Northstar quarterly market reports
The Northstar Market Report provides powerful empirical evidence as to why we are confident that our investment philosophy and process, closely followed, will deliver market beating returns for our clients over time. This work again points to controllable factors - markets move wildly, falling in and out of love with different sectors and companies, but we have a defined formula that works and we stick to our guns by only owning quality companies when they are incorrectly valued by other investors. We discuss stocks in this report, delving into our investment cases for specific securities which we own.
CURRENT QUARTERLY REPORT
2019 – Quarter 4
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THE BIG PICTURE
Caught between a rock and a hard place
I remember vividly in March 2002 speaking at an investment conference in Durban and informing the audience (mostly farmers from the area) that South African companies were deeply undervalued, the rand was one of the cheapest currencies anywhere and developed markets were overvalued.
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FROM THE ANALYSTS
South African bank valuations—What can we learn from US and EU banking stocks?
Global bank profitability, as measured by the sector return on equity (ROE), has never recovered to pre-global financial crisis (GFC) levels despite a supportive global growth and interest rate environment over the past decade.
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FROM THE ANALYSTS
Private schooling in South Africa – Difference in cost, difference in quality
Primary school and high school education in South Africa is primarily performed by the government, which spent R267.5 billion or 15.9% of the budget in 2018/19 on “Basic Education,” or approximately 5.5% of 2018 GDP. Despite this investment, our education system remains one of the worst performing in the world.
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STAFF MEMBER PROFILE
Staff member profile – Chelsea Klopper (Operations Associate)
When did your interest in financial markets start?
While studying I started to actively research and follow the markets. I found it particularly fascinating how a spike in any stock price could be directly linked to an event that had taken place.
QUARTERLY REPORTS ARCHIVE
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