At the beginning of the year we wrote that 2022 would be a year to avoid capital losses, rather than a year to generate positive returns. As anticipated, equity markets globally have declined significantly. In the year to date, the Nasdaq is down 30% and other equity markets are down about 20%. The JSE is down 14%, cushioned by a weaker rand.

Given these precipitous declines you could be forgiven for thinking that equity markets are back in buying territory. Not so. Markets that have become expensive over decades do not become cheap over months. Positive trends that have persisted are reversing...

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