Marc Hasenfuss Editor-at-large

It’s been so far, so good with the JSE this year — thanks to momentum provided by large-cap stocks like Naspers, AB InBev and the big miners.At the time of writing, April was looking anything but the cruellest month — though shareholders in low trackers such as Phumelela, Omnia, Sun International, EOH and Nampak might disagree.Of course, the traditional question of whether to "sell in May and go away" is all the more pertinent. Yes, some decent profits can be banked for investors in the all share index. This might well be tempting with what looks like a fractious election looming. I can’t begrudge anyone taking a decent profit — especially after the hammering investors took last year. It’s what I have done, though I have not come close to making up for last year’s beating.That said, I’m not sure it’s possible to keep ignoring the enormous value that lies in stocks outside the top 40 — those small to medium companies firmly bedded in the SA economy. Earnings multiples, in some instan...

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