| The podcast to this newsletter can be listened to here Global Roundup South Africa * The South African Reserve Bank kept interest rates unchanged the week before last, disappointing those hoping for lower loan repayments and signalling ongoing caution in monetary policy. * Consumer prices for food eased to 5.2% year-on-year in August, attributed to lower food inflation amid favourable harvests. Food inflation is something that consumers feel most acutely in their monthly expenditure, and it affects lower-income consumers the most. * The South African Chamber of Commerce and Industry sounded alarms over a sharp drop in consumer confidence, citing persistent economic headwinds. With no drop in interest rates, there is less disposable income, which is likely to persist. * Agricultural exports to the US surged by 26%, underscoring positive momentum in the sector despite broader business challenges and tariffs. * The Monetary Policy Committee revised 2025 inflation and GDP forecasts to a more balanced outlook, highlighting the need for stronger capital formation to drive future growth. The Sarb expects headline inflation to average 3.4% this year, and 3.6% next year, before reverting to 3% during 2027. The JSE, however, keeps hitting new highs.  United States * U.S. stocks experienced a pullback, with all major indexes (Dow, S&P 500, Nasdaq) posting their third straight day of declines amid caution over AI-driven equity valuations and conflicting Federal Reserve signals on rate policy. * Jobless claims dropped to 218,000, indicating continued labour market resilience despite softening in business activity and some economic headwinds. * Second-quarter GDP growth was revised sharply higher to 3.8% (from 3.3%), driven by strong consumer spending and business investment, but momentum is slowing due to tariffs and policy uncertainty. * The Federal Reserve delivered its first 0.25% interest rate cut of 2025 in the week before last, in response to signs of a labour market slowdown, with policymakers still divided over further rate reductions. Every bit of new data coming out is measured against interest rate cuts at this point.* * Ten-year Treasury yields rose to a three-week high above 4.15%, exerting additional pressure on equity valuations; nine of eleven S&P sectors registered declines, with healthcare and consumer discretionary leading the slide. Global: * Japan’s core inflation in Tokyo stayed above 2%, keeping market expectations alive for a near-term rate hike by the Bank of Japan. * German economic institutes upgraded the country’s 2025 growth forecast slightly to 0.2%, with consumer sentiment expected to improve marginally in October. * The Swiss National Bank maintained its benchmark rate at zero, noting that U.S. tariffs have clouded Switzerland’s economic outlook for 2026. * The Reserve Bank of Australia is set to hold rates next week, awaiting clearer signs of easing inflation as the labour market remains tight. Global business activity is slowing, with U.S. and European firms reporting muted growth amid tariff and commodity price pressures; inflation and policy uncertainty are dominant risks  The US Economy The US economy grew in the second quarter at the fastest pace in nearly two years as the government revised up its previous estimate of consumer spending. Inflation-adjusted gross domestic product (GDP), which measures the value of goods and services produced in the US, increased at a revised 3.8% annualised pace. That was stronger than the previously reported 3.3% advance and followed an outright contraction in the first quarter. The US economy has become desensitised to Trump Tantrums. The BEA (Bureau of Economic Analysis) also issued its annual update of the national economic accounts, which showed real GDP still increased at an average annual pace of 2.4% from 2019 to 2024. The revisions paint a picture of an economy that quickly rebounded from the initial shock of the pandemic and has since transitioned to a period of steadier, trend growth with lingering inflation. US Economy Expands at Fastest Pace in Nearly Two Years, and revised second-quarter data reflected a pickup in household spending  The latest quarterly GDP data confirm the economy rebounded in the second quarter after a monumental surge in imports at the start of the year, when companies were racing to stock up ahead of President Donald Trump’s tariffs. The third quarter is also looking solid, with recent reports illustrating resilient consumer spending and business outlays for equipment.  