27 June 2003
	Investments INVESTING in TOP COMPANIES

In love affairs and stock market bubbles, costs are never counted until it's over. Now investors have had two chances: the 1998 crash that wiped 40% off the JSE, and now the crash of the past year, which has wiped close to 30% off. Financial advisers are singing the same tune: don't panic. It's hard not to panic when R555bn has been wiped off the value of the JSE in a year and pension funds have, on average, lost 12% in the same time. It's a scary time to be near retirement. But equity investments are by nature long-term - returns are meant to rack up over time. Despite the dismal year-on-year view, the all share index is still 10% higher than the top of the 1998 bubble. One bad year is not the end. Here we review what has been happening in the investing world, from the top-performing listed shares, to unit trusts, asset managers and the economy in general.