Goodbye 2008 Hello 2009

As 2008 draws to a close it is time to reflect on the year that has passed and the year yet to arrive. It is also an opportunity to give thanks to all of you, our clients.

2008 has not been an easy year. The year started in the dark, not only because the lights were off, but also because there was tremendous political uncertainty following the ANC conference in Polokwane. In April, high interest rates rose even higher and in June went up to 15.5%. With oil spiking above $140 per barrel, pride made room for another one on the backseat. The failing of the 158 year old Lehman Brothers in September had vast implications and was followed by an almost endless queue of large global banks begging on the doorstep of national treasuries. The year finally lost its temper in October with a global market crash, the JSE plunged 29% between 22 September and 27 October. The last couple of weeks have been an emotional rollercoaster for anybody involved in the financial markets with violent swings and fake recoveries.

Excerpt from the November 2008 Commentary of Fund Managers of PSG Tanzanite Flexible Fund

While there are many things about the future we cannot predict we can be sure that 2009 will be a notable year. There are no guarantees in life, but we firmly believe that the share prices of the top quality shares are only temporarily depressed and the best bargains are bought in times of panic.

Aspects of the future may not be guaranteed but we can allow ourselves one hope - that we all have a successful new year. And it's Christmas once again! Time for Santa's gifts, mistletoe kisses and togetherness.

Season greetings to you all, a very Happy Christmas and Happy Chanukah. We wish you peace and goodwill during the festive season and may 2009 bring you good health and the richest rewards.

Please note that our offices close on 24 December and reopen on 5 January 2009. This will be our last Communiqué until mid-January 2009. Should you experience any emergencies during this period contact Shane (cell 082 373 2899) and he will assist you where possible.

During 2008 Silke Financial Services actively strived, through our unique service offering, to stay in the forefront of financial independence. This we are committed to.

Let's talk soon.