Forecasters expect activity to pick up somewhat in 2026, partly due to Trump’s tax law and lower interest rates. Separate data for the month of August released last Thursday, showed orders for business equipment increased at a solid clip while the merchandise trade deficit narrowed by more than forecast. Initial applications for unemployment benefits fell last week to the lowest since mid-July. Consumer spending — the main growth engine of the economy — advanced at a 2.5% annualised pace. The upward revision reflected more spending on transportation services as well as financial services and insurance. Business investment expanded at a 7.3% rate, driven by the sharpest spending on intellectual property products since 1999. Investment in data centres, which house the infrastructure for artificial intelligence, quickened to a fresh record of over $40 billion on an annualised basis. \ The latest report includes updated figures on corporate profits, which rose 0.2% in the second quarter, much lower than initially projected. That aligns with other data, which suggest companies have so far largely shielded US consumers from price hikes due to tariffs, and Fed Chair Jerome Powell said last week the pass-through has been slower and smaller than previously thought. A measure of after-tax profits for nonfinancial firms as a share of gross value added — a proxy for margins — has tightened this year, though it remains well above levels that prevailed from the 1950s to the pandemic.  Ukraine Nobody seems quite sure what to make of President Donald Trump’s astonishing reversal on Ukraine this week, he may change his mind before this newsletter goes out, as he is want to do, but after months of proclaiming that President Volodymyr Zelenskiy held no cards, he now says that Ukraine can realistically aim to take back all of the territory currently occupied by Russia (including Crimea?) The renewed enthusiasm for the Ukrainian cause also undercuts some of the Trump-Trade rally from the beginning of the year, when the hope was that a forcefully negotiated peace would help to revive the European economy. But it has given extra life to the extraordinary gains that increasing American isolationism has sparked in European defense stocks.  The Ukraine invasion in 2022 was seen as forcing the continent to re-arm, following what was already strong pressure from the Joe Biden administration. That went into overdrive earlier this year, as Vice President J.D. Vance used his Valentine’s Day speech to the Munich security conference to tell Europe’s leaders that they were a greater danger to democracy than Russia. Germany’s largest arms contractor, Rheinmetall AG has been possibly the most dramatic beneficiary of Trump 2.0 policies anywhere. Its stock rallied after the US election, surged further after the Vance speech, and took another step up after the newly elected chancellor, Friedrich Merz, announced in early March that he would amend Germany’s constitution to permit more government borrowing to fund defence. The shares have gained more than 300% since the US election:  While arms companies are the most direct beneficiaries, Germany generated excitement earlier this year by shifting its “debt brake,” adopted in the wake of the Global Financial Crisis to put a constitutional bar against over-borrowing. This was widely seen to be counterproductive, leaving Germany lacking in investment while its neighbors ran into fiscal difficulties. Extra borrowing was exactly what the bond markets had wanted, and Merz’s plan was greeted with something close to euphoria. Another stock that has benefited from the Ukraine war is Leonardo, which we hold for our clients in their offshore portfolios. Leonardo S.p.A. is an Italian multinational company specialising in aerospace, defence and security. Headquartered in Rome, the company has 180 sites worldwide. It is the 12th largest defence contractor in the world based on 2020 revenues. This stock is up 958% in the last 5 years.   Argentina Scott Bessent’s $20 billion lifeline to Javier Milei has, predictably, eased the growing market jitters in Argentina. That doesn’t necessarily mean that it will shore up the Argentinian president’s prospects for a convincing win in next month’s midterms. For now, the Treasury Secretary says the US is ready to extend a $20 billion swap line and to purchase the country’s foreign bonds. Bessent also pledged a stand-by credit from the Treasury’s Exchange Stabilisation Fund, if necessary. It’s the kind of lifeline any leader staring down economic distress would dream of. In the current environment, few others would receive it. Argentina’s economic history makes investors unwilling to give it the