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Everywhere we look, volatility is low––but will it remain so?

07 December 2017 | General

During 2017, volatility has been low—in stocks and in bond markets, even in indicators of macroeconomic activity.

Bitcoin's own valuation measure is meaningless

07 December 2017 | General

Aficionados of bitcoin and other so-called ‘crypto assets’ have started to refer to their own kind of valuation measure – the NVT ratio. The only snag being it tells people nothing about valuation.

Steinhoff – The largest corporate failure of the active asset management industry yet

07 December 2017 | Asset Management

The failure of Steinhoff has shocked even the most seasoned asset managers. It is the biggest corporate failure on the JSE. Allegations of earnings manipulations, uncontrolled acquisition sprees and tax fraud are just the tip of the iceberg. Off-balance sheet companies were set up to hide losses, executives collaborated with each other to defraud investors, and debt was taken on at a massive pace. The warning signs were all there. The most obvious of those was the cynical move by shareholders in PSG to, in a sleight of hand, swap their shareholding in PSG shares in South Africa for a suddenly-Frankfurt-listed Steinhoff, thereby externalising their wealth without the need for foreign exchange controls approvals. This alone should have been a strong indicator that one is not dealing with pillars of society. Many names are implicated. Many more will follow.

10X Investments steady as Steinhoff plunges

07 December 2017 | Asset Management

10X Investments’ chief executive Steven Nathan on Thursday reassured investors that Steinhoff International’s heavy losses had not had a material impact on the financial group’s own funds.

quick poll

Question

Do you think short-term insurance broking will survive the AI plus humanoid robotics age?

Answer

Human first always Not a chance Possibly maybe Yes, but reimagined

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