There seems to be a lack of congruence in how investors, both South African and foreign, are thinking about the country. While some are enthused by the progress made under the fledgling Ramaphosa presidency, others remain unconvinced about the extent to which reform can occur and are sceptical about the trajectory of the economy. With President Cyril Ramaphosa’s honeymoon period over and a national election on the horizon, should investors be bullish or bearish about SA? Interestingly, investors themselves, torn between facts and feelings, seem to lack high-conviction views about this. In a shift from the giddy “Ramaphoria” and the hysterical “Ramageddon” of 2018, a more sober assessment of issues is emerging. Conscious of not seeing the wood for the trees, a number of investors have begun segmenting the political and economic dimensions of their analysis. In short, while a large number feel the worst is over politically, they are still struggling to see how the moribund economy, gr...

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