THE ECONOMIC EFFECTS OF WAR

Russia’s invasion of Ukraine strikes us as one of the most-expected unexpected events of recent times. Steeped in a revisionist ideal of Russian identity, President Putin is rattling the cage of the current world order. NICK CURTIN writes about the inflationary pressures that result from the war.

The cupboard is now bare

It is difficult to remember the heady days of the 2010 Soccer World Cup and the general sense of national euphoria and ‘gees’ we experienced. Business development manager Nick Curtin writes how the national mood is very different as we limp into 2021.

MARKETS IN A NUTSHELL — FOR OCTOBER 2025

In our monthly podcast, 'Markets in a Nutshell', Linda Eedes breaks down October's market dynamics. She explains why cyclical mining shares pulled back sharply despite rising gold prices and addresses the AI investment frenzy. Linda discusses the impressive, consistent returns of the Foord Balanced Fund and outlines why we are focused on deploying capital into low-debt, high-quality SA Inc businesses to ensure smooth, steady real returns for long-term wealth building.

MARKETS IN A NUTSHELL — FOR OCTOBER 2025

Investors expecting to be spooked in October left with a sugar rush instead. Despite mounting reasons for caution — stubborn inflation, patchy growth, and the second-longest US government shutdown on record — investors doubled down on risk. Stock markets from New York to Mumbai broke records on a heady mix of AI exuberance, monetary easing, and just enough geopolitical restraint to keep nerves at bay.

The Fixed Income Opportunity

Governments are again living beyond their means. In the United States, spending exceeds revenue by some $2 trillion a year. One-fifth of federal income is now devoted to interest payments. South Africa faces a similar problem: public debt has risen sixfold in 15 years, while the economy has barely grown. The world has left behind the era of cheap money, but not the habits it encouraged. Portfolio Manager Farzana Bayat considers how this shift is reshaping the bond market.

SA Inc. Shares — Undervalued, Under-owned, Underestimated

After years of selling pressure, South African equities are showing signs of revival. The JSE hit record highs in September, driven by mining stocks — after gold and platinum prices surged to all-time peaks. Yet the real story lies beneath the surface: years of foreign disinvestment have left SA Inc. shares deeply undervalued. Portfolio Manager Nancy Hossack explains why this may be the year SA Inc. equities reclaim the spotlight.

The Rand's Remarkable Recovery

Only six months ago the rand seemed in freefall. In April, during the tariff-driven sell-off, it nearly breached R20 to the US dollar. By early October it was trading near R17, its strongest point in more than two years. For a currency that often serves as the world’s favourite shock absorber, the turnaround has been remarkable. Portfolio Manager Rashaad Tayob explains what lies behind the move — and what it means for investors.

Retirement, Reimagined

The old idea of retirement — a single moment when work stops and leisure begins — no longer fits the modern world. Longer lives, shifting work patterns and uncertain finances are turning retirement into a gradual process rather than a fixed event. Christina Castle, author of Foord’s Teach Your Child to Invest series, explores how the boundary between work and retirement is becoming more fluid — and why that may be a good thing.

Five Myths About China Investors Need To Rethink

Many investors continue to view China through an outdated lens – as an imitator rather than an innovator, or as a fragile economy reliant on the West. Having recently completed its second annual investment immersion trip to China, Foord Asset Management says that what’s happening on the ground tells a very different story.

The AI Revolution: Learning From Past Bubbles

Artificial intelligence is transforming industries and reshaping how we work, communicate and invest. History reminds us that every great technological leap attracts speculative excess. The railway mania of the 1840s and the dot-com boom of 2000 both began with genuine innovation, drew in enormous capital, and ended in overbuild and collapse. Portfolio Manager JC Xue considers whether the current AI cycle will follow the same pattern.