Should You Buy South African Stocks?

South African stocks intrigue me. That’s because the country has had the world’s best-performing stock market over the ultra-long run. A reader asked me to take a closer look. My thoughts follow on what to consider.

South Africa is an unusual emerging market, in that it’s had a stock exchange in Johannesburg since November 1887. That was set up shortly after large gold deposits were discovered in the country to help fund the mining business.

This leaves the country with a pretty big stock market. According to the World Federation of Exchanges, the total market capitalisation was US$1.3 trillion at the end of January. That compares with US$1.1 trillion in Brazil, US$2.4 trillion in India, and US$0.5 trillion in each of Mexico and Indonesia.

One of the things I read every year is the Credit…

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