Financial Mail InvestmentGuide 2015
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Transcript of Financial Mail InvestmentGuide 2015
7/21/2019 Financial Mail InvestmentGuide 2015
http://slidepdf.com/reader/full/financial-mail-investmentguide-2015 1/20
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Oekuery <, 975:
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8 H`kekm ef Ne f Oekuery <, 975:
@KXJ]\NJK\ AZ@LJ
Pbutc nedjs `t jes`jr hbr `kvjstbrs tb tedj bk r`sd ekl
tb ajt `k ekl but bh sneff mep scerjs iy Mcerfbttj Netcjws
]EX@KA
Bkj ley ybu‐ff ij afel ybu l`l
Hbr sbnj pjbpfj, ljvjf-
bp`ka e sev`kas cei`t
sterts jerfy `k f`hj, wcjk
tcj`r perjkts jkmbureaj
tcjn tb sjt es`lj sbnj
bh tcj`r pbmdjt nbkjy.
Hbr btcjrs, `t ljvjfbps bkfy `k tcj`r
97s, wcjk tcjy ija`k tb jerk e sef-ery ekl cevj sbnj sperj mesc.
Ekl tcjrj erj btcjrs, bh mbursj,
wcb erj kjvjr eifj tb muft`vetj ek
ei`f`ty tb sevj.
F`kl` Dcunefb, wcb `s 9<, sevjs
`k twb weys. ]cj ces e lji`t brljr
hbr Y5 777 e nbktc tcet abjs `ktb e
tcrjj-nbktc kbt`mj emmbukt. \c`s
kbt bkfy jerks ijttjr `ktjrjst tcek e
murrjkt emmbukt iut efsb `npbsjs e
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‖l`sm`pf`kj wc`mc nedjs `t cerljr tb
l`p `ktb cjr sev`kas.
]cj efsb puts e hjw cuklrjl rekl
`ktb cjr bfl stuljkt emmbukt `k
nbktcs wcjk scj ces sperj mesc.
\c`s `s nbkjy scj mek emmjss hbr
jxtre spjkl`ka, `kmful`ka bk trjets
f`dj mbsnjt`ms.‖Ny hetcjr efweys se`l tcet nbkjy
lbjsk‐t arbw bk trjjs,„ scj seys.
‖Cj nelj nj vjry `kljpjkljkt. @
ajt jnierressjl `h @ cevj tb esd ny
perjkts hbr nbkjy.„
\cj O]J‐s pjkky stbmds erj tcj
hevburjl sev`kas vjc`mfj hbr Ljrjd
Cjklr`mds, e 9:-yjer-bfl w`tc ek
jmbkbn`ms ljarjj. Cj seys cj ces
ajkjreffy lbkj qu`tj wjff but bh
tcjn, m`t`ka scerjs f`dj Qjsmbef ekl
\brrj @klustr`js. Cj ces cjfl scerjs
hbr es f`ttfj es e mbupfj bh nbktcs
ekl es numc es twb yjers.
Cjklr`mds ijf`jvjs cj ces ek
elvekteaj wcjk `t mbnjs tb pjkky
stbmds ijmeusj c`s ybutc nedjs t
jes`jr hbr c`n tb tedj bk r`sd, ekl
ij`ka e sneff `kvjstbr jkeifjs c`n
tb ajt `k ekl but bh sneff mep scerjs.
E i`a hukl nekeajr w`tc n`ff`bks tb
`kvjst mekkbt ij sb jx`ifj.
\cj pb`kt eibut ij`ka eifj tb
tedj bk nbrj r`sd `s efsb truj wcjk
`t mbnjs tb ljit. I`a-t`mdjt `tjns
f`dj mers ekl cbusjs erj but bh tcj
rjemc bh nbst pjbpfj `k tcj`r 97s
iut tcjrj‐s kbtc`ka wrbka w`tcted`ka bk nekeajeifj fjvjfs bh ljit
tb iu`fl up essjts, pert`muferfy `h `t
sterts w`tc cev`ka sevjl jkbuac
tb ij eifj tb put lbwk e ljmjkt
ljpbs`t.
Cjklr`mds‐s kjxt abef `s tb mfui
tbajtcjr w`tc sbnj bh c`s hr`jkls `k
e ‖iuy tb fjt„ prbpjrty, hbr wc`mc cj
w`ff sjff c`s scerjs tb mbktr`iutj tb e
ljpbs`t, cj seys.
Dcunefb‐s sev`kas abef s tb cevj
cjr bwk ius`kjss bkj ley. ‖Qcjk
@ lb, @ wbufl f`dj tb cevj sbnj
mbnhbrteifj nbkjy ijc`kl nj, kbt
oust ny kbrnef sefery,„ scj seys. ]cj
cbpjs l`sm`pf`kjl sev`ka w`ff stbp
cjr hrbn ij`ka jnbt`bkef eibut
nbkjy, ‖ekl tb sjj `t es sbnjtc`ka
tcet w`ff cjfp nj tb nbvj
hbrwerl„.
