Sandy McGregor

Sandy McGregor

Sandy joined Allan Gray as an investment analyst and economist in 1991. Previously, he was employed by Gold Fields of South Africa Limited in a variety of management positions for 22 years, where much of his experience was focused on investment-related activities. Sandy was a director of Allan Gray Limited from 1997 to 2006.

Articles by Sandy McGregor

Insights categories - Markets and economy

The prospects for global growth

By Sandy McGregor on 19 Jul 2023

Reading time: 18 mins

The post-pandemic bounce back of the global economy is losing momentum, and many fear that developed economies may slip into recession.

Insights categories - Markets and economy

Economic update: A post-pandemic new normal

By Sandy McGregor on 20 Jan 2023

Reading time: 4 mins

2022 saw a massive appreciation of the US dollar against all other currencies and the highest inflation since the early 1980s. These trends, which so dominat...

Insights categories - Markets and economy

Global growth prospects continue to deteriorate

By Sandy McGregor on 02 Nov 2022

Reading time: 3 mins

During the past quarter inflation has remained elevated. In the US the latest print for August was 8.3%. In Europe it was 10.0% in September. Even though in...

Insights categories - Markets and economy

Whither inflation?

By Sandy McGregor on 28 Jul 2022

Reading time: 21 mins

In the past 12 months , global inflation has surged. Sandy McGregor discusses the increasingly turbulent response of the financial markets.

Insights categories - Markets and economy

The transition into the post-pandemic world

By Sandy McGregor on 27 Jan 2022

Reading time: 19 mins

It is remarkable the extent to which the future is hidden from us. We all conduct our lives largely in terms of our experiences in the recent past, assuming...

Insights categories - Markets and economy

Economic recovery accompanied by a surge in inflation

By Sandy McGregor on 15 Oct 2021

Reading time: 4 mins

With increasing vaccinations economic activity is returning to pre-pandemic levels and, while there may be further waves of infection, governments are learni...

Insights categories - Markets and economy

Inflation returns

By Sandy McGregor on 26 Jul 2021

Reading time: 17 mins

Prices are on the up in the wake of the COVID-19 pandemic. The question is, will deflationary conditions resume as global economic conditions normalise or is...

Insights categories - Markets and economy

Global recovery underway

By Sandy McGregor on 30 Apr 2021

Reading time: 2 mins

The world is recovering from the pandemic and 2021 should see strong global economic growth. The epicentre of the recovery is now the United States, where th...

Insights categories - Markets and economy

The state of the economy

By Sandy McGregor and Vuyo Nogantshi on 10 Feb 2021

Viewing time: 62 mins

In a recent Q&A-style webinar hosted by Allan Gray’s Vuyo Nogantshi, Allan Gray’s Sandy McGregor and the Reserve Bank’s Rashad Cassim and David Fowkes examin...

Insights categories - Markets and economy

America as seen from afar

By Sandy McGregor on 27 Jan 2021

Reading time: 19 mins

The United States is of critical importance to all investors regardless of where they are domiciled. It is the world’s largest economy, the powerhouse of...

Insights categories - Markets and economy

The impact of COVID-19's second wave

By Sandy McGregor on 12 Jan 2021

Reading time: 3 mins

The second wave of the COVID-19 pandemic has interrupted the global recovery following the severe economic contraction experienced during the second quarter ...

Insights categories - Markets and economy

The dangers of printing money

By Sandy McGregor on 16 Oct 2020

Reading time: 14 mins

Modern Monetary Theory, or MMT as it is often called, is a new term for an old idea. Its proponents argue that a state which issues fiat money does not have ...

Insights categories - Personal investing

Investment challenges older investors face

By Sandy McGregor on 27 Jul 2020

Reading time: 4 mins

Older investors face a host of challenges entirely different to those faced by their young selves. Sandy McGregor offers a wise perspective for those of this...

Insights categories - Markets and economy

The world after the COVID-19 pandemic

By Sandy McGregor on 23 Apr 2020

Reading time: 11 mins

We are witnessing a global economic collapse without precedent in modern times. As investors we must think about what the world will look like when the...

