Peering through the smoke
A lot has changed in the tobacco industry in the last decade or so. Despite the changes in what used to be a stable industry, the attractive aspects of tobacco economics still hold, with a cheaper valuation compensating for the increased uncertainty and disruption. Siphesihle Zwane and Varshan Maharaj provide an update on the current landscape and the industry’s prospects.
All insights
How money tells the story of humanity – with David McWilliams
Many investors focus on trying to figure out how new technologies might change the world so that they can identify and back the likely winners. But according...
Paying tribute to Gillian Gray
Gillian Gray passed away at the end of last year, concluding an extraordinary life and an inspiring husband-and-wife partnership forged over six decades. ...
Where investors fear to fish
High domestic inflation. Volatile currencies. Foreign languages. Domestic insider advantages. Different cultural, legal and governance practices. Unpredictab...
In safe hands with the Allan Gray Balanced Fund
The Allan Gray Balanced Fund launched in October of 1999 with a unit price of R10, offering retail investors access to a diversified, multi-asset class,...
Diamonds in the rough: A look at luxury
The luxury industry is broad – it encompasses everything from fine food and beverages to cars, aeroplanes, boats and fine art. Ultimately, luxury is down to...
Orbis: President’s letter 2024
In his annual President’s letter, Adam R. Karr, from our offshore partner, Orbis, pays tribute to Gillian Gray, who passed away in December 2024. He also...
How to keep the lid on lifestyle creep
In recent years, central banks have grappled with curtailing inflation and easing interest rates at a reasonable pace.