Introduction to investing

1
Introduction to investing

• Brought to you by
• Online Share Trading
• Presented by
• Simon Pateman Brown

2

• You dont have to be wealthy to invest.
• But you do have to invest to be wealthy.
• Warren Buffett
• (Richest person in the world
• US62billion)

3
Why are we providing free education?

• A study found that people do not invest in shares
  when they do not understand them
• An educated investor is more likely to be a
  successful investor and hence a long term
  investor
• We want our clients to be successful so that they
  continue to invest with us
• If you lose money you stop investing and we lose
  you as a client!
• The more people invest with us the lower the fees
  can be
• Our brokerage fees have fallen over the last 5
  years

4
Educate yourself!
Name Duration Cost When
Introduction to investing 5 hours Free Saturday morning
How to use the website 2 hours Free Mid-week evening
Investing using fundamentals 1.5 hours Free Mid-week evening
Technical analysis (Part 1) 5 hours Free Saturday morning
Company announcements fundamentals 5 hours Free Saturday morning
Market truths and trading skills 1.5 hour Free Mid-week evening
Introduction to share installments 1 hour Free Mid-week evening
Half day detailed warrants course 4 hours Free Saturday morning
Technical analysis (Part 2) 5 hours Free Saturday morning
Futures (single stock currency) 1.5 hours Free Mid-week evening
Market outlook (6 to 12 month view) 1.5 hours Free Mid-week evening

5

• Who is the course aimed at?

6
Who is the course aimed at?

• Wide appeal.
• Novice investor.
• Some one new to the share market.
• Review or recap on the basics.

7

• What is investing?

8
Introduction to share investments

• Investing in the share market is not a pastime,
  is must be taken seriously. Investors require an
  education and the tools before they can hope for
  any measure of success.
• There are no magic formulas or Holy Grails to
  becoming rich investing in shares, but through
  education, you will be in the driving seat
  regarding your financial freedom.

9
The general misconception

• Misinformation regarding the share market.
• My friend Richard made a killing in ABC company,
  and now hes got another hot tip!!.
• "Watch out, with shares-you can lose your shirt
  in a matter of days!.
• Get rich quick mentality.
• e.g. The amazing dotcom market in the late 90s
  Didata.
• Shares can (and do) create massive amounts of
  wealth, but they aren't without risks.
• The key to protecting yourself in the share
  market is to understand where you are putting
  your money.

10
Investing and Returns

• What is investing?
• Putting your money to work for you.
• Investing is more than simply hoping that luck is
  on your side (Gambling).
• Successful investing is committing capital only
  if there is a reasonable expectation of profit.
• Why Invest?
• Financial security.
• What do you invest in?
• What are your average returns?
• What are the fees that you are paying?

11

• Risk vs. Return

12
Risk

• Investing is all about managing risk.
• Types of risks
• Business risk
• Financial risk
• Liquidity risk
• Exchange rate risk
• Country / Political risk
• Portfolio risk
• Psychological risk
• Neglect

13
How is risk managed

• Diversification is a technique that reduces risk
  by allocating investments among various financial
  instruments, industries and other categories.
• "Dont put all of your eggs in one basket..
• Move to five shares.

14
JSE investments Risk vs. Return
Futures
Warrants
Increasing risk of loss of purchasing
power Increasing safety of capital
Share instalments
Increasing risk of loss of capital Increasing
potential for capital appreciation
Small caps shares
Blue chip shares
Cash / Fixed deposits
Start here
15
What is a reasonable return?

• Return must compensate for
• Time value of money during investment period
• The expected rate of inflation
• Risk in the business
• Market return (beat the market or buy Satrix40)
• Buy the winning stock in the winning sector

16

• Why the share market?

