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Markets navigated political noise globally while offshore bonds offered some protection

Value investing, popularised by legends like Warren Buffett and Benjamin Graham, is based on a simple idea: buying undervalued stocks should lead to better returns. Historically, this approach has delivered strong performance, but in today’s highly efficient markets, does it still hold up?

Global markets rose amidst uncertainty, an SA rates cut and a steady Fed.

US equities rally; local bonds excel amid low inflation and strong dollar.

October saw a slight pullback across global markets as equities fell, particularly in emerging markets, while bond yields adjusted from September's rally. Despite core inflation ticking up, US inflation trends remained stable, with oil prices unaffected by Middle Eastern tensions. Locally, South African inflation remains low, the rand held relative strength, and SA bonds still offer attractive yields, with this pullback presenting favourable entry points, especially for longer-term bonds.