Reading the direction of stock markets in the past 16 months has not been for the faint-hearted. The irony is that the biggest winners are probably not the smart people who tried to anticipate every twist and turn, but those who stayed put.

Investors who kept their nerve while the JSE slumped about 34% in the space of a month to a seven-year low as the country approached its first hard lockdown in March 2020 have been rewarded with an 18% gain. Even better if they added to their holdings as the losses accelerated. From its lows then, the local index is up more than 80%. ..

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