17
Why the share market?
Source JPMorgan
18
Why the share market?

• Over a long period of time, shares generally
  outperform any other type of investment often
  experience extreme returns.
• Different types of strategies
• Growth (reinvests profits to grow the business)
• Income (distributes most of profits as dividends)
• Speculating (short term buy/sell)
• Buy and hold
• Liquidity (speed of sale or purchase)
• Accessibility
• Youre in control

19
Why the share market?

• An investment of R5000 in Standard Bank in 1990
  when the share price was R1.77. Jan 08 it was
  R126, Jun 08 R75 now worth R211k, a return of
  over 4,220 excluding dividends (386c in 2007).
• Note that one can also experience extreme losses
  e.g. Didata.

18 September 1995 R3.20 18 September 1999
R23.80 18 September 2000 R69.60 18 September 2001
R10.70 18 September 2002 R2.40 18 September 2007
R8.01
20

• Before you start investing

21
Develop an investment strategy

• INTENT
• What stage of life are you at?
• Young
• Married with children
• Retirement
• What knowledge stage are you at?
• Whats your style? Know thyself
• What is your risk profile and risk tolerance?
• Being able to master risk is being able to master
  the markets
• Success depends on ensuring that your investment
  strategy fits your personal characteristics.
• What is your investment time frame?
• Invest, buy hold or speculate?

22
Investment policy

• What are the real risks of an adverse financial
  outcome, especially in the short term?
• What probable emotional reaction will I have to
  an adverse financial outcome?
• How knowledgeable am I about investments and the
  share market?
• What other capital or income source do I have?
  How important is this part of the portfolio to my
  overall financial position?
• What, if any legal restriction maybe applicable
  to my investment needs?
• What, if any unanticipated consequence of interim
  fluctuation in portfolio value.
• Dont risk more then you can afford to loose

23
Common Mistakes

• No investment strategy
• Investing in individual shares instead of in a
  diversified portfolio of securities.
• Investing in shares instead of in companies.
• Buying high and selling low.
• Churning your investments.
• Acting on tips and sound bites.
• Paying too much in fees and commissions.
• Decision-making by tax avoidance.
• Unrealistic expectations.
• Neglect.
• Not knowing your real tolerance for risk.
• Averaging down.

24

• The mechanics of the share market

25
What is a share?

• Your share of a company you have invested in.
• If a company does well (is growing its profits)
  then its share price should rise.
• Likewise if a company is not doing well (is
  making losses) then its share price should fall.
• You can profit from share price movements and
  share income (dividends).
• You have a right to your say.

26
What is a share market?

• Like any other market.
• Requires buyers and sellers.
• Shares are bought or sold when buyers and sellers
  agree on a price.

27
JSE Over the last 45 years

• Logarithmic scale
• Excluding dividends

28
Different types of shares

• Ordinary shares.
• Preference shares Retail notes (bonds).
• Exchange Traded Funds (EFT).
• Satrix
• DB x-trackers
• NewGold
• PropTrax
• Derivatives.
• Options (Warrants (calls puts), Share
  Instalments)
• Futures (Single Stock Futures and Currency
  futures)
• Contract for difference - CFD

29
Shares vs. Other investments
JSE share type Alternate investment JSE advantage
Ordinary shares Owning a business Liquidity and costs
Property unit trust Owning property Costs and liquidity
Satrix Unit trust Costs
DB x-trackers Off-shore unit trusts Foreign allowance and exchange rate
Preference shares and retail notes Fixed deposits Liquidity and better rates (does not track normal share)
New Gold Gold/ Kruger rands Physical storage and liquidity

30
Share categories

• Income shares.
• companies which pay large dividends.
• Blue chip shares.
• Issued by companies with long histories of growth
  and stability.
• Growth shares.
• Issued by entrepreneurial companies experiencing
  a faster rate of growth.
• Cyclical shares.
• Issued by companies that are affected by general
  economic trends.
• Defensive shares.
• The opposite of cyclical shares.

31
Different types of market

• Primary market.
• New issues of ordinary and preference shares are
  sold by companies to the public to raise new
  capital.
• Initial public offering (IPO).
• e.g. Pick n Pay may issue shares to grow the
  number of supermarkets it has.
• Secondary market.
• This is what people are talking about when they
  refer to the share market" .
• Allow trading in issued shares in the market.

