Marc Hasenfuss Editor-at-large

What a horrible year on the JSE. The chart depicting the all share index might at first glance not look too tragic, with the line holding comfortably above the 50,000 points level. But in truth, investors probably can’t wait for 2016 to be over — especially those who have followed the philosophy of "buy blue-chip shares and hold them for the long term". They would have endured a wretched 2016 in terms of returns. Sweet spots such as the vibrant consumer-driven sectors and traditional rand hedges turned sour, and rotating into better-performing sectors was not easy. And many of the reliable "default" stock picks for retail investors performed disappointingly in the year to date. At the time of writing, Naspers was down 1.94%, while PSG fell 4%, Remgro 8%, British American Tobacco 8%, Steinhoff 2%, Richemont 17%, Aspen 7%, Sasol 7% and Anheuser-Busch InBev 27%. Then there were the popular UK-aligned stocks that were smashed by the surprise Brexit decision — most notably Brait, Capital...

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