Marc Hasenfuss Editor-at-large

I could kick myself. Not because I let my wife book a campsite in the backwoods over Easter, but because I fluffed a golden opportunity to snag some well-priced shares in JSE Ltd.Shares in the JSE — very much like the-tent-that-Marc-erected — have unceremoniously folded into a depressing heap. At the end of June last year the JSE was at a high of R185, but earlier this month had sagged to a 12-month low of R123.I have been an admirer of the JSE as a specialist financial services company. I enjoyed the saga, some years back, when Jannie Mouton’s PSG Group (which knows about smart investing) accumulated a significant minority stake in the JSE.PSG unsuccessfully challenged the regulatory limit that restricts the shareholding of a single investor in the JSE. It was fun while it lasted, and PSG’s efforts highlighted the attributes of the JSE — in particular that the company operated as a monopoly.Technically speaking the monopoly is no more since new stock exchange licences have been iss...

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