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Topics - Moneypenny

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16
Off topic / Buffett's Annual Shareholder Letter
« on: February 26, 2014, 09:35:19 am »
This story is from the March 17, 2014 issue of Fortune.


Buffett's annual letter: What you can learn from my real estate investments
February 24, 2014: 5:00 AM ET

In an exclusive excerpt from his upcoming shareholder letter, Warren Buffett looks back at a pair of real estate purchases and the lessons they offer for equity investors.
By Warren Buffett

The author visiting (for just the second time) the 400-acre farm near Tekamah, Neb., that he bought in 1986 for $280,000

FORTUNE -- "Investment is most intelligent when it is most businesslike." --Benjamin Graham, The Intelligent Investor

It is fitting to have a Ben Graham quote open this essay because I owe so much of what I know about investing to him. I will talk more about Ben a bit later, and I will even sooner talk about common stocks. But let me first tell you about two small nonstock investments that I made long ago. Though neither changed my net worth by much, they are instructive.
This tale begins in Nebraska. From 1973 to 1981, the Midwest experienced an explosion in farm prices, caused by a widespread belief that runaway inflation was coming and fueled by the lending policies of small rural banks. Then the bubble burst, bringing price declines of 50% or more that devastated both leveraged farmers and their lenders. Five times as many Iowa and Nebraska banks failed in that bubble's aftermath as in our recent Great Recession.

In 1986, I purchased a 400-acre farm, located 50 miles north of Omaha, from the FDIC. It cost me $280,000, considerably less than what a failed bank had lent against the farm a few years earlier. I knew nothing about operating a farm. But I have a son who loves farming, and I learned from him both how many bushels of corn and soybeans the farm would produce and what the operating expenses would be. From these estimates, I calculated the normalized return from the farm to then be about 10%. I also thought it was likely that productivity would improve over time and that crop prices would move higher as well. Both expectations proved out.

MORE: Buffett widens lead in $1 million hedge fund bet
I needed no unusual knowledge or intelligence to conclude that the investment had no downside and potentially had substantial upside. There would, of course, be the occasional bad crop, and prices would sometimes disappoint. But so what? There would be some unusually good years as well, and I would never be under any pressure to sell the property. Now, 28 years later, the farm has tripled its earnings and is worth five times or more what I paid. I still know nothing about farming and recently made just my second visit to the farm.
In 1993, I made another small investment. Larry Silverstein, Salomon's landlord when I was the company's CEO, told me about a New York retail property adjacent to New York University that the Resolution Trust Corp. was selling. Again, a bubble had popped -- this one involving commercial real estate -- and the RTC had been created to dispose of the assets of failed savings institutions whose optimistic lending practices had fueled the folly.

Here, too, the analysis was simple. As had been the case with the farm, the unleveraged current yield from the property was about 10%. But the property had been undermanaged by the RTC, and its income would increase when several vacant stores were leased. Even more important, the largest tenant -- who occupied around 20% of the project's space -- was paying rent of about $5 per foot, whereas other tenants averaged $70. The expiration of this bargain lease in nine years was certain to provide a major boost to earnings. The property's location was also superb: NYU wasn't going anywhere.

I joined a small group -- including Larry and my friend Fred Rose -- in purchasing the building. Fred was an experienced, high-grade real estate investor who, with his family, would manage the property. And manage it they did. As old leases expired, earnings tripled. Annual distributions now exceed 35% of our initial equity investment. Moreover, our original mortgage was refinanced in 1996 and again in 1999, moves that allowed several special distributions totaling more than 150% of what we had invested. I've yet to view the property.
Income from both the farm and the NYU real estate will probably increase in decades to come. Though the gains won't be dramatic, the two investments will be solid and satisfactory holdings for my lifetime and, subsequently, for my children and grandchildren.

I tell these tales to illustrate certain fundamentals of investing:

You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences. When promised quick profits, respond with a quick "no."

Focus on the future productivity of the asset you are considering. If you don't feel comfortable making a rough estimate of the asset's future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn't necessary; you only need to understand the actions you undertake.

If you instead focus on the prospective price change of a contemplated purchase, you are speculating. There is nothing improper about that. I know, however, that I am unable to speculate successfully, and I am skeptical of those who claim sustained success at doing so. Half of all coin-flippers will win their first toss; none of those winners has an expectation of profit if he continues to play the game. And the fact that a given asset has appreciated in the recent past is never a reason to buy it.

