“The only constant is change.” (Heraclitus) Stock markets everywhere have been on a bit of a rollercoaster in 2025. Uncertainty around interest rates, geopolitical instability, and the unpredictability of US trade policy have made for a bumpy ride. For any investor, these constant dips and gains can feel unsettling, even irrational. But before labelling…
“… the economy needs to grow much faster and in an inclusive manner. This is the central objective of the current administration.” (Finance Minister Enoch Godongwana – Budget 2025) The tabling of Finance Minister Enoch Godongwana’s fourth Budget in February was marked by an unprecedented three-week postponement, following a deadlock around the original Budget proposal…
“The secret of Big Macs is that they’re not very good, but every one is not very good in exactly the same way.” (Joel Spolsky) The concept is straightforward: in theory, the same things should cost the same globally. The Big Mac is a great product to compare because it’s sold in over 100 countries…
GNU 2.0 the best possible outcome for investors South Africa’s second Government of National Unity in three decades heralds good things to come for the country and investors. Financially speaking, it is the best outcome we can hope for in a challenging political environment. Dominated by the ANC and the Democratic Alliance, the GNU 2.0…
Investors pin their hopes on an investor-friendly outcome The elections have been and gone, and now we wait to hear the nature of the coalition that the ANC will form after not just losing its majority but only managing to muster a 40% share of the votes. A lot has been written about the potential…
Elections often move markets. This year, eight of the world’s 10 most-populous nations – across the Global North and South – go to the polls in the same year for the first time ever. FX markets are often the best way to express views or hedge positions in and around elections, and FX volatility presents…
“Our bigger challenge… is that our pie is not growing fast enough and this limits our ability to generate sufficient revenues to distribute among our priority areas.” (Finance Minister Enoch Godongwana – Budget 2024) Finance Minister Enoch Godongwana’s third Budget Speech in an election year contained few surprises, but also little in the form of…
