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The US stock market has recorded its longest bull run since World War 2. In stark contrast, the JSE has lagged significantly, as issues of poor governance under former president Jacob Zuma’s administration and the resulting economic slowdown hampered returns. The US stock market marked 3,453 consecutive days on Wednesday without suffering a drop of 20%, be it on a day, a week, a month, a year or a moving average. The bull market — driven by huge global liquidity injections and low interest rates after the demise of Lehmann Brothers in September 2008 — started on March9 2009. Since then it has recorded returns of 574.44% in rand terms. Over the same period, the JSE’s all share index (Alsi) has delivered a total return, which includes share price movements and dividend payments, of 321.81% in rand terms. In dollar terms, the picture becomes even bleaker for the local market, with the rand having depreciated sharply over the past decade. Since the start of the bull run, the Alsi was up...

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