After reaching a record high of 55,355 points in April 2015, the JSE all-share index has been comfortably range-bound between 50,000 and 54,000 points so far in 2016 as political volatility and concern over a ratings downgrade keep a lid on the upside. The index has recovered about 3% from its low of 50,000 points on October 13, but it is still some way off its 2015 high. Imagine going into a shop to buy a frying pan and, when you ask how much it costs, and the sales assistant tells you; "Well, if you want to use it to fry meat, it’ll cost R100, if you intend using it to catch fish, it’ll cost you R60, and if you just want to hit people with it, it’ll cost R40." You might realise that you are dealing with a former auditor skilled in the art of composing fair and reasonable expert reports. Remember the series of fair and reasonable opinions provided during the ongoing Sovereign saga? Now we have the report on KWV prepared by KPMG, which declares R13.47 a share to be fair and reasonab...
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