Marc Hasenfuss Editor-at-large

This is our last edition for 2018. And I hope when we return to pick up the first edition of 2019 that this dastardly market has found some traction. I can’t remember a more frustrating year. There’s nothing quite like carefully monitoring a coveted small cap as it drifts into your target price range, accumulating a position, and then watching it slither ever lower — helped by rumours and gossip that tend to take hold in these jittery market conditions. Of course, not everyone is unhappy with the woeful market ratings. We are already seeing a slew of delistings, where owners or strategic shareholders are willing to pay a premium to buy out disgruntled minority shareholders who have long lost sight of that company’s true longer-term potential. Market lore has it that a spate of delistings usually signals that the market is close to the bottom. I certainly hope that will prove true, and that, in the process, the JSE does not lose many of its best small-cap counters. In preparation for...

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