The mismatch between performance and fund selection | Industry | Moneyweb Today

The mismatch between performance and fund selection | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Vanguard: The rise of indexing and the fall of costs

https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_InvCommRiseIndexingFallofCosts&sub=858820531&st=R&oeaut=dgvVKeGxNq

Are JSE shares too expensive? | Opinion | Moneyweb Today

Are JSE shares too expensive? | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

The blue chips that tanked in 2016 | Companies | Moneyweb Today

The blue chips that tanked in 2016 | Companies | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Most balanced fund managers add no value | Industry | Moneyweb Today

Most balanced fund managers add no value | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

FT.com: Central bank divergence drives US and German yield gap to 27-year high

https://www.ft.com/content/3e94e504-a25a-3a41-99ea-1405cbcfb227?emailid=56e699a86cafea0300f33792&segmentId=2597e9a1-8d0d-61e4-8734-bd027f30ddc9

Aligning Your Investments With What Motivates You

http://nyti.ms/2dP4OZ2

Ft.com: Fuse is lit on bond markets time-bomb

https://www.ft.com/content/0c7dc522-a768-11e6-8898-79a99e2a4de6?emailid=56e699a86cafea0300f33792&segmentId=2597e9a1-8d0d-61e4-8734-bd027f30ddc9

FT.com: The economic consequences of Mr Trump

By Martin Wolf

https://www.ft.com/content/73262cb8-a72e-11e6-8898-79a99e2a4de6?desktop=true&amp%3BsegmentId=d8d3e364-5197-20eb-17cf-2437841d178a

Talk of 'financial meltdown' quite absurd | Opinion | Moneyweb Today

Talk of 'financial meltdown' quite absurd | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Five reasons global economic growth remains lacklustre | News | Moneyweb Today

Five reasons global economic growth remains lacklustre | News | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

How over-valued is the JSE really? | Industry | Moneyweb Today

How over-valued is the JSE really? | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

FT.com: US economic growth rises to 2.9%, tops estimates

https://www.ft.com/content/5b077e45-6644-318c-99d2-22b0743231b3?emailid=55ccb875090bff0300e78b63&segmentId=3d08be62-315f-7330-5bbd-af33dc531acb

Allan Gray: How to be a better long-term investor

https://www.allangray.co.za/latest-insights/personal-investing/how-to-be-a-better-long-term-investor/ 

'Low-Return' Market An Absurd Notion, Bernstein Says

'Low-Return' Market An Absurd Notion, Bernstein Says

Old Mutua Fundamentals: PAIRING PROFIT WITH PURPOSE

By Hywell George, Director of Investments

http://ww2.oldmutual.co.za/old-mutual-investment-group/insights/fundamentals-october-2016/compelling-returns-pairing-profit-with-purpose??utm_source=omig_external&utm_medium=email&utm_campaign=FundamentalsOct2016

The S&P 500 comes to SA | Industry | Moneyweb Today

The S&P 500 comes to SA | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Naspers: the elephant in the index | Companies | Moneyweb Today

Naspers: the elephant in the index | Companies | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

What happens to the index when SABMiller goes? | Industry | Moneyweb Today

What happens to the index when SABMiller goes? | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Vanguard: Infographic - Reframing investor choices

https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_ResInfographReframingInvestorChoices&sub=858820531&st=R&oeaut=IYFSHeuAAC

Behavioral Finance Can Help Financial Planners Retain Clients

Behavioral Finance Can Help Financial Planners Retain Clients

Monetary policy is driving markets crazy | News | Moneyweb Today

Monetary policy is driving markets crazy | News | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

‘Over-priced rand hedges not an appropriate diversification tool’ | News | Moneyweb Today

‘Over-priced rand hedges not an appropriate diversification tool’ | News | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

MitonOptimal: The Bond Market Conundrum

https://www.mitonoptimal.com/bond-market-conumdrum/?utm_campaign=1505413_Weekly%20Comment%20-%20Week%2039%2C%202016&utm_medium=email&utm_source=MitonOptimal%20Group&dm_i=2LT7,W9L1,3MGTBG,2FN4C,1

