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The dollar dilemma

31 January 2017 | Economy

The post-US election rally on global equity markets continues. The Dow Jones Industrial Index hit 20 000 index points to much fanfare, but professional investors pay little attention to the Dow since it is weighted by share price, not market capitalisation. The S&P 500 also hit record highs, buoyed by the prospects of higher profits thanks to President Trump’s proposed tax cuts, a more solid global economy (which predates the election) and rising inflation, which supports corporate pricing power. Locally, the JSE All Share Index has also performed well since the start of the year, in contrast to January 2016 when global and local markets were experiencing turmoil. This means that the 12-month return on local equities is looking very healthy for the moment.

China: New year, new direction?

31 January 2017 | General

As we enter the Chinese Year of the Fire Rooster, investors are busy postulating over prospective returns, associated risks and what 2017 may hold in store.

2015 winners become 2016 losers

26 January 2017 | General

The last two years clearly demonstrated the old adage that one should never blindly judge the future performance of financial markets based on past performance. Global asset classes were the worst-performing asset classes of 2016, after having been the best-performing asset classes during 2015.

The first and foremost rule of investing : Capital preservation

26 January 2017 | Asset Management

Benjamin Graham, the father of value investing, defined an investment operation as “one which, upon thorough analysis, promises safety of principal and an adequate return.” Graham’s concept of safety of principal could easily have been expressed as “capital preservation,” one of the first and foremost rules of investing.

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Question

The strongest deterrent against FSP compliance missteps is or should be:

Answer

A criminal conviction Debarment Fine or penalty Any of the above can work

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