Albert Einstein defined madness as expecting different results after repeating the same action. A definition of Einsteinian sanity would thus be the need to do something completely different to achieve something never before achieved. The Public Investment Corporation (PIC) manages assets of R2.084-trillion (March 2018), 87% of which belongs to the Government Employees Pension Fund (GEPF). The government-controlled PIC has invested R488.4bn of the GEPF’s money in interest-bearing bonds — that is, loans to the government and state-owned companies. With 50% of GEPF’s assets held in shares, the fund was good for R1.673bn in March 2017. Another 8% of the funds managed by the PIC belongs to the Unemployment Insurance Fund (UIF). With unemployment being so shockingly — and persistently — high, the UIF has nonetheless somehow managed to accumulate a surprisingly large sum of R180bn in assets which, along with the GEPF, is similarly managed by the PIC. The UIF allows for an easy implementat...

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