32
Characteristics of a good share market

• High liquidity.
• Timely and accurate information.
• Price continuity.
• Low transaction costs.
• JSE meets all the above mentioned criteria.

33
What are share indices?

• The market performed well today what do they
  mean when they refer to the market?
• An index is a way of measuring the performance of
  a selection of shares across the market.
• When an index is up it means that on balance the
  share price of most of the shares in that index
  have increased that day. If the index is down
  then on balance most share prices of the shares
  on the market have decreased that day.
• Indices can be used as market barometers for the
  market as a whole.
• Examples of well know indices are

34
What determines a share price?

• Supply and demand.
• Market Issues.
• Overseas markets.
• Interest rates and inflation.
• The economy.
• Government policy.
• Company issues.
• Earnings prospects.
• Management.
• Strategic initiatives.
• Competitive environment.

35
How to make money in the stock market

• You can make money with shares in two ways
• Buying a share at a low price and selling that
  share at a higher price at a future date This is
  referred to as capital growth.
• e.g. buying Sanlam on 02 Jan 2007 for R19.00 per
  share and selling on 02 Jan 2008 for R22.81. A
  profit of R3.81 per share or a return of 20 over
  that period of time.
• From dividends received from a share. This is
  referred to as income.
• Growth and income are usually mutually exclusive.

36
What is a dividend?

• Dividends can be seen to be like tax free
  interest earned on the share.
• Dividends are distributions of a companies
  earnings to shareholders. The dividend earned on
  shares depends on the profits earned by the
  company and payment is decided by the company.
• The return that you receive from dividends can be
  expressed as and is referred to as the dividend
  yield.

37
Dividend Yield

• The return that you receive from dividends can be
  expressed as and is referred to as the dividend
  yield (like interest).
• Dividend Yield
• Represents annual income from the share.
• Different for different types of shares.
• Income stocks DY 3-8, growth stocks DY 0-3.

Dividend per share Price per share
X 100
38
The Dividend Yield - Example

• If you purchased Sanlam on 02 Jan 2007 at R19.00
  you would have received a divided payment of
  R0.77 per share. This is a return of 4 per share
  (R0.77 / R19.00 4)
• e.g. Sanlam paid a dividend of 77c in 2007, which
  is a 4 tax free yield

39

• Choosing companies to invest in

40
Choosing companies to invest in

• Would you do business with them?
• General long term prospects.
• Will they be around in five years (or even better
  forever)?
• Do you know a bit about the business?
• Start with names you know and trust.
• Sound management.
• Financial strength and capital structure.
• Strong companies in strong sectors.

41
Methods used to chose companies

• Fundamental analysis
• Involves looking at any data, besides the trading
  patterns of the share itself, that can be
  expected to impact the price or perceived value
  of a share.
• Technical analysis
• A method of evaluating shares by analyzing
  statistics generated by market activity, such as
  past prices and volume.

42
Put another way

• The story- what the company does what its
  outlook is (e.g. Pick n Pay is a supermarket
  chain. The outlook could be good for the economy
  and hence for personal spending could lead to
  more purchases at Pick n Pay hence the profits
  could be up and hence the share price could go up
  as well).
• The numbers review the financial statements
  of the company to see how healthy it is (Look at
  the income statement to see the profitability of
  Pick n Pay. Look at the balance sheet to see how
  financially secure it is). Look at the Price
  Earnings (PE) Ratio.
• The picture look at the history of the
  companies share price in a price chart (e.g. look
  at the past performance to see if the share is
  rising or falling, what is its trend?).

Fundamental Analysis
Technical Analysis
43

• Fundamental analysis

44
The story (eg Pick n Pay)
From the Standard Online Share Trading Website
45
The numbers (e.g. Pick n Pay)
From the Standard Online Share Trading Website
46
Share Price vs. Value

• Company A is worth R1m
• Issues 100,000 shares
• Each share is worth R10

• Company B is worth R1m
• Issues 10,000 shares
• Each share is worth R100

• Which company is cheap based on price?
• Share price alone does not always tell the full
  story.
• P/E ratio will be used to explain the concept of
  price vs. value.
• A 10 rise in Company A , is the same as a 10
  rise in Company B.
• Price per share is not the same as amount
  invested.