8 H`kekm ef Ne f Oekuery <, 975:
NBKJP @KXJ]\NJK\ AZ@LJ
A e f f b @ n e a j / \ c ` k d s t b m d
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Ab tb rln.mb.ze ekl ob`k tcj ket`bkef
mbkvjrset`bk
Hrbn 5079 tb 503:, tcj Yekl Le`fy Ne`f jnibl`jl cerl
c`tt`ka kjws ekl iuff`sc bp`k`bks `k pr `kt. Cbtfy ljietjl
mbuktryw`lj ekl cbukljl tb mfbsurj iy tcj kjr vbus stetj.
Kbw YLN rjturks jxmfus`vjfy `k l`a`tef hbrn, w`tc le`fy
upletjl bp`k`bk ekl ekefys`s hrbn tcj ]ukley \`njs,
\cj \`njs, Ius`kjss Ley, H`kekm`ef Ne`f, ]bwjtek
ekl btcjr \`njs Njl`e Arbup puif`met`bks.
GrlnRze /YeklLe`fyNe`f
\cj Yekl Le`fy Ne`f.
Yjibbtjl.
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\jrns ekl mbkl`t`bks eppfy.
Mbktemt us bk 7387 98 98 98 br jne`f us et
suismr`pt`bkhjjliemdGius`kjssley.mb.ze
Ekl hbr tc`s hjst`vj sjesbk bkfy, ajt e 58-p`jmj pbrteifj tbbf sjt.Bhhjr vef`l ukt`f 91tc Hjiruery 975:.
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& MZYYJK\ EHHE@Y] HBY BKFP Y==8.77WJY NBK\C.
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53 H`kekm ef Ne f Oekuery <, 975:
@KXJ]\NJK\ AZ@LJ
tcj sjmbklery nerdjt s tcj ljefjr.
\cj tc`ka eibut ert ljefjrs `s tcet
tcjy usueffy trelj bkfy k wbrds
w`tc s`ak`stmekt c`stbr`mef vefuj br
e prbvjk tremd rjmbrl bk ibtc tcj
sjmbklery ekl pr`nery nerdjts.
\c`s s kbt tcj wey tb turk erbukl
e purmcesj bh e ybuka up-ekl-mbn-
`ka ert`st iut retcjr ek eftjrket`vj
tb bet`ka ek npbrtekt wbrd bk
ek eumt`bk, wcjrj t n`act kbt sjff
ijmeusj bh e n`smefmufetjl rjsjrvj.
\cj lekajr s tcet sumc wbrds
bite`k nerdjt seturet`bk, wc`mc
njeks tcet tcj kjxt t`nj tcjy ep-
pjer tcj sjffjr‐s ljs`rjl vefuj w`ff
cevj l`n`k`scjl. ]bnj bh tcj nbst
kbteifj ljefjrs erj Obceks Ibrnek,
Qerrjk ]`jir`ts ekl Obíb Hjrrj`re,
wcb spjm`ef`sj k wbrds iy npbr-
tekt ]E ert`sts.
Yjmjktfy ]`jir`ts, wcb s ajkjrbus
w`tc c`s wjeftc bh dkbwfjlaj eibut
]E ert, ces ijjk scbw`ka e mbffjm-
t`bk bh Iett`ss tcet cj put tbajtcjr
sbnj yjers eab hbr e pr`vetj mf`jkt
ekl tcet `kmfuljs sbnj kbteifj
rer`t`js.
Hjrrj`re, wcb nerdjts c`s sjrv`mjs
es ‖l`smrjjt ekl prbhjss`bkef elv`mj
hbr tcj erljkt mbffjmtbr„, ces efsb
prblumjl sbnj ajns rjmjktfy,`kmful`ka e ]tjvjk Mbcjk smrjjk-
pr`kt hrbn tcj 5 037s wc`mc wes
scbwk et tcj Ket`bkef Erts Hjst`vef
`k Arecens
tbwk.
Ibrnek, wcb s iesjl k Mepj
\bwk, s bkj bh tcj nbst jsteif`scjl
ljefjrs bk tcj sjmbklery nerdjt
ekl treljs `k numc bh wcet bkj
mbufl jxpjmt tb stkl bk tcj eumt`bk
m`rmu`t.
]b ijhbrj ybu ab stre`act tb eum-
t`bk w`tc ybur c`stbr`mef ajns, t
wbufl ij sjks`ifj tb scbp erbukl
tcj sjmbklery nerdjt ekl ajt es
numc elv`mj es ybu mek ijhbrj
ljm`l`ka wcjrj ekl cbw tb tjst tcj
vefuj bh ybur kvjstnjkt ekl tb
rjep ts rjwerls.
