Marc Hasenfuss Editor-at-large

The market is never wrong ... well, very rarely wrong. There is nothing more disconcerting for us ordinary investors than doing loads of homework to support an optimistic conclusion on a company’s prospects, and then watching its share price dribbling down persistently or stubbornly stalling. From correspondence I receive from readers, let me say that I have some sympathy for shareholders in counters such as Blue Label Telecoms, Alviva (covered in this issue), Metrofile, Santova, Premier Fishing & Brands, Brimstone, Stadio, Kaap Agri and Hulamin (to name a few). As to why these counters lack traction in their share prices, the disarming answer is usually that the market is never wrong. Indeed, the market always seemed to know better when executives spun optimistic stories about profit recoveries and value unlocking. Readers will probably remember that, at times, many punters strongly believed the market had misunderstood or misread the attributes and inherent value proposition in bo...

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