benefit of any doubt, so a show of support from Washington matters. It allows Milei to press ahead with his reform agenda, and it also relieves the pressure on the country’s monetary authorities. Not long after Bessent’s announcement, Argentina’s central bank slashed its one-day peso repo rate, one of its key monetary policy tools, by 10% to 25%. The move slowed the currency’s rebound, with the peso about 2% stronger on the day, compared to almost 3% earlier. Dollar bonds jumped across the curve, with notes due in 2035 rising more than 3 cents, nearly erasing losses since Milei’s party suffered a severe setback in Buenos Aires provincial elections on Sept. 7. The question remains whether investors can count on the US to extend the same support to other allies in distress. The president’s professed loyalty bolsters these claims, but whether it would actually guide his decisions is far from clear. In Argentina, Milei is doing the “right things,” reforming a perennial underperforming economy: He needs to convince the voters that inflation has been defeated. And while he has made considerable gains in inflation trends, Argentina needs to avoid another bout of inflation due to currency decline at this moment. Meanwhile, Washington’s bailout reinforces Milei’s reluctance to devalue or reform the currency system, a step he ultimately cannot avoid. Absent a more significant downturn in the real economy, once the midterms have passed, Milei’s likely regained control of his veto powers in Congress (through a minority third in the House), which should allow him to avoid further hits to his fiscal agenda. Combined with (real or promised) US support, we expect this will lead Milei to stick to the current monetary model in spite of pressures. At best, the US lifeline eases economic fears and stabilises Milei’s position rather than boosting it. He still has work to do to turn the small wins into something meaningful come Oct. 26.  Gold Bugs are having a field day Just a couple of weeks ago, we touched on the fact that gold was up 37% for the year and on course for its best return in more than three decades. That was then. It’s now up 42.4% and on course for its best year in more than four decades. Not since the madness of 1979, when the metal more than doubled as investors despaired of ever seeing the end of inflation, has it had a rally as powerful and sustained as this one.  As 1979 showed, it’s necessary to be careful about pronouncements that gold is the ultimate currency. It’s an asset that can get caught up in a speculative mania, like stocks. But history also makes clear that it’s dangerous to ignore its message. How is gold managing to outperform the booming US stock market? An answer is that US shares are only doing so well because of monetary debasement. It’s true that the Federal Reserve cut its target rate last week, and that the money supply is rising again. But neither of those events comes as a particular surprise. And the latest Fedspeak from Chair Jerome Powell suggests that the central bank still feels able to resist the governmental pressure for lower rates. By emphasising that there was “no risk-free way forward” and failing to guide to another cut next month, he appeared to weaken the case for gold. Politics, however, may be the greatest factor. Shaken confidence in the US hasn’t dented the performance of American stocks this year, but countries’ attempts to build a Plan B to reduce their reliance on the dollar could now be showing up in demand for gold. China’s decision to start offering Shanghai as an alternative venue for central banks to store their gold may be more symbolic than anything else. But it tends to underscore that any adaptation of the world financial system will mean more demand for gold. If 1979 was about a somewhat irrational panic over inflation, this latest rally seems to be driven by the more rational calculations of central banks. It might last longer.  