picture. It is always difficult to pinpoint the exact causes behind the rand’s movements, and the drivers are not always the same. For example, […]
The Eighth Wonder of the World
Charts have a way of illustrating things that numbers or words just can’t. The chart below shows the history of the S&P 500 (the top 500 stocks in the US) going back to 1950. The blue areas are bull markets (rising markets), and the red areas are bear markets (market crashes). Take some time to […]
Chasing money
It sometimes takes chasing money to realise how empty it is. And once you start down this path, you also discover that you never actually catch it. Money is a tool. Either you use it, or it uses you. The danger of focusing solely on money is that decisions become short-term, reactive, and […]
Are Market Valuations Too High?
Valuation has long been central to how we assess the stock market. Whether through price-to-earnings (P/E) ratios, the CAPE ratio, or price-to-sales metrics, investors have relied on historical averages to decide when markets are cheap — and when they’re dangerously expensive. And by almost any traditional measure, global markets — especially the U.S. — look […]
The JSE’s 155% Climb
For those of you who follow the JSE All Share Index, you may have noticed it broke through the 100,000 level a week ago. This is a momentous occasion — the index briefly dipped below 40,000 during the COVID crash in 2020, and as of writing, now sits just over 102,000. That’s a 155% increase […]
Sell
I’m in Cape Town this week, so keeping this one short. I came across the tweet below on LinkedIn. It’s from Michael Burry. I see he posted it on 31 January back in 2023. – If you don’t know who Michael Burry is or haven’t seen The Big Short, I’ve written about him before. […]
2025 So Far: Resilience, Growth, and What Comes Next
US stocks are currently at all-time highs. That can feel scary. I’ve written before about how investing at all-time highs isn’t as dangerous as it feels — in fact, the odds are often in your favour. But what I find even more interesting is that cash sitting in US money market funds is also at an […]
Market recap
I’ve used 4 indices for this market recap: South Africa Listed Property Index – this index gives us insight into the state of South African property – shopping malls and office space across the country. Large exposures here include Growthpoint and Redefine Properties JSE All Share Index – Represents our local equity market. MSCI World […]
