Review - Volume - 29

  • Jan  van Niekerk

    Introduction, Too Much of a Good Thing

    Jan van Niekerk, Chief Executive Officer

    In his introduction Jan van Niekerk, CIO, points out that investors have taken Warren Buffett’s adage to “Buy a great business at a decent price, rather than a decent business at a great price” too far. In the thought pieces of this REVIEW, we touch on this theme in various ways.

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  • Piet Viljoen

    Dark Days for Contrarians

    Piet Viljoen, Chairman

    In 'Dark Days for Contrarians' Piet Viljoen highlights the extreme valuations – on both sides – that have developed in a number of prominent South African stocks, and how these have been influenced by the 'Quality' and 'Smart Beta' themes. As the title suggests, these extremes have made it very difficult for contrarian investors to stay the course.

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  • Linda  Eedes

    On Secular Trends - a Value Investor's Perspective

    Linda Eedes, Analyst

    In 'On Secular Trends – a Value Investor's Perspective' Linda Eedes discusses the difference between share prices that have continued in one direction for a while and an actual secular trend. She points out how we at RECM incorporate these into our thinking. As always, the answer isn't obvious.

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  • Johannes  Visser

    From 'Mean-Reverting Heaven in High Quality' to 'Hard to Predict, Ugly and Cheap'

    Johannes Visser, Analyst

    Johannes Visser investigates the shift in RECM portfolios from predominantly 'quality' businesses three years ago to having significant exposure to more cyclical names. 'From 'Mean-Reverting Heaven in High Quality' to 'Hard to Predict, Ugly and Cheap' is a longer than usual read, but really worth it. An added bonus at the end summarises our thoughts on 'quality' once and for all.

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  • Richard  Court

    Capital Allocation by Another Name - Investing for Rights Issues

    Richard Court, Analyst

    Richard Court highlights the uncomfortable reality that value investors face in the form of rights issues by investee companies. 'Capital Allocation by Another Name – Investing for Rights Issues' highlights our approach and provides some examples.

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