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exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <span></span> </td> </tr> </tbody></table>  </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">   <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #5b5b5b;font-family: Helvetica;font-size: 14px;line-height: 150%;text-align: left;"> <h4 class="null" style="display: block;margin: 0;padding: 0;color: #949494;font-family: Georgia;font-size: 20px;font-style: italic;font-weight: normal;line-height: 125%;letter-spacing: normal;text-align: left;">2021 has delivered its fair share of events.</h4> <br> We started the year with Donald Trump’s supporters storming the seat of power of the oldest democracy and Myanmar’s military seized control in a coup after they didn’t like the results of the general election where the National League for Democracy won convincingly.<br> <br> We had the global collaboration to distribute vaccines with equitable allocations globally in the COVAX programme. The aim was to deliver 2 billion doses of vaccine by the end of 2021. By 17 December 738 million doses had been distributed to 144 participants.<br> <br> A number of space test flights were conducted with success by SpaceX and Blue Origin, Jeff Bezos’ project.<br> <br> In South Africa we had our own massive events. The rule of law was upheld in the conviction of Jacob Zuma for flouting the Constitutional Court order. In our current position, this was particularly important for South Africa. That precipitated the violence in July. It was shocking yet it had a number of positive outcomes which were important although we wouldn’t want to follow the same route in getting to those outcomes again. Ordinary South Africans made a choice to maintain order and denounce that type of violence.<br> <br> The municipal elections that followed relatively soon thereafter showed what South Africans think of our current political position and for the first time we have a number of parties speaking into how municipalities are run instead of being subjected to the whim of the ANC where they held majorities. Getting the multi-party cooperation bedded down is going to be a huge challenge but we have started. We had to get to this place before we could build the structures that will serve us well in future. There is no doubt that mistakes will be made however no party has the monopoly anymore and that is a healthy thing.<br> <br> And then we had COVID rear its head a number of times and just when we thought life was returning to normal we had the Omicron variant raise its head. However, our response has been far less fearful and more measured because we know a lot more about this virus than we did in 2020. <br> <br> We have got to the end of 2021 in a much better pace than we were at the end of last year. <br> <br> Importantly, our democracy that we have all been looking to for so many years has grown some green shoots. May we nurture this opportunity and continue to grow from it.<br> <br> On a personal level at Steward Capital we have also continued to grow and develop stronger relationships with our clients and our various business associates and we wish to thank each and every one of you for the support and development of these relationships.<br> <br> <span style="font-size:18px"><span style="color:#873f6f"><strong>For those who are celebrating Christmas, we wish you a Blessed Christmas and for those who aren’t celebrating Christmas, a well-earned rest.  May 2022 be a good year! </strong></span></span><br>   </td> </tr> </tbody></table>   </td> </tr> </tbody> </table></td> </tr> </table>  </td> </tr> <tr> <td align="center" valign="top" id="templateFooter" data-template-container="" style="background:#8b3469 none no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #8b3469;background-image: none;background-repeat: no-repeat;background-position: center;background-size: cover;border-top: 0;border-bottom: 0;padding-top: 45px;padding-bottom: 63px;">  <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" class="templateContainer" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;max-width: 600px !important;"> <tr> <td valign="top" class="footerContainer" style="background:#transparent none no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #transparent;background-image: none;background-repeat: no-repeat;background-position: center;background-size: cover;border-top: 0;border-bottom: 0;padding-top: 0;padding-bottom: 0;"><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">   <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #FFFFFF;font-family: Helvetica;font-size: 12px;line-height: 150%;text-align: center;"> <em>Copyright © *|CURRENT_YEAR|* *|LIST:COMPANY|*, All rights reserved.</em><br> *|IFNOT:ARCHIVE_PAGE|* *|LIST:DESCRIPTION|*<br> <br> <strong>Our mailing address is:</strong><br> *|HTML:LIST_ADDRESS_HTML|* *|END:IF|*<br> <br> Want to change how you receive these emails?<br> You can <a href="*|UPDATE_PROFILE|*" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #FFFFFF;font-weight: normal;text-decoration: underline;">update your preferences</a> or <a href="*|UNSUB|*" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #FFFFFF;font-weight: normal;text-decoration: underline;">unsubscribe from this list</a>.<br> <br> *|IF:REWARDS|* *|HTML:REWARDS|* *|END:IF|* </td> </tr> </tbody></table>   </td> </tr> </tbody> </table></td> </tr> </table>  </td> </tr> </table>  </td> </tr> </table> </center> </body> </html>

PREVIOUS EDITIONS

March 27, 2024

PREVIOUS EDITIONS

The Navigator: SA Corporate Credit – A Bridge Too Far?

The Navigator: There is Always the Next Big Thing

The Navigator: Why Government Debt Levels Matter

The Navigator: The Fentanyl Crisis

The Navigator: The Growing Threat of Cybercrime

The Navigator: The Demographic Shift

The Navigator: The Bear Trap?

The Navigator: Heads I win, Tails you lose

The Navigator: Behavioural biases: Unravelling our irrational investment habits

The Navigator: Look both ways before you cross the BRICS Road

The Navigator: What language do you dream in?

The Navigator: Hotel California

The Navigator: What’s in the basket?

The Navigator: The Icarus Syndrome

The Navigator: The Gale of Creative Destruction

The Navigator: No Shades of Grey

The Navigator: Moonwalk Away

The Navigator: Risky Business

The Navigator: The Ultimate Bottleneck?

The Navigator 043

The Navigator 042

The Navigator 041

The Navigator Edition 040

The Navigator Edition 039

The Navigator Edition 038

Year End Greetings 2021

The Navigator 37: The Forecaster's Dilemma

The Navigator 36: An opportunity amongst growing uncertainty?

The Navigator 35: The Race to Space

The Navigator 34: Naspers and Prosus - The Discount, Deal and Debate

The Navigator 33: The Global Tax Cartel

The Navigator 32: The Infrastructure Drive

The Navigator 31: Fight instincts to back perennial winners

The Navigator 30: Spac Attack

The Navigator 29: Antitrust - the ‘Big Tech’ Debate

The Navigator 28: The story of GameStop, democratic investing and being caught by the mob

The Navigator 27: Finding the road to recovery

The Navigator 26: Capitalism and Geopolitics

The Navigator 25: Failing to Succeed...

The Navigator 24: The K-shaped Recovery

The Navigator 23: My Precious: Gold makes a comeback

The Navigator 22: The benefits of multiple investment managers

The Navigator 21: Crisis? What Crisis?

The Navigator 20: Where there’s a will there’s a way...

The Navigator 19: Covid-19, the economy and politics...

The Navigator 18: Extraordinary Times...

The Navigator 17: Blue Sky Investing – is it appropriate for us?

The Navigator 16: Sentiment and free advice, you may as well roll a dice

The Navigator 14: The Hardest Problem in Finance...

The Navigator 13: Aim Low - a fresh look at inclusive economic growth for South Africa.

The Navigator 12: Are Prescribed Assets on the Way?

The Navigator 11: Protecting your capital through a phasing approach

The Navigator 10: How do we overcome the 'SA Inc' hangover?

The Navigator 9: The Importance of Being Wrong

The Navigator 8: When Economics Meet Politics

The Navigator 7: Artificial Intelligence... or Artificial Investing?

The Navigator 6: Controlling the Controllables

The Navigator 5: On Risk, Sentiment and Geopolitics

The Navigator 4: On voting machines and weighing machines

The Navigator 3: Best Wishes for a Peaceful and Joyous Christmas and Health and Prosperity for 2019

The Navigator 2: Do Financial Advisers Add Value?

The Navigator 1: The True Meaning of Money