Over 20 years, only 11 companies have kept their place in the Top 40 | Companies | Moneyweb Today

Over 20 years, only 11 companies have kept their place in the Top 40 | Companies | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Don’t bet against the rand | Opinion | Moneyweb Today

Don’t bet against the rand | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Moneyweb: Lessons from the Nedgroup Investments Managed Fund

Even professionals can make basic mistakes.

http://www.moneyweb.co.za/investing/lessons-from-the-nedgroup-investments-managed-fund/

Bernstein: Passive Investing Is Worse for Society Than Marxism

The rise of passive asset management threatens to fundamentally undermine the entire system of capitalism and market mechanisms that facilitate an increase in the general welfare, according to analysts at research and brokerage firm Sanford C. Bernstein & Co., LLC.

In a note titled "The Silent Road to Serfdom: Why Passive Investing is Worse Than Marxism," a team led by Head of Global Quantitative and European Equity Strategy Inigo Fraser-Jenkins, says that politicians and regulators need to be cognizant of the social case for active management in the investment industry.

http://www.bloomberg.com/news/articles/2016-08-23/bernstein-passive-investing-is-worse-for-society-than-marxism

Indexing Is Capitalism At Its Best

Indexing Is Capitalism At Its Best

FT.com: Vanguard attracts nearly $200bn this year

http://on.ft.com/2bFn0EA

FT.com: US bears will have their day — but not yet

http://on.ft.com/2bTUo53

Will more unit trusts begin to look like this? | Industry | Moneyweb Today

Will more unit trusts begin to look like this? | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Investec: US election: A new paradigm?

The rancour and taunts of July’s Republican National Convention laid bare a profound shift in the political atmosphere in the United States. Donald Trump’s presidential campaign has provided a strong figurehead for an anti-globalisation, anti-establishment, anti-immigration lobby. This movement largely rejects the Anglo-American mantra that dominates global finance and is institutionalised in the International Monetary Fund and the World Bank.

This sentiment is by no means confined to the US. Across the developed world there is discontent with the current status quo. In Europe this has been embodied by the UK’s surprise vote to leave the European Union in June, and in Austria where Norbert Hofer of the Freedom Party, a right-populist group with an antiimmigrant, Eurosceptic platform is in the lead for a re-run of the country’s presidential election. Even mainstream political parties are reconsidering their positions on key issues, particularly immigration and overt economic protectionism, in response to the rise of the right.
But the US is the world’s largest economy and last remaining super power. Even its partial withdrawal from global trade and geopolitical decisions will have fundamental implications for the future shape of the global economy.

http://investec-3231e841.s3-eu-west-1.amazonaws.com/Investec-US-Elections-Viewpoint-August-2016.pdf

The Evolution Of Smart Beta ETFs

The Evolution Of Smart Beta ETFs

Vanguard: Enemies of investment success

http://vanguardadvisorsblog.com/2016/08/24/enemies-of-investment-success/

Zebras?!

Zebras?!

Behavioral Finance is no Panacea for Advisors

By Bruce Love

As behavioral finance gains increasing popularity among financial-advice processionals, some practitioners warn it is no panacea, and indeed there are dangers in misapplying it when advising clients.

http://financialadvisoriq.com/c/1408293/161033

The Fundamental Reason Buffett Beats The Market

The Fundamental Reason Buffett Beats The Market

El-Erian Says Fed Risks Instability, Excess

El-Erian Says Fed Risks Instability, Excess

FT.com: The forces driving the rally for emerging markets

The forces driving the rally for emerging markets:

Weak US dollar, rising oil prices and global hunt for yield spur investor inflows into the sector

https://www.ft.com/content/0b74f048-6306-11e6-a08a-c7ac04ef00aa?ftcamp=engage/email/pwe/newsmine/new/crm#axzz4HipEFlwS

FT.com: Irrational exuberance begins to surface in US stock market

Resting hopes for US stocks on higher earnings growth is a bet against recent history - John Authors

https://www.ft.com/content/c4406bec-6442-11e6-8310-ecf0bddad227?ftcamp=engage/email/pwe/newsmine/new/crm#axzz4HipEFlwS

Nedgroup Investments: Mega Trends impacting the Wealth Management Industry

http://nedgroupinvestments.com/Insights/InsightDetailsPage/Big-trends-impacting-the-wealth-management-industry-over-the-next-decade

Does your fund manager really deserve your money? | Industry | Moneyweb Today

Does your fund manager really deserve your money? | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

The Crucial Art That’s Lost With Portfolios On Auto Pilot

The Crucial Art That’s Lost With Portfolios On Auto Pilot

Asking the right questions about smart beta | Opinion | Moneyweb Today

Asking the right questions about smart beta | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Cees Bruggemans: Where are we heading?