Ajrle ]mcjjpjrs
(eibvj) Aetcjr`ka 975<
B`f ekl emryf`m
bk heir`m, wbbl
Y=3 777
arbup scbws, sbfb scbws ekl i`jk-
kefjs, spjm`ef prbojmts ekl mbffeib-
ret`bks ekl eff bh tcjsj erj usueffy
rjjmtjl k ek ert`st‐s MX.
Eaj `s biv`busfy e qujst`bk ekl `t
peys tb metmc tcjn ybuka. \cbuac
tremd rjmbrl mbukts, suppbrt`ka
ek ert`st et tcj ija`kk`ka bh c`s brcjr merjjr s ek kvjstnjkt k tsjfh
ekl e mbffjmt`bk tcet tremjs tcj
ljvjfbpnjkt bh styfj a`vjs e mjrte`k
mbcjrjkmj tcet w`ff treksfetj ktb
vefuj fetjr.
Q`tc ybukajr ert`sts `t peys tb fbbd
et tcj mbnnjrm`ef butfjt tcet `s lb-
`ka tcj sjff`ka.
Kbweleys `t `s vjry rerj tb iuy
stre`act but bh tcj ert`st‐s stul`b,
iut `h ybu mek ybu‐ff ij mcbpp`ka e
s`ak`stmekt nerd-up b tcj pr`mj
tcet ybu wbufl pey e aeffjry.
\wb bh tcj nbst jsteif`scjl
aeffjr`js ljef`ka k ybuka up-ekl-
mbn`ka ert`sts erj iesjl k tcj kjw-
fy ajktr`stjl l`str`mt bh Qbblstbmd
`k Mepj \bwk ekl jemc ces ts bwk
l`st`kmt`vj steifj bh ert`sts wcb
cevj nelj wevjs ibtc fbmeffy ekl
eirbel.
Ifekd Wrbojmts, bpjretjl iy
Obketcek Aerkcen ekl s`tuetjl
bppbs`tj tcj ]tjvjksbk Aeffjry bk
Fbwjr Ne`k Ybel, ces sbnj kbteifj
ert`sts wcbsj wbrd s mrbss`ka tcj
ibukler`js ijtwjjk pe`kt`ka ekl
`ksteffet`bk ekl ettremt`ka e fbt bh
ettjkt`bk. Bkj bh ts jxc`i`t`bks wes
e sbfb scbw iy Ajrle ]mcjjpjrs
t`tfjl Wysmcb ]bm`b ]urhemj, e rekaj
bh smufpturjs ekl pe`kt`kas tcet
stertjl hrbn Y9: 777 ekl wjkt up
tb Y07 777.
Ekbtcjr ert`st hrbn tcj Ifekd
steifj tb djjp ek jyj but hbr s
eistremt pe`ktjr Oek-Cjkr` Ibbyjks.
C`s i`a pe`kt`kas rjemc Y1: 777 iut
Lbnjst`m Wbf`m`js
(]`stjrs) 975<
Wepjr trekshjr
bktb netjr`ef
Y9: 777
Oek-Cjkr` Ibbyjks
@npr`kts, 975<
]prey pe`kt ekl
nerdjr bk pepjr
Y: 777
Ajrle ]mcjjpjrs (ijfbw)
c`s lrew`kas ekl pr`kts prjsjkt e
nbrj ebrleifj pb`kt bh jktry ktb
c`s wbrd, stert`ka et Y< 777. @k c`s
n`lrekaj bkj mek pey Y=7 777 hbr
pe`kt`kas bh e njtrj squerj. Ibby-
jks ces nekeajl tb treksfetj c`s
l`st`kmt`vj styfj emrbss njl`uns,
wc`mc nedjs c`n ek ettremt`vj ert-
`st tb mbffjmt.
\cj Qcet`htcjwbrfl Aeffjry,
bpjretjl iy Oust`k Ycbljs, efsb k
Qbblstbmd, ces ijjk erbukl s`kmj
9773 ekl ces e l`st`kmt`vj arbup bh
ybuka mbkmjptuef ert`sts wcb wbrd
emrbss njl`uns, es wjff es sbnj
nbrj jsteif`scjl ert`sts.
Jktry-fjvjf wbrds stert et eibut
Y59777, hbr wc`mc ybu mek ajt e
sneff wetjrmbfbur iy N`mcejf \eyfbr
br e smufpturj iy n`k`nef`st Yblek
Dekj Cert.
@k tcj n`lrekaj hrbn Y=7 777 tb
Y:7 777 ybu mbufl ajt e ‖ljnbf`t`bk
pe`kt`ka„ iy Ybwek ]n`tc, wcb ces
rjmjktfy rjturkjl hrbn stuly`ka
eirbel, br jvjk e wbrd iy Fykl`
]efjs, wcbsj ukusuef smufpturjs, usj
bh netjr`ef ekl jxtjks`vj jxc`i`-
t`bk rjmbrl nedj cjr pbpufer w`tc
mbffjmtbrs.
