Naeem Badat isn’t your typical hedge-fund manager. After graduating cum laude with a BCom Hons in finance as the top student in his year, Badat started his career as an analyst at Investec before moving to Visio Capital as a fund manager.

In November 2018, he and two top-rated analysts at SBG Securities, Vincent Anthonyrajah and Musa Malwandla, set up their own outfit, Differential Capital. Their first major piece of research, published last week, is a 48-page vivisection of the unsecured lending industry, which they flag as "dysfunctional" and a "threat to society"...

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