INCE Connect: Economic Insights

The world this past decade appears increasingly crisis-prone, restless, if not rudderless. There have been major policy interventions keeping things afloat, but not restoring a greater sense of purpose. Instead, we are anarchic adrift. And in some ways recuperating but in other ways getting ever deeper into trouble. Or so at least it seems. Deep chasms seem to have opened up, inside countries and between regions. Do these matter, can they be overcome, or will they get a lot worse, as well as the restlessness and drifting? It wasn't always thus. Just limiting ourselves to the modern period within living memories (of some), there have been long stretches when things developed much more purposeful. Was that just exceptional? Is our present condition more like the real long reality (life being a struggle)? An old Soviet quote has it that "there are decades where nothing happens, and weeks were decades happen". So recent weeks haven't been that unique. It has happened before, as experienced by people at the time, and as experienced again now by some. As to positive stretches, the post-WW2 world had a strong coherent theme (recovery, in the West and Japan, 1948-1968). It lasted 20 years plus. On a slightly longer view, parts of South East Asia and East Asia undertook massive economic transformations (1960-2000). China attempted its globalisation (1980-2010). Reagan in the US, and Thatcher in the UK, attempted their major reforms, ultimately competing Russian communism out of existence (the 1980s). Throughout there was the European Project (1950-2010). The 1970s belonged to the energy producers at the expense of slowing down much of the world. In the 2000s decade, large parts of Africa blossomed, as did India and some Latin American EMs. Though that 70 year stretch saw a lot of coherent achievements, it also witnessed a few breakdowns - Korean War, Vietnam, Afghanistan (twice), Middle East strife, the lost energy decade of the 1970s, the Russian and East European lost decade of the 1990s, lost Latin American generations (in Argentina, Venezuela, Brazil and elsewhere). The European loss of momentum since the 1970s. The Japanese stagnation since 1990. And more such. During the past decade, the world at large has blundered into a stagnation trap of an apparently universal nature, with only a few exceptions (India being one). And there has been growing unease within many regions. The West (America and Europe) apparently lost much of its growth dynamic following the Great Financial Crisis starting in 2007. As a consequence, also for internal reasons, China had to change its development model more inwards. Many EM and others as dependencies of these leading regions lost their way, too. And geopolitically, major strains could be observed in western and eastern Asia, and regarding Russia, and resulting in western terror attacks. Inside countries/regions, rising modern expectations became frustrated when colliding with growing hardship, societal underperformance and individual marginalization. Either that or wholesale rejection of Western influences and a flight back to traditional values. Democracy became the weapon of choice with which to hold elites and their favourite ideology (market capitalism) to account. Anger grew, and regime change has been widespread. Though large parts of Latin America in recent times have reformed away from populism, it is Europe, America and the Middle East where most change has occurred (and is occurring) (though don't lose track of China and India with billion-plus populations). Where is this leading? Crisis conditions and panic withdrawals were answered with aggressive fiscal responses (in some countries) and massive central bank support actions (nearly everywhere).  While these macro supports prevented depression of taking hold, and allowed recovery, an universal change seems to have occurred. Much greater anxiety and as a consequence less risk-taking and falling growth potential nearly everywhere, with slower growth recovery. And this despite new generations of technological change revolutionizing many parts of society and economies. It cannot be claimed that the entire world has come to a standstill. Only parts have. Some parts are barely advancing, others are moving only very slowly and yet others are still quite lively if more subdued than before. Very much a multi-speed world. If patience ruled, this wouldn't matter. Give it time, and the world will regroup, consolidate, and relaunch. Nothing new about that. Mankind has always come back, given enough time to respond creatively. What is perhaps new is the universal anger. Sourced from deep expectations now frustrated. From having become a victim of some crisis, and as such marginalised and made an outsider, with little chance of being readmitted as an insider, with all its privileges. And beyond that loom ideological, religious and nationalist passions (hates) with in (too) many places a white-heat intensity. So what we got here worldwide are shortfalls or gaps. In achievement (actual growth and wished growth), reabsorption (or remaining marginalised), in tolerance (religious, ideological, national, social, cultural). Our existing tool boxes are deficient in ways and means to address all these things quickly. Noticed how slow-acting global politicians are? That's not because they are witless. There is just no known way to reconcile these many competing strains quickly with our current state-of-the-art governance and organisation structures. We resort to fallback positions called central banks, experimenting with trillions in liquidity. But not experimenting on live populations could be worse if all fall down for a generation (worse even than a generation ago).

