There has been a lot of talk of a one-way bet against SA assets. There has even been a move by certain financial advisers towards taking as much money out of the country as possible. SA is finished, the argument goes, it is time to run for the hills.

This past year has proved that thesis wrong. The All Share Index has returned 32.4% in the 12 months to the end of April, double the 15.3% in rand from the MSCI World Index. And the much maligned mid- and small-cap funds have done even better — the mid-cap index is up 37.2% and small caps are up an astonishing 73.9%, a performance not seen since the 1997/1998 small-cap boom...

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