I recently encouraged a friend to read Benjamin Graham’s 1949 classic, The Intelligent Investor. I handed over my well-marked copy, accompanied by an earnest request for its safe return when they were finished. Giving the book away sparked a profound realisation. I have read this exact copy multiple times over the years. The text on the page has remained perfectly static. Yet, every single reading feels like a completely different book. The reader evolves The book does not change. We do. When...

Sun, sea and siesta A few years ago, many South Africans viewed retiring abroad as the ultimate escape from local challenges, and quite a few packed their bags and left. Today, however, the appeal of moving overseas has noticeably faded. Growing concerns like the threat of war in Europe, strict regulations in Australia, and political unpredictability in the United States have made home look much better by comparison. If pastures afar are still on your radar, read on... Perhaps relocating to...

Most investors know that cash is “safe.” Not all investors realise that over longer periods, South African cash has delivered a low real return for investors after inflation and taxes are stripped away. Safety, in this context, is a perception built on low volatility, while the inflation risk is not fully appreciated by investors.