Transcript Document 7170416

Introduction to investing
Brought to you by:
Online Share Trading
Presented by:
Simon Pateman Brown
2
“You don’t have to be wealthy to invest.
But you do have to invest to be wealthy.”
Warren Buffett
(Richest person in the world
US$62billion)
Why are we providing free education?
3
• 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
Educate yourself!
4
Name
Introduction to investing
Duration
5 hours
Cost
When
Free Saturday morning
How to use the website
2 hours
Free Mid-week evening
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
Investing using fundamentals
5
Who is the course
aimed at?
Who is the course aimed at?
6
• Wide appeal.
• Novice investor.
• Some one new to the share market.
• Review or recap on the basics.
7
What is investing?
Introduction to share investments
8
• 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.
The general misconception
9
• Misinformation regarding the share market.
– “My friend Richard made a killing in ABC company, and now
he’s 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 90’s 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.
Investing and Returns
10
• 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
Risk
12
• 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
How is risk managed
13
Diversification is a technique that
reduces risk by allocating investments
among various financial instruments,
industries and other categories.
• "Don’t put all of your eggs in one
basket.”.
• Move to five shares.
JSE investments: Risk vs. Return
14
Futures
Warrants
Share instalments
Small caps shares
Blue chip shares
Cash / Fixed deposits
Start here
What is a reasonable return?
15
• 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?
Why the share market?
17
20-Year average return 1988-2007
25
20.1
18.9
20
17.3
16.3
15
11.9
10.2
10
8.4
5
0
Equties
Source: JPMorgan
Own
mortage
Property unit
trusts
Bonds
Inflation
Fixed
deposit
Krugerrands
Why the share market?
18
• 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
• You’re in control
Why the share market?
19
• 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
Develop an investment strategy
21
• INTENT
• What stage of life are you at?
– Young
– Married with children
– Retirement
• What knowledge stage are you at?
• What’s 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?
Investment policy
22
• 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.
• Don’t risk more then you can afford to loose
Common Mistakes
23
• 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
What is a share?
25
• 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.
What is a share market?
26
• Like any other market.
• Requires buyers and sellers.
• Shares are bought or sold when buyers and
sellers agree on a price.
JSE Over the last 45 years
27
•Logarithmic scale
•Excluding dividends
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
28
Shares vs. Other investments
29
JSE share type
Alternate
JSE advantage
Ordinary shares
investment
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
Preference shares
Fixed deposits
and retail notes
New Gold
Gold/ Kruger rands
and exchange rate
Liquidity and better
rates (does not track
normal share)
Physical storage and
liquidity
Share categories
30
• 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.
Different types of market
31
• 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.
Characteristics of a good share market
32
• High liquidity.
• Timely and accurate information.
• Price continuity.
• Low transaction costs.
• JSE meets all the above mentioned criteria.
What are share indices?
33
• “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:
All Share
30 323
+87.1
Nikkei
12 433
+387.7
Dow Jones
12 100
+25.9
5 693
+56.5
FTSE-100
What determines a share price?
34
• Supply and demand.
• Market Issues.
– Overseas markets.
– Interest rates and inflation.
– The economy.
– Government policy.
• Company issues.
– Earnings prospects.
– Management.
– Strategic initiatives.
– Competitive environment.
How to make money in the stock market
35
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.
What is a dividend?
36
• 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.
Dividend Yield
37
• The return that you receive from dividends can be
expressed as % and is referred to as the dividend
yield (like interest).
Dividend per share
• Dividend Yield =
X 100
Price per share
• Represents annual income from the share.
• Different for different types of shares.
• Income stocks DY 3-8, growth stocks DY 0-3.
The Dividend Yield - Example
38
• 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
Choosing companies to invest in
40
• 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.
Methods used to chose companies
41
• 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.
Put another way
Technical Analysis
Fundamental Analysis
42
• “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?).
43
Fundamental analysis
The story (eg Pick ’n Pay)
44
From the Standard
Online Share
Trading Website
The numbers (e.g. Pick ’n Pay)
45
From the Standard
Online Share Trading
Website
Share Price vs. Value
46
• Company A is worth R1m
• Company B is worth R1m
• Issues 100,000 shares
• Issues 10,000 shares
• Each share is worth R10
• 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.
The Price earnings ratio (P/E)
47
• PE ratio is one of the most widely regarded barometers of a
company’s value.
• It establishes a direct relationship between the profitability of a
company’s 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.
The importance of the P/E Ratio
48
• Is this stock expensive?
• Is this stock cheap?
– MNO & Co has a net profit
(EPS) of R2000 for the year
– ABC & Co has a net profit
(EPS) of R2000 for the year
– Asking price is R100 000
– Asking price is R12 000
– P/E = R100 000
– P/E = R12 000
R2 000
R2 000
=50
=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.
The importance of the P/E Ratio
49
– ABC & Co has a net profit
(EPS) of R2000 for the year
– XYZ & Co has a net profit
(EPS) of R6000 for the year
– Asking price is R12 000
– Asking price is R24 000
– P/E = R12 000
– P/E = R24 000
R2 000
=6
R6 000
=4
Fundamental analysis
50
Uses key financial indicators to analyse
company performance.
Price/earnings
Growth
Income
Dividend Yield
Price Earnings Ratio: where do you get it?
51
• Our website makes it easy by giving you the PE ratios.
• You simply need to understand what it means.
