https://citywire.com/za The podcast where we unravel the intricacies of investment, explore the ever-changing market, and tap into the wisdom of the masterminds who shape them both. Investing en Fri, 23 Aug 2024 13:18:02 +0200 Fri, 27 Mar 2026 13:18:40 +0200 30 http://blogs.law.harvard.edu/tech/rss iono.fm 2.5.2.0 Citywire no Ruan Jooste Weekly feeds@iono.fm (Feed Manager) https://cdn.iono.fm/files/p3811/logo_8911_20250908_202759_1400.jpeg https://citywire.com/za The podcast where we unravel the intricacies of investment, explore the ever-changing market, and tap into the wisdom of the masterminds who shape them both. Citywire episodic Citywire digitalcontent@citywire.co.uk false ZA https://iono.fm/e/1660755 https://iono.fm/e/1660755
In this episode of Money, Markets, and Masterminds, Brenda Norton, manager in the Insurance Supervision Department within the Conduct of Business division at the FSCA unpacks why disclosure is no longer enough, where claims are still breaking down and how upcoming reforms could reshape accountability across insurers, advisers and distribution models. ]]> Investing Fri, 27 Mar 2026 13:19:00 +0200 0 0 Where insurers are still failing customers 0 0 Ruan Jooste full 22:07 Money, Markets and Masterminds https://iono.fm/e/1659141 https://iono.fm/e/1659141


She further unpacks the firm’s move into private markets for retail investors, arguing that access to unlisted assets is becoming increasingly important as public markets shrink, but warning that diversification and liquidity management remain critical.

Beyond portfolios, Matthee-Ferreira highlights how DFMs are evolving through technology, partnerships and behavioural insights, allowing advisers to spend less time on implementation and more time with clients.

Listen below for more on where Cogence is finding opportunity – including South African fixed income, global equities and gold – while keeping a close watch on concentrated risks such as the build-out of AI. ]]> Investing Mon, 23 Mar 2026 15:27:00 +0200 0 0 Advisers should not get distracted by the wrong things - DFM CEO 0 0 Ruan Jooste full 24:02 Money, Markets and Masterminds https://iono.fm/e/1658320 https://iono.fm/e/1658320
Markets price the event, but economies absorb the structure. Understanding that gap, and the lag between them, may be the difference between reacting to noise and capturing long-term alpha. ]]> Investing Fri, 20 Mar 2026 11:23:00 +0200 0 0 Why markets are trading the wrong war 0 0 Ruan Jooste full 30:03 Money, Markets and Masterminds https://iono.fm/e/1648999 https://iono.fm/e/1648999
She points to persistent red flags, including superficial minutes, unmanaged conflicts, poor administrator oversight and growing unclaimed benefits - and warns that outsourcing does not remove accountability as outcomes-based supervision intensifies and The Conduct of Financial Institutions (Cofi) bill approaches. ]]> Investing Mon, 23 Feb 2026 16:23:00 +0200 0 0 FSCA’s frontline warning to pension fund trustees 0 0 Ruan Jooste full 27:15 Money, Markets and Masterminds https://iono.fm/e/1644779 https://iono.fm/e/1644779
In this episode of Money, Markets, and Masterminds, Philip Bradford, chief investment officer at PortfolioMetrix Asset Management, explains how his team constructs portfolios built to withstand volatility rather than chase trends. From managing concentration risk in the ‘Magnificent Seven’ to distinguishing disciplined rebalancing from tactical market timing, Bradford outlines what DFMs are actually paid to get right over a full market cycle. ]]> Investing Wed, 11 Feb 2026 11:17:00 +0200 0 0 How this DFM engineers portfolios when markets lose their nerve 0 0 Ruan Jooste full 20:04 Money, Markets and Masterminds https://iono.fm/e/1640580 https://iono.fm/e/1640580


Listen for Schoeman’s views on why underperformance can be a signal rather than a red flag, how DFMs think about drawdowns and diversification, and why portfolios should be designed for client behaviour as much as for markets. ]]> Investing Thu, 29 Jan 2026 13:36:00 +0200 0 0 Why top DFMs would rather miss rallies than lose clients 0 0 Ruan Jooste full 18:02 Money, Markets and Masterminds https://iono.fm/e/1639343 https://iono.fm/e/1639343
The conversation explores where AI is already delivering tangible benefits, where adoption remains cautious, and how issues such as bias, explainability, accountability and systemic risk are shaping regulatory thinking. It also examines why AI governance is no longer a technical issue, but a board-level responsibility, with human oversight remaining non-negotiable.

This Citywire South Africa exclusive sets the tone for a monthly series designed to unpack the rules, the red tape and the regulatory judgement calls shaping the future of South Africa’s financial system. ]]> Investing Tue, 27 Jan 2026 11:09:00 +0200 0 0 Inside the regulator’s AI rulebook: FSCA lifts the lid on finance’s next frontier 0 0 Ruan Jooste full 19:48 Money, Markets and Masterminds https://iono.fm/e/1624208 https://iono.fm/e/1624208 From the dangers of overconfidence and the behavioural pitfalls triggered by uncertainty, to the rise of AI-driven concentration, shifting currency valuations and where genuine value is emerging across South Africa, the UK and China, this conversation cuts through the noise and focuses on what matters most: preparation.
If you want a clear, grounded framework for the year ahead – one that helps you keep clients invested, disciplined and resilient – you will not want to miss this episode. ]]> Investing Mon, 01 Dec 2025 13:55:00 +0200 0 0 Morningstar warns: Preparation, not prediction, will shape 2026 0 0 Ruan Jooste full 23:30 Money, Markets and Masterminds https://iono.fm/e/1620954 https://iono.fm/e/1620954


From China’s new leadership and the eastward drift of economic power to the scramble for rare resources, the sidelining of climate risks and the coming leap in quantum computing, Adrian maps out the forces that will define the world investors must navigate next. He also explains why forecasting is a fool’s errand, and why the smartest investors focus instead on the constants that never change.



