Global markets are showing few signs of settling down, with sentiment vacillating between hopes for a sharp ‘V-shaped’ global recovery and continued concern about the economic impact of the novel coronavirus. On the one side, we have countries around the world slowly emerging from severe economic lockdowns; on the other, the reality is that the…
Between the global COVID-19 crisis and the decision from Moody’s to downgrade South Africa’s sovereign credit rating in Q1 2020, the rand has had a torrid year so far. Is R18.70 to the US dollar fair value, could it fall further, and what are the chances that it could rebound? As regular readers of our…
Endowments are an overlooked instrument among people seeking to maximise the tax efficiency of their investment portfolios, but they can be a useful tool under certain circumstances. They are particularly useful for people who have a higher marginal tax rate than 30%. We believe that the only class of endowment that is really worth looking…
With 2019 rapidly unwinding, it is an opportune time to reflect on the year that was and to cast our eyes ahead to 2020. But first, let’s rewind to 2017, an uncertain and difficult year for South Africa’s economy. As we sat on tenterhooks to find out who would lead the ANC and the country,…
High net worth families used to rely on creating a trust as a tax-efficient vehicle for growing their assets and passing wealth from generation to generation. But tax authorities and governments around the world have tightened up laws and regulations to prevent the affluent from using trusts to shield their income and capital gains from…
Despite some blonde global leaders recent efforts, the world is more open to emigration than ever before, capital knows no borders, and it’s increasingly common for the members of a mid to high-income South African family to be scattered around the globe. From the young professional working in Dubai for a few years before returning…
As we enter the home stretch of 2019, many of the same themes that have dominated headlines for the past three years continue to dictate the direction of the markets. But in addition to the volatile brew of Brexit, trade wars and instability in the Middle East, a number of analysts and economists are beginning…
National Health Insurance (NHI), the Public Protector, Eskom, ANC infighting, Trump, Trade Wars, the Fed… the list goes on. These are all factors that have been impacting the rand of late and may continue to do so for the foreseeable future. The rand fell by 12% in 24 days from its intra-day low of R13.80/$ on…
We’re halfway through the year, and there are few signs that the geopolitical volatility that has characterised the past three years will abate any time soon. The same headlines continue to spell uncertainty for the markets — Trump, trade wars and Brexit. Even so, equity markets worldwide enjoyed a strong quarter and first half to…
