Look
Glimmer, perspective and reality
People have always loved gold as it feels timeless, tangible, and safe. When fear rises in the markets, that comfort shines even brighter. But unlike shares or bonds, gold doesn’t earn income; its price reflects how investors feel. This year’s new highs say more about global anxiety than about gold itself.
Source: PortfolioMetrix
Over time, gold has mostly kept pace with inflation rather than beat it. From 1980 to 2023, both gold and inflation grew around 3.2% a year (in USD), yet gold’s path was much bumpier with drops of 30% or more along the way.
At Foundation, we don’t hold physical gold in our client portfolios because it adds to costs, creates storage hassles, and provides no yield. Instead, clients gain indirect exposure through quality gold-linked companies already held by our selected fund managers. This provides the same diversification benefit, but in a more liquid and scalable way.
A few Krugerrands can still serve as “comfort capital” for those who like the feel of something real, but as an investment, gold is best seen as a steady diversifier, not a growth engine.
Listen
A reflection on friendship
In his Solved podcast episode on Friendship, author Mark Manson explores why friendships matter so deeply and why they’re so hard to maintain as adults.
We often pour our energy into romantic relationships or family life yet neglect the friendships that quietly sustain us. Manson reminds us that, as we grow older, building and keeping close friends takes deliberate effort over time, with vulnerability and consistency, but the payoff is profound.
Research consistently shows that strong friendships are among the most significant predictors of happiness, health, and longevity. Friends don’t just bring joy; they protect us from stress, sharpen our perspective, and even help us live longer. I love how Manson describes friendship as “the quiet architecture of a meaningful life.”
This topic has felt especially close to me lately. I recently lost a dear friend, and our circle has been sitting with both grief and the realisation of how much we took him for granted. It reminded me that friendship is perhaps one of the most underrated investments we can make.
Learn
Book recommendation
In The Soul of Wealth, behavioural psychologist Dr Daniel Crosby invites us to rethink what it really means to be wealthy. Known for his work at the intersection of money and human behaviour, Crosby blends research and reflection to show how our emotions, habits, and values shape our financial lives.
Through fifty brief essays, he challenges the idea that wealth is simply about numbers and argues that it’s about alignment. Ask yourself how well our money serves the life we truly want to live.
At Foundation, we exist because we believe there’s no meaning in money without understanding the life you want to live with it. Crosby’s reflections echo that belief, reminding us that financial well-being isn’t built only in markets or fund performance, but in mindset, meaning, and the daily choices that connect the two.
Ponder
In this section, I invite you to think about a question I may pose or a thought I may share.
“What you seek is seeking you. Don’t let time make you forget what is timeless.”
— Inspired by Rumi
Oenophilia
“Oenophilia simply refers to enjoying wine, often by laymen.”
Tucked into the rolling hills of Bot River in the Overberg, Gabriëlskloof is one of my favourite wine farms to visit. It’s a family-run wine estate founded by Bernard and Nicolene Heyns and now guided by their daughter Maree alongside acclaimed winemaker Peter-Allan Finlayson. The family’s vision is to craft wines that honestly express the land.
Elodie forms part of their Landscape Series, a trio of wines (alongside Magdalena and Era René) that tell stories of place. When artist Rod Freemantle painted the labels, he ground rocks from each vineyard into pigments, using the very earth of the sites to bring the landscapes to life. These bottles quite literally carry their terroir inside the label.
Elodie is a stunning Chenin Blanc and my selection for the month. It shows delicate aromas of white peach, apricot, and honey.
This is my last letter for 2025! Thank you for reading and for your comments throughout the year. As we end the year and embark on holidays, may you savour this wine slowly, perhaps while reflecting on the landscapes and friendships that shape our own stories and lives.
Stay curious,
Elke Zeki