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One of my core beliefs coming into this year was that the retail sector would underperform the industrials sector. I wish I could point you towards two local indices to help us measure the accuracy of this view, but the JSE doesn’t have a retail index (which I find odd) and the industrials index is basically the polony of the market, filled with things that didn’t fit anywhere else.

Whenever I think of an industrial business, I’m imagining a manufacturing facility that produces and sells a tangible product. Or, if not doing heavy production, it should at least be a distribution and after-sales support operation akin to a group such as Invicta Holdings...

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