PSG Asset Management might have gone through a poor couple of years, but at least it is genuinely contrarian. This is unlike, say, Allan Gray, once the flagship contrarian house which now (unbelievably) owns all six SA listed banks. I admit to some bias, as I have known the key members of the PSG team, such as Anet Ahern, Kevin Cousins, Greg Hopkins and John Gilchrist, for decades.

Cousins, now PSG’s head of research, presents an interesting view of risk in PSG’s always thought-provoking quarterly newsletter. He says widely perceived safe sectors include US equities, large-cap equities globally and index funds. Of course, most of us would almost reflexively agree that US treasuries and the mighty dollar are safe...

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