If you want to understand the world your portfolios are about to inherit, this conversation is essential. ]]> Investing Fri, 21 Nov 2025 16:02:00 +0200 0 0 The new power map investors cannot ignore 0 0 Ruan Jooste full 21:18 Money, Markets and Masterminds https://iono.fm/e/1615507 https://iono.fm/e/1615507 Investing Thu, 06 Nov 2025 14:20:00 +0200 0 0 Boxing clever in a resilient global economy 0 0 Ruan Jooste full 21:15 Money, Markets and Masterminds https://iono.fm/e/1613403 https://iono.fm/e/1613403
We unpack what the medalist rating system means for advisers and investors, how South African managers measure up against global peers, and why independent research is key in a market where performance has been driven by a handful of stocks.

Listen now to hear how data-driven insights are reshaping fund selection and what’s next for Morningstar’s research footprint in South Africa. ]]> Investing Fri, 31 Oct 2025 12:35:00 +0200 0 0 Morningstar expands South African fund coverage 0 0 Ruan Jooste full 17:40 Money, Markets and Masterminds https://iono.fm/e/1610587 https://iono.fm/e/1610587 Investing Thu, 23 Oct 2025 10:30:00 +0200 0 0 Why gold’s real value is in our heads 0 0 Ruan Jooste full 19:48 Money, Markets and Masterminds https://iono.fm/e/1601981 https://iono.fm/e/1601981
Tune in for insights on fees, transparency, and what the shift could mean for South African portfolios. ]]> Investing Mon, 29 Sep 2025 18:01:00 +0200 0 0 Public vs private markets: The investment borders are blurring 0 0 Ruan Jooste full 16:10 Money, Markets and Masterminds https://iono.fm/e/1597380 https://iono.fm/e/1597380


From the surge in digital platform usage under the two-pot system to the pitfalls of duplication and over-insurance, the discussion tackles how data sharing, fee transparency, product design, and real financial advice—not just benefit counselling—can transform outcomes for members.

Tune in for sharp insights on closing South Africa’s retirement savings gap, and why advisers, employers, and providers need to collaborate more closely than ever. ]]> Investing Mon, 15 Sep 2025 12:06:00 +0200 0 0 When employee benefits and advice worlds collide 0 0 Ruan Jooste full 44:57 Money, Markets and Masterminds https://iono.fm/e/1593410 https://iono.fm/e/1593410 The conversation explores how South African pension funds, life companies, asset managers and hedge funds are adapting to shifting markets, what Regulation 28 reforms mean for allocations, and how innovative structuring and technology — from AI to multi-asset solutions — are shaping the institutional investment landscape.
Tune in for practical insights on balancing growth, protection and liquidity in a fast-changing world. ]]> Investing Wed, 03 Sep 2025 13:00:00 +0200 0 0 Sponsored: How South African institutions are rethinking risk and returns with Investec 0 0 Ruan Jooste full 37:06 Money, Markets and Masterminds https://iono.fm/e/1592582 https://iono.fm/e/1592582
From the Russell 2000 index’s rally to South Africa’s cheap but illiquid mid- and small-cap space, we explore whether the recent rotation is a fleeting sentiment-driven trade or a fundamental shift with staying power.

