US banks have been a potent investment in the past five years, with a cursory look at Wall Street’s biggest banks revealing solid returns — unless you had the misfortune of owning shares in Citigroup. As always, diversification is your friend.

In contrast, Capitec has been the only great investment over the past five years among local banks. Ironically, given its branding, Absa is the only other bank that isn’t in the red over that period. This is before we even take into consideration the depreciation of the rand against the dollar. Expressed in dollar, the returns are hideous...

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