Judging by the cold numbers, 2019 looked like an impressive year for the JSE, which scrambled 8% higher. But don’t be fooled: those investors who did not tap into the resource boom would have felt considerably poorer at the end of 2019.

The great swathes of SA Inc stocks, from retailers and leisure providers to industrial and construction counters, took another awful hammering as consumer confidence dribbled lower, policy uncertainty hurt and Eskom’s blackouts thrust a stake into whatever was still standing by year-end...

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