A notable portion of the post budget narrative has centred a new income tax bracket at 45% for those earning R1.5mn or more – “the wealth tax”. Unfortunately this debate quickly degenerates into often unconstructive political haggling. This conversation is also a major distraction, a red herring, from a far more concerning trend in South … More Wealth tax Red Herring: Budget 2017 was an assault on all South African’s not employed by government

This article originally appeared in the 20 October version of finweek: collective-insight-october-2016-3 Political awareness has exploded in 2016 after Brexit sent shockwaves through financial markets. Yes, the UK economy will survive and financial markets have recovered post the decision but the UK has been set on a completely different political trajectory. In this instance politics … More Coming full circle: investments succumb to politics

Here is the link to an article that I will write on a quarterly basis for Investment Solutions:   Click to access GlobalOutlook.pdf  

I often get asked, “how can gold rise if there is a risk of deflation? I thought gold was a hedge against inflation?” The real reason why gold does well when there is sharp monetary deflation is because of the risk that deflation poses to the banking system. Under period of sharp monetary deflation, debtors’ … More Gold hedges against monetary inflation and deflation