CEO Editorial – Quarter 3 2025

Gary Mockler
Group Chief Executive Officer

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You may have noticed that the picture on the front cover of the Trendline is of a yacht, under full sail with calm conditions.  On the basis that a picture paints a thousand words, our illustration portrays favourable investment conditions prevailing without any mishaps occurring. 

The boat is a metaphor for an investor, as sailing always involves some degree of inherent risk, regardless of the prevailing conditions.  The fact that my opening paragraph occupies several lines describing this picture perhaps erodes the metaphor that pictures are more descriptive than words, I guess…

Investment markets have indeed continued the positive trends that have evolved over the course of 2025 with the last quarter giving equity returns of almost 13% locally, and 7% from developed markets internationally.  Gold continues shining, evading the R4 000 barrier during the quarter, with most other asset classes too delivering beyond conventional expectations.

Much of this remains in sharp contrast with the apparent state of South Africa Incorporated.  Whether the issues be political in nature, or basic service delivery related in terms of water and electricity (how businesses grow without these fundamental requirements is hard to comprehend), even as we bemoan the conditions under which we as South African citizens must live.  The performance of the Country’s investment markets is indeed apparently oxymoronic.

This quarter’s Trendline contains a very readable mix of market commentary, some technical articles, and several centered around behavioral finance.  I personally find these human biased articles the most interesting.  Almost always written by members of our staff, these candid writings portray the realities and foibles of the financial planning of many of us.

Accordingly, whilst not educational in the same way a financial textbook would be, these ordinary people articles become important in the progressive understanding of the construction of ones’ wealth management.  The recurring theme of the Bank of Mom-and-Dad is again illustrated in this Trendline in the articles headed ‘How would you invest if nobody was watching?’ ‘Adult conversations around the braai’, and ‘What constitutes enough?’.  The by now well-known fact of a general lack of savings discipline shown by South Africans is illustrated in ‘What constitutes enough’, and the generational idiosyncrasies (and perhaps that is a euphemism for a lack of savings discipline?) by different demographic cohorts (in this case the saving habits of millennials).

The article about the braai fire discussions regarding both parents and children’s financial caring struck a chord with me, with us as a family being in just about the identical position.  The reflection on how to invest as though no one was watching was insightful to me.  GTC, being advisors to so many diverse South African investors do see the reality of some investors pursuing the peacock investing strategies illustrated in this article.

Considering that I, with my forty-some years in the financial advisory industry, believe that I learned something new from this quarter’s Trendline, allows me the confidence to say that you too will gain some value from doing the same.  Enjoy this quarter’s Trendline.  Talk to us/me about your observations and investment thinking.  Use this quarter’s report and the Trendline as the impetus to ever-improve both your and our financial planning capabilities.

Happy sailing