A Bitter Pill to Swallow – The Tylenol saga As Health Secretary Robert F. Kennedy Jr. methodically unravels established vaccine protocols in the US, Wall Street is feeling the fallout. What started with upending guidance on Covid shots is broadening out to other jabs for infants. Dr Donald Trump’s scepticism toward long-established (and scientifically proven) protocols is driving the final nail in the coffin of vaccine makers that struck gold during the pandemic. It’s no surprise that demand hasn’t been sustained with Covid-19 mandates now largely irrelevant. But the collision of the “intelligence” and the administration’s antivax policies has led to startling underperformance for Moderna Inc. and Pfizer Inc., the two companies whose mRNA vaccines once blunted the worst of the pandemic: Now, Monday’s shocking announcement from the White House on the (unproven) link between Tylenol use during pregnancy and autism in children is weighing on the fortunes of other drug manufacturers. There is a basic lack of understanding that correlation does not mean causation. You can see below that there is a direct correlation between sales of organic kale and autism too…  In a 2.3m person study done over years in Sweden, they found a tiny 0,09% correlation between taking Tylenol and autism, but the one thing that the Whitehouse is missing is that the reason that mothers had to take Tylenol during pregnancy (fever or infection for example) are much more likely to effect the fetus causing a number of potential defects and miscarriage and still birth (this is well documented). The comments risk reinvigorating litigation, Kenvue Inc., Tylenol’s maker, has sought to put behind it. A federal court in December dismissed lawsuits alleging a link between the drug’s active ingredient and autism. Kenvue is struggling to revamp its business, turn around slowing sales, and keep investors happy under interim Chief Executive Officer Kirk Perry. It also creates the biggest public relations crisis since seven people died after ingesting Tylenol capsules laced with cyanide in the 1980s. The effect on the shares, which were spun off from Johnson & Johnson in 2023, was predictable:  Interestingly, the administration’s revelation that it had initiated approval of leucovorin calcium tablets as a new treatment for a condition associated with autism coincided with a downturn in the share price of GSK Plc, its original manufacturer. Also known as folinic acid (a synthetic form of vitamin B9), it is currently used to treat anaemia and the side effects of certain cancer treatments. Guess who manufactures those? The Donald’s Administrator for the CMS, Dr Oz’s (iHerb) company. Just a coincidence, right? Meanwhile, the One Big Beautiful Bill Act imposed new federal payment limits to curb fraud and abuse on prescriptions while preserving access to care. The ETF tracking healthcare insurers has been moving sideways for months.  Taiwan/RSA and chips On Tuesday last week, Taiwan imposed restrictions on the export of chips to South Africa, citing national security concerns. Taiwan’s trade regulator was requiring pre-approval for the majority of chips destined for South Africa. The decision follows attempts by the South African government to pressure Taiwan into moving its embassy from the country’s capital of Pretoria to Johannesburg. The relocation efforts – which began in 2023 – have intensified as China-partnered South Africa prepares to host Chinese President Xi Jinping as one of the attendees of the G20 leaders’ meeting in November. In a statement, Taiwan’s International Trade Administration said: “The South African government’s actions have undermined our national and public security. We are adopting measures to restrict trade to maintain our sovereignty.” Chrispin Phiri, a foreign ministry spokesperson for South Africa, said in a statement to Bloomberg: “South Africa is a critical supplier of platinum group metals, like palladium, essential to the global semiconductor industry. Our current economic diplomacy is fundamentally shifting how we engage in the global value chains.” On Wednesday Taiwan backtracked, a sign it is uncomfortable with using the key tech export as a weapon in diplomatic disputes. The chip curbs were part of a strategy to increasingly use economic and trade policy for diplomatic goals, with authorities mulling the rollout of similar measures for other unfriendly nations, Bloomberg News previously reported. However, officials in Taipei seem to have had second thoughts about the approach, possibly over the impact on companies like Taiwan Semiconductor Manufacturing Co., which manufactures the world’s most advanced chips, which are central to the AI revolution. China is one of the markets most exposed to any attempts by Taiwan to tighten chip controls. It had lashed out at the curbs on South Africa, with a spokesman for the Chinese Foreign Ministry saying that Taipei “deliberately destabilised” global supply chains. The export restrictions were in a 60-day notice period and would have taken effect in late November. The curbs would have been somewhat symbolic, given official data from Taiwan show that last year it exported to South Africa roughly $4 million worth of the goods included on the export suspension list, hardly massive, but those