MoneyWeb: Is the JSE too small or is the investment industry too big?

South Africa has a unique investment industry. There are more than 1 000 collective investment schemes whose equity allocations are predominantly invested in a limited number of JSE-listed shares.

http://today.moneyweb.co.za/article?id=606161&acid=ZtKxz74BFr4eZeuwhd4cWQ%3D%3D&adid=NZ3tV7dbAAQ8WkHj2%2BXORA%3D%3D&date=2016-07-29#.V5rY_rj-zIU

A Chance Encounter With A 100-Year-Old Investing Legend

A Chance Encounter With A 100-Year-Old Investing Legend

How many local equity funds have consistently beaten an index fund? | Industry | Moneyweb Today

How many local equity funds have consistently beaten an index fund? | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Immigration And Brexit

Immigration And Brexit

The Globalization Disconnect

The Globalization Disconnect

Why an index fund in South Africa is not always the best option | Opinion | Moneyweb Today

Why an index fund in South Africa is not always the best option | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

King, Keynes And Knight: Insights Into An Uncertain Economy

King, Keynes And Knight: Insights Into An Uncertain Economy

Brexit, Trump And Globalization's Have-Nots

Brexit, Trump And Globalization's Have-Nots

Is your financial adviser charging you for making donuts? | Opinion | Moneyweb Today

Is your financial adviser charging you for making donuts? | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Foord tops Morningstar's SA asset manager rankings | Industry | Moneyweb Today

Foord tops Morningstar's SA asset manager rankings | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Business blood bath not far away | Opinion | Moneyweb Today

Business blood bath not far away | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

JSE sees record foreign buying | Industry | Moneyweb Today

JSE sees record foreign buying | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

FT.com: Asset management: Actively failing

As investors pour into index funds, asset managers are seeking new strategies to keep them on side....

http://on.ft.com/29SYn3H

How do you pick the right fund manager? | Opinion | Moneyweb Today

How do you pick the right fund manager? | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Is The Brexit Sell-Off Really A Buying Opportunity?

Is The Brexit Sell-Off Really A Buying Opportunity?

Brexit And The Future Of Europe

Brexit And The Future Of Europe

Brexit: What does Vanguard think?

Key highlights

•

The vote will have a significant impact on the U.K. and European economies, with global implications, but the effects may be years in the making.

•

The most immediate ramifications will be continued uncertainty and political change in the United Kingdom.

•

The IMF projects U.K. GDP could be more than 1% lower by 2021 under its most favorable scenario.

•

Given that it may take several years for the specifics to play out, each of which may rattle the markets, the best protection is broad diversification.

https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_InvComBrexLEAVE&sub=858820531&st=R&oeaut=UmjFqnOFDj

MoneyWeb: What will financial planning look like in 15 years time?

The entry of robo-advisors into the market is just the first step.

