Tilman Friedrich’s Benchmarks October / November 2013

Tilman Friedrich is a qualified chartered accountant and a Namibian Certified Financial Planner ® practitioner, specialising in the pensions field. Tilman is co-founder, shareholder and managing director of RFS, retired chairperson, now trustee, of the Benchmark Retirement Fund.


As we reported previously, we expect global commodity and equity markets including local markets, to move sideways over the medium term.
Global commodity prices are at fairly elevated levels and we do not expect much support for the Rand and local miners from that source.
While foreign investors can still borrow extremely cheaply overseas and can still earn attractive returns on low risk investments in SA and other developing countries, we will continue to see foreign investment flows into local markets supporting local equities and a low interest rate environment.