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Interesting blog. 

The idea that a very few fund managers have the ability to beat the market over the long term is really scary for me.

I think a major difference between fund managers and private investors and why private investors can beat fund managers over the long term is job vs. call it passion/interest/hobby.  As with anything in life, if you don't love it, don't do.

Here's a conundrum which I can't understand - on 11th July GFI issues a sens notification of production and in essence gave a profit warning. Today they brought out their unaudited results for the last quarter and the share price drops =/- 7.5% - why, surely investors in shares read sens messages do their own interpretations of the message. But to me it is absolute folly to go and off load your shares when you should be in possession of the facts albeit via a sens notification. Similar situation with MSM - both presented opportunities to increase my holdings in these counters - sometimes I think investors are fickle
Apologies if I have posted on the wrong thread but just had to say something about investor behaviour 

Well done 

Well Orca - you paid your school fees for maybe your impulsive behavior with shares in the earlier days. The sad part of it is that your opportunity cost is massive even though 320% is not to be sniffed at - I am sure there are many fund managers who would like these types of returns. I get the sharenet daily report and I get my own brokers recommendation on shares which have recently published results ad I must say that the analysts are a fickle bunch when they recommend sales of particular counters, only to recommend 3 - 6 months later that they are a buy - point in mind - my brokers have recommended a continuance of a sell on Massmart    its all time high was R 205.04 and is currently trading around R 153 - so to my mind a good time to get in and buy, after all we are supposedly longer term investors. Similar views were expressed by Woolies some 2 years ago and they have advanced quite nicely. So sometimes it pays to be patient and just pick up good companies when others are selling

And then MY brokers recommended to sell CML when it hit 4250 just before the AUM SENS when she started her real upsurge. They sold off their 25% holding on their Managed Accounts.

No prob Patrick. Yes, it is 8.30 pm on Saturday night and still downloading my contract notes for provisional tax. I will be done by Sunday.
I must add this and need your input.
My accountant quoted me R3k upfront that I paid her with another R3k upon closure.
My account is very complex due to trading and is backdated to 2008. So 6 years to reconcile.
Some days ago she handed me all my docs back saying that she is not familiar with JSE trading and the complexity of my account and asked me to do 2012 tax myself and come back to her with my results.
She had a taxable amount of R530K for 2012.
With the kind help of a CA I understood the method and spent 2 weeks doing all my tax from 6 years ago. I now have every year in files with the tax payable for each year.
Now that I have done it all for her, do you think that the other R3k is due?


 

 

Now that I have done it all for her, do you think that the other R3k is due?
 

Not a @#$%. She clearly stated that she is unfamiliar with your needs and that you had to do the slog yourself, so how could she now expect additional funds?