Tune in below for insights on valuations, risks and what investors should be watching as portfolios adapt to a world of shifting capital flows. ]]> Investing Mon, 01 Sep 2025 12:43:00 +0200 0 0 Are small caps finally having their moment? 0 0 Ruan Jooste full 18:24 Money, Markets and Masterminds https://iono.fm/e/1586702 https://iono.fm/e/1586702
From Rwanda’s government-matched micro-pension scheme to Kenya’s tech-driven push into the informal sector, to South Africa’s fee and access challenges, the panel unpacks shared hurdles – like low coverage and limited financial literacy – and the creative, culturally attuned solutions emerging across the continent. This is a conversation about lessons worth sharing, and how African markets can learn from each other to build more inclusive, sustainable retirement systems. ]]> Investing Thu, 14 Aug 2025 13:47:00 +0200 0 0 Retiring in Africa: Cross-border lessons on building inclusive pension systems 0 0 Ruan Jooste full 46:50 Money, Markets and Masterminds https://iono.fm/e/1586098 https://iono.fm/e/1586098 Investing Wed, 13 Aug 2025 10:05:00 +0200 0 0 How South Africa can fast-track growth 0 0 Ruan Jooste full 22:59 Money, Markets and Masterminds https://iono.fm/e/1583005 https://iono.fm/e/1583005
From Latin America to the JSE, and from gold miners to tech giants, this episode explores where the value lies — and whether the so-called end of US exceptionalism is finally here. Neethling also explains Morningstar’s current allocation strategy, which markets they’re overweight, and how they’re balancing risk in a volatile world. ]]> Investing Mon, 04 Aug 2025 15:31:00 +0200 0 0 Mind Over Markets: Is the tide turning for US dominance? 0 0 Ruan Jooste full 20:21 Money, Markets and Masterminds https://iono.fm/e/1579899 https://iono.fm/e/1579899 McDonald started by mapping every step of the advice journey using the six-step FPI framework. He identified 72 underlying actions, from prospecting to annual reviews, and linked each to the responsible staff member, time spent, and tools used. This breakdown revealed where tasks could be automated, delegated, or streamlined.
Listen to the conversation to determine how advisers can calculate the actual cost of doing business. ]]> Investing Fri, 25 Jul 2025 10:35:00 +0200 0 0 What does it really cost to deliver financial advice? 0 0 Ruan Jooste full 15:20 Money, Markets and Masterminds https://iono.fm/e/1578305 https://iono.fm/e/1578305
From diving goalkeepers to gold allocations and Bitcoin doubts, this one’s for advisers and allocators who want signal, not noise. ]]> Investing Mon, 21 Jul 2025 16:19:00 +0200 0 0 When doing nothing is the smartest move 0 0 Ruan Jooste full 23:03 Money, Markets and Masterminds https://iono.fm/e/1576858 https://iono.fm/e/1576858 Investing Wed, 16 Jul 2025 14:52:00 +0200 0 0 Advisers urged to bridge the retirement execution gap 0 0 Ruan Jooste full 21:02 Money, Markets and Masterminds https://iono.fm/e/1573009 https://iono.fm/e/1573009
This episode marks the 14th instalment of our Mind Over Markets podcast series with Morningstar and tackles one of the most pressing questions facing advisers and investors right now: How do you stay the course when the world feels like it’s coming apart?

Swanepoel, who draws on Morningstar’s global research and behavioural frameworks, introduces listeners to the concept of mining for goals – a technique developed by the firm’s behavioural science team to help clients move from vague intentions to specific, emotionally grounded objectives. As she explains, when clients understand why they’re investing — whether it’s freedom, security, or legacy — the noise of the market becomes less distracting.

This episode is a must-listen for any adviser navigating client conversations in today’s high-noise, low-conviction environment. Whether you’re facing clients spooked by headlines or needing to revisit your planning frameworks, this is a timely reminder that behaviour matters as much as allocation.

Listen below for more below. ]]> Investing Fri, 04 Jul 2025 11:27:00 +0200 0 0 The psychology of goal-based investing in turbulent times 0 0 Ruan Jooste full 14:53 Money, Markets and Masterminds https://iono.fm/e/1570178 https://iono.fm/e/1570178
The conversation covers Premier Miton’s Section 65 rollout, portfolio strategy, macro risks, credit markets, ESG integration and how the Premier Miton Strategic Monthly Income Bond fund fits into South African advice models.

Whether you’re rethinking duration, credit exposure, or income anchors, this episode offers valuable perspectives from one of the UK’s leading boutique managers. ]]> Investing Thu, 26 Jun 2025 13:20:00 +0200 0 0 The fixed income playbook - risk, rates, and real returns 0 0 Ruan Jooste full 25:34 Money, Markets and Masterminds https://iono.fm/e/1568956 https://iono.fm/e/1568956
Citywire South Africa editor Ruan Jooste is joined by Jack Gilbert, editor of sister title Citywire New Model Adviser, to map how the global counterparts – South Africa’s Financial Sector Conduct Authority (FSCA) and the UK’s Financial Conduct Authority (FCA) – are reshaping the landscape.

The changes include South Africa’s sweeping Conduct of Financial Institutions bill and the UK’s new consumer duty regime, a new set of rules aimed at improving consumer protection in the UK financial services industry.

Listening to this podcast will give readers insights on tech-driven supervision, finfluencer crackdowns, crypto rules and the data demands coming every adviser’s way. ]]> Investing Mon, 23 Jun 2025 17:39:00 +0200 0 0 Where FSCA and FCA part ways and where they don’t 0 0 Ruan Jooste full 34:42 Money, Markets and Masterminds https://iono.fm/e/1567884 https://iono.fm/e/1567884 Investing Thu, 19 Jun 2025 16:09:00 +0200 0 0 Quality, conviction and calm: Investing through global turbulence 0 0 Ruan Jooste full 17:21 Money, Markets and Masterminds https://iono.fm/e/1565253 https://iono.fm/e/1565253
Citywire South Africa explores how he and his Gibs colleague, Professor Charlene Lew, reimagined the game to mirror real-world investing conditions. Their version introduces income inequality, random shocks, and moral quandaries — all to expose the investor’s greatest risk: themselves.

From overconfidence and first-order thinking to coalition dynamics and ethical blind spots, Saville shares the hard-hitting insights that have emerged from 15 years of running this simulation with MBA students. Whether you’re an adviser, fund selector, or simply fascinated by financial decision-making, this episode will challenge the way you think about strategy, risk and behavioural finance. ]]> Investing Wed, 11 Jun 2025 14:34:00 +0200 0 0 What Monopoly can teach about investing 0 0 Ruan Jooste full 23:37 Money, Markets and Masterminds https://iono.fm/e/1563369 https://iono.fm/e/1563369
Fairheads’ chief executive David Hurford (pictured above) joined Citywire South Africa to explore how advisers can protect families from painful – and costly – estate planning oversights. ]]> Investing Thu, 05 Jun 2025 15:18:00 +0200 0 0 Who inherits your client's pension if a minor dies first? 0 0 Ruan Jooste full 20:12 Money, Markets and Masterminds https://iono.fm/e/1561448 https://iono.fm/e/1561448 Investing Fri, 30 May 2025 16:33:00 +0200 0 0 Active vs passive – who’s really winning in SA? 0 0 Ruan Jooste full 14:38 Money, Markets and Masterminds https://iono.fm/e/1557538 https://iono.fm/e/1557538
We also talk about investment positioning, offshore exposure, adviser partnerships, and where Platinum Portfolios sees global opportunity today.

