Newsletter:

Subject:	Year end reviews, cut off times, Season's Greetings.
Date:	15 Dec 09

---

Welcome to our last newsletter of 2009. The final market view for 2009 from the Intervest Team is on our website, (to read click here,) as well as a host of other articles by a range of authors from different asset management companies.

Has the buy and hold investment strategy worked here in South Africa, and in the United States? To find out more, read the article by Prieur du Plessis of Plexus Asset Management below. He illustrates the article with some interesting graphs.

Check out the opinions of Lance Vogel, Delphine Govender, Jeremy Gardiner, Adrian Clayton and Craig Pheiffer on their assessments of the year that was and the year that is coming. Most are cautiously optimistic.

And if you are planning to while away some hours reading and are looking for a good read, look no further than our classy list of book recommendations from some of our favourite fund managers.

We will be open between Christmas and New Year, but office hours may well be shortened. We will review our times, depending on how busy we are. For further information please check our website.

Important: The Johannesburg Securities Exchange closes at noon on 24th December and 31st December, ahead of Christmas and New Year respectively. Please note that on those days, our cut-off times will be 9.30am.

And finally to you and your family, may we wish you a peaceful festive season and a prosperous New Year. Many thanks for your support during the course of 2009.

---

A classy set of book recommendations for Christmas reading
There are few things more satisfying than a good book. We asked a selection of fund managers to recommend books that they have recently enjoyed, specifically encouraging the inclusion of non-investment titles. Thank you to all who participated.

More at http://www.equinox.co.za/article_2402.html

---

Our views on the investment landscape: Analytics
Lance Vogel, Chief Investment Officer of Analytics, writes that as we head into the holiday season, it is instructive to reflect on some relevant events over the last few months that will have an important bearing on investment markets next year.

More at http://www.equinox.co.za/article_2403.html

---

The risk/risk trade-off: Allan Gray
Delphine Govender, Portfolio Manager & Director, Allan Gray Limited, writes that Allan Gray's mission is to provide clients with the highest investment returns at no- greater-than-average risk.

More at http://www.equinox.co.za/article_2397.html

---

Prospects for 2010: Not fixed, but better
Jeremy Gardiner, director at Investec Asset Management, looks back on a turbulent eighteen months and sets out what we can expect from 2010

More at http://www.equinox.co.za/article_2400.html

---

Prospects for 2010: Adrian Clayton
Adrian Clayton, Alphen Asset Management reviews how the company has managed money over the last two years, and notes some concerns for 2010.

More at http://www.equinox.co.za/article_2401.html

---

What is in store for the markets, 2010 and beyond?
Shaun le Roux of Alphen Asset Management writes that it is almost not worth trying to guess what is in store for the markets next year.

More at http://www.equinox.co.za/article_2394.html

---

Economic and market outlook for 2010: Absa Asset Management
Craig Pheiffer, General Manager: Investments at Absa Asset Management Private Clients writes that in the Absa January 2009 newsletter (in the middle of the recession and before Q4 2008 GDP had been published) Absa shared the view of their Barclays Capital colleagues that the global recession would technically end in Q3 2009.

More at http://www.equinox.co.za/article_2392.html

---

How has the buy and hold strategy worked? asks Prieur du Plessis
Prieur du Plessis of Plexus Asset Mangement writes that equity investors who have followed the buy-and-hold strategy in the US market have lost big money over the last ten years in both nominal and real (after adjusting for in-flation) terms. How does this compare with South African investors?

More at http://www.equinox.co.za/article_2398.html

---

Best Regards
The Equinox Team

---