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Since the CML sens announcement had the following to say:

It is also our expectation that the markets will deliver lower returns in the future.

What are your thoughts on the long term performance for the JSE? We know it's had a great run since the crash in 2008, and surely that can't be sustainable. But going forward five or ten years, where would you put the annual average rate of return? 5%? 15%? My gut says somewhere in the upper reaches of that scale, even though we've well outperformed it in the last 12 months.

If the NDP gets implemented we could be better. Hell the current government could even be voted out and we could see real growth, but on the flipside we could be in for some more corruption, nepotism and bad governance for a few years to come.

But South African miners have their own issue, Cooke, Shepherd and Tiwari say:

    We remain concerned SA gold share ratings may languish despite our undemanding valuations since catalysts appear negative to us in the near term. The local labour climate remains troubled with wage negotiations set to begin in June. They will be difficult given the unfortunate precedents set last year in the platinum industry and ongoing, bitter union rivalry. The pullback in the gold price hasn’t helped ratings and gold shares have, unsurprisingly, sold off sharply. This is an opportunity to buy selectively, in our view.

That's the trouble I have with SA gold miners. I think labour trouble is only going to increase. A move to less labour intensive, more mechanised mining may be the answer, but is that option feasible in terms of technology, government pressure etc?

If you ask me, the recent steep gains just add fuel to the fire about alleged manipulation in the price recently...

I haven't looked at those seriously, but these figures would help me make that choice:
FSR 1 year change + 27.4%
SBK 1 year change - 0.25%

Also take a look at the 5 year graphs. SBK is all over the show, FSR looks much healthier. Divvies seem pretty much the same to me, both quite good around 3.5%

Jadeb, are you trading or investing?

If I were to have 90% of my portfolio in a passive investment, ie. unit trusts or ETFs, and trade with the remaining 10%, what will happen come tax season?

Obviously I'll trade before the 3 year rule for investing, but would any capital gains on my passive portfolio be added to income as would happen with trading gains?