With my two small investments, I thought only of what the properties would produce and cared not at all about their daily valuations. Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard. If you can enjoy Saturdays and Sundays without looking at stock prices, give it a try on weekdays.

Forming macro opinions or listening to the macro or market predictions of others is a waste of time. Indeed, it is dangerous because it may blur your vision of the facts that are truly important. (When I hear TV commentators glibly opine on what the market will do next, I am reminded of Mickey Mantle's scathing comment: "You don't know how easy this game is until you get into that broadcasting booth.")

My two purchases were made in 1986 and 1993. What the economy, interest rates, or the stock market might do in the years immediately following -- 1987 and 1994 -- was of no importance to me in determining the success of those investments. I can't remember what the headlines or pundits were saying at the time. Whatever the chatter, corn would keep growing in Nebraska and students would flock to NYU.

There is one major difference between my two small investments and an investment in stocks. Stocks provide you minute-to-minute valuations for your holdings, whereas I have yet to see a quotation for either my farm or the New York real estate.

MORE: Buffett looking to exit Washington Post's former owner
It should be an enormous advantage for investors in stocks to have those wildly fluctuating valuations placed on their holdings -- and for some investors, it is. After all, if a moody fellow with a farm bordering my property yelled out a price every day to me at which he would either buy my farm or sell me his -- and those prices varied widely over short periods of time depending on his mental state -- how in the world could I be other than benefited by his erratic behavior? If his daily shout-out was ridiculously low, and I had some spare cash, I would buy his farm. If the number he yelled was absurdly high, I could either sell to him or just go on farming.

Owners of stocks, however, too often let the capricious and irrational behavior of their fellow owners cause them to behave irrationally as well. Because there is so much chatter about markets, the economy, interest rates, price behavior of stocks, etc., some investors believe it is important to listen to pundits -- and, worse yet, important to consider acting upon their comments.

Those people who can sit quietly for decades when they own a farm or apartment house too often become frenetic when they are exposed to a stream of stock quotations and accompanying commentators delivering an implied message of "Don't just sit there -- do something." For these investors, liquidity is transformed from the unqualified benefit it should be to a curse.

MORE: Yahoo sued over Buffett's billion-dollar basketball bet
A "flash crash" or some other extreme market fluctuation can't hurt an investor any more than an erratic and mouthy neighbor can hurt my farm investment. Indeed, tumbling markets can be helpful to the true investor if he has cash available when prices get far out of line with values. A climate of fear is your friend when investing; a euphoric world is your enemy.

During the extraordinary financial panic that occurred late in 2008, I never gave a thought to selling my farm or New York real estate, even though a severe recession was clearly brewing. And if I had owned 100% of a solid business with good long-term prospects, it would have been foolish for me to even consider dumping it. So why would I have sold my stocks that were small participations in wonderful businesses? True, any one of them might eventually disappoint, but as a group they were certain to do well. Could anyone really believe the earth was going to swallow up the incredible productive assets and unlimited human ingenuity existing in America?

When Charlie Munger and I buy stocks -- which we think of as small portions of businesses -- our analysis is very similar to that which we use in buying entire businesses. We first have to decide whether we can sensibly estimate an earnings range for five years out or more. If the answer is yes, we will buy the stock (or business) if it sells at a reasonable price in relation to the bottom boundary of our estimate. If, however, we lack the ability to estimate future earnings -- which is usually the case -- we simply move on to other prospects. In the 54 years we have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions.

MORE: Buffett does Detroit
It's vital, however, that we recognize the perimeter of our "circle of competence" and stay well inside of it. Even then, we will make some mistakes, both with stocks and businesses. But they will not be the disasters that occur, for example, when a long-rising market induces purchases that are based on anticipated price behavior and a desire to be where the action is.

Most investors, of course, have not made the study of business prospects a priority in their lives. If wise, they will conclude that they do not know enough about specific businesses to predict their future earning power.

