PSG GROUPPSG really is the gift that keeps on giving, both for shareholders and for columnists with good news stories to applaud.The basic story is well known — Jannie Mouton gets fired from the stockbroker he founded, and instead of retiring to his stoep with a grudge and a bottle of Klipdrift, he starts reading business books, analyses his strengths and weaknesses and comes up with a bit of a plan. Twenty years and R50bn of market cap later, it’s the perfect advertisement for getting the bullet midcareer.PSG has managed a total return to shareholders of somewhere around 50%/year over its 20 years, an extraordinary number that kicks sand in the face of 90lb weaklings such as Apple.A great deal of this success can be attributed to two bets that have gone spectacularly right, as Capitec has marauded its way into the banking sector with an impact similar to a Viking raiding party waking up the monks of Lindisfarne, and Curro has done much the same to the previously dozy world of priva...
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