MARC HASENFUSS: Time to stash my cash under the pillow?
This market mutes enthusiasm for good news stories and exaggerates its displeasure for bad news
25 May 2023 - 08:00
Did you sell in May and go away? I did … and I didn’t — a tactic informed by the, I suppose, inevitable retreat in the rand.
There is, of course, the urge to run for the safety of the large rand hedges — and didn’t Richemont underline its status as an unshakeable fortress! But I really can’t get my mind around heady earnings multiples of some of the offshore giants (Textainer, covered in this issue, aside) when I know some of the JSE’s most redoubtable SA Inc stocks are trading at multiples that are anticipating an apocalypse. We’ll get through this dark impasse, won’t we?..
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