Tune in below for more. ]]> Investing Mon, 19 May 2025 16:32:00 +0200 0 0 Podcast: Designing fund of funds that work with advisers — not instead of them 0 0 Ruan Jooste full 14:49 Money, Markets and Masterminds https://iono.fm/e/1555785 https://iono.fm/e/1555785
Tune in for timely insights—and a sharp take on what comes next. ]]> Investing Wed, 14 May 2025 12:03:00 +0200 0 0 Trump’s 100 days - tariffs, turmoil and tactical moves 0 0 Ruan Jooste full 22:46 Money, Markets and Masterminds https://iono.fm/e/1553824 https://iono.fm/e/1553824
Drawing parallels with Lewis Carroll’s surreal classic, Saville argues that the rules of the economic game are being rewritten in real time – and warns investors against clinging to outdated playbooks.

As Donald Trump’s sweeping tariffs rock markets, Saville unpacks why the recent drop in the S&P 500 – erasing trillions of dollars in market value – is more than a cyclical correction, it is structural.

Instead, he outlines a disciplined strategy anchored in diversification, decorrelation and defensiveness. From shifting allocations away from overvalued US tech stocks to tapping opportunities in China, Japan and defensive sectors, Saville illustrates how his team has stayed ahead of the MSCI All Country World index this year by adapting early.

Listen to the discussion for more expert insight. ]]> Investing Thu, 08 May 2025 11:49:00 +0200 0 0 The Long Game: The new trade order is forcing investors to rethink everything 0 0 Ruan Jooste full 15:57 Money, Markets and Masterminds https://iono.fm/e/1549501 https://iono.fm/e/1549501
In this double interview, Citywire South Africa speaks with RisCura founder and director Jarred Glansbeek and Altvest chief investment officer Akshay Karan about China’s economic choreography, valuation mismatches, and why early-stage Chinese tech could be a worthwhile high-conviction bet.

Listen to the recording for an analysis of China’s investment influence. ]]> Investing Thu, 24 Apr 2025 13:50:00 +0200 0 0 Betting on Beijing – Why China may be the smartest risk SA investors can take 0 0 Ruan Jooste full 29:16 Money, Markets and Masterminds https://iono.fm/e/1547455 https://iono.fm/e/1547455
From standardising client experiences and preparing for intergenerational wealth transfer to adapting advice for local realities like black tax and traditional marriages, this conversation is a must for advisers aiming to future-proof and standardise their practice. ]]> Investing Wed, 16 Apr 2025 14:51:00 +0200 0 0 Best practice leads to better advice 0 0 Ruan Jooste full 12:57 Money, Markets and Masterminds https://iono.fm/e/1545489 https://iono.fm/e/1545489
Neethling offers a level-headed analysis of the risks and opportunities emerging from this protectionist pivot, including which sectors and countries are most exposed, why US small caps might still offer value, and how local bonds are holding up under pressure.

Whether you’re feeling fearful or greedy, this episode is your anchor in uncertain waters – full of insights to help you ask the right questions and position portfolios for whatever is next.

Tune in to find out more. ]]> Investing Thu, 10 Apr 2025 10:15:00 +0200 0 0 Is it time-out for Trump’s tantrum? 0 0 Ruan Jooste full 16:56 Money, Markets and Masterminds https://iono.fm/e/1538006 https://iono.fm/e/1538006
With market swings following every Trump statement, growing policy uncertainty, and South Africa’s own economic challenges, how can investors stay ahead? Baptiste shares insights on inflation risks, gold as a safe haven asset, China’s changing role, and practical strategies to protect and grow portfolios in turbulent times.

Join us for a deep dive into market resilience, investment opportunities, and the power of staying nimble. ]]> Investing Tue, 18 Mar 2025 15:56:00 +0200 0 0 How to Trump-proof your portfolio 0 0 Ruan Jooste full 18:35 Money, Markets and Masterminds https://iono.fm/e/1536891 https://iono.fm/e/1536891
In this episode of Money, Markets, and Masterminds, Citywire South Africa and Keith Engel, CEO of the South African Institute of Taxation, break down the true impact of government tax policies. We explore whether the country is pushing past the top of the Laffer Curve, how tax complexity is strangling businesses, and the economy, and why endless hikes might do more harm than good.

Is the government collecting enough—or just wasting more? Engel exposes tax loopholes, compliance failures, and the risks of squeezing businesses too hard. With practical solutions and bold insights, this episode uncovers what needs to change in South Africa’s tax system before it’s too late. ]]> Investing Fri, 14 Mar 2025 11:48:00 +0200 0 0 How taxes are killing South Africa’s economy 0 0 Ruan Jooste full 23:53 Money, Markets and Masterminds https://iono.fm/e/1536539 https://iono.fm/e/1536539
We break down economic principles, challenge political rhetoric and assess US President Donald Trump’s economic policies against real-world data. From tariffs and trade wars to the strength of the US dollar and global growth trends, this discussion offers sharp, data-driven insights for fund selectors, financial advisers, and institutional investors.

