Welcome to our second newsletter of 2026.
The first half of the year has once again reminded investors that markets rarely move in a straight line. Despite geopolitical uncertainty and tariff-related tensions, global equity markets have remained resilient, reinforcing the importance of maintaining a long-term perspective rather than reacting to short-term events.
This edition explores two topics where looking beyond the headlines leads to a better understanding.
In our first article, Marius Kilian examines why investors are often their own worst enemy. He explains how performance chasing can undermine long-term wealth creation and argues that successful investing requires conviction in a sound investment process and the discipline to remain committed through inevitable market cycles.
Our second article looks beyond the headlines surrounding Starlink to explore the rapidly evolving low-Earth orbit (LEO) satellite industry. JP Landman explains how competition from global players, including Amazon, China and Europe, is reshaping satellite communications, what this could mean for internet connectivity in South Africa, and why the broader story is about competition, infrastructure and long-term technological change rather than any single company.
Good decisions are rarely made by reacting to headlines alone. They come from understanding the broader forces at work and maintaining a long-term perspective. As always, our team is available to discuss how these themes relate to your own financial planning and investment strategy.
Outcome Bias and the Fund Manager Carousel
Marius Kilian
02 June 2026
Not all periods of underperformance are created equal.
No investment process, no matter how robust, works in all environments and at all times. Most fund managers eventually have their day in the sun. Until they don’t.
Consider where some of today’s top-performing funds ranked just a few years ago. Many sat near the bottom of the performance tables. Equally, some of the funds currently struggling were recently celebrated as industry leaders. Despite overwhelming evidence that performance persistence is elusive, investors continue to behave as though recent returns reveal a permanent truth.
Satellites, South Africa and Starlink
JP Landman
28 July 2026
In 2019, Elon Musk launched the first 60 Starlink satellites. This was the start of a new satellite internet network. Starlink uses low-earth-orbit satellites, usually called LEO satellites. They travel around the Earth at an altitude of about 550 kilometres.
By late 2021, Starlink had about 1 500 satellites in orbit and was able to offer a full commercial service. Five years later it has more than 10 000 satellites serving more than 150 countries and territories.
Starlink is the world leader in LEO satellite communications. But it is no longer the only major player.
