See the investment opportunity in SA through the noise

See the investment opportunity in SA through the noise

Both politically and economically, South Africa is facing challenging times. Many investors are treating local assets with a great deal of caution. The political risk in the country was most clearly demonstrated by the dismissal of finance minister Nhlanhla Nene in...
Understanding junk status and forced sales

Understanding junk status and forced sales

Who the ratings agencies are, how they work and what their ratings mean. The offices of S&P in the Canary Wharf business district in London. Photographer: Jason Alden/Bloomberg There are three rating agencies: Standard and Poor’s (S&P): it is the only agency...
Beware The Siren Song of Growth

Beware The Siren Song of Growth

Growth has an almost irresistible allure for investors. Whether it’s a rapidly growing economy, a start-up with a hot new product, or a new industry that promises to transform our lives, investors are naturally drawn to opportunities that seem to offer the greatest...
Keep Calm And Carry On Investing

Keep Calm And Carry On Investing

Adapted from the Chief Investment Officer’s comments, which will appear in the Allan Gray Unit Trust Annual Report, 2016.The past 12 months seem to have passed particularly swiftly, maybe because fundamentally very little changed. Interestingly, the light in which...