Foreword | Issue 78 | 2nd Quarter 2026
WHEN CONFIDENCE DOES ALL THE WORK
Foord’s M.I.C.E. framework looks at four forces that support markets or hold them back: Money, Interest rates, Confidence and Earnings. All four matter, but they do not always matter equally. In today’s artificial-intelligence boom, Portfolio Manager RASHAAD TAYOB writes that the most dominant factor may be the C, even if the E is the most important.
THE AGE OF AI — BUILDING THE SAME FUTURE TWICE
One of the more surprising features of the global economy has been its resilience. Tariffs have risen, trade tensions have deepened and geopolitical uncertainty has become a more permanent feature of business planning. Yet growth has held up better than expected. Foord Singapore Portfolio Manager JC XUE writes that part of the explanation lies in the extraordinary wave of investment now being directed towards artificial intelligence.
Read the full article >
OIL PRICES MOVE FASTER THAN FACTS
For some weeks, the oil market hastily chose to believe in the US-Iran ceasefire deal. After the adversaries announced a 60-day pause and a path to reopening the Strait of Hormuz, Brent crude quickly fell towards $70 a barrel, from more than $110 in May. Renewed fighting in July has sent prices sharply higher. As Foord Singapore portfolio manager BRIAN ARCESE writes, prices are moving faster than facts.
Read the full article >
THE THRIFTY SHOPPER IS RESHAPING SOUTH AFRICAN RETAIL
Consumer confidence has been negative for seven years and has fallen further as fuel costs have risen and interest rates have ticked higher. Equity Analyst DHERSAN CHETTY writes that South African grocery shoppers are under pressure, but they have not stopped spending.
Read the full article >
THE GREAT WEALTH TRANSFER — STEWARDSHIP IS LEARNED
Over the next two decades, one of the largest transfers of wealth in history will quietly reshape families, investing and financial advice. Often called the Great Wealth Transfer, it will see substantial assets pass from older generations to their children and grandchildren. Head of Distribution JULIE MACLEOD-HENDERSON writes that the real significance lies not only in the value of the assets, but in the responsibility that comes with them.
INFLATION — THE QUIET DESTROYER OF CAPITAL
Investors often measure success against market indices, peer groups or recent winners. These comparisons have their place. But for most people, the real benchmark is simpler: do their investments grow faster than the cost of living? LINDA EEDES writes that for long-term investors, protecting purchasing power is not a side issue; it is the point.
DID YOU KNOW? ANIMAL SPIRITS
Investment markets trade on mood as much as on mathematics. Economists use the term ‘animal spirits’ to describe the waves of confidence, fear and excitement that move people to take risks. When animal spirits are strong, investors see opportunity everywhere. They buy shares, fund new ventures and assume that tomorrow will be better than today.
Read the full article >
MARKETS IN A NUTSHELL
We summarise the market movements for the latest quarter.
Read the full article >
Share this on:
