Behavioural Economist Richard Thaler wins the 2017 Nobel Prize for Economics

Richard Thaler, a leading light in the field of shedding light on how much our behaviour affects our investment outcomes, has won the 2017 Nobel Prize for Economics. Bloomberg reported that his body of work "includes insights on the ways in which limited rationality, social preferences and a lack of self control affect decisions that … Continue reading Behavioural Economist Richard Thaler wins the 2017 Nobel Prize for Economics

GMO’s 7‐Year Asset Class Real Return Forecasts

GMO have released their monthly forecast of what they believe the probable asset class returns will be over the next 7-years. Comment: Asset class / index views are a broad generalisation and should not be interpreted as meaning that all/every component is the same. Within each of these asset classes one will find assets which … Continue reading GMO’s 7‐Year Asset Class Real Return Forecasts

PSG: Be selective when investing offshore and don’t discount South Africa

Writing in the latest PSG Asset Management quarterly newsletter my friend and former colleague, Philipp Wörz has highlighted that it's not just foreign asset managers who think that developed market valuations are starting to feel quite stretched, but local managers are very aware of this too. "Global equities have been in a bull market ever … Continue reading PSG: Be selective when investing offshore and don’t discount South Africa

Living annuity drawdown rates up in 2016

According to a media release yesterday from ASISA*, living annuity policyholders withdrew on average 6.62% of their capital as income in 2016, which represents a marginal increase in the 6.44% living annuity drawdown rate recorded for 2015. An increase in the drawdown rate is concerning in an environment of relatively meek domestic returns over the … Continue reading Living annuity drawdown rates up in 2016

Taking stock with Investec: Going nowhere slowly but don’t bet against the pros

I attended the most recent Taking Stock presentation by Investec Asset Management on Friday morning. The main speakers were Malcolm Charles, Head of Fixed Income and Clyde Rossouw, Co-Head of Quality.  Malcolm's portfolio manager duties includes the Diversified Income Fund. Clyde's portfolio manager duties include the Investec Opportunity, Cautious Managed and Global Franchise Funds. Jeremy Gardiner … Continue reading Taking stock with Investec: Going nowhere slowly but don’t bet against the pros