Once seen as safe and steady, bonds are now at the heart of market turbulence. From political pressure on the Fed to diverging central bank moves and volatile long-end yields, 2025 is rewriting the rules. Jason Borbora-Sheen makes the case for short-dated bonds, global diversification and a relentless focus on capital protection.

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Markets are a game of probabilities, and John Biccard thinks investors are mispricing them. In this episode, he unpacks why South African banks may offer compelling value, why the case for gold still glitters, and what 25 years of value investing has taught him about conviction, misperception, and timing. Is value finally getting its moment in the spotlight?

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This year has not been short on worries for market participants. Now, another concern is creeping onto the list: stagflation. Early signals of a slowing US economy, coupled with rising prices, have caught investors’ attention, though they are not yet fully reflected in market pricing. John Stopford unpacks the complex likelihood of stagflation taking hold, its potential impact and how he is positioned to navigate one of investors’ most persistent adversaries.

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Infrastructure credit is emerging as a powerful way for institutional investors to combine resilient returns with real-world impact. Thanzi Ramukosi highlights a strong pipeline across energy, water, transport and digital connectivity, offering diversification, stability and support for South Africa’s development.

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Malcolm Charles unpacks the contrasting outlooks for global bond markets, starting with a ‘sunnier’ South Africa buoyed by improving fundamentals and resilient fixed income returns, before heading offshore where clouds of policy uncertainty and tariff tensions loom large.

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A global commodity index has hovered near multi-year highs for months, but beneath the surface, individual commodities tell very different stories. George Cheveley delves into the supply-and-demand dynamics behind key commodities, including platinum group metals, copper, oil, and gold. He discusses what’s powering the rally, and what may lie ahead.

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The South African Reserve Bank delivered a widely expected 25 basis-point rate cut, but surprised the market with its ambition to target a 3% inflation rate sooner than anticipated. Vivienne Taberer analyses the decision, decodes the Governor’s tone and shares her take on what’s next for SA interest rates.

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The JSE All Share Index has surged past the 100 000 mark, doubling in just 5 years. Hannes van den Berg explores the significance of this milestone, while cautioning that the rally has been narrow, driven largely by the Resources sector and a handful of heavyweight stocks. He raises the key question: can SA Inc. step up to broaden the market rally?

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As the world’s reserve currency, the US dollar plays a pivotal role in global markets. But has it reached a critical inflection point? Sahil Mahtani, Director at Ninety One’s Investment Institute, examines four key forces that may have already ended the dollar’s long-term bull run – potentially marking the start of a multi-year bear market cycle. The implications for asset allocators and investors could be profound.

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After a turbulent start to 2025 driven by tariff tensions, markets have found firmer footing. Sisamkele Kobus unpacks South Africa’s economic trajectory, the ups and downs of the Government of National Unity (GNU), and the South African Reserve Bank’s stance on inflation, before offering her reflections on inflation targeting.

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