I have good news for these nonprofessionals: The typical investor doesn't need this skill. In aggregate, American business has done wonderfully over time and will continue to do so (though, most assuredly, in unpredictable fits and starts). In the 20th century, the Dow Jones industrial index advanced from 66 to 11,497, paying a rising stream of dividends to boot. The 21st century will witness further gains, almost certain to be substantial. The goal of the nonprofessional should not be to pick winners -- neither he nor his "helpers" can do that -- but should rather be to own a cross section of businesses that in aggregate are bound to do well. A low-cost S&P 500 index fund will achieve this goal.

MORE: Buffett 'major mistake' leads to Berkshire acquisition
That's the "what" of investing for the nonprofessional. The "when" is also important. The main danger is that the timid or beginning investor will enter the market at a time of extreme exuberance and then become disillusioned when paper losses occur. (Remember the late Barton Biggs's observation: "A bull market is like sex. It feels best just before it ends.") The antidote to that kind of mistiming is for an investor to accumulate shares over a long period and never sell when the news is bad and stocks are well off their highs. Following those rules, the "know-nothing" investor who both diversifies and keeps his costs minimal is virtually certain to get satisfactory results. Indeed, the unsophisticated investor who is realistic about his shortcomings is likely to obtain better long-term results than the knowledgeable professional who is blind to even a single weakness.

If "investors" frenetically bought and sold farmland to one another, neither the yields nor the prices of their crops would be increased. The only consequence of such behavior would be decreases in the overall earnings realized by the farm-owning population because of the substantial costs it would incur as it sought advice and switched properties.
Nevertheless, both individuals and institutions will constantly be urged to be active by those who profit from giving advice or effecting transactions. The resulting frictional costs can be huge and, for investors in aggregate, devoid of benefit. So ignore the chatter, keep your costs minimal, and invest in stocks as you would in a farm.

MORE: For investors, diamonds might be the new gold
My money, I should add, is where my mouth is: What I advise here is essentially identical to certain instructions I've laid out in my will. One bequest provides that cash will be delivered to a trustee for my wife's benefit. (I have to use cash for individual bequests, because all of my Berkshire Hathaway (BRKA) shares will be fully distributed to certain philanthropic organizations over the 10 years following the closing of my estate.) My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard's. (VFINX)) I believe the trust's long-term results from this policy will be superior to those attained by most investors -- whether pension funds, institutions, or individuals -- who employ high-fee managers.

And now back to Ben Graham. I learned most of the thoughts in this investment discussion from Ben's book The Intelligent Investor, which I bought in 1949. My financial life changed with that purchase.
Before reading Ben's book, I had wandered around the investing landscape, devouring everything written on the subject. Much of what I read fascinated me: I tried my hand at charting and at using market indicia to predict stock movements. I sat in brokerage offices watching the tape roll by, and I listened to commentators. All of this was fun, but I couldn't shake the feeling that I wasn't getting anywhere.

MORE: A popular 401(k) choice is still badly broken
In contrast, Ben's ideas were explained logically in elegant, easy-to-understand prose (without Greek letters or complicated formulas). For me, the key points were laid out in what later editions labeled Chapters 8 and 20. These points guide my investing decisions today.

A couple of interesting sidelights about the book: Later editions included a postscript describing an unnamed investment that was a bonanza for Ben. Ben made the purchase in 1948 when he was writing the first edition and -- brace yourself -- the mystery company was Geico. If Ben had not recognized the special qualities of Geico when it was still in its infancy, my future and Berkshire's would have been far different.

The 1949 edition of the book also recommended a railroad stock that was then selling for $17 and earning about $10 per share. (One of the reasons I admired Ben was that he had the guts to use current examples, leaving himself open to sneers if he stumbled.) In part, that low valuation resulted from an accounting rule of the time that required the railroad to exclude from its reported earnings the substantial retained earnings of affiliates.

MORE: myRA is not the way to save for retirement
The recommended stock was Northern Pacific, and its most important affiliate was Chicago, Burlington & Quincy. These railroads are now important parts of BNSF (Burlington Northern Santa Fe), which is today fully owned by Berkshire. When I read the book, Northern Pacific had a market value of about $40 million. Now its successor (having added a great many properties, to be sure) earns that amount every four days.

