My typical client should understand the concept of "investment" as opposed to "speculation" and not be deterred by short term
adverse price fluctuations. I am not a fortune teller but an investment manager investing in good global businesses. All businesses
have ups and downs in the normal course of the business cycle and share prices will reflect this. In some years the capital return
may be negative but there should still be cashflow in the form of dividends.

My leveraged portfolios will be conservative but extra funds working over the long term create more wealth. The value of a business
is not necessarily the current quoted share price. Value is something a fund manager must determine. The current quoted price is
merely a function of supply and demand. Supply and demand is a function of fear and greed in the short term. Stockmarkets are in
a long term bull market with short term bear markets. In the short term stock markets can be irrational but over the longer term
value investments prevail.

There is more risk of financial loss by not investing in the stock market over the long term.

My clients should appreciate that I will not be able to comment on every share in the market in fact my knowledge will be very specific
to what we are investing in. I may choose to keep most of the funds my clients have placed under management in cash for a while
- the holding of cash constitutes management. Rather hold cash than invest when markets conditions are not favourable. I will try and
time the market but will invariably get it wrong on occasion. Market timing is however not as important as time in the market. Time in
the market in the right shares will make you money over the long term while incorrect market timing will only reduce your short term return.

The investment universe is large.

There are many interesting businesses we can acquire overseas. For my South African clients, investing overseas is not a function
of my outlook for the rand but rather for prudent diversification and more opportunities.