Tune in below for expert analysis on how Trump’s tariff policies distort trade, why a weak dollar may hurt rather than help US competitiveness, what market signals like the S&P 500 and policy uncertainty index reveal about his presidency, and where investors can find real growth opportunities in global markets. ]]> Investing Thu, 13 Mar 2025 14:16:00 +0200 0 0 Podcast: How Trump fails economics 101 0 0 Ruan Jooste full 20:25 Money, Markets and Masterminds https://iono.fm/e/1534420 https://iono.fm/e/1534420
With geopolitical uncertainty, shifting global equity trends and the dominance of US tech under scrutiny, Sean Neethling, head of investments at Morningstar South Africa, joins us to unpack what this means for investors.

Is it time to look beyond the US for opportunities? Will AI disrupt market leadership sooner than expected? And how should investors navigate the growing volatility in global markets?

Tune in below for expert insights to these questions, actionable takeaways and a fresh perspective on the evolving investment landscape ]]> Investing Fri, 07 Mar 2025 10:34:00 +0200 0 0 The Deep Seek effect - a game-changer for global markets? 0 0 Ruan Jooste full 21:17 Money, Markets and Masterminds https://iono.fm/e/1530586 https://iono.fm/e/1530586
In the latest episode of Money, Markets and Masterminds, Citywire South Africa sits down with Anton Eser (pictured below), CIO at 10X Investments, to discuss the state of the US market, the risks of a potential bubble, and what it all means for South African investors.

With nearly 30% of local retirement funds now allocated to US equities, the implications of a market correction could be significant. Eser unpacks the dangers of over-reliance on the Magnificent Seven tech giants, shares historical parallels to past market bubbles, and explains why fund selectors should be looking beyond the US for value.

He also explores the growing appeal of dividend stocks, the role of defensive strategies in an uncertain geopolitical landscape, and why, for the first time in two decades, global fixed income assets might offer a compelling alternative.

Tune in below to hear why the biggest opportunities may lie outside of the world’s most dominant stock market. ]]> Investing Mon, 24 Feb 2025 18:59:00 +0200 0 0 Are US equities in bubble territory? 0 0 Ruan Jooste full 20:32 Money, Markets and Masterminds https://iono.fm/e/1527591 https://iono.fm/e/1527591 Geldenhuys, who is a senior financial planner at WealthUp, explained the rigorous three-round evaluation process, which tested his financial planning expertise, business acumen and leadership potential.
While technical skills were crucial, he highlighted that strong relationships and mentorship played a key role in his success.
The conversation then shifted to the evolving role of technology in financial planning and we looked to the future, identifying key opportunities for financial planners in South Africa.
Tune in below for a lively discussion on what it takes to stand out in the financial planning industry. ]]> Investing Fri, 14 Feb 2025 11:14:00 +0200 0 0 The FPI’s 2024 Planner of the Year tells his story 0 0 Ruan Jooste full 20:27 Money, Markets and Masterminds https://iono.fm/e/1524149 https://iono.fm/e/1524149
The Association for Savings and Investment South Africa (Asisa) has introduced a classification change, separating SA-only equity funds from general equity funds that include offshore allocations. This development is set to enhance transparency, improve fund comparability, and influence how discretionary fund managers (DFMs) and asset managers structure their portfolios.

Dodd explained why Asisa introduced these category changes and what they mean for fund selection and how increased offshore limits (up to 45%) have influenced fund performance.

Listen to our conversation on how fund managers, DFMs, and retail investors should navigate these changes and what trends will shape SA equity funds going forward. ]]> Investing Tue, 04 Feb 2025 11:09:00 +0200 0 0 The impact of Asisa’s new equity fund classifications on DFMs and asset managers 0 0 Ruan Jooste full 12:26 Money, Markets and Masterminds https://iono.fm/e/1523229 https://iono.fm/e/1523229
From strategic asset allocation and the rise of passive investing to the impact of liquidity crises and cost-conscious portfolio construction, Garvin has seen it all.

Listen to our conversation where he shares hard-earned lessons on navigating the evolving investment landscape. ]]> Investing Fri, 31 Jan 2025 12:21:00 +0200 0 0 Lessons from the frontlines with Trevor Garvin - Two decades of money management 0 0 Ruan Jooste full 32:06 Money, Markets and Masterminds https://iono.fm/e/1520315 https://iono.fm/e/1520315
The first piece of work comes from Bloomberg’s John Authers. At the end of each year, he writes an article for his imagined investment firm, Hindsight Capital, which makes fantastically astute decisions because they know – with the benefit of hindsight – what to buy and what to avoid. The fantasy shows just how hard it is to imagine what each year delivers. The second piece of work comes from Cliff Asness, co-founder of AQR Capital Management, who, in a recent article leaps forward a decade, imagining the errors that will become evident in hindsight by 2035.

Drawing on these two works, the episode tackles the futility of prediction and the importance of building resilient investment portfolios from the get-go.
The conversation also delves into current market trends, including risks in the US equity rally, debt challenges with US Treasuries, and China’s economic slowdown and potential parallels with Japan..

