The one guy who thinks you shouldn’t buy shares in Naspers ...

There were some gasps in the audience at the Allan Gray Investment Summit last week when Investec portfolio manager Sumesh Chetty declared that, contrary to just about anyone you’ll bump into in Claremont or Sandton, his funds hold not a single share in tech giant Naspers. Chetty compounded the heresy, adding: "Nor will you find us buying any Naspers shares now, at R2,900 each."In investment terms, it’s a doozy of a minority report. All 16 analysts who cover Naspers rate it a "buy", expecting, on average, the price to rise by about 30% next year to reach R3,742/share. Shunning Naspers at this point seems a bit like saying you’ll stick with your Telkom landline and have no truck with this newfangled cellphone rubbish. Or that this e-mail fad will never really catch on.This isn’t a decision he’s taken lightly. Still, it must be an increasingly hard decision to justify, when your clients see Naspers’s stock soaring 43% this year (the most of all JSE companies worth more than R10bn) and...

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