Much To Celebrate

Self-styled value investor Adrian Saville, founder of Cannon Asset Managers,  and author of the Gone to the Dogs blog, likes what he sees. Money quote:

Located in this increasingly benevolent neighbourhood, and being the beneficiary of ongoing structural reform and healthy fiscal and monetary policies, the case for the South African economy is sound. Recent setbacks to economic growth, disruptions in service delivery and more agitated price inflation should be seen in this context. Setbacks are part of the ordinary progression of economies. Investors who are able to see beyond the shrill, emotionally-charged reactions that such setbacks have brought about in recent months will do well. By taking a balanced, holistic view of Africa and South Africa, we note that there is much to celebrate.