Emphasising discipline and preparation, the podcast offers actionable insights to help investors align portfolios with their long-term goals. ]]> Investing Wed, 22 Jan 2025 17:57:00 +0200 0 0 Market Outlook 2025 – The Perils of Prediction and the Principles of Investing 0 0 Ruan Jooste full 27:39 Money, Markets and Masterminds https://iono.fm/e/1516730 https://iono.fm/e/1516730
In this episode – our first for 2025 and the eighth in partnership with Morningstar South Africa – I’m joined by Sean Neethling , Morningstar’s head of investments, to gaze into the crystal ball for the year ahead.

As we leave 2024 behind, with its surprises, market highs and political shifts, we tackle pressing questions:

• Will US equities sustain their stellar performance, or is caution warranted?
• How will global interest rates and inflation shape developed and emerging markets?
• Can South Africa build on the positive momentum from last year’s elections?

Whether you’re a financial adviser, fund selector, or institutional investor, this episode delivers actionable insights, expert analysis and strategic tips to help you navigate the uncertainties of 2025. ]]> Investing Fri, 10 Jan 2025 11:15:00 +0200 0 0 Is it the year 20 twenty ‘thrive’ or 20 twenty ‘survive’? 0 0 Ruan Jooste full 18:24 Money, Markets and Masterminds https://iono.fm/e/1509931 https://iono.fm/e/1509931 Critics have pointed out issues ranging from hidden costs to limited transparency. Employers often focus solely on administration fees, overlooking other significant expenses like investment fees, which can leave their staff worse off financially.

There’s also the question of who truly benefits from economies of scale. Is it the member, or is it the fund sponsor and service providers? And, as the market grows more complex, advisers and consultants face challenges in being able to see through the marketing to provide sound, impartial advice.

To help us unpack these issues, we’re joined by Andrew Crawford, CEO of Seshego Benefit Consulting, an expert in retirement fund solutions and a thought leader who’s been very vocal about the need for greater transparency and accountability in the umbrella fund space. ]]> Investing Fri, 06 Dec 2024 17:07:00 +0200 0 0 Are umbrella funds truly delivering on their promises, or are they falling short of providing the value members deser 0 0 Ruan Jooste full 28:27 Money, Markets and Masterminds https://iono.fm/e/1507555 https://iono.fm/e/1507555 As markets reacted positively to Donald Trump’s presidential win, with both equity futures and the US dollar rising significantly, questions arise about the sustainability of these trends.
Joined again by Sean Neethling, head of investments at Morningstar South Africa, we delve into asset allocation strategies in a changing political landscape, identifying sectors that may benefit from ‘Trumponomics’ while also considering potential risks. We also highlight the importance of understanding trade policies and their impact on international relations, particularly with China, as well as the implications for South Africa amid its own political challenges.
Listen to the conversation below to find out how these developments influence investment decisions and portfolio construction. ]]> Investing Fri, 29 Nov 2024 14:22:00 +0200 0 0 How Trump-proof is your portfolio? 0 0 Ruan Jooste full 18:05 Money, Markets and Masterminds https://iono.fm/e/1498748 https://iono.fm/e/1498748
The result is that the valuation gap between the US and emerging markets is widening, as broader developing regions haven’t seen the level of flows to support sustained investment performance.

Some of the big questions looming are whether investors will continue to shun emerging markets, or if lower valuations and recent stimulus measures introduced by China will see these markets rally? Are there other countries or regions that we should be looking at? And do these locations have a place in investor portfolios?

We had Sean Neethling – the head of investments at Morningstar SA – back in the studio to provide us with some of the answers to these questions. ]]> Investing Mon, 04 Nov 2024 11:09:00 +0200 0 0 Developments in emerging markets 0 0 Ruan Jooste full 20:09 Money, Markets and Masterminds https://iono.fm/e/1497806 https://iono.fm/e/1497806
Joining me in studio is Tracy Benjamin, Citywire South Africa’s audience development relationship manager, who shared her insights into the selection process of advisers included in the report. She also discussed how this recognition can enhance the careers of advisers across the country.

We also touched on what was included in the questionnaire and some of the overarching themes that emerged from advisers’ submissions. ]]> Investing Thu, 31 Oct 2024 11:03:00 +0200 0 0 Decoding the Top 50 Advisers list and how advisers made the cut 0 0 Ruan Jooste full 9:44 Money, Markets and Masterminds https://iono.fm/e/1491398 https://iono.fm/e/1491398 Investing Fri, 11 Oct 2024 17:10:00 +0200 0 0 The many challenges faced by administrators under the two-pot system 0 0 Ruan Jooste full 19:01 Money, Markets and Masterminds https://iono.fm/e/1487457 https://iono.fm/e/1487457
The Covid-19 pandemic certainly made many people rethink their priorities, revealing just how important it is to have their affairs in order. But as it turns out, more than two-thirds of South Africans still don’t have a will, according to available statistics.

As the Law Society’s annual wills month comes to an end, we explore why that’s the case, the technicalities and technological challenges in obtaining a valid will and around the preservation of digital assets, with Chris Murphy, vice-chairperson of the Fiduciary Institute of Southern Africa (Fisa) and founder director of Legacy Fiduciary Services and Estate Planners. ]]> Investing Mon, 30 Sep 2024 16:24:00 +0200 0 0 With wills in the digital age, there is not always 'a way' 0 0 Ruan Jooste full 15:26 Money, Markets and Masterminds https://iono.fm/e/1486873 https://iono.fm/e/1486873
The local asset management industry looks very different with larger active managers still holding significant market share and passive incumbents seemingly struggling to gain any significant portion of that share. The result is that, while the trend is moving in the right direction, fees in South Africa remain elevated relative to our global peers.