high-end chips are not easily replaced from elsewhere. In recent months, South Africa has been intensifying its request as it prepares to hold the Group of 20 leaders’ meeting in November, which Xi is expected to attend. The decision to hold off on chip export controls on South Africa marks a reversal for Taiwan President Lai Ching-te, who has pushed to take a tougher stance on cross-strait issues. Chip Exports to South Africa Account for Only a Fraction of Taiwan’s Overseas Market, but they clearly do not want to set a precedent. They understand that they need to pick their battles. Of course, behind all of this is China, which views the self-run democracy as territory that must be brought under Beijing’s control, by force if needed. Taiwan rejects that view, and Lai has made standing up to China and its aggression more stridently than his predecessors a hallmark of his tenure. That has not always been popular with the public, which wants its government to focus more on livelihood matters. In July, the US hit Taiwan with tariffs of 20%, above the level granted to its regional competitors like Japan and South Korea. Following the tariffs and other setbacks, Lai in August reshuffled his cabinet, the first shake-up of his presidency. Lai also has to deal with mounting doubts over how committed the US — Taipei’s main military supporter — is to Taiwan. Last week, the Trump administration reportedly declined to approve a more than $400 million military aid package — a move that came as the US and China try to forge a trade deal.  China and Africa When the US steps back, China moves in. Beijing is making significant inroads in Africa, using a combination of investment and soft power in a region that’s now a vital player in the global contest for resources. The strategy is working. In parts of Africa, public opinion on China is more favourable than in many other regions. The advance is intentional. Sub-Saharan Africa’s share of the global population will more than double this century, according to World Bank data. That could potentially turbo-charge international growth, despite low levels of purchasing power. Africa is home to 30% of the world’s mineral reserves, many of which are pivotal for the clean energy industry. Quietly, in the inimitable Chinese fashion, China is continuing to cosy up to Africa, and it’s helping it to score points against Washington. And in the race for these critical elements, it’s drawing ahead. Morocco had secured $5.6 billion in funding to host the continent’s first-ever battery gigafactory is just the latest sign of how Chinese investment is transforming the region into a key supplier of batteries for electric vehicles and renewable energy storage. Chinese firms currently account for 8% of Africa’s total mining output. That’s still well below Western giants, but the trend is shifting. Recent deals have stretched across the region, with companies making major acquisitions for copper in Zambia, cobalt in the Democratic Republic of Congo and lithium in Zimbabwe. But this is about more than resources. It’s about cultivating a new generation of leaders shaped by Beijing’s political worldview. Cultural exchanges, scholarships and ideological training schools are helping China achieve this. The continent has become a testing ground for President Xi Jinping’s Global Security Initiative, aimed at reshaping international governance structures to create a more conducive environment for his foreign policy goals. In contrast, under President Donald Trump’s America First mantra, Washington has focused its attention away from Africa. This undermines US relevance in the global race for technological and strategic superiority. There are legitimate concerns about China’s aims in Africa, particularly around what Beijing will want in return for its largesse. The US has complained these strategies will create a network of vassal states, forced to service their debts by offering China access to resources, trade opportunities and locations for military bases. Beijing already has one naval facility in Djibouti in the Horn of Africa, and there is speculation it wants another in the region. But for many African leaders, China’s offer of infrastructure, funding and jobs is more tangible than Western promises, which are often coupled with unwelcome lectures on human rights. At last year’s Forum on China-Africa Cooperation Summit in Beijing, Xi offered Africa $50 billion and promised a million jobs. For a continent facing immense development needs, this is hard to turn down. To stay relevant to future generations, Washington needs to genuinely re-engage