In this month’s newsletter Henk Myburgh looks at target return objectives and discusses the potential pitfalls of the narrative fallacy by using investment themes. He compares Nominal and Real returns and argues that Real returns should be favoured as an investment objective.

Our personalities, mannerisms and values are all shaped by our surroundings, and our savings patterns are not an exception. Different generations exhibit different savings patterns, many of which have been moulded by the landscape in which those generations grew up.

From an investment point of view, the question is how to position appropriately for a weaker US Dollar and higher inflation environment. We believe there are a number of strategies that could be employed, one of which is implementing exposure to real or tangible assets like precious metals, specifically gold (and silver).

Is it rational to allocate less to bonds than the traditional 40% for a balanced portfolio?

With South Africa, Mexico and India’s 2024 elections now finalised, the world awaits the much anticipated outcome of the US election to be held in November this year.

Based off of the recent surge in precious metal prices and the lag of their miners’ share prices, is there value in holding precious metal miners?

Can the Fed claim a “soft landing”? A deeper look at the relationship between the yield curve and historical recessions, leading in to the Fiscal Dominance concept, the current US yield curve and economy.

Many are asking whether China has been oversold and wondering whether the year of the dragon will see China rising from the ashes.

The Fed started raising rates on 17 March 2022 in an attempt to curtail rapidly increasing inflation. Is it possible that the Fed has raised rates too much and too fast?

A brief recap of the major headlines of 2023, followed by some detail on one of the major headlines of 2024, national elections spanning across the globe.