SA stocks look cheap right now, by one clear measure at least. And the evidence suggests they will stay that way.

Shares in Africa’s most-industrialised nation are trading at the biggest discount to US stocks in more than a decade. The S&P 500 index has stormed ahead in 2019, rising 20%, with tech stocks powering the advance. That has pushed price-earnings ratios above their five-year averages and widened the gap over the SA benchmark to the widest since March 2009...

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