47
The Price earnings ratio (P/E)

• PE ratio is one of the most widely regarded
  barometers of a companys value.
• It establishes a direct relationship between the
  profitability of a companys operations (EPS or
  the earnings per share) and the share price.
• P/E ratio price of share
• (EPS)
• It allows you to compare one share to another
  within the same sector.
• If Pick n Pay has a share price of R36.00 and
  Spar has a share price of R60.00 which one would
  you buy? PE helps you.

48
The importance of the P/E Ratio

• Is this stock expensive?
• MNO Co has a net profit (EPS) of R2000 for the
  year
• Asking price is R100 000
• P/E R100 000
• R2 000
• 50

• Is this stock cheap?
• ABC Co has a net profit (EPS) of R2000 for the
  year
• Asking price is R12 000
• P/E R12 000
• R2 000
• 6

• This means that the business would pay for itself
  in 6 years instead of 50, which is much more of a
  sane purchase!
• Income stocks P/E10-15, growth stocks P/E 20-30.

49
The importance of the P/E Ratio

• ABC Co has a net profit (EPS) of R2000 for the
  year
• Asking price is R12 000
• P/E R12 000
• R2 000
• 6

• XYZ Co has a net profit (EPS) of R6000 for the
  year
• Asking price is R24 000
• P/E R24 000
• R6 000
• 4

50
Fundamental analysis
Uses key financial indicators to analyse company
performance.
Growth
Price/earnings
Income
Dividend Yield
51
Price Earnings Ratio where do you get it?

• Our website makes it easy by giving you the PE
  ratios.
• You simply need to understand what it means.

Pick n Pay _at_ R36
Spar _at_ R60
52
Using the website
53
Using the website

• The return that you receive from dividends can b

54

• Technical analysis

55
The Picture (e.g. Pick n Pay)
From the Standard Online Share Trading Website
56
Three core concepts of technical analysis

• The market discounts everything.
• Price moves in trends.
• History tends to repeat itself.

57
Fundamental vs. Technical Analysis
Both have their place, up to the individual
how/which to use.
Technical Analysis Fundamental Analysis
Charts Financial Statements
Short term long-term
Trading Investing
Focuses on what actually happens in the market Focuses on what ought to happen in the market
58
Fundamental vs. Technical Analysis
Technical Analysis Fundamental Analysis
Charts are based on market action involving Price Volume Time Factors involved in price analysis Supply and demand Seasonal cycles Weather Government policy Company policy and management
59
In Practice

• One major advantage of technical analysis is that
  experienced analysts can follow many markets and
  market instruments, whereas the fundamental
  analyst needs to know a particular market
  intimately.
• Use fundamentals to choose and technical's for
  timing.

60

• Confirmation

61
The website (e.g. Pick n Pay)

• We help you by providing a research report that
  covers
• the numbers
• the story
• the picture

From the Standard Bank Online Share Trading
Website
62
Profile Consensus forecast
63

• Buying and selling shares

64
Buying and selling shares

• Top down approach
• Select strong markets
• Select strong sectors within those markets
• Select strong stocks within that sector

65
Buying and selling shares

• Decide what you want to do and capital out lay
  (quantity).
• Place an order
• Limit price or market price
• Life of trade
• Establish exit strategy
• Start feeling like an owner.

66
What Type Of Order Do I Place?

• Price
• Market order
• requires immediate execution of the trade at the
  best possible price available at that time. Be
  careful using these orders particularly for
  warrants as the market can move overnight.
• Limit order
• A limit order is an order to buy or sell a
  predetermined amount of shares at a specified
  price or better. Note that a limit order may
  match over multiple days and hence incur multiple
  fees.
• Life
• Day order
• An order that expires at the end of the business
  day if it has not been filled.
• Good Till Cancelled (GTC)
• An order either to buy or sell a security that
  remains in effect until the customer cancels the
  order or alternatively until it is executed by
  the broker (valid for 1 month).
• Special orders
• Stop loss
• A order that trades after a specific level has
  been reached (fixed or trailing - valid for 1
  months).

