Local Market ReviewDecember 5, 2023
Ode To Charles T MungerDecember 6, 2023
Dear readers, I am delighted to provide a Chairman’s commentary for the November edition of Warwick Wealth Matters. We are certainly experiencing extraordinary times globally and our wealth managers and asset managers are certainly earning their keep by protecting and growing the wealth of our clients across the length and breadth of South Africa.
After a long, painful and bumpy ride, there are indications that the global tiger of inflation may have been tamed. US inflation is cooling and declined to 3,2% in October, which, while still above the Federal Reserve’s 2% target range, is clearly tracking in the right direction. Consensus is now that we may see interest rate cuts earlier in 2024 than expected and hopefully talk of a hard landing in the US next year has been dispelled. At the time of writing, global and South African markets had responded positively to this encouraging data.
Closer to home, inflation is proving somewhat more stubborn, but we have confidence that the Reserve Bank will retain its sober approach to interest rates and act in a manner consistent with its mandate and independent of political pressure and interference. One swallow doth not a summer make, but South Africa’s recent employment data are showing signs of stabilisation and even marginal decline, with some net job creation. Of course, the great challenge we face in this regard is to bring down the catastrophically high youth unemployment rates, which must become a key government priority.
This month, as we are rapidly heading towards year end, I also wanted to touch on a matter very close to my heart and indeed that of every employee in our group and that is the Spirit Foundation. The Foundation was established by my family in 1994 to celebrate the birth of our democracy and with the mission of contributing meaningfully to the future of South Africa. As an NPC, the Spirit Foundation focuses on education, community and wildlife. The Spirit Foundation has a fabulous track record of providing quality education to scholars, community upliftment and disability programmes and
protecting our iconic and endangered wildlife, such as orphaned rhinos. 100% of all donations go directly to the underlying projects as the overhead is covered by the Spirit Group shareholders, directors and staff.
Every six months we produce a wonderful publication, the Full Circle, which serves as a summary of progress and achievement in each of our many projects and we would appreciate your feedback on both the publication and our
So, if you are looking to make a difference in South Africa in the fields of education, training, disability, community upliftment or wildlife conservation, why not become a supporter of and donor to the Spirit Foundation? For further details, please contact the Spirit Foundation.