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The lesson IM has learnt is to buy a basket of value unlocks, rather than one or two. It’s painful watching many small caps deliver excellent returns while EOH has gone from bad to worse.

In the latter half of 2020, EOH traded between R4.50 and R5 per share. The price took off in December, climbing to R8.70 before spending a couple of months consolidating between R8.10 and R9.30...

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