SA’s wild gyrations between optimism and pessimism in the financial markets are remarkable, exhausting and puzzling, all at the same time. The week between the state of the nation address and load shedding was another distinct example of the hyperbolic swings between Ramaphoria and Ramaphobia, which have come to characterise the country’s political discourse over the past year. Notwithstanding the fact that this is an election year and emotions are running high, there is a risk that the investment community will get caught up in binary rhetoric rather than reality, and consequently miss attractive opportunities. Indeed, the clouds encircling SA may not be as dark as many think, particularly when viewed from a broader emerging-market and global context. In fact, contrary to the sentiments of many, there may in fact be a “bull” case to be made — at least in the sphere of financial markets.

Left field, perhaps, but there are a number of compelling reasons why. Chief among these i...

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