67
What Type Of Order Do I Place?
An at market order would be purchased at R30.60
for a maximum of 661 shares. A limit order
could be placed at say R30.55 and become the best
bid to buy.
68

• Limit order

69
Market Depth
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
2 200 400 402 600 3
3 450 399 403 2000 5
1 150 398 404 800 4
4 700 397 406 500 1
6 950 396 407 1000 2

70
Market Depth
Price (in cents) Time Priority
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
2 200 400 402 600 3
3 450 399 403 2000 5
1 150 398 404 800 4
4 700 397 406 500 1
6 950 396 407 1000 2

Decreasing Price
Increasing Price
71
Market Depth
Number of individual orders
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
2 200 400 402 600 3
3 450 399 403 2000 5
1 150 398 404 800 4
4 700 397 406 500 1
6 950 396 407 1000 2

Total number of shares to be sold
Total number of shares to be bought
72
Market Depth - expand
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 100 400 402 200 1
1 100 400 402 300 1
3 450 399 402 100 1
1 150 398 403 2000 5
4 700 397 404 800 4

73
Market Depth new order
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 500 402 402 600 3
2 200 400 403 2000 5
3 450 399 404 800 4
1 150 398 406 500 1
4 700 397 407 1000 2
6 950 396
74
Market Depth left over
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
2 200 400 402 100 1
3 450 399 403 2000 5
1 150 398 404 800 4
4 700 397 406 500 1
6 950 396 407 1000 2
75
Market Depth new order
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 1000 402 402 100 3
2 200 400 403 2000 5
3 450 399 404 800 4
1 150 398 406 500 1
4 700 397 407 1000 2
76
Market Depth partial match
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 900 402 403 2000 5
2 200 400 404 800 4
3 450 399 406 500 1
1 150 398 407 1000 2
4 700 397
77

• At market order

78
Market Depth
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 900 402 403 2000 5
2 200 400 404 800 4
3 450 399 406 500 1
1 150 398 407 5000 2
4 700 397 408 500 1
79
Market Depth
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 5000 _at_ market 403 2000 5
1 900 402 404 800 4
2 200 400 406 500 1
3 450 399 407 5000 2
1 150 398 408 500 1
80
Market Depth
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 5000 _at_ market 403 2000 5
1 900 402 404 800 4
2 200 400 406 500 1
3 450 399 407 5000 2
1 150 398 408 500 1
81
Market Depth
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 3000 _at_ market 404 800 4
1 900 402 406 500 1
2 200 400 407 5000 2
3 450 399 408 500 1
1 150 398 410 50 1
82
Market Depth
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 2200 _at_ market 406 500 1
1 900 402 407 5000 2
2 200 400 408 500 1
3 450 399 410 50 1
1 150 398 413 500 5
83
Market Depth
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 1700 _at_ market 407 5000 2
1 900 402 408 500 1
2 200 400 410 50 1
3 450 399 413 500 5
1 150 398 414 200 1
84
Market Depth
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 900 402 407 3300 2
2 200 400 408 500 1
3 450 399 410 50 1
1 150 398 413 500 5
4 700 397 414 200 1
85
At market order final price

• Average price paid
• Brokerage will be charged based on a single
  transition.

