Tim Cohen Senior editor: Business Day

You can’t say there isn’t a certain irony investing in tech stocks. Naspers, SA’s biggest locally listed company and tech leader, delivered a positive set of results for the year to end-March, with its operating loss halving, and the share price promptly went down. A lot. Naspers’s share price is down about 19% over the past three months and is trading at levels it reached this time last year. It’s miles off its high of R3,800 last year, and the company is now such a dominant force on the JSE that investors of all types are taking a hit. It’s almost as though shareholders, who have been happy to see Naspers racking up losses for years, have suddenly got a fright at the prospect of the company making an actual profit (outside of its investment in Tencent). Such are the vagaries of tech investing. As it happens, Naspers is in good company, with Facebook, Tencent and Alibaba all trailing each other downwards by similar proportions over the past few months. Of the big tech stocks, the o...

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