By Magda Wierzycka

http://www.moneyweb.co.za/investing/unit-trusts/will-financial-planning-look-like-15-years-time/

Brexit fallout spells trouble for SA banks, economy | News | Moneyweb Today

Brexit fallout spells trouble for SA banks, economy | News | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Vanguard CEO Says Company Will Cut Fees Further

Vanguard CEO Says Company Will Cut Fees Further

No asset management, no sales, no commission | News | Moneyweb Today

No asset management, no sales, no commission | News | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

The JSE's most popular mid-cap stocks | Companies | Moneyweb Today

The JSE's most popular mid-cap stocks | Companies | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

SA's top eight industries of the future | Opinion | Moneyweb Today

SA's top eight industries of the future | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Performance fees – paying more for less | Industry | Moneyweb Today

Performance fees – paying more for less | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Trevor Manuel: I would like to know why Nene was fired | Opinion | Moneyweb Today

Trevor Manuel: I would like to know why Nene was fired | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Why Allan Gray has increased its exposure to SA equities | Industry | Moneyweb Today

Why Allan Gray has increased its exposure to SA equities | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Fighting The Next Global Financial Crisis

Fighting The Next Global Financial Crisis

America's Saving Perils

America's Saving Perils

FT.com: Hedge funds: Overpriced, underperforming

http://www.ft.com/intl/cms/s/0/9bd1150e-1b76-11e6-b286-cddde55ca122.html?ftcamp=crm/email//nbe/Analysis/product#axzz49e1u88Ub

Vanguard: Desired versus required returns

Clients will often begin the investment plan construction phase with a desired return objective in mind, but the problem is that their expectations can be inflated by what they see or read in the media. Some clients might even be in a rush to skip building a comprehensive plan altogether and to fill their portfolios with investments sporting attractive recent returns.

These clients might be surprised to find that the return necessary to achieve their long-term goals is meaningfully less than their desired return, creating opportunities to build more diversified, less volatile portfolios. This research paper focuses on helping clients understand their required returns and the potential benefits of using the required return to build a long-term investment plan.


https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_ResRequiredOrDesiredReturns&sub=858820531&st=R&oeaut=rwHUwPuRUc

How Phil Mickelson Became Embroiled In The Dean Foods' Insider Case

How Phil Mickelson Became Embroiled In The Dean Foods' Insider Case

Ah, The Regrets

Ah, The Regrets

deVere's Wealthy Clients Share Their Largest Mistakes

deVere's Wealthy Clients Share Their Largest Mistakes

Research: Index Funds Are Improving Corporate Governance

Research: Index Funds Are Improving Corporate Governance


https://hbr.org/2016/05/research-index-funds-are-improving-corporate-governance

Wade Pfau: The Value of Sound Financial Decisions: From Alpha to Gamma

The Value of Sound Financial Decisions: From Alpha to Gamma

http://retirementresearcher.com/the-value-of-sound-financial-decisions-from-alpha-to-gamma/?utm_campaign=Retirement+Researcher+Weekly+Email&utm_source=hs_email&utm_medium=email&utm_content=29432115&_hsenc=p2ANqtz-9d3fFOaFN4HD8W0CF2eNCvyPnQvKMHazH2ACmrthHQc6agT2fuMYfu7Plf0mPxb-3idItue9OxU0dnT2Sl1hnaDlyyeA&_hsmi=29432115

Wade Pfau: The Value Of Sound Financial Decisions

http://www.forbes.com/sites/wadepfau/2016/05/03/the-value-of-sound-financial-decisions/#2810da33cd76

Fantasy Football-Style Investing Doesn't Work, An Advisor Says

Fantasy Football-Style Investing Doesn't Work, An Advisor Says

Biznews.com: Warren Buffett's take on active investment management

If you go to the Internet and you put in longbets.org it’s a terribly interesting website. You can have a lot of fun with it because people take the opposite side of various propositions that have a long tail to them. They make bets as to the outcome and each side gives their reasons. You can go to that website and you can find bets about what the population will be doing 15 years from now…all kinds of things. Our bet became quite famous on there. A fellow I like, whom I didn’t know before – Ted Seides – bet that he could pick out five hedge funds. These were funds of funds. In other words, there was one hedge fund at the top and then that manager picked out who he thought were the best managers underneath, and then bought into these other funds in turn.
Thus, the five funds represented maybe 100 or 200 hedge funds underneath. Bear in mind that the hedge fund (the fellow making the bet) was picking out funds where the manager on top was getting paid perhaps half-a-percent per year plus a cut of the profits for merely picking out who he thought were the best managers underneath. In turn, they were getting paid maybe 1.5 or 2 percent plus a cut on profits. Certainly, the guy at the top was incentivised to try and pick out great funds and at the next level, those people were presumably incentivised too.

