Next year will be a watershed moment for the country as South Africans head to the polls. The outcome will determine the trajectory of the economy and shape the type of returns investors can expect.Galileo Capital’s Warren Ingram says the first half of the year will be characterised by market instability due to various political risk factors. "The elections will influence the local market and investor sentiment, while Brexit and the US-China trade war will shape international market trends."Iain Anderson, head of investments at Sygnia Asset Management, adds that while there is no clear catalyst for the dissipation of the many headwinds facing SA — higher interest rates in the US, slowing domestic economic activity and a deteriorating fiscal situation — most of the risks are cyclical. "And cycles always turn. As such, despite the weak economic environment, domestic equities could turn in the second half of 2019, or earlier, if investors are prepared to look through the volatility."Sh...

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