{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/6704f63a835696b02f258dd3/6a547ca608f5afd134e5fb43?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"#93 South African value is priced like a distress sale, and the bond market disagrees","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/6704f63a835696b02f258dd3/1783921811082-aff68581-5bbb-43ed-b41d-4d0a53462608.jpeg?height=200","description":"<p>John Biccard argues that South African equities have become disconnected from the country's own improving bond market. He points to retail names trading at deep discounts to intrinsic value, a first move into global technology after a brutal software sell-off, and a patient multi-year bet on a spirits recovery. In short: buy what's hated, hold through the discomfort, and let the turning point do the work.</p>","author_name":"Ninety One"}