The result is that after eight years and several hundred hedge fund managers being involved, the totally unmanaged fund by Vanguard with very minimal costs is now 40-something points ahead of the group of hedge funds.
It may sound like a terrible result for the hedge funds, but it’s not a terrible result for the hedge fund managers. (a) You’ve got this top-level manager who is charging probably half-a-percent (I don’t know that for sure) and down below, you’ve got managers who are probably charging 1.5 to 2 percent. If you have a couple of percentage points sliced off every year…that is a lot of money. We have two managers at Berkshire. They each manage $9bn for us. They both ran hedge funds before. If they had a 2/20 arrangement with Berkshire, which is not uncommon in the hedge fund world, they would be getting $180m annually each merely for breathing. It’s a compensation scheme that is unbelievable to me and that’s one reason I made this bet.....

Read the full article:
http://www.biznews.com/global-investing/2016/05/02/berkshire-agm-transcribed-buffett-rips-into-active-fund-managers/

OPINION: ALPHA ARCHITECT - EVEN GOD WOULD GET FIRED AS AN ACTIVE INVESTOR

http://blog.alphaarchitect.com/2016/02/02/even-god-would-get-fired-as-an-active-investor/#gs.jT_3NDs

RECM: Inconvenient Truths About Investing

https://www.recm.co.za/Views/News/161/inconvenient-truths-about-investing

Allan Gray: Playing a loser's game

https://www.allangray.co.za/latest-insights/offshore-investing/playing-a-losers-game/?utm_source=Quarterly%20Commentary%20&utm_medium=Emailer&utm_campaign=eQc%20Q1%202016

Allan Gray: Actively adding value

https://www.allangray.co.za/latest-insights/investment-insights/actively-adding-value/?utm_source=Quarterly%20Commentary%20&utm_medium=Emailer&utm_campaign=eQc%20Q1%202016

When a downgrade hits | Industry | Moneyweb Today

When a downgrade hits | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Vanguard: Reframing investor choices: Right mind-set, wrong market

https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_InvResRightMindSet&sub=858820531&st=R&oeaut=HVnWbwzClq

It’s tough, but not another 2008 crisis | News | Moneyweb Today

It’s tough, but not another 2008 crisis | News | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Only one quarter of unit trust investors get what they pay for | Industry | Moneyweb Today

Only one quarter of unit trust investors get what they pay for | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Carl Richards: How to build an advisory business now

https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_InvComCarlRichards2&sub=858820531&st=R&oeaut=jRWTTghCAa

Vanguard: Is China's slowdown a risk to the global economy?

https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_ComChinSlowdownInfograph&sub=858820531&st=R&oeaut=QccjiZpIyb

Tech stocks: Flying too high? | Companies | Moneyweb Today

Tech stocks: Flying too high? | Companies | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

From ministerial playmaker to leper status | Opinion | Moneyweb Today

From ministerial playmaker to leper status | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

FT.com: Investors rake over ashes of a dismal quarter

http://www.ft.com/intl/cms/s/0/d21d2242-fa88-11e5-b3f6-11d5706b613b.html#axzz45EG3PZo4

Why SA isn't going down | Opinion | Moneyweb Today

Why SA isn't going down | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

The 7 Disruptions

The 7 Disruptions

Mark Richards: Think Twice About Your Assumptions

Think Twice About Your Assumptions

http://www.behaviorgap.com/think-twice-about-your-assumptions/?_ke=ZHJ3QG13ZWIuY28uemE%3D

Why investing is a lot like choosing a husband | Opinion | Moneyweb Today

Why investing is a lot like choosing a husband | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Kitces.com: A Hierarachy Of The Value A Financial Advisor Provides

