State of the markets: can the JSE recover?
The JSE is getting smacked silly, and 2018 has been a bruising year for local investors. But perhaps fortunes can be made by brave punters willing to capitalise on fear and loathing on the bourse
Even though market analysts are reflecting on an abundance of value on the SA stock exchange, there is a growing contention that the best place to be for the next few months is the sidelines. RECM & Calibre CEO Piet Viljoen contends it’s a healthy point of departure to realise that nobody knows what is going to happen on the JSE in the months ahead. "The economy is tough … but that’s when share prices are low. The only way to manage risk is not to pay a high price for any asset." Local investors, though, are reeling — some experiencing the sharp claws of a bear market for the first time. It will take some convincing that this is a buyers’ market. But Viljoen reminds: "Prices only get lower when investors are despondent. You have to force yourself to invest in a contrary fashion to your emotions." This view is echoed by Hosken Consolidated Investments (HCI) CEO Johnny Copelyn, arguably one of the best investors on the JSE over the past two decades. Addressing shareholders at an AGM t...
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