Any review of asset-class performance in 2024 would doubtless headline ‘Big Tech’, Bitcoin and geopolitics. But delving below the headline grabbers are unloved stocks that have surprised the sceptics. And to great effect. John Biccard discusses his big call ahead of the May 29th elections, how that played out and where he’s seeking opportunity now.

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How do you employ earnings revisions as an investment style, and what role does valuation play when evaluating stocks? Samantha Hartard sets out the SA 4Factor team’s investment approach, and how they apply their thinking to the outlook for SA Inc.

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The day after Thanksgiving has become more than a time to sleep off excesses and patch up family squabbles. ‘Black Friday’ has become a day when discounts are dangled to the delight of consumers, and South Africa has not been spared. To mark it Achumile Mashalaba assesses the JSE retail sector, recent results and trading updates and the potential impact of the two-pot system regime.

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The two-pot retirement regime has revolutionised South Africa’s retirement system. As can be expected with any major change, the industry has raised questions and suggested changes. National Treasury responded accordingly, so Janine Langenhoven clarifies some of the key amendments and the implications for advisors and their clients.

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Bond markets were feeling rather buoyed by falling inflation and an interest-rate cutting cycle that promised many more moves to the downside. Then along came the US Election and a Trump victory. The campaign that promised even lower inflation was greeted by market participants that disagreed. Trump’s potential policies once in office have been interpreted as reflationary and bond yields have been ticking higher. Adam Furlan explains the implications.

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In a feat of remarkable political resurrection, Donald Trump is to be the 47th President of the United States. As results trickled in, US equity futures started rising, presumably assuming that Trump will be a business-friendly president. But can the initial reaction be maintained, and what about other asset classes, particularly bonds? Philip Saunders assesses the implications of this seismic political event.

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The Medium Term Budget Policy Statement it is an important precursor to the real deal in February 2025, and often serves as a useful barometer of SA’s fiscal state. Growth is sluggish, income crimped and deficits will widen. However, there were no unpleasant surprises and although the rand and bond markets weakened, there was a gratifying air of predictability. Adam Furlan sketches out the speech with particular reference to promised infrastructure spend.

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Gold has astonished in 2024, making record highs in dollar terms with repetitive regularity. And yet the high-profile gold gathering in Denver Colorado, recently concluded, was not as well attended as in previous years. George Cheveley was there, and although he conceded that a cautious pall hung over the conference, he came away enthused by the yellow metal’s prospects. He looks at why gold is where it is, who has been buying, and how one should consider its future in a world where AI and big tech have distracted potential investors from this asset class.

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In this first instalment, Marc Lindley delves into a clutch of the questions keeping investors up at night – from solutions for ‘lazy cash’ to walking the trust tightrope.

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South African domestic equities have dusted themselves down and shaken off their inferiority complex. Against the backdrop of the GNU, relative electricity supply consistency, falling inflation and interest rates, the JSE is matching its overseas counterparts. Rehana Khan looks at the sectors and companies that are benefiting and explores whether the trend is to become embedded.

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