A Hierarachy Of The Value A Financial Advisor Provides

https://www.kitces.com/blog/hierarachy-of-financial-advisor-value/

MarketWatch.com: Investor behaviour during market downturns matter

http://www.marketwatch.com/story/this-is-how-to-stay-in-the-market-when-stocks-spin-out-2016-02-18

World's largest asset manager launches funds in SA | Industry | Moneyweb Today

World's largest asset manager launches funds in SA | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

FT.com: Yellen reiterates need for cates caution

http://www.ft.com/fastft/2016/03/29/yellen-reiterates-need-for-rates-caution/

Have active managers lost the debate? | Industry | Moneyweb Today

Have active managers lost the debate? | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Rob Arnott, Smart Beta Pioneer, Now A Big Critic

Rob Arnott, Smart Beta Pioneer, Now A Big Critic

FT.com: Financial advice: New race for the saver’s dollar

http://www.ft.com/intl/cms/s/0/18ab0be0-eadd-11e5-bb79-2303682345c8.html?ftcamp=crm/email//nbe/Analysis/product#axzz43nVneZXb

SmartBeta: What’s the fuss about? | Industry | Moneyweb Today

SmartBeta: What’s the fuss about? | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

How volatile is the JSE really? | Industry | Moneyweb Today

How volatile is the JSE really? | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Why Oil Surged 50% In 6 Weeks

Why Oil Surged 50% In 6 Weeks

Research Affiliates: Greetings From The Cold

Research Affiliates: Greetings From The Cold

Don't Be Tricked By Smart Beta's 'Alpha Mirage'

Don't Be Tricked By Smart Beta's 'Alpha Mirage'

How New Is Smart Beta?

How New Is Smart Beta?

Is SA destined to follow Brazil to junk? | Opinion | Moneyweb Today

Is SA destined to follow Brazil to junk? | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

ZIRP & NIRP: Killing Retirement As We Know It

ZIRP & NIRP: Killing Retirement As We Know It

FT.com: US asset managers: textbook example

http://www.ft.com/intl/cms/s/3/df821a60-df25-11e5-b67f-a61732c1d025.html?ftcamp=crm/email//nbe/LexEurope/product#axzz41j01s2yy

As Stocks Gyrate, It’s Time to Measure Your Risk Tolerance

The New York Times: As Stocks Gyrate, It’s Time to Measure Your Risk Tolerance


http://www.nytimes.com/2016/02/13/your-money/as-stocks-fall-its-time-to-measure-your-risk-tolerance.html?_r=0

A carefully crafted budget | budget | Moneyweb Today

A carefully crafted budget | budget | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Here's what Buffett wouldn't do, and maybe you shouldn't either | Opinion | Moneyweb Today

Here's what Buffett wouldn't do, and maybe you shouldn't either | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

The bulls and bears of 2016 | Opinion | Moneyweb Today

The bulls and bears of 2016 | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

70 Is The New 65

70 Is The New 65

Moment of Reckoning: Is Gordhan’s mission possible? | South Africa | Daily Maverick

Moment of Reckoning: Is Gordhan’s mission possible? | South Africa | Daily Maverick

Is this the start of the Investec Value Fund's revival? | Industry | Moneyweb Today

Is this the start of the Investec Value Fund's revival?   | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

How Should an Overvalued Market Affect Your Investment Plan?

https://www.mcleanam.com/how-should-an-overvalued-market-affect-your-investment-plan/?utm_campaign=Weekly+Email&utm_source=hs_email&utm_medium=email&utm_content=26223013&_hsenc=p2ANqtz--YDx2VZ-RPISvKfxNEidFV1nz14Th733PeePMlizaZcuQkChl5vBrv_2cTmxFAZcvFvDxXNgQNHapdMUv9zrRkrppw6A&_hsmi=26223013

Munger Says Trump Isn't Morally Qualified For Presidency

Munger Says Trump Isn't Morally Qualified For Presidency

Why Global Yields Are Collapsing

Why Global Yields Are Collapsing

THE FINANCIAL PHILOSOPHER

THE FINANCIAL PHILOSOPHER

Scott Campbell: Credit Opportunity, or Not?

