Sandy McGregor
Articles by Sandy McGregor
The prospects for global growth
The post-pandemic bounce back of the global economy is losing momentum, and many fear that developed economies may slip into recession.
Economic update: A post-pandemic new normal
2022 saw a massive appreciation of the US dollar against all other currencies and the highest inflation since the early 1980s. These trends, which so dominat...
Global growth prospects continue to deteriorate
During the past quarter inflation has remained elevated. In the US the latest print for August was 8.3%. In Europe it was 10.0% in September. Even though in...
Whither inflation?
In the past 12 months , global inflation has surged. Sandy McGregor discusses the increasingly turbulent response of the financial markets.
The transition into the post-pandemic world
It is remarkable the extent to which the future is hidden from us. We all conduct our lives largely in terms of our experiences in the recent past, assuming...
Economic recovery accompanied by a surge in inflation
With increasing vaccinations economic activity is returning to pre-pandemic levels and, while there may be further waves of infection, governments are learni...
Inflation returns
Prices are on the up in the wake of the COVID-19 pandemic. The question is, will deflationary conditions resume as global economic conditions normalise or is...
Global recovery underway
The world is recovering from the pandemic and 2021 should see strong global economic growth. The epicentre of the recovery is now the United States, where th...
The state of the economy
In a recent Q&A-style webinar hosted by Allan Gray’s Vuyo Nogantshi, Allan Gray’s Sandy McGregor and the Reserve Bank’s Rashad Cassim and David Fowkes examin...
America as seen from afar
The United States is of critical importance to all investors regardless of where they are domiciled. It is the world’s largest economy, the powerhouse of...
The impact of COVID-19's second wave
The second wave of the COVID-19 pandemic has interrupted the global recovery following the severe economic contraction experienced during the second quarter ...
The dangers of printing money
Modern Monetary Theory, or MMT as it is often called, is a new term for an old idea. Its proponents argue that a state which issues fiat money does not have ...
Investment challenges older investors face
Older investors face a host of challenges entirely different to those faced by their young selves. Sandy McGregor offers a wise perspective for those of this...
The world after the COVID-19 pandemic
We are witnessing a global economic collapse without precedent in modern times. As investors we must think about what the world will look like when the...
Impact of Moody's downgrade
As a consequence of the decision by Moody’s to lower South Africa’s credit rating from Ba1 to Baa3, all three leading rating agencies now rate South African...
Inflation
Inflation is a phenomenon of great importance to investors. It is subject to intense scrutiny but is not well understood. Sandy McGregor offers his perspecti...
An age of anxiety
We are living in an age of anxiety. After decades in which the norm has been optimism, everywhere market participants are extremely nervous about evolving an...
Trade wars
In recent months, we have observed increasing uncertainty and concern among our clients about what impact rising international tensions, particularly the tra...
Global business conditions deteriorate
Negative news about the global economy persists. Purchasing manager indices continue to signal a widespread deterioration in business conditions. Even in the...
Global slowdown continues to take its toll
The synchronous global slowdown, which commenced in the last quarter of 2018, continues to take its toll. While Europe is not in recession, it has returned t...
South Africa's fiscal dilemma
Faced with sky-high debt, a stagnant economy and disappointing tax collections, South Africa is on an unsustainable fiscal path. Difficult choices have to be...
Global economy losing momentum
After two years of strong synchronous growth the global economy is losing momentum. Almost without exception the most recent purchasing manager’s indices are...
Global growth accelerates but emerging markets under pressure
Following a slower first quarter, the rate of global economic growth accelerated during the Northern Hemisphere summer, with Europe being the only notable...
Increasing policy uncertainty
With few exceptions, notably India, most countries experienced slower economic growth in the first quarter of 2018. Anecdotal evidence suggests that that the...
Approaching a tipping point?
After a strong start to the year, global investors have been spooked by a diverse combination of developments, including a slowdown in global economic...
Gold: A history of its price
Inventories play a significant role in the pricing of commodities: when they are low prices tend to rise, while excessive inventories depress prices. However...
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...
China's Malthusian challenge
Two years since the global financial crisis and commodity prices are back at the record levels of June 2008. This growth has been about five years quicker th...
Deflation
It seems the world may divide into two distinct camps: the mature economies gripped by deflation and stagnation, and the emerging markets, which continue to...
The triumph of the markets
It is the nature of markets to reward success and eliminate what is unsustainable. During the past year we have seen a dramatic manifestation of this process...
