Much has been written about my questioning of the JSE at the recent annual general meeting regarding the listing of companies where the valuations bear no semblance to their operational and financial realities and where, as a consequence, investors, taxpayers and members of the Government Employees Pension Fund have been financially prejudiced. What has been useful from that interaction is the fact that we now know that the JSE has no discretion over what it lists, provided the listing requirements are met, and that it has no responsibility towards any investors, retail or institutional, beyond ensuring that when a company lists its "prelisting statement", or marketing document, carries sufficient risk disclosures. In that light, as investors and asset managers we need to take a lot more responsibility for what we invest in and how we analyse such investments. Preferably we need the JSE to amend its listing requirements to provide more protection in cases where listings are question...

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