The safety of our employees and clients is something that we care deeply about. Not sure where you get your numbers from, the JSE is up 9.1% YTD incl dividends. A company like Shoprite we probably haven’t done serious work on for eight or nine, but we are looking at it now because it’s fallen 50%.”. Accessed Dec. 23, 2019. The number of residential farms outside of large cities doubled from the end of 2008 to the end of 2013.. Speaking at the Gradidge-Mahura investment conference in Cape Town last week, Allan Gray portfolio manager Duncan Artus noted how extreme this sentiment has become: “In my 16 years of investing, I have never seen such negativity around South Africa,” he said. What you say regarding value on the JSE, made me think of something else: we hear so often “the JSE is at cheapest levels since xyz”, and that it’s a screaming buy signal. ANC buzzkill really getting to most people now that the honeymoon is over. A consensus forecast figure is normally an average or median of all the estimates from individual analysts tracking a particular share. Source: Allan Gray research, Iress, Bloomberg; data to September 30, 2019. “As investors we have to cut through the clutter, because where the market is now we are overlooking and disregarding the fundamentals of assets. The chart below shows the year total return of the South Africa FTSE/JSE All Share Index from 1926 to 2009: Source: Alpha Asset Management, South Africa In 2008, the index was down over 30% but up over 40% last year. Firstly, if stock market returns globally have been subdued outside of the US, it necessarily draws into question the assumption that the JSE’s performance is a direct function of the particularly poor local economic environment. While all of these stocks produced massive returns, the forces that fueled their growth may not continue into this decade. We also reference original research from other reputable publishers where appropriate. I never said the JSE is doing spectacular, I just pointed out the obvious, if people see : “US Equities up 25% YTD!” they might think dangit!If only I wasn’t on the JSE, but just wind the clock back 2 months from 1 Jan and the S&P is only up 8% or even only 5% if you bought in Sep 2018. That instruments are cheap, does not mean that they won’t stay undervalued. The “South African honeymoon” post 94 is now well past us. The oil giant is the world's most profitable company, eclipsing even tech giants like Apple and Alphabet. "Tractor Supply: Riding the Boom in Hobbyist Farming," Accessed Dec. 23, 2019. As the world continues to face challenges in dealing with the Coronavirus (COVID-19) pandemic, we are taking steps to provide some safety measures to our clients and staff. The number of these farms, alternately referred to as hobby farms, lifestyle farms, or residential farms, has grown enormously in the past decades. 2,028 ), NINETY ONE PLC - TR-1: Standard form for notification of major holdings. Accessed Dec. 23, 2019. Consumer staples are an industry sector encompassing products most people need to live, regardless of the state of the economy or their financial situation. Wall Street Journal, "Falling Tobacco Demand Spurs Philip Morris, Altria to Talk Merger," Accessed Dec. 23, 2019. Sharenet provides financial information and services for investors on The JSE Securities Exchange and other South African markets including online share trading, real-time streaming quotes, graphs, news, fundamentals, portfolios, watch lists, Unit …