Every JSE small-cap investor has experienced this. A company you own reports disappointing results. Revenue falls. Earnings miss expectations. The share price drops 30% in a day. Before asking whether you should sell, ask a different question: Is this demand destruction or demand deferral?
Read MoreFor years, South Africa’s mobile operators have competed by building bigger networks, rolling out faster 5G and convincing us to buy ever-larger data bundles.
Read MoreIn March 2020, the single best investment skill you could have had was courage. The market had collapsed. Everything was cheap. The only question was whether you could override the fear response long enough to buy. 2026 is different. The market isn’t in freefall. Most assets aren’t universally cheap. Nor are the opportunities obvious.
Read MoreIn September 2024, the Financial Sector Conduct Authority approved a two-tier reform – the JSE’s split of its Main Board into two segments – Prime and General – with simplified Listings Requirements taking full effect in early 2026.
Read MoreEvery investor knows what brokerage costs. It’s on the contract note, in rand and cents, impossible to miss. What almost no retail investor calculates, and what can dwarf that brokerage fee many times over, is liquidity cost. The price you actually pay to get into a small cap, and the price you actually receive to get out of one, when very few shares change hands on any given day.
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