It took just 11 trading days for the JSE’s all share index to barrel through 55,000 points, and close above 58,000 for the first time ever. Much of that exuberance is thanks to Naspers — an unstoppable force whose 59% rise this year will make all active managers look bad. Worryingly, it means Naspers’s weighting on the JSE’s top 40 index has moved above 20% — hardly the stuff of a well-diversified portfolio.
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