In August 2014, something broke! Momentum found a new address, and that address was not the Johannesburg Stock Exchange. Decades of on average 18% per annum portfolio growth ended. The Top 40 Rolling P/E and Returns chart tells a story. The light blue “Top 40 Returns” line shows the inflection…

Momentum is a term used in physics. It describes the force or speed of an object in motion. Another definition of momentum is “the impetus gained by a moving object”. Momentum is not only confined to physics. It shows up in financial markets too. The JSE’s All Share Index (ALSI)…

The generally accepted definition of a recession has been two successive quarters of negative GDP growth. At this point, the Oxford dictionary still reflects this commonly known definition. Why the word “still” in the last sentence? Wikipedia has changed its definition, and so has Mirriam-Webster. This is all about an…

Look around you and notice the clutter — stuff lying around. Things are put in spaces just because there is a gap. This is a projection of my new office. I moved house, and I’m surrounded by boxes. I am relieved that the big stuff, meaning the furniture, is all…

Human behaviour is fascinating. So is my ego. Then perhaps my ego is just a Mandelbrot of the human ego. In short, a Mandelbrot is infinite recursion. As you zoom in, the same patterns reoccur. The duality of human behaviour is what is intriguing to me. By duality, I mean…

You are probably holding on to too much! Think about that statement for a moment. Consider what you are holding on to. How much baggage are you lugging around with you? Baggage comes in many forms. Sometimes it looks like the obvious. Too much clothing in the cupboard that you…

Have you ever noticed how the things in life that you get for free are of little value? I remember a meeting with a client more than 20 years ago when I learnt a valuable lesson about getting something for free. At the time, I was a project manager in…

Going on a journey can be an adventure, especially when you can explore new places and have fantastic company along the way. I especially like an experience that involves a struggle. By a struggle, I mean that the adventure should push you out of your comfort zone and require a…

When last did you completely disconnect from your daily life and indulge yourself? The opportunity to spend days on end lost in a distant world is a gift more valuable than what words and pictures can do justice. I found myself contemplating some intractable dilemmas during a week of Wild…