This was one of the key takeaways from recent Morningstar South Africa research in a review of retail share class fees across different unit trust categories according to the Association of Savings and Investment SA (Asisa).

The good news is that South African investors saw fund management fees declining last year. The average asset-weighted total expense ratio (TER) for active funds was 1.17%, while the same fee on passive funds was 0.57%. That being said, the costs are still substantially higher than tracker options in other markets.

But what does this mean for current and future investment prospects? Listen to our conversation with Sean Neethling (pictured above), head of investments at Morningstar South Africa, on some of the significant developments in the passive and active asset manager universe. ]]> Investing Fri, 27 Sep 2024 16:42:00 +0200 0 0 SA ETF fees remain elevated relative to our global peers 0 0 Ruan Jooste full 17:26 Money, Markets and Masterminds https://iono.fm/e/1484471 https://iono.fm/e/1484471
One positive to draw from the report is that the overall numbers are going in the right direction, but a lot more needs to be done. Now in its ninth year, the report draws on Citywire’s database of just over 18,100 individual money managers around the world, including South Africa.

I invited my colleague and the co-author of this year's Alpha Female report, Nicola Blackburn, on the show today, all the way from our head office in London, to talk us through some of the other major trends revealed in the report. She is Citywire's chief reporter in the UK, covering investments for a British intermediary audience. ]]> Investing Fri, 20 Sep 2024 14:12:00 +0200 0 0 Alpha Female Report: Gender parity in portfolio management remains elusive 0 0 Ruan Jooste full 18:58 Money, Markets and Masterminds https://iono.fm/e/1479541 https://iono.fm/e/1479541
ESG is no longer a niche strategy; it has entered the mainstream as businesses and institutions are increasingly expected to be responsible stewards of the planet and its people. However, this shift comes with its challenges, especially when it comes to managing money and aligning investment returns with institutional values.

We asked Barry Shamley (pictured below), portfolio manager of the Investec BCI Dynamic Equity fund and co-manager of the Investec Global Sustainable Equity fund at Investec Investment Management to help us examine his approach of incorporating ESG into his investment strategies and what questions should be posed to issuers to enable long-term success and sustainability.

We also explore the trends shaping the future of ESG investing and the challenges faced by trustees, investors, and fund managers in adapting to this rapidly evolving landscape. ]]> Investing Tue, 10 Sep 2024 15:54:00 +0200 0 0 Responsible investing is much more than just picking companies that claim to be green 0 0 Ruan Jooste full 17:09 Money, Markets and Masterminds https://iono.fm/e/1478242 https://iono.fm/e/1478242
We explore the benefits for advisers in outsourcing investment decisions, the challenges surrounding transparency and fees and how DFMs complement financial advisers rather than replace them. Given South Africa’s rapidly growing DFM market, we also discuss how best practices and international trends, particularly from the UK, can help ensure sustainable growth for the industry.

Advisers who want to learn more can listen to our conversation below ]]> Investing Fri, 06 Sep 2024 15:32:00 +0200 0 0 Why DFMs are geared to support advisers, not replace them 0 0 Ruan Jooste full 21:01 Money, Markets and Masterminds https://iono.fm/e/1477034 https://iono.fm/e/1477034
It is widely believed that the Fed will start cutting interest rates this month at its policy-setting meeting on 18 September.

The CME FedWatch tool shows that futures markets are pricing in about a 65% chance of a 25 basis-point cut, while the probability of a more aggressive 50 basis-point cut is around 35%. To show how expectations have shifted: a month ago the market was expecting only a 4% chance of a 50 basis-point cut.



However, following a weaker-than-expected American jobs report showing unemployment rising to 4.3% in July, recession fears have begun to surface. The August report drops this Friday. So, there are still a few unknowns about, including what this all means for bonds going forward.

