Social media makes so much information visible that it is easy to assume it is all there is. But when it comes to investment research, the vast majority is not in the public domain. Good researchers aim to gain exclusive insights into the value of assets. They don’t give away their competitive edge.

I say that because of the nonsense that was widely spouted on social media after the Financial Services Conduct Authority (FSCA) announced a R50m fine of Viceroy for manipulating the share price of Capitec. While many rightly celebrated the FSCA’s decision to punish illegal manipulation of a share price, some loudly proclaimed that it was irrational, arguing that if you are going to fine Viceroy for taking a false short view on Capitec, you should also fine those who took long views on Steinhoff...

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