Pick ’n Pay @ R36
Spar @ R60
Using the website
52
Using the website
53
• The return that you receive from dividends can b
54
Technical analysis
The Picture (e.g. Pick ’n Pay)
55
From the
Standard Online
Share Trading
Website
Three core concepts of technical analysis
56
• The market discounts everything.
• Price moves in trends.
• History tends to repeat itself.
Fundamental vs. Technical Analysis
57
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 Focuses on what ought to happen
in the market
in the market
Fundamental vs. Technical Analysis
58
Technical Analysis
Fundamental Analysis
Charts are based on market action Factors involved in price analysis:
involving:
–Supply and demand
–Price
–Seasonal cycles
–Volume
–Weather
–Time
–Government policy
–Company policy and
management
In Practice
59
• 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
The website (e.g. Pick ’n Pay)
61
We help you by
providing a
research report
that covers:
• the numbers
• the story
• the picture
From the Standard Bank
Online Share Trading Website
Profile Consensus forecast
62
63
Buying and selling shares
Buying and selling shares
64
Top down approach
• Select strong markets
• Select strong sectors within those markets
• Select strong stocks within that sector
Buying and selling shares
65
• 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.
What Type Of Order Do I Place?
66
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).
What Type Of Order Do I Place?
67
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
Market Depth
69
Bid to Buy
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
Market Depth
70
Price (in cents) – Time Priority
Bid to Buy
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
Increasing Price
Decreasing Price
Market Depth
71
Number of individual
orders
Bid to Buy
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 bought
Total number of shares
to be sold
Market Depth - expand
72
Bid to Buy
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
Market Depth – new order
73
Bid to Buy
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
Market Depth – left over
74
Bid to Buy
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
Market Depth – new order
75
Bid to Buy
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
Market Depth – partial match
76
Bid to Buy
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
Market Depth
78
Bid to Buy
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
Market Depth
79
Bid to Buy
Offer to Sell
Number
Quantity
Price
Price
Quantity
Number
1
5000
@ 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
Market Depth
80
Bid to Buy
Offer to Sell
Number
Quantity
Price
Price
Quantity
Number
1
5000
@ 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
Market Depth
81
Bid to Buy
Offer to Sell
Number
Quantity
Price
Price
Quantity
Number
1
3000
@ 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
Market Depth
82
Bid to Buy
Offer to Sell
Number
Quantity
Price
Price
Quantity
Number
1
2200
@ 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
Market Depth
83
Bid to Buy
Offer to Sell
Number
Quantity
Price
Price
Quantity
Number
1
1700
@ 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
Market Depth
84
Bid to Buy
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
At market order – final price
85
• Average price paid
Price
403
Quantity
2000
Total
8,060
404
800
3,232
406
500
2,030
407
1700
6,919
Total
5000
20,241
Average Price = 405c
• Brokerage will be charged based on a single transition.
86
Stop Loss
Possible outcomes in the share market
87
+
BIG
PROFIT
Small
Profit
Break
Even
0
Small
Loss
Use a Stop
Loss to Avoid
Big Losses
Make sure you do not lose money and you
are half way there!
BIG
LOSS
Stop Loss Notification
88
Types of stop losses
89
• 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
Fixed stop loss illustration
90
Trailing stop loss illustration
91
How the stop loss is executed
92
• 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
Stop loss order execution
93
Bid to Buy
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
Online Share Trading Costs
95
• 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
Projected costs of shares
Uncertificated Securities Tax @ 0.25%
STRATE Fees
Investor Protection Levy
Brokerage
VAT on Charges
Total Trading Costs
Costs as a %
R 10,000.00
R
25.00
R
10.92
R
0.03
R
70.00
R
11.33
R
117.28
1.17%
Impact of costs on your investments
96
20 Year Returns on a lump sum R100,000 investment
R 1,800,000
Investment A: Lump sum R100,000 (Initial brokerage
at 0.6% plus taxes, 15% growth pa with R50 monthly
fee) e.g. Online Broker - share investment R 99,053
R 1,600,000
Investment B: Lump sum R100,000 (15% growth pa
with 5% upfront fees and annual management fee of
2%) e.g. a managed investment R 95,000
R 1,200,000
R 1,000,000
A - R1,559,694
Difference of R288K in returns
R 800,000
B - R1,271,699
R 600,000
R 400,000
R 200,000
ar
1
Ye 0
ar
1
Ye 1
ar
1
Ye 2
ar
1
Ye 3
ar
1
Ye 4
ar
1
Ye 5
ar
1
Ye 6
ar
1
Ye 7
ar
1
Ye 8
ar
1
Ye 9
ar
20
ar
9
Ye
Ye
ar
8
Ye
ar
7
Ye
ar
6
Ye
ar
5
Ye
ar
4
ar
3
Ye
ar
2
Ye
Ye
ar
1
RYe
Value of Investment
R 1,400,000
Time
97
Lessons from the
Masters
Warren Buffet
Chairman Berkshire Hathaway
98
• 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
John (Jack) Bogle
Founder and Chairman of The Vanguard Group
99
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
Peter Lynch
Former fund manager, today he is vice-chairman of Fidelity
100
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.
George Soros
Founder of Soros Fund Management
101
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
John Templeton
Founder of the Templeton Group
102
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.
Benjamin Graham
“father of value investing”
103
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.
Benjamin Graham
“father of value investing”
104
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 presentday conditions .
• Key lesson : Don’t be emotional.
105
Summary
Summary
106
• 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?
Attend How to use the website
presentation
108
All courses can be booked
online
Subscribe to the Daily Standard
109
Explore the website – Site map
110
Disclaimer
111
• 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.