1st quarter 2003 The winds of war?

The impact of a potential US lead war against Iraq has undoubtedly dominated global markets during the quarter under review (December through to end February). From as early as September last year the Federal Reserve reportedly raised the topic of “geopolitical uncertainty”
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4th quarter 2002 Never underestimate the importance of real returns

Many South Africans have become accustomed to periods of high returns, particularly in the domestic market. This has often created an expectation amongst investors that these periods of high returns will continue in the future. However, investors have tended to focus exclusively on th
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3rd quarter 2002 How much longer is the fat lady going to sing?

The old adage “It ain’t over ’till the fat lady sings” is perhaps appropriate when looking at the current state of global markets and the world is beginning to wonder when she is likely to take a bow and move off centre stage. In the last six years there have b
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2nd quarter 2002 The bruised and battered Rand makes a partial recovery – is it sustainable?

In January 2002, the SA Reserve Bank surprised the markets with a 1% increase in the Repo Rate. In line with expectations, the Monetary Policy Committee increased interest rates by a further 1% at their meeting in March 2002. The main factors contributing to this increase were: the ex
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1st quarter 2002 Is all that glitters, gold?

There have been two interesting developments since our last report (as at 31 December 2001). The first has been the partial strengthening of the Rand, the second being the steady rise in the gold price over the past two months. The enquiry ordered in January 2002 by President Mbeki in
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3rd Quarter 2001: The 18 minutes that changed the course of history

I don’t think that any of us will ever forget the events that took place in the United States of America on 11 September 2001. The unprecedented terrorist attacks on the World Trade Centre and on the Pentagon sent shock waves around the world, highlighting that no country is inv
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2nd Quarter 2001: Roller coaster ride – “keep your seat-belt fastened”

The roller coaster ride continued through the second quarter of 2001, with few surprises for investors, as we had anticipated. Investor sentiment was given a much needed boost with the 6 interest rate cuts in the USA, for the year to date, and one in the European Union. We still belie
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1st Quarter 2001 – Roller coaster ride – “check your seat-belt”

Global markets were in an upheaval during the first quarter of 2001, and still, the volatility continues. In periods of extreme volatility emotional reactions and perceptions tend to exaggerate the negative impact on the markets. Those who invested during 2000 may well have been exper
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January 2001: Economic commentary on global equity markets

The year 2000 ended up being the worst year for equity markets since 1990 when the Gulf Crisis took its toll on equity markets. Unlike that single event that put markets in a downward spiral, 2000 was more of a steady decline. The United States was in the middle of the storm, sparked
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