If you would like to hear our thoughts on the current issues facing South Africa, amidst the Covid-19 pandemic, please click below to listen to a web-based meeting we hosted yesterday (14 April 2020). A summary of the main points is ...
Outperforming the market starts with understanding the potential sources of returns. At Denker Capital, to generate market-beating returns for our investors, we continuously look at how we can improve our edge by gaining a better ...
1. The change in the ratio of price to earnings. Changes in the price to earnings (PE) ratio is the most important contributor to equity market performance in the short term.
The current market sell-off has all the hallmarks of the cycle of irrational panic that grips emotional investors. I recently came across an article in a local newspaper titled JSE nears worst monthly performance in 10 years.
Over the past five years, a tough South African equity market has challenged active value managers. In the recent past, you only need to have made two correct calls in the South African equity market.
Every year thousands of people head to Omaha in Nebraska in the United States to attend Berkshire Hathaway’s annual shareholders’ meeting (AGM) – mainly to draw on the investment experience and expertise of 94-year-old Charlie ...
In my August 2014 article I said the Moody’s downgrade was unwarranted and dangerous. ‘Dangerous from a behavioural point of view in that after investors’ African Bank experience, the downgrade could easily trigger a stampede of both ...
US research shows that investors underperform the funds they invest in over time. The reason for this underperformance is called the behavioural penalty. Investors tend to lose out because they chop and change their investments in ...
We invested in Steinhoff based on consistently improving margins, supported by strong divisional management. We first invested in Steinhoff in 2010. Over the years, our investment case in Steinhoff was built on improving margins in the ...
Pepkor has returned to the JSE as Steinhoff Africa Retail (Star). Pepkor has a colourful history. As shown in Figure 1, it was a listed entity from 1972 to 2004 and then formed part of listed entities Brait and then Steinhoff since ...
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