Topline Quarterly Review: Q2 of 2019

Topline Quarterly Review: Q2 of 2019

July 25, 2019
South Africa participated in the global equities rally as the United States confirmed that there will be no more interest rate hikes in 2019. Equity markets around the globe cheered the news with double digit growth achieved in most emerging market countries for 2019. Uncertainty has become a part of our everyday lives with the developed world leading the ...
Topline Quarterly Review: Q1 of 2019

Topline Quarterly Review: Q1 of 2019

April 25, 2019
Recoveries, Buybacks and Politics The start of 2019 has seen most investors relieved by the recovery experienced on all fronts following a tough end to 2018. Markets bounced back sharply erasing most of the losses incurred in the fourth quarter. For investors that stayed the course the effects of 2018 are now negligible.  For those that jumped ...
Topline Quarterly Review: Q4 of 2018

Topline Quarterly Review: Q4 of 2018

January 24, 2019
“Aren’t we glad that 2018 is behind us? That said – we’re all asking if there’s light at the end of the tunnel or if that’s actually a train approaching?”
Topline Quarterly Review: Q3 of 2018

Topline Quarterly Review: Q3 of 2018

October 22, 2018
“The third quarter of 2018 was a tough one for emerging market economies. South Africa fell into a technical recession as economic growth contracted for the whole of 2018.”
Topline Quarterly Review: Q2 of 2018

Topline Quarterly Review: Q2 of 2018

July 18, 2018
Quaterly market review, Q2 of 2018.
Topline Quarterly Review: A New Dawn of Hope

Topline Quarterly Review: A New Dawn of Hope

April 17, 2018
“With all the political noise detracting from economic fundamentals, it is easy to think we are in a downward spiral. Compared to mid-December 2017, we believe we are on the right track building South Africa up to where it should be”
Topline Quarterly Review: Political Shifts and Renewed Optimism

Topline Quarterly Review: Political Shifts and Renewed Optimism

January 26, 2018
-By Thiart van der Merwe     As we ended off 2017, the headlines were dominated by the ANC leadership race. It came down to two candidates who represented different factions within the ANC. In the end Ramaphosa edged out a marginal victory over Dlamini-Zuma. The Rand subsequently strengthened by more than 11% as investors welcomed a business-friendly ...
2017 and the case for a low return environment

2017 and the case for a low return environment

December 7, 2017
-By Thiart van Der Merwe A prolonged, low-growth environment and no real returns from our market were the main talking points as we entered 2017. With constant negative press on corruption and a deteriorating political landscape, one can understand the inclination to be pessimistic. Up to the midway point the pessimists were right. The stock market surprised ...
Topline: The Market This Quarter

Topline: The Market This Quarter

October 20, 2017
By Thiart van Der Merwe Quarter 3 Review     There’s been a rally in SA equities in the last quarter. Some sectors have done really well. If we compare the returns to the rest of the world however, we are lagging. Why? Own goals on the political front. Against our Emerging Market peers, we have underperformed by more ...
The Good News You're Missing

The Good News You’re Missing

September 8, 2017
– Sunel Veldtman   Recently, I have noticed how many conversations about the world lead to a conclusion that the world is a mess. We seem anxious and insecure about the future. If I look at my social media feed, it is no wonder. Bad news abounds. Korea is angling for war. Trump plans to block immigration. ...
Quarter 2 Review 2017

Quarter 2 Review 2017

July 28, 2017
By Thiart van der Merwe A captured state exposed by a trail of emails in the hundreds of thousands. The #GuptaLeaks made headlines almost every day in major newspapers throughout the quarter. Shocking revelations of kickbacks received to Gupta-linked companies and generous gifts and holidays paid for to secure more lucrative deals just highlighted the corrupt ...
A quarter marred by political instability: First Quarter 2017 Review

A quarter marred by political instability: First Quarter 2017 Review

May 2, 2017
A quarter marred by political instability: First Quarter 2017 Review.
Cry my Beloved Country

Cry my Beloved Country

March 31, 2017
In a cabinet reshuffle that has been on the cards for some time, Zuma has finally pulled the trigger on Finance Minister, Pravin Gordhan and his deputy Mcebisi Jonas. He also changed 18 other positions. Late Thursday night the finance minister was replaced with Home Affairs minister, Melusi Gigaba. The Rand has plunged 7.5% since ...
Market Overview: Q4 of 2016

Market Overview: Q4 of 2016

February 1, 2017
“There are decades where nothing happens, and then there are weeks where decades happen.” Vladimir Lenin.
US Presidential Election 2016

US Presidential Election 2016

November 10, 2016
We haven’t paid much attention to US elections in the past…Democrats, Republicans, Bush, Clinton or Obama – there has been a broad acceptance of neo-liberal capitalist policies supported by globalisation. Yesterday, that changed.
Market Overview: Q3 of 2016

Market Overview: Q3 of 2016

October 25, 2016
This quarter we faced unanswered questions on Brexit, entered a new era of politics in the USA, and changed guard at local, municipal level.
What's going on with world growth?

What’s going on with world growth?

September 12, 2016
Despite years of unprecedented stimulus from authorities all over the world, the global economy is sluggish. Global growth expectations are continually adjusted downwards and are still well below long-term averages. This year the World Bank adjusted its global growth forecast downwards to 2,4% from 2,9% in January. So, what’s happening with economic growth and why is ...
Market Overview: Q2 of 2016

Market Overview: Q2 of 2016

July 25, 2016
“Every once in a while, the market does something so stupid it takes your breath away.” This famous saying by Jim Cramer pretty much sums up the second quarter of 2016, more specifically the last week of June.
Market Overview: Q1 of 2016

Market Overview: Q1 of 2016

April 15, 2016
While it is always difficult to predict where we were heading at the beginning of 2016, we could feel a bit more optimistic than we were at the start of the year. The constitution held up and a big victory for our democracy as the message was clear, no one is above the law in ...
The United States, a Declining Power or the “Indispensable Nation”?

The United States, a Declining Power or the “Indispensable Nation”?

March 3, 2016
PortfolioMetrix’s Brandon Zietsman wrote an interesting piece on the possible shift of power away from America to the likes of China, and whether you should look at size in isolation or is there more to a power shift than just the production numbers of a country. An interesting read. American exceptionalism has defined the way Americans ...
Market Review 2015

Market Review 2015

January 27, 2016
2015 was a tough year for markets around the world. The Rand crumbled to an all-time low. The currency lost 35% during the year and as at 31 December one dollar could get you R15.58 (compared to R11.56 at the beginning of the year). The only upside of this was that global investments held in dollars ...
Third Quarter Market Review: 2015

Third Quarter Market Review: 2015

October 23, 2015
The third quarter of 2015 presented challenging market conditions. Global equity markets declined by 11% measured in US Dollars. According to the MSCI Index this is the worst performance since the third quarter in 2011, when markets declined by over 20%. South African equities declined by 2% in local currency terms but by 17% in ...