Newsletter:

Subject:	Always some good news if you look for it
Date:	08 Dec 08

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Shaun le Roux of Alphen Asset Management advises that the faint-hearted should not buy a newspaper in 2009 as gloomy headlines will dominate.

Judging from this weekend’s press, it won’t be necessary to wait until 2009. The World Bank has released figures that suggest that China’s growth is to slow from 9.2% to 7.5%, the Financial Times reports that the during November the US experienced its biggest monthly job loss figures in 30 years and 9.99% of US mortgage loans are either in arrears or at some stage of the foreclosure process.

But of course there is always a positive side to our current economic woes. Periods of gloom and doom offer investors the opportunity to research the best re-entry opportunities. Read Michael Power’s comments about the shift of the global economy in the article It's a structural change below. Power believes that South Africa is well placed to benefit from Asian-based global growth.

So while the markets remain volatile, Equinox investors should make good use of their time by researching which unit trusts are over-exposed to South African listed multi-nationals such as SAB Miller and Standard Bank as well as those commodities that will weather the recession.

And of course you will need a good Money Market option to invest your money while you wait for the storm to pass. Our Money Market Portfolio gives you the highest interest rates at the lowest risk. There are no initial fees and no term constraints. To find out more, give us a call on 0860 378 466.

Barry Shamley, our Equinox Managed Funds portfolio managers wrote his monthly review of the markets earlier this week. To read the latest edition, click here: Current Market View

If you have a minute, read what Lo Giyose of the Stanlib Value Fund has to say about the difference between value and cheap shares. He makes some interesting observations.

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The difference between value and cheap: Stanlib’s Lo Giyose
At a presentation on value investing, Lo Giyose, fund manager of the Stanlib Value Fund took his audience through the difference between cheap and value.

More at http://www.equinox.co.za/article_2108.html

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Pitfalls, possibilities and perspective for 2009: Alphen
Shaun le Roux of Alphen Asset Management looks back at 2008 and forward to what 2009 might hold in store. If you don't like gloomy newspaper headlines don't buy a newspaper in 2009, he writes. On the other hand, markets could well go lower, but at current levels your opportunity to extract good future returns is looking very good.

More at http://www.equinox.co.za/article_2109.html

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It's a structural change: Investec's Michael Power
At a presentation earlier this week, Investec strategist, economist and historian Michael Power selected iconic Economist front covers which, when pieced together, presented the case for a broad change in focus in the global economy from Western democratic capitalism to Eastern dominated who-knows-what.

More at http://www.equinox.co.za/article_2107.html

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Do not fear, this is a cyclical change: Stanlib
In the Stanlib's Weekly Focus of December 1st, investors are urged to see the current economic downturn in perspective. Paul Hansen, Group Director, Retail Investing reminds investors of the gloomy sentiment that prevailed as far back as 1942, and by implication sees the current down trend as cyclical.

More at http://www.equinox.co.za/article_2106.html

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Why are some asset managers better than others?
Geoff Blount, CEO of Cannon Asset Managers, shares his observations of what makes a successful asset manager

More at http://www.equinox.co.za/article_2103.html

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Best Regards
The Equinox Team

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