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Editor's Note
Natalie Mayer

Dear Readers

Welcome to the May issue of MarketViews.

Reading the daily market reports over the last few weeks, it’s clear that all is not yet returned to normal where the global economy is concerned. Resources in particular have been extremely volatile of late, suffering large drops interspersed with mini-recoveries, and with gold prices – usually stronger when the economy is a bit shaky – tumbling along with other commodities.  We decided to investigate the resource price slide a little further, and look at the potential impacts for the economy as well as how investors could still benefit.

In his article this month, AJ Cilliers delves into the world of ‘Big Idea’ investing, as explained by writers/investors Jim Mellon and Al Chalabi. This approach to investing will appeal to the less technical of us, who prefer to look at fundamentals such as core business activity and industry rather than simply ratios (although crunching the numbers does have its place in this strategy). AJ shares some ‘rules’ for Big Idea investing, as well as advice on how to come up with your own Big Ideas that could change the way you see the stock market.

Finally we’d like to introduce a new writer to the MarketViews team, Raymond Shapiro. Raymond is an analyst and investment manager, and has worked for a large private investment firm in that capacity for a number of years. In this edition he offers his advice to equity investors, based on some of the lessons he has learnt.

Wishing you good reading and every investing success,

Natalie Mayer

Editor

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Midday Market Report JSE flat before the weekend

The JSE All Share was flat at midday, up fractionally at 0.07% before the weekend despite losses in gold mining shares.

Feature The 'Big Idea' Approach To Stock Market Investing
AJ Cilliers

Instead of focusing on PE ratios and dividend yields, and charts and graphs reflecting share price movements over time, we must think in terms of the actual businesses we want to invest in.

Articles Why Resource Prices Keep Falling - And How You Can Benefit
Natalie Mayer

Resource prices are falling fast, and anyone watching the JSE recently will have seen a serious slide in gold mining shares in particular. What's going on?

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10 Lessons From An Investment Manager
Raymond Shapiro

Raymond Shapiro shares some lessons for the equity investor, learned from his experience as an investment manager and analyst.

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How important is the industry and core activity of a company to your investing?
	Not important. I only look at technical signals.
	Fairly important. I look at signals and fundamentals.
	Very important. It decides future profitability.

Previous Poll Results

Which investing mistake are you most prone to making?
Thinking that trading is easy money	5%
Not getting into/out of the market at the right time	44%
Overtrading	5%
Not managing my risk properly	20%
Not sticking to my strategy	25%

SEARDEL	100	80.0%
ROCKWELL	80	66.7%
SEARDELN	75	62.5%
NIVEUS	479	33.8%
SABLE	690	29.9%
DELRAND	-119	-85.0%
WILDRNESS	-120	-48.0%
ABIL	-1002	-35.9%
SIBANYE	-248	-26.1%
S-OCEAN	-40	-24.2%

Broadcasting Contractors	19.9%
Clothing & Footware	19.8%
Computer Hardware	13.1%
Steel	11.3%
DCM	10.4%

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