I can't remember what I paid for that first copy of The Intelligent Investor. Whatever the cost, it would underscore the truth of Ben's adage: Price is what you pay; value is what you get. Of all the investments I ever made, buying Ben's book was the best (except for my purchase of two marriage licenses).
Warren Buffett is the CEO of Berkshire Hathaway. This essay is an edited excerpt from his annual letter to shareholders.

This story is from the March 17, 2014 issue of Fortune.

17
Shares / Atlatsa Resources Corporation (ATL)
« on: February 17, 2014, 02:27:25 pm »
Atlatsa Resources Corporation (Anooraq Resources in former life) now also trading on Toronto Stock Exchange (TSX) since 5 Feb 2014, symbol ATL.

Already on NYSE MKT: ATL & JSE ATL.

Up +346% 2013, 3rd best performer on JSE 2013.

And as a side note, released on 12 Feb:   ATL achieved ranking in 2014 TSX Venture 50®:  Every year, the TSX Venture 50 ranks the strongest companies on the exchange by share price, trading volume, market capitalisation and analyst coverage. Each of these companies has seen impressive growth over the past year, offered strong return to their shareholders and is actively traded in the market.

www.atlatsaresources.co.za.


Still some way to go for this one I think, for the sake of transparency >:D, yes I do own this since Jan 2013 @168

18
Off topic / Identity theft & Valentines
« on: February 11, 2014, 04:15:46 pm »
Cupid has some competition this Valentine’s Day: Scammers are taking aim at your heart and pocketbook with ploys that can lead to identity theft and more.

Beware of these five sweetheart swindles and follow our expert tips to protect yourself:

1. Infected e-cards


Online greeting cards are an easy way for scammers to infect your computer with malware that gives them remote access to your files, online banking accounts and passwords. Or it can enlist your computer as a spam-sending “botnet.”
Tip: Don’t click on embedded links from incoming e-cards, especially when they’re from an unnamed friend or secret admirer. Steer clear of names you don’t recognize and senders like [email protected]. Even if you recognize the sender’s name, go to the card company’s website to open the card and read it. Legitimate e-cards provide a notification message with a confirmation code that lets recipients open cards at those sites.

2. Google gotchas

Many gift-giving sweethearts begin their online shopping on search engines such as Google instead of a specific retailer website. Scammers take advantage by creating bogus websites. Posing as legitimate vendors, they sell counterfeit goods or nothing at all while collecting customers’ credit card information that can be fraudulently used.
Tip: You’re safer shopping for a sweetheart’s gift from a reputable retailer’s website. Type the address instead of relying on keyword searches via search engines. Some bogus websites found on search engines look like the real McCoy, but are merely well-designed copycats.

3. Facebook fiends

Beware of poems, love letters, quizzes or other messages on social-media websites purported to come from friends. They may be scammer-sent ruses that get you to download malware or make purchases on unsafe websites. Also beware of Valentine’s Day’s teasers or apps that lead you to survey websites that generate commissions for scammers or, depending on the information provided, put you at risk for identity theft.

Scammers use tricks like the ones listed here to compromise your identity. If you’re worried about your identity becoming compromised, you can monitor your credit for free using the Credit Report Card, a free tool that updates two of your credit scores every month. Any unexpected, big changes in your credit scores could signal identity theft and you should check your credit reports, which you can access for free once a year from each of the major credit reporting agencies.

Tip: Think twice before opening Facebook messages with generic greetings such as “Valentine’s Day” and “Special Greeting.” Even if you know the sender, realize the message may not be from him or her. Some rogue apps are instantly spread to others after being opened or posted on a Facebook wall. Also don’t believe claims such as last year’s “Facebook anti-spam dialog box,” a ruse that has led users to a dubious survey.

4. Sale-related spam

Expect an inbox littered with offers for deals on chocolates, jewellery, roses and other Valentine’s-themed trinkets. But be sceptical unless the offer is from a company you’ve done business with—and that already has your contact information. Links within such emails can also unleash malware or lead you to scammer-run copycat websites.
Tip: Carefully read the address. For example, look for “www.tiffany.com” vs. “www.tiffanyco.mn” (suggesting a Mongolia-based website). Try this neat trick: Without clicking, point your mouse to hover over the link to see its full address. Copy and paste (again, without clicking) that link into a Microsoft Word document. By right-clicking on the pasted link and selecting “Edit Hyperlink” from the menu that appears, a pop-up window should appear that shows the Web address to which the link directs in the “Address” field.

