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How I Avoided A 30% Decline in JSE Retail Shares
Update on 29 March 2020 From the initially recommended levels: MRP declined by 65% to it's recent low. MSM declined by 85% to it's recent low. _________________________________________________________________________________ If there’s one thing that is a constant in financial markets, is that emotions have and will always be a huge driver of prices. That being said, the patriarch of value investing, Ben Graham, once said, “In the short run the market is a voting machine, but in the long run it is a weighing machine.” While companies are run by management teams that are highly competent and businesses display quality characteristics, share prices are often bid up to levels that are unsustainable, creating significant downside risk to those who buy at lofty (sometimes very) levels. One sector of the South African equity market that I have managed to avoid and most importantly protect capital has been the JSE retail sector. During March 2018, at the p...
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