I caught up with a SA-based private client portfolio manager to commiserate on the long-standing poor economic environment, the damage being caused by the Covid outbreak and how to formulate an investment strategy in such times.

But I was immensely surprised. His 2019 client assets under management (AUM) had risen 55% on the previous year, due to the US stock market increasing 33% during that year. So far in 2020, AUM are up 22% due to a 30% decline in the rand, with this currency depreciation exceeding the fall in global and US stock markets. All this means is that his clients are a lot better off in rand and US dollars than they were at the start of 2019...

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