The risk-off cycle is peaking
Markets have been under sustained pressure from conflict, tighter financial conditions, and liquidity strains. Ryk de Klerk argues this risk-off phase may be reaching its limits, even as volatility remains high.
Investing
How financial advisers support clients during market volatility
A Morningstar behavioural study examines client reactions during turbulent markets and outlines communication approaches advisers use to address concerns.
SaaS apocalypse: Why I shy away from US business development companies
Large SaaS exposures have helped trigger a pullback in BDC prices and dividends. Ryk de Klerk explains why current yields and NAV discounts may mask a deeper downside.
Investors pull R16.5bn from local equity funds despite 42% ALSI rally
Multi-asset and interest-bearing portfolios dominated inflows in 2025 as South African investors continued to favour diversification.
SA equities still trade at a discount as global markets grow more concentrated, says Discovery
Discovery Invest’s 2026 outlook highlights improved domestic fundamentals, attractive relative valuations, and scope for rate easing.
Silver: We saw the hysteria, will panic follow?
Inventory shifts and short covering drove the surge. With stocks rebuilding and hedging normalising, the market may be settling, says Ryk de Klerk.
Study: investor behaviour improved in 2025, but anxiety remains costly
Momentum Investments’ latest behavioural research shows fewer portfolio switches and lower overall ‘behaviour tax’ last year.
US stocks: the bar for perfection is set very high, but opportunities abound
Historical trends suggest it could take up to three years for some sectors’ price-to-book ratios to normalise, says Ryk de Klerk.
Parabolic gold: risk/reward is too high
Reduced available mine supply and massive ETF flows have driven a parabolic gold rally that is pushing the asset beyond traditional defensive risk/reward thresholds.
The rand is at ‘a major inflection point’
Initial post-election gains have unwound as global commodity and manufacturing momentum converged with the world rand.
An eerie calm before the storm
While index levels look stable through September’s expiries, concentrated option exposures and rising fund-based covered-call strategies create a fragile backdrop for a sudden move.
Why I turned bearish on risk assets
Stocks are tasting new highs – largely powered by IT and communications services – yet leading indicators point to weaker manufacturing and downside earnings risk.
SARB ramps up 3% inflation goal – Godongwana insists on due process
The Reserve Bank’s repo rate cut by 25bps to 7% signals the start of a more accommodative cycle as inflation remains firmly under control.
Why I am shy of the copper market and base metals
Traders left holding the world’s priciest copper could struggle to offload the metal if premiums erode – potentially triggering a broader base metals slump.
Five long-term trends shaping the investment landscape
Allan Gray identifies five secular shifts – including the reshuffling of global consumption, booming reduced harm nicotine, and the next generation obesity-wellness wave – that savvy investors should heed.
A closer look at dividend-focused investing: part 2
The key to a successful dividend strategy is identifying firms that wisely reinvest in growth while maintaining manageable payout ratios.
A closer look at dividend-focused investing
High-yield equities can smooth volatility and generate reliable income, helping investors to balance growth and defence across bull and bear phases.
