BNC#9 | Wrap-up panel: Joburg, Zuma, AI, JSE v S&P, gold, small caps, and conference highlights

At the close of BNC#9, Alec Hogg sat down with David Shapiro and Piet Viljoen to unpack the conference. Viljoen made the numbers case for South Africa: bar the two big banks, every stock in his portfolio trades at a discount of thirty percent or more to what he thinks it is worth, and the market is effectively paying investors fifteen percent a year just to stay put. Shapiro made the human case, and the uncomfortable one, running through what three days without power does to a family in Johannesburg, and why he still believes America out-competes an ageing Europe on sheer will to win.