MARKETS IN A NUTSHELL — FOR NOVEMBER 2025

Markets paused in November as US equities stayed flat, tech underperformed, and gold soared while Bitcoin slumped. South Africa rallied on supportive conditions, while China remained under pressure. Linda Eedes explains why diversification—blending growth with defensiveness—remains key for resilience in uncertain times.

MARKETS IN A NUTSHELL — FOR DECEMBER 2025

The year ended as it began: with Donald Trump in the news, investors betting on interest rate cuts, and markets and gold at or near all-time highs. In December, the US Federal Reserve trimmed rates for the third successive time, though with notable dissent. The Bank of Japan, in a long-overdue policy turn, raised rates to levels not seen in a generation.

MARKETS IN A NUTSHELL — FOR NOVEMBER 2025

Thanksgiving arrived just in time for US investors when the longest government shutdown on record concluded in November. After 43 days without funding — and without economic data — Congress brokered a fragile agreement to reopen the government. The missed data points, including jobs reports and the inflation print, left markets without some key signals. In the absence of direction, participants defaulted to caution.

Dave Foord on Politics, Debt and the Future of Markets

In this podcast, founder Dave Foord joins Linda Eedes to discuss the major structural forces shaping markets over the next five years. They explore why politics now dominates economics, the unsustainable debt path of the US and Europe and the 'big train smash' coming in the private credit market.

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.