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2019 Investment Views

A new market regime

2019 Investment Views

The extended global bull market has succumbed to disappointing growth, populist politics and ebbing liquidity. While the US economy carries enough momentum to sustain optimists, diverging fortunes have replaced synchronised growth. Escalating trade tensions are also weighing on investor sentiment.

Sharp market corrections have been a predictable response, giving rise to opportunities at individual stock level. But rate hikes and a process of price resetting mean that the volatility will likely continue for some time.

Closer to home, the unravelling of the damage that state capture wrought over the past few years continues, albeit at a more measured pace than many expected. The reality of the task ahead, for government and the private sector, means that we will need to dig deep as a country and harness all our resources.

Despite local and global headwinds, there are still attractive investment opportunities. Our 2019 Investment Views bring you insights from our investment specialists.

Find out why Clyde Rossouw and Rob Forsyth believe that the start of the domestic rally will come from bonds, not equities. Chris Freund and Hannes van den Berg explain why it’s too early to get too defensive, while Jeremy Gardiner and Nazmeera Moola share their views on SA growth and how the country is placed relative to other emerging markets. Peter Kent and Malcolm Charles provide insights on interest rates, bonds and listed property. On the global front, Philip Saunders and Iain Cunningham discuss risks and opportunities amid difficult market conditions.