Price Quantity Total
403 2000 8,060
404 800 3,232
406 500 2,030
407 1700 6,919
Total 5000 20,241
Average Price 405c Average Price 405c Average Price 405c

86

• Stop Loss

87
Possible outcomes in the share market

BIG PROFIT
Small Profit
Break Even
0
Small Loss
BIG LOSS
Use a Stop Loss to Avoid Big Losses
-
Make sure you do not lose money and you are half
way there!
88
Stop Loss Notification
89
Types of stop losses

• An initial stop is designed to protect your
  capital.
• A breakeven stop will help lock in a no-loss
  trade.
• Trailing stops are designed to protect your
  profit.
• Determine style of stop loss
• Know your intent
• Volatility
• Previous lows

90
Fixed stop loss illustration
91
Trailing stop loss illustration
92
How the stop loss is executed

• Works on the last traded price, not bid and offer
• Market may move overnight
• Example
• Trigger 402c
• Lowest trade price acceptable 399c
• Order quantity 2000

93
Stop loss order execution
Bid to Buy Bid to Buy Bid to Buy Offer to Sell Offer to Sell Offer to Sell
Number Quantity Price Price Quantity Number
1 900 402 399 2000 1
2 200 400 408 500 1
3 900 399 410 50 1
1 150 398 413 500 5
4 700 397 414 200 1
94

• Costs

95
Online Share Trading Costs

• Brokerage is charged at 0.6 of the trade with a
  minimum fee of R70 plus statutory taxes.
• Monthly fees of R50.00 (incl VAT). This fee
  waived if you trade 3 or more times in a month.
• Worked Example

96
Impact of costs on your investments
A - R1,559,694
Difference of R288K in returns
B - R1,271,699
97

• Lessons from the Masters

98
Warren Buffet Chairman Berkshire Hathaway

• If past history was all there was to the game,
  the richest people would be librarians.
• Rule No1 Never lose money Rule No2 Never forget
  rule No1.
• Risk comes from not knowing what you're doing.
• Key lesson Stop loss, education

99
John (Jack) BogleFounder and Chairman of The
Vanguard Group

• If you have trouble imagining a 20 loss in the
  stock market, you shouldn't be in stocks.
• Key lesson Stop loss, know your risk profile

100
Peter Lynch Former fund manager, today he is
vice-chairman of Fidelity

• Go for a business that any idiot can run -
  because sooner or later, any idiot probably is
  going to run it.
• Key lesson Know the companies you are investing
  in.

101
George Soros Founder of Soros Fund Management

• It's not whether you're right or wrong that's
  important, but how much money you make when
  you're right and how much you lose when you're
  wrong.
• Key lesson Stop loss

102
John Templeton Founder of the Templeton Group

• The time of maximum pessimism is the best time to
  buy and the time of maximum optimism is the best
  time to sell.
• Key lesson Be contrarian.

103
Benjamin Grahamfather of value investing

• To achieve satisfactory investment results is
  easier than most people realize to achieve
  superior results is harder than it looks.
• Key lesson Do your home work.

104
Benjamin Grahamfather of value investing

• Intelligent investment is more a matter of mental
  approach than it is of techniques.
• A sound mental approach toward share fluctuations
  is a touchstone of all successful investment
  under present-day conditions .
• Key lesson Dont be emotional.

105

• Summary

106
Summary

• Investing in the share market makes sense.
• Good companies perform in the long term.
• Jargon can be overcome.
• Research before you buy.
• Buying and selling share is easy.
• Move towards 5 stocks quickly.

107

• Next Steps?

108
Attend How to use the website presentation
All courses can be booked online
109
Subscribe to the Daily Standard
110
Explore the website Site map
111
Disclaimer

• The information and opinions stated in this
  document are of a general nature, have been
  prepared solely for information purposes and do
  not constitute any advice or recommendation to
  conclude any transaction or enter into any
  agreement. It is strongly recommended that every
  recipient seek appropriate professional advice
  before acting on any information contained
  herein. Whilst every care has been taken in
  preparing this document, no representation,
  warranty or undertaking, express or implied, is
  given as to the accuracy or completeness of the
  information or representations. All information
  contained herein is subject to change after
  publication at any time without notice. The past
  performance of any investment product is not an
  indication of future performance. Online Share
  Trading is operated by Standard Financial Markets
  Proprietary Limited Reg. No. 1972/008305/07, a
  subsidiary of the Standard Bank Group Limited and
  authorised user of the JSE Limited.