So here to help us make sense of it all, we are joined by Morningstar South Africa’s head of investments, Sean Neethling. Listen to our conversation below. ]]> Investing Tue, 03 Sep 2024 16:26:00 +0200 0 0 A random walk down bond street 0 0 Ruan Jooste full 20:23 Money, Markets and Masterminds https://iono.fm/e/1476158 https://iono.fm/e/1476158 Investing Tue, 20 Aug 2024 10:24:32 +0200 0 0 SA private equity fundraising activity surges to a 13-year high 0 0 Ruan Jooste full 17:51 Money, Markets and Masterminds https://iono.fm/e/1476159 https://iono.fm/e/1476159 Investing Thu, 08 Aug 2024 16:23:58 +0200 0 0 ‘Market Pulse Monthly with Morningstar - The certainty of uncertainty - Reframing Risk 0 0 Ruan Jooste full 20:55 Money, Markets and Masterminds https://iono.fm/e/1476160 https://iono.fm/e/1476160 Investing Fri, 26 Jul 2024 14:08:17 +0200 0 0 The impact of data and computing power on investment strategies 0 0 Ruan Jooste full 19:40 Money, Markets and Masterminds https://iono.fm/e/1476161 https://iono.fm/e/1476161 Investing Fri, 19 Jul 2024 13:43:25 +0200 0 0 SA's battle against financial crime – legislative strength vs implementation weakness 0 0 Ruan Jooste full 19:31 Money, Markets and Masterminds https://iono.fm/e/1476163 https://iono.fm/e/1476163 Investing Fri, 12 Jul 2024 10:16:10 +0200 0 0 As trustees can be held personally liable, comprehensive risk cover is key 0 0 Ruan Jooste full 17:34 Money, Markets and Masterminds https://iono.fm/e/1476165 https://iono.fm/e/1476165 Investing Fri, 05 Jul 2024 15:27:17 +0200 0 0 Looking at the bright side of the South African economy with Adrian Saville 0 0 Ruan Jooste full 24:02 Money, Markets and Masterminds https://iono.fm/e/1476167 https://iono.fm/e/1476167 Investing Fri, 28 Jun 2024 16:00:02 +0200 0 0 ‘Market Pulse Monthly with Morningstar’ - Is SA on the cusp? 0 0 Ruan Jooste full 18:48 Money, Markets and Masterminds https://iono.fm/e/1476168 https://iono.fm/e/1476168 Investing Thu, 20 Jun 2024 13:12:34 +0200 0 0 Putting the ETF in fund selection ETFSA director Gareth Stobie discusses the surge in JSE-listed ETFs, sector trends and what investors should look ou.. 0 0 Ruan Jooste full 27:40 Money, Markets and Masterminds https://iono.fm/e/1476169 https://iono.fm/e/1476169 Investing Wed, 05 Jun 2024 15:56:18 +0200 0 0 Numsa boss slams neo-liberal policies and pension fund reform 0 0 Ruan Jooste full 31:23 Money, Markets and Masterminds https://iono.fm/e/1476170 https://iono.fm/e/1476170 Investing Fri, 31 May 2024 10:46:09 +0200 0 0 'Mind over Markets with Morningstar' - How sticky are flows, really? 0 0 Ruan Jooste full 19:00 Money, Markets and Masterminds https://iono.fm/e/1476171 https://iono.fm/e/1476171 Investing Thu, 23 May 2024 18:09:04 +0200 0 0 Alexforbes addresses several misconceptions around the upcoming two-POT retirement system 0 0 Ruan Jooste full 27:43 Money, Markets and Masterminds https://iono.fm/e/1476172 https://iono.fm/e/1476172 Investing Tue, 21 May 2024 10:15:57 +0200 0 0 Trustees need to ensure that members have access to financial advice 0 0 Ruan Jooste full 16:04 Money, Markets and Masterminds https://iono.fm/e/1476173 https://iono.fm/e/1476173 Investing Thu, 09 May 2024 15:55:58 +0200 0 0 The rise in JSE company delistings has elevated investor concerns 0 0 Ruan Jooste full 19:04 Money, Markets and Masterminds https://iono.fm/e/1476174 https://iono.fm/e/1476174 Investing Tue, 07 May 2024 10:08:55 +0200 0 0 Probate challenges and estate planning complexities 0 0 Ruan Jooste full 24:29 Money, Markets and Masterminds https://iono.fm/e/1476175 https://iono.fm/e/1476175 Investing Mon, 15 Apr 2024 15:30:58 +0200 0 0 From past to present – the role of CPD in shaping financial, legal and tax advice 0 0 Ruan Jooste full 31:55 Money, Markets and Masterminds https://iono.fm/e/1476176 https://iono.fm/e/1476176 Investing Thu, 28 Mar 2024 13:42:45 +0200 0 0 Unveiling the lasting value of brokers – insights from the funeral industry 0 0 Ruan Jooste full 16:12 Money, Markets and Masterminds https://iono.fm/e/1476177 https://iono.fm/e/1476177 Investing Fri, 22 Mar 2024 15:01:22 +0200 0 0 How open are African pension funds to offshore allocations? 0 0 Ruan Jooste full 18:08 Money, Markets and Masterminds https://iono.fm/e/1476178 https://iono.fm/e/1476178 Investing Fri, 15 Mar 2024 14:57:45 +0200 0 0 Prescribed assets - The potential erosion of investor choice and misallocation of capital 0 0 Ruan Jooste full 19:04 Money, Markets and Masterminds https://iono.fm/e/1476179 https://iono.fm/e/1476179 Investing Wed, 06 Mar 2024 13:28:55 +0200 0 0 ASISA’s refreshed approach to the 2023 hedge funds statistics 0 0 Ruan Jooste full 13:46 Money, Markets and Masterminds https://iono.fm/e/1476180 https://iono.fm/e/1476180 Investing Mon, 26 Feb 2024 16:04:49 +0200 0 0 Understanding the tax implications of the SA's two-pot retirement system 0 0 Ruan Jooste full 9:46 Money, Markets and Masterminds https://iono.fm/e/1476181 https://iono.fm/e/1476181 Investing Thu, 22 Feb 2024 13:29:31 +0200 0 0 How government policies will affect taxpayers and their advisers 0 0 Ruan Jooste full 20:25 Money, Markets and Masterminds https://iono.fm/e/1476182 https://iono.fm/e/1476182 Investing Mon, 12 Feb 2024 11:19:11 +0200 0 0 A PMs view of the mining industry's balance sheet and how gold has proved most resilient 0 0 Ruan Jooste full 22:33 Money, Markets and Masterminds