with the continent. Chinese foreign ministers have typically prioritised Africa for their first overseas trip of the year. That level of commitment from the US is lacking, not just from the Trump administration, but from previous governments, too. Extending a duty-free trade program for African manufacturers (AGOA), which is due to expire at the end of this month, would be an immediate act of goodwill (don’t hold your breath). African nations, for their part, should avoid overdependence on a single partner. There’s already some scepticism about Beijing’s generosity — at times coming from Africans themselves. In 2023, the International Monetary Fund and World Bank identified at least 13 African countries at high risk of debt distress. Seven were already in trouble, with China holding an average of 12% to 20% of their external debt. Balancing Chinese investment with others could reduce vulnerability to economic leverage and political influence. Pushing for deals that maximise technology transfers, create local jobs, and provide training for in-country staff would help strengthen long-term growth versus the short-term extraction of precious resources. With rare earths and critical minerals in high demand, the continent is in a stronger bargaining position than ever before. It shouldn’t squander the moment. Author: Dawn Ridler  Year-to-date returns The S&P500 continues to extend its gains with a year-to-date return of 13.3% and a 1-year return of 16.2%. Over the last 3 years, this market has gained 21.7% p.a ….not bad for the world’s largest stock market. The naysayers have been out for a long time, indicating that the valuation for the market is just too high. The market started the year at a P/E of 29x and is currently at almost 30x earnings. The April lows, in hindsight, were a gift to those with cash.  S&P500 P/E YTD What is more important, though, than the overall valuation of the market, is what is happening at the underlying holdings level. This is where analysis becomes a lot more interesting. There are 10 stocks which make up 31.9% of the S&P500 market cap, and these contributed 7.3% to the year-to-date return of the market. The other 68.08% contributed 5.9% of the return. Below are the top 10 stocks:  Top 10 S&P500 Holdings by Return Nvidia and Alphabet (with both their listings) have returned a year-to-date return above 31% and have added significantly to the index’s return. So has Microsoft after it gained 21%, and Meta after it gained 29%. The standout is Palantir (140% y-t-d return), which has been a relatively unknown technology player but has amazing plug-and-play technology which goes beyond the large enterprise software offerings that it complements. I am happy to say that we own 5 of the stocks on the largest contribution list. JP Morgan is an outstanding financial services player, and GE Aerospace has seen an uplift after the military and aerospace sector globally resurged. Most of the stocks in question have gained because of their efforts in the AI space. They are the companies which are building the plumbing which will be required for industry players to become AI-enabled. They are trading anything from 25x earnings to over 600x earnings, which is a hefty price to pay for any company. What investors are happy to do for now is to give companies the benefit of the doubt and review investment cases at quarterly results. If they see the exponential uplift in earnings, share prices are sustained. If they fall short, companies are sold down and depending on the multiple, this can be a severe occasion. This environment of risk-taking is supported by a weakening Dollar and an uninvestable bond market. But these dynamics can change, and if they do, the multiple investors are happy to pay, may also change. To create returns this year, you needed to have made a bet on AI. It would have been far more difficult to do so by holding the “other” stock component. Consider some of the large YTD losses in the S&P500. United Health (-23%), Salesforce (-25%) and Accenture (-31%). Each of these has its own issues, but both United Health and Accenture trade at P/E’s in the high teens and SalesForce is at 35x. This is what makes asset management interesting at the moment. There are those counters which are having their business models attacked by the emergence of AI. Some of these companies in a previous life would have been seen as world-class. Take Gartner research as an example (-49% y-t-d). This research organisation partners with their corporate clients to provide country and market insights. The service is valuable because it can produce