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It’s January 2020. You have the choice of buying Spar or buying Massmart. Which way do you go?

The share prices have driven the narrative since then (as they always do), so without cheating by looking at a chart, you would probably guess that Spar has outperformed Massmart. After all, Massmart is dealing with enormous losses and has been kept afloat by parent company Walmart. In contrast, Spar is a defensive business that mainly sells food, isn’t it?..

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