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2014 Q4
The collapse of the oil price and its consequences
The dramatic collapse of oil prices at the end of last year caught most market participants by surprise. For three and a half years, between February 2011 an...
Building confidence in construction
'Success in investing is not a question of what you buy, it is a question of what you pay.' Howard Marks Buying above-average companies at average or hopeful...
Orbis Funds: Reflecting on 2014 and looking ahead
This piece was originally published in the Orbis December 2014 Annual Manager's Report. In 2014, Orbis identified several new opportunities, including select...
Proposed changes to the Allan Gray Equity Fund
Since its inception in 1998, the Allan Gray Equity Fund (the Fund) has returned 26% per year (after fees), while the benchmark FTSE/JSE All Share Index (ALSI...
The theory of risk and return
Wanita Isaacs offers some insights into how you can think about risk in your investment process. Efficient market theory holds that there is a direct...
Pursuing entrepreneurial literacy
The Allan Gray Orbis Foundation's vision is to create responsible entrepreneurs for the common good. People often ask how the Foundation goes about selecting...
2014 Q4 Comments from the Chief Operating Officer
We were expecting 2014 to be a tough year for South Africa's economy and the JSE and, where our mandates allow, we invested cautiously in anticipation...