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Bull’s Eye: Alles is kak, so let’s wallow a while


Bull’s Eye: Alles is kak, so let’s wallow a while

We know the market cycle will turn, eventually, but right now it is hard to see through the funk

Jeremy Thomas

If ever there was a time to invoke that ghastly cliche “it’s always darkest before dawn” and its weedy cousin “green shoots”, it is now. The great, clanking siege engine of the global economic cycle always turns, often at the most unexpected times.

In 2003 the Sunday Times ran a front-page story that despaired at the market, concluding that things were only going to get worse. The article marked almost to the week an astounding broad-based change in sentiment that drove the economy and JSE through the 2007/8 international credit crisis and out the other side, still swinging for the fences.

It is futile to predict the catalyst for such events; much as winning the Fifa World Cup bid put a smile on our faces, few would have foreseen its effects. In 2005, GDP grew 4.5% and 5% in 2006. In the February 2006 budget speech, the government committed more than R400bn to fund public infrastructure...

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