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We like to think evidence changes beliefs. The problem with beliefs, or rather opinions about economic life, is that the economy never stands still so that you can conduct experiments.

Naspers management conducted an experiment in September 2019 to reduce the huge gap between the value of the assets on its books — its net asset value (NAV) or sum of its parts, mostly in the form of its enormously valuable shareholding in Tencent, a fabulously successful internet company listed in Hong Kong — and the market value of its shares listed on the JSE...

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