Reflections from the Allan Gray Investment Conference 2026

The past two days at the Allan Gray Investment Conference were a timely reminder that while the tools we use continue to evolve, the fundamental principles of successful investing remain remarkably consistent.

Artificial intelligence, data, automation and technology featured prominently throughout the conference. The consensus was not that AI will replace investment managers or financial advisers, but that it will become an increasingly powerful tool to support better research, improve decision-making and remove administrative burden. The human element - judgement, experience, discipline and independent thinking - remains the real source of long-term investment value.

One presentation made a point that particularly resonated with me. Markets are still driven by human emotions: fear, greed, optimism and pessimism. AI may make information travel faster, but it does not remove human behaviour. If anything, it can amplify herd thinking. As Howard Marks has often reminded investors, superior returns don't come from doing what everyone else is doing - they come from thinking differently, while remaining grounded in sound investment principles.

Several themes emerged repeatedly:

• Long-term investing continues to outperform attempts to predict short-term market movements.
• Independent thinking remains one of the greatest competitive advantages.
• Volatility is not something to fear - it often creates opportunity.
• Technology should enhance decision-making, not replace it.
• Strong investment cultures are built on continuous learning, adaptability and intellectual humility.

The conference also highlighted how firms such as Allan Gray and Orbis are using decades of proprietary research, together with AI, to improve investment decisions while remaining committed to their disciplined value-investing philosophy.

Outside of investment markets, discussions with South Africa's Deputy Minister of Finance provided cautious optimism regarding ongoing reforms, fiscal discipline and the continued importance of strengthening institutions to support long-term economic growth.

For me, the biggest takeaway was simple:

The world is changing rapidly, but the principles of successful investing are not. Patience. Discipline. Diversification. Independent thinking. A long-term perspective. These remain the foundations of building meaningful wealth.

Thank you to Allan Gray for another thought-provoking conference. I return with renewed confidence that while the investment landscape will continue to evolve, our role remains unchanged: helping clients stay focused on what matters most, filtering out the noise, and making thoughtful long-term decisions aligned with their lives and goals.

Have a wonderful weekend. I look forward to talking with you again soon.

Shane Thom, CFP^® GTP(SA)™
CEO | Key Individual | Integrated Wealthcare Advisor
Registered with: FSCA | SARS | CMS
Member: FPI | SAIT | COMENSA | CFA Institute

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