FOOTNOTES
HILARY JOFFE: Fund managers brace for elective conference
It’s scary how much money is riding on the ANC’s December elective conference. One bank economist who did an investor roadshow earlier in October, seeing "real money" bond market investors as well as "hedgies" — the more speculative, hedge fund investors — says December was all they wanted to hear about. Interestingly, and scarily perhaps, they still have high hopes for a positive outcome. What international or local investors would define as positive is not altogether clear — Merrill Lynch strategist John Morris says local investors see the ANC conference as having a "binary" outcome. One must assume that means Cyril Ramaphosa good, Nkosazana Dlamini-Zuma bad, but how would markets respond to a Zweli Mkhize victory? What will the markets’ response be if the contestation around December becomes so vicious that the elective conference doesn’t happen at all? The trends in Merrill Lynch’s October surveys of domestic and global fund managers highlight some of the risks. The surveys show...
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