5. Romance ruses

The most despicable sweetheart swindle of all costs the typical victim more than $10,000—and has caused enough shame and heartache to prompt some to commit suicide. These scams go like this: Smooth-writing Romeos, often part of overseas organized crime rings, scroll dating websites and chat rooms. Stealing photos from legitimate modelling websites, they invent fake identities tailored to their victims’ interests. (You mention you love dogs, they claim to be a running an overseas animal rescue.) After weeks or months of online wooing comes the inevitable request: They either ask for money via a wire transfer for some emergency—or a plane ticket to meet you. Or they send you checks for you to cash and forward back, but what’s sent is usually counterfeit, leaving you liable for forwarded funds and possible arrest for check fraud.

Tip: Before giving away your heart and money, investigate your new sweetie at RomanceScams.org. If his or her photo is posted, know it’s a scammer who stole that picture. Signs you’re headed for a rip-off: Your new cyber companion is too quick with declarations of love; writes with “Scammer Grammar,” which is inconsistent with the typically assumed identities of educated businessmen or military officers; and claims a hard-luck or feel-good personal story, such as working for an animal rescue or orphanage.

More from Credit.com:
3 Dumb Things You Can Do With Email
The Risks You Face From Identity Theft
How Can You Tell If Your Identity Has Been Stolen?



19
Oh man, this is exciting. :TU:





20
Shares / Compagnie Financiere Richemont (CFR)
« on: January 16, 2014, 10:04:35 am »
Richemont 3rd Q sales missed expectations earlier today.

Sales for the three months ended Dec. 31 rose 3% to 2.94  Billion Euros ($4 billion) from EUR2.86 Billion a year earlier, expectation was EUR3.01 Billion.

Currently trading - 3.45% @ 10278

21
Off topic / Wealthiest men in SA
« on: November 25, 2013, 10:54:39 am »
The Forbes list of "Africa’s 50 Richest" recently made headlines and SA dominates the list with no less than 14 names appearing on it.

These are the wealthiest men in SA, reports Fin 24.

1.
Johann Rupert and family (#2)
Net Worth: $7.9-billion
Age: 63
Main income source: Luxury goods company, Compagnie Financiere Richemont

2.
Nicky Oppenheimer and family (#3)
Net Worth: $6.6-billion
Age: 68
Main income source: Diamonds, mining (sold De Beers to Anglo American for $5.1-billion)

3.
Christoffel Wiese (#6)
Net Worth: $3.8-billion
Age: 72
Main income source: Entrepreneur, retail (Shoprite Holdings, Pepkor)

4.
Patrice Motsepe (#11)
Net Worth: $2.7-billion
Age: 51
Main income source: Entrepreneur, mining (African Rainbow Minerals)

5.
Stephen Saad (#19)
Net Worth: $1.5-billion
Age: 49
Main income source: Entrepreneur, pharmaceuticals (Aspen Pharmacare)

6.
Desmond Sacco (#20)
Net Worth: $1.4-billion
Age: 71
Main income source: Mining (Assore Group)

7.
Koos Bekker (#24)
Net Worth: $1.1-billion
Age: 60
Main income source: Entrepreneur, media (Naspers)

8.
Cyril Ramaphosa (#29)
Net Worth: $700-million
Age: 61
Main income source: Entrepreneur, investments (Shanduka Group)

9.
Lauritz (Laurie) Dippenaar (#31)
Net Worth: $650-million
Age: 65
Main income source: Entrepreneur, insurance, banking (FirstRand Group)

10.
Gus Attridge (#37)
Net Worth: $525-million
Age: 52
Main income source: Entrepreneur, pharmaceuticals (Aspen Pharmacare, deputy CEO)

11.
Raymond Ackerman (#38)
Net Worth: $500-million
Age: 82
Main income source: Entrepreneur, retail (Pick n Pay Group)

12.
Gerrit Thomas (GT) Ferreira (#43)
Net Worth: $475-million
Age: 65
Main income source: Entrepreneur, insurance, banking (FirstRand Group)

13.
Jannie Mouton (#43)
Net Worth: $475-million
Age: 66
Main income source: Entrepreneur, financial services (PSG Group)

14.
Adrian Gore (#45)
Net Worth: $460-million
Age: 49
Main income source: Entrepreneur, financial services (Discovery Health)