wide-ranging insight and reporting speed that is beyond any one corporate client. Apart from one EBITDA misstep in 2017 this company has been able to compound its earnings at 16% p.a and can be bought for a P/E of 16x today. But the reality is that their service is less compelling today than in the past because AI bots can do some of the tasks that they were paid for before. Their future depends on how they adapt.. if at all. There are those counters which are producing a secondary wave of AI-enabled growth. Google is a behemoth, and at 26x earnings, it would need to misstep badly to force price weakness. In a decade from now, this company will look back at their current data centre expenditure and will have gained greater market dominance through its actions. The price should reflect this over time. But compare this to idea stocks such as IREN ltd. The company uses renewable energy in their data centres to mine Bitcoin. You can have this company for 77x earnings after the share price has risen by 490% in the last year. I like the return, but the risk inherent here is large. A market correction or a pullback in AI, will see these type of counters left for dead. This is where the investor’s irrationality is at play at present. Finally, there are those counters which have been out of favour. I find these in the consumer space, amongst others. They have faced tariff and inflation headwinds and haven’t been able to sell an AI narrative. At some point, the market recognises the value here and should reward these stocks and others in a similar way. By the same token, if AI is all it promises to be, these organisations stand to benefit as they become more efficient and drive costs lower. Time will tell. Author: Cobie LeGrange EXCHANGE RATES:  The Rand/Dollar closed at R17.35 (R17.33, R17.37, R17.58, R17.65, R17.44, R17.61, R17.74, R18.15,R17.76, R17.72, R17.90, R17.58, R17.89, R17.99, R17.92, R17.77, R17.95, R17.88, R18.04, R18.16, R18.39, R18.64, R18.89, R19.12, R19.10, R18.36, R18.21, R18.18, R18.20, R18.71, R18.35, R18.38, R18.41, R18,67, R18.38, R18.73, R18.03, R18.05, R18.11, R18.21,)  The Rand/Pound closed at R23.22 (R23.35, R23.55, R23.73, R23.84, R23.53, R23.84, R23.84, R24.09, R23.88, R23.76, R24.22, R24.08, R24.49, R24.22, R24.35, R24.05, R24.18, R24.14, R23.95, R24.16, R24.40, R24.82, R25.10, R25.01, R24.73, R23.78, R23.55, R23.52, R23.50, R23.53, R23.19, R23.12, R22.85, R23,16, R22.93, R22.80, R22.99, R22.98, R22.72, R22.99, R22.73, )  The Rand/Euro closed the week at R20.30 (R20.35, R20.38, R20.61, R20.62, R20.44, R20.56, R20.64, R21.04, R20.86, R20.61, R20.93, R 20.70, R20.91, R20.74, R20.68, R20.24, R20,37, R20.27, R20.13, R20.43, R20.78, R21.21, R21.52, R21.72, R20.93, R19.95, R19.72, R19.83, R19.72, R19.41, R19.20, R19.29, R19.02, R19,35, R19.31, R19.23, R19.09, R18.87, R19.19, R18.85, ,)  Brent Crude: Closed the week $69.67 ($66.57, $66.80, $65.52, $67.38, $67.73, $66.08, $66.07, $69.46, $68.29, $69.21, $70.58, $68.27, $67.39, $77.27, $74.38, $66.56, $62.61, $65.41, $63.88, $61.29, $65.86, $67.72 $64.76, $65.95, $72.40, $72.13, $70.51, $70.33, $73.03, $74.23, $74.51, $74.65, $76,40, $77.60, $79.98, $71.00, $72.38, $75.05, $70.87, $73.86, $73.99).  Bitcoin closed at $109,446 ($115,838, $115,770, $110,752, $108,923, $114,916, $117,371, $118,043, $113,608, $118,139, $118,214, $117,871, $108,056, $107,461, $103,455, $105,017, $105,643, $104,049, $103,551, $104,615, $96,405, $94,185, $84,571, $84,695, $82,661, $83,074, $84,889, $82,639, $83,710, $85,696, $96,151, $96,821, $96,286, $99,049, $104,559, $104,971, $99,341, $97,113, $97,950). Articles and Blogs: Spoiled for choice NEW Who needs a plan anyway NEW 8 questions you need to ask around retirement What to do when interest rates drop How to survive volatility in your investments What to do when interest rates drop Difficult Financial Conversations Financial Implications of Longevity Kick Start Your Own Retirement Plan You matter more than your kids in retirement To catch a falling knife Income at retirement 2025 Budget Apportioning blame for your financial state Tempering fear and greed New Year’s resolutions over? Try a Wealth Bingo Card instead. Wills and Estate Planning (comprehensive 3 in one post) Pre-retirement – The make-or-break moments Some unconventional thoughts on wealth and risk management Wealth creation is a balancing act over time Wealth traps waiting for unsuspecting entrepreneurs Two Pot pension system demystified Cobie Legrange and Dawn Ridler, Rexsolom Invest, Licensed FSP 45521. Email: cobie@rexsolom.co.za, dawn@rexsolom.co.za Website: rexsolom.co.za, wealthecology.co.za |