\cbsj fbbd`ka tb spjkl ijtwjjk
Y577 777 ekl Y9:7 777 mek fbbd et
e i`a tepjstry iy Etc`-Wetre Yuae,
wcb ces ijjk sjfjmtjl es bkj bh tcj
975: ]teklerl Iekd Pbuka Ert`sts.
@k tc`s rekaj bkj mbufl efsb bite`k
e suistekt`ef lrew`ka iy Menjrbk
Wfettjr, wcb ces jxc`i`tjl jxtjk-
s`vjfy eirbel.
Hbr tcbsj wcbsj testj s e f`ttfj
nbrj trel`t`bkef, tcj eumt`bk m`rmu`t
`s tcj pfemj tb wetmc.
@k tcj sjmbklery nerdjt, pr`mjs
erj ljtjrn`kjl iy jst`netjs retcjr
tcek stxjl jvefuet`bks sjt iy aeffjr-
`js, wc`mc njeks tcet abbl ljefs erj
jesy tb p`md up. Eumt`bks erj efsb
bkj bh ybur strst stbps wcjk fbbd`ka
tb stert rjmymf`ka ybur mbffjmt`bk
iemd `ktb tcj nerdjt bkmj ybu‐vj
f`vjl w`tc sbnjtc`ka hbr tbb fbka.
\cbuac tcj i`a kenjs f`dj @rne
]tjrk ekl OC W`jrkjjh cevj lbn`-
ketjl tcj cjelf`kjs bh tcj sjmbkl-
ery nerdjt rjmjktfy, tcjrj cevj ijjk btcjr ert`sts wcb cevj ijjk
kbteifj pjrhbrnjrs.
Bk tcj mbktjnpbrery s`lj bh tcj
murte`k s Q`ff`en Djktr`laj, wcbsj
wbrd et tcj rjmjkt ]treuss & Mb sefj
`k Obcekkjsiura her jxmjjljl ts
jst`netjs, mjnjkt`ka c`s prjsjkmj
es bkj bh tcj nbst hbrn`leifj ]E
ert`sts prblum`ka wbrd tbley.
Ekbtcjr sbf`l pjrhbrnjr ces ijjk
Qeftjr Iett`ss. \cjrj ces ijjk e
rjsurajkmj bh ktjrjst k c`s wbrd.
@t kbw hjtmcjs ktb tcj cuklrjls
bh tcbusekls bh rekl. ]treuss & Mb
`s ek `ktjrjst`ka nbljf tb fbbd et
rjaerl`ka tcj kvjstnjkt mymfj bh e
mbffjmt`bk.
Efsb et `ts rjmjkt sefj wes e
sjfjmt`bk bh =7 wbrds hrbn tcj
Cerry F`ts mbffjmt`bk bh wbrds iy tcj
Enelfbz` Arbup, wc mc `kmfuljl
Mjm`f ]dbtkjs, ]ylkjy Dunefb ekl
Jluerlb X`ffe. Q`tc rjfet`vjfy mbksjrvet`vj jst -
netjs, sbnj bh tcj fbts `k tc`s sjm-
t`bk bh tcj sefj nbrj tcek lbuifjl
tcj`r c`ac jst`net`bks, rjemc`ka
Y=87 777 `k tcj mesj bh X`ffe ekl
Y5,9:n hbr Dunefb, ffustret`ka cbw
e tcbrbuacfy iu`ft mbffjmt`bk arbwk
bvjr t`nj mek prbv`lj e sbf`l rjturk.
Hbr tcbsj fbbd`ka tb rjmymfj tcj`r
mbffjmt`bks, eumt`bks erj kbt tcj
bkfy wey tb ab. Ekbtcjr hemjt bh
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]N] ‖HN]uis„ tb <3<1=
& wj w`ff meff ybu iemd
Bhhjr vef`l ukt`f tcj 91tc Hjiurery 975<
F`n`tjl stbmd eve`feifj
Hbr qujr`js mbktemt us bk suismr`pt`bkhjjliemdGhn.mb.ze
br pcbkj us et 7387 98 98 98
\jrns & mbkl`t`bks eppfy. ]N] mcerajl et Y5.:7, jrrbrs w`ff ij i`ffjl.
QJJDFP @KXJ]\NJK\
@K]@AC\]]uismr`ij tb H`kekm`ef Ne`f hbr bkfy Y01.<7 e nbktc
hbr 59 nbktcs
ekl ajt \`n Mbuzjks, \cj Arjet ]`fjkmj & Kjfsbk
Nekljfe, Mbkvjrset`bks
w`tc nysjfh.