22
Off topic / Comet ISON enters final countdown, perihelion 28 Nov 2013
« on: November 20, 2013, 08:27:18 am »
We’re now 8 days away from comet C/2012 S1 (ISON) reaching perihelion (closest point to sun) with 3 possible outcomes:

Imminent disintegration, disintegration at perihelion or survival. :TU:

Full story:

http://www.isoncampaign.org/karl/ison-final-countdown
http://planetsave.com/2013/11/20/comet-ison-shines-brilliantly-new-images-perihelion-november-28-2013/

23
Shares / GlencoreXstrata - GLN
« on: November 14, 2013, 09:17:18 am »
Thought this one deserves its own topic. :P

Listed yesterday (13 Nov 2013) @ 5500c, ended -1.16% with volume of 34 794 950.


So far:

gcr waiting for 52xx to buy;
jaDEB & gcr saying GLN will only move into T40 next year March;
I'm thinking possible future takeover play for Anglo American.

24
Shares / DSY - Discovery Limited
« on: November 11, 2013, 02:34:26 pm »
Any idea why Discovery has joined the undead and moving up abnormally today?
 
Currently up +2.33% to R82.89 in a lacklustre market.
 
Apart from Credit Suisse cutting its target price from R82 to R74 (25 Sep ’13), shareholder meeting on 3rd of Dec and a director buying R1.8m since last month, I don’t see any other news of this one. 

DSY up +47.1% in past year, -14.3% in past 90 days.

25
Shares / The 2013 Sunday Times Top 100 Companies Results
« on: November 07, 2013, 09:11:04 am »
The 2013 Sunday Times Top 100 Companies results:  Average Annual Compound Return (%)

(The Sunday Times Top 100 Companies acknowledges the best-performing businesses on the JSE, based on their shareholder returns over the past five years.)