Insights categories - Markets and economy

Impact of Moody's downgrade

By Sandy McGregor on 30 Mar 2020

Reading time: 2 mins

As a consequence of the decision by Moody’s to lower South Africa’s credit rating from Ba1 to Baa3, all three leading rating agencies now rate South African...

Insights categories - Markets and economy

Inflation

By Sandy McGregor on 29 Jan 2020

Reading time: 15 mins

Inflation is a phenomenon of great importance to investors. It is subject to intense scrutiny but is not well understood. Sandy McGregor offers his perspecti...

Insights categories - Markets and economy

An age of anxiety

By Sandy McGregor on 22 Oct 2019

Reading time: 3 mins

We are living in an age of anxiety. After decades in which the norm has been optimism, everywhere market participants are extremely nervous about evolving an...

Insights categories - Markets and economy

Trade wars

By Sandy McGregor on 29 Jul 2019

Reading time: 18 mins

In recent months, we have observed increasing uncertainty and concern among our clients about what impact rising international tensions, particularly the tra...

Insights categories - Markets and economy

Global business conditions deteriorate

By Sandy McGregor on 12 Jul 2019

Reading time: 2 mins

Negative news about the global economy persists. Purchasing manager indices continue to signal a widespread deterioration in business conditions. Even in the...

Insights categories - Markets and economy

Global slowdown continues to take its toll

By Sandy McGregor on 26 Apr 2019

Reading time: 2 mins

The synchronous global slowdown, which commenced in the last quarter of 2018, continues to take its toll. While Europe is not in recession, it has returned t...

Insights categories - Markets and economy

South Africa's fiscal dilemma

By Sandy McGregor on 25 Jan 2019

Reading time: 11 mins

Faced with sky-high debt, a stagnant economy and disappointing tax collections, South Africa is on an unsustainable fiscal path. Difficult choices have to be...

Insights categories - Markets and economy

Global economy losing momentum

By Sandy McGregor on 18 Jan 2019

Reading time: 3 mins

After two years of strong synchronous growth the global economy is losing momentum. Almost without exception the most recent purchasing manager’s indices are...

Insights categories - Markets and economy

Global growth accelerates but emerging markets under pressure

By Sandy McGregor on 05 Oct 2018

Reading time: 3 mins

Following a slower first quarter, the rate of global economic growth accelerated during the Northern Hemisphere summer, with Europe being the only notable...

Insights categories - Markets and economy

Increasing policy uncertainty

By Sandy McGregor on 20 Jul 2018

Reading time: 3 mins

With few exceptions, notably India, most countries experienced slower economic growth in the first quarter of 2018. Anecdotal evidence suggests that that the...

Insights categories - Markets and economy

Approaching a tipping point?

By Sandy McGregor on 30 Jun 2018

Reading time: 11 mins

After a strong start to the year, global investors have been spooked by a diverse combination of developments, including a slowdown in global economic...

Insights categories - Markets and economy

Gold: A history of its price

By Sandy McGregor on 30 Jun 2016

Reading time: 11 mins

Inventories play a significant role in the pricing of commodities: when they are low prices tend to rise, while excessive inventories depress prices. However...

Insights categories - Markets and economy

The collapse of the oil price and its consequences

By Sandy McGregor on 31 Dec 2014

Reading time: 7 mins

The dramatic collapse of oil prices at the end of last year caught most market participants by surprise. For three and a half years, between February 2011 an...

Insights categories - Markets and economy

China's Malthusian challenge

By Sandy McGregor on 31 Mar 2011

Reading time: 9 mins

Two years since the global financial crisis and commodity prices are back at the record levels of June 2008. This growth has been about five years quicker th...

Insights categories - Markets and economy

Deflation

By Sandy McGregor on 30 Sep 2010

Reading time: 8 mins

It seems the world may divide into two distinct camps: the mature economies gripped by deflation and stagnation, and the emerging markets, which continue to...

Insights categories - Markets and economy

The triumph of the markets

By Sandy McGregor on 31 Dec 2009

Reading time: 8 mins

It is the nature of markets to reward success and eliminate what is unsustainable. During the past year we have seen a dramatic manifestation of this process...

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