ANN CROTTY: Viceroy are masters of timing in climate of fear
Report on Capitec is like yelling ‘Fire!’ in a packed theatre
Page two of the Viceroy Research report on Capitec is perhaps the most informative of all of its 33 pages. It probably contains more indisputable facts than any other section of the report. Titled "Important Disclaimer — Please read before continuing", the page goes way beyond the usual disclaimer notice and was no doubt designed with very angry shareholders and regulators in mind. Among the warnings it issues is: "This report and any statements made in connection with it are the authors’ opinions ... and are not statements of fact." It urges readers to think critically about the report and do their own research and analysis before making any investment decision. If that’s not enough to discourage all but the most intrepid of investors, it goes on to warn: "All expressions of opinion are subject to change without notice." Despite these reservations the authors state: "We are entitled to our opinions and to the right to express such opinions in a public forum."They also make it clear...
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