https://www.mitonoptimal.com/credit-opportunity-not/?utm_campaign=1069398_Weekly%20Comment%20-%20Week%207%2C%202016&utm_medium=email&utm_source=MitonOptimal%20Group&dm_i=2LT7,MX5I,3MGTBG,1HK0Z,1

Vanguard: Investing is not alchemy - Facing lower returns

Investing is not alchemy: Facing lower returns

https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_InvComAlchemy&sub=858820531&st=R&oeaut=BVokJVoCsW

FT.com: Falling Oil Prices - From Boon to Bailout

Cheaper crude means many developing countries will take longer to catch up with advanced economies

http://www.ft.com/intl/cms/s/0/7deea83e-ca78-11e5-be0b-b7ece4e953a0.html?ftcamp=crm/email/201625/nbe/Analysis/product#axzz3zIJCKhS3

Managers Bleed Money As Investors Flock To BlackRock, DoubleLine

Managers Bleed Money As Investors Flock To BlackRock, DoubleLine

Bill Miller Says Falling Stock Markets A 'Gift' To Investors

Bill Miller Says Falling Stock Markets A 'Gift' To Investors

Beat the rand blues | Companies | Moneyweb Today

Beat the rand blues | Companies | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Mauldin Addresses Investing In Disruptive Age

Mauldin Addresses Investing In Disruptive Age

Are investors missing the good news? | Industry | Moneyweb Today

Are investors missing the good news? | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Smart beta: This is what you need to know | Opinion | Moneyweb Today

Smart beta: This is what you need to know | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

FT.com: US economic growth cools in Q4

Expansion in the world’s most important economy slowed to an annualised pace of 0.7 per cent in the fourth quarter, sharply down from 2 per cent rate in prior period. Economists had forecast growth of 0.8 per cent. For 2015, the economy expanded 2.4 per cent, matching the pace from 2014.

http://www.ft.com/fastft/2016/01/29/us-economic-growth-cools-in-q4/

Local unit trust loses 66% in two days | Industry | Moneyweb Today

Local unit trust loses 66% in two days | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Jeremy Siegel: Shiller P/E Ratios' Fatal Flaw, The Bullish Case

Jeremy Siegel: Shiller P/E Ratios' Fatal Flaw, The Bullish Case

‘Financial advisors should think like actuaries’ | Opinion | Moneyweb Today

‘Financial advisors should think like actuaries’ | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

What long-term slow growth means for SA | Opinion | Moneyweb Today

What long-term slow growth means for SA | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

FT.com: High anxiety in markets

Markets: High anxiety

http://www.ft.com/intl/cms/s/0/a089d22e-bdda-11e5-846f-79b0e3d20eaf.html?ftcamp=crm/email/2016119/nbe/Analysis/product#axzz3xagPKvlt

George Soros Sees Crisis In Global Markets That Echoes 2008

George Soros Sees Crisis In Global Markets That Echoes 2008

Vanguard: Behavioral economics - The human side of investing

Behavioral economics: The human side of investing

 

https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_InvComHumanSide&sub=858820531&st=R&oeaut=XmvpBasYRj

 

Rand meltdown brings SA recession, junk rating closer | Opinion | Moneyweb Today

Rand meltdown brings SA recession, junk rating closer | Opinion | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

The best and worst funds of 2015 | Industry | Moneyweb Today

The best and worst funds of 2015 | Industry | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases

Vanguard's global economic outlook for 2016

Highlights from Vanguard's 2016 global economic and investment outlook

https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_InvResHighlights2016EcoInvestOutlook&sub=858820531&st=R&oeaut=rTYcfNcOcy

 

Fin24: Rand sinks most in 7 years

Rand sinks most in 7 years as traders fret over China, liquidity

http://www.fin24.com/Markets/Currencies/rand-sinks-most-since-2008-as-traders-fret-over-china-liquidity-20160111

George Soros Sees Crisis In Global Markets That Echoes 2008

George Soros Sees Crisis In Global Markets That Echoes 2008

Top ETFs since 2010 | Companies | Moneyweb Today

Top ETFs since 2010 | Companies | Moneyweb Today: Moneyweb Today - Finance and business News in South Africa, JSE Indicators and SENS releases