      
1   CORONATION FUND MANAGERS 78.03
2   EOH HOLDING 60.31
3   WOOLWORTHS HOLDINGS   53.52
4   MIX TELEMATICS   50.85
5   FAMOUS BRANDS   50.82
6   MR PRICE GROUP   50.13
7   PINNACLE TECHNOLOGY HOLDINGS   50.00
8   BRIMSTONE INVESTMENT CORPORATION   48.58
9   CAPITEC BANK HOLDINGS   48.32
10   ASPEN PHARMACARE HOLDINGS   45.58
11   METAIR INVESTMENTS   43.33
12   NASPERS   43.13
13   SPUR CORPORATION   42.16
14   METROFILE HOLDINGS   41.71
15   HOWDEN AFRICA   41.68
16   PSG GROUP   41.63
17   OCEANA GROUP   39.49
18   COMPAGNIE FIN RICHEMONT   38.89
19   MONDI plc   38.55
20   AVI   38.11
21   PAN AFRICAN RESOURCES plc   36.58
22   ELLIES HOLDINGS   36.38
23   INVICTA   35.45
24   MEDICLINIC INTERNATIONAL   34.51
25   ITALTILE   34.25
26   IMPERIAL HOLDINGS   33.31
27   CLICKS GROUP   32.67
28   ASSORE   32.05
29   DISCOVERY   31.55
30   PIONEER FOODS GROUP   31.48
31   SHOPRITE HOLDINGS   31.24
31   TRENCOR   31.24
33   KUMBA IRON ORE   30.47
34   TRUWORTHS INTERNATIONAL   29.50
35   REMGRO   29.46
36   SABMILLER plc   29.36
37   RMB HOLDINGS   28.60
38   RESILIENT PROPERTY INCOME FUND   28.21
39   NETCARE   27.46
40   CASHBUILD   27.08
41   BRAIT   27.04
42   SANLAM   26.46
43   AFRIMAT   26.38
44   THE FOSCHINI GROUP   26.16
45   KAGISO MEDIA   26.14
46   OMNIA HOLDINGS   25.87
47   DISTELL GROUP   25.84
48   ZEDER INVESTMENTS   25.43
49   OLD MUTUAL plc   25.17
50   MMI HOLDINGS   24.93
51   FIRSTRAND   24.37
52   THE SPAR GROUP   24.28
53   CAPITAL PROPERTY FUND   24.23
54   ELB GROUP   24.00
55   CLIENTELE LIFE ASSURANCE   23.79
56   THE BIDVEST GROUP   23.78
57   VALUE GROUP   23.38
58   DATATEC   22.64
59   SANTAM   22.63
60   VUKILE PROPERTY FUND   22.55
61   SA CORPORATE REAL ESTATE   22.15
62   TIGER BRANDS LIMITED   21.60
63   NAMPAK   21.38
64   STEINHOFF INTERNATIONAL HOLDINGS   21.21
65   KAP INDUSTRIAL HOLDINGS   20.88
66   GROWTHPOINT PROPERTIES   20.83
67   HYPROP INVESTMENTS   20.76
68   FOORD COMPASS   20.72
69   MASSMART HOLDINGS   20.67
70   ACUCAP PROPERTIES   20.62
71   COUNTRY BIRD HOLDINGS   20.37
72   HOSKEN CONSOLIDATED INVESTMENTS   19.54
73   NEDBANK GROUP   19.38
74   REDEFINE PROPERTIES   19.37
75   COMBINED MOTOR HOLDINGS   18.79
76   PREMIUM PROPERTIES   18.39
77   ADCOCK INGRAM HOLDINGS   18.37
78   EMIRA PROPERTY FUND   18.03
79   EXXARO RESOURCES   17.70
80   LIBERTY HOLDINGS   17.53
81   BOWLER METCALF   17.48
82   GRAND PARADE INVESTMENTS   17.17
83   HOSPITALITY PROPERTY FUND   16.88
84   AECI   16.86
85   LEWIS GROUP   16.74
86   DELTA EMD   16.51
87   MTN GROUP   16.31
88   FOUNTAINHEAD PROPERTY TRUST   15.78
89   SYCOM PROPERTY FUND   15.66
90   CITY LODGE HOTELS   15.36
91   ADVTECH   15.19
92   ARB HOLDINGS   14.87
93   PHUMELELA GAMING AND LEISURE   14.77
94   BHP BILLITON plc   14.41
95   URANIUM ONE Inc   14.10
96   TSOGO SUN HOLDINGS   13.65
97   TONGAAT HULETT   13.47
98   HUDACO INDUSTRIES   13.33
99   OCTODEC INVESTMENTS   13.33
100   JSE   13.20

Statement issued by Alex de Kock, Ogilvy PR, Cape Town, on behalf of the Sunday Times, Times Media Group, November 6 2013

http://www.politicsweb.co.za/politicsweb/view/politicsweb/en/page71654?oid=445017&sn=Detail&pid=71616

26
Shares / TKG Telkom Group
« on: October 24, 2013, 04:37:02 pm »
Now why would Telkom suspend their CFO, what did Jacques Schindehütte do? :o

Down 3.32%.

27
Shares / New JSE Listings
« on: October 24, 2013, 11:17:13 am »
It find it annoying to keep track of all the new listings on the JSE. 

(Please be so kind as to assist me if you pick up on new listings.)

Much appreciated.  :-*

1. BGA -  Barclays Africa Group - listed 2 August 2013 (replacing Absa)
2. ATT  -  Attacq - listed 14 October 2013
3. IAP  -  Investec Astralia Prop Fd - listed 24 October 2013

28
Off topic / Tapatalk
« on: October 11, 2013, 08:53:39 am »
Anybody having experience with Tapatalk? 

I have one-thousand-and-one apps I have to update but never use, will this app make it one-thousand-and-two or is it something you'll use every day?

29
Shares / Harmony (HAR)
« on: September 19, 2013, 09:13:23 am »
Can't find a topic for this one.  Will move if there is one but:

HAR +11.28%

30
Off topic / The 19-Hour Raise of Costa Concordia, in 2 Minutes
« on: September 17, 2013, 04:27:16 pm »
The wrecked Costa Concordia cruise ship was successfully righted today after an unprecedented 19-hour operation off the Italian island of Giglio where the cruise liner has been lying on its side since it capsized 20 months ago, killing 32 passengers. Video via AP.

http://www.bloomberg.com/video/the-19-hour-raise-of-costa-concordia-in-2-minutes-jhfF9vWNRuGEl91B1BKumg.html

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