it`s not about you, It`s me!

That famous breakup line which I heard way too many times as a teenager, but never really believed
may well be true in the context of the South African equity market now. Given the large draw down on
the JSE since the hopes of “Ramaphoria” faded in Q1 into “Ramapause” in Q2, and then begged the
question of “Ramarecovery” in Q3, we have been wondering what has been driving the SA equity
market. It seems all gloom and doom at the moment, and as South Africans we are naturally pessimistic
about ourselves (In fact in a recent survey South Africans scored amongst the worst in the world in
terms of their own pessimism about their future), we tend to blame everything on our own domestic
situation, but perhaps it’s not just about SA and there are other forces at work

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