February 2021 Mailer

“Valuation will be a poor guide to timing the bear market. However, it will be an excellent guide to the downside once the bear has begun.” David Abramson, Alpine Macro

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ClucasGray Asset Management (Pty) Ltd is an authorised financial services provider under the Financial Sector Conduct Authority (FSCA) FSP 50733.

ClucasGray Asset Management (Pty) Ltd is also a juristic representative of ClucasGray (Pty) Ltd.

ClucasGray (Pty) Ltd is an authorised financial services provider under the Financial Sector Conduct Authority (FSCA) FSP 21117.