# #93 South African value is priced like a distress sale, and the bond market disagrees

Page: https://stenobird.com/podcast/the-investment-perspective-with-ninety-one-7065967/93-south-african-value-is-priced-like-a-distress-sale-and-the-bond-market-disagrees
Text version: https://stenobird.com/podcast/the-investment-perspective-with-ninety-one-7065967/93-south-african-value-is-priced-like-a-distress-sale-and-the-bond-market-disagrees.md
Podcast: [The Investment Perspective, with Ninety One](https://stenobird.com/podcast/the-investment-perspective-with-ninety-one-7065967)
Published: 2026-07-13T11:01:15+00:00
Episode link: https://shows.acast.com/the-investment-perspective-with-ninety-one/episodes/93
Audio file: https://sphinx.acast.com/p/open/s/6704f63a835696b02f258dd3/e/6a547ca608f5afd134e5fb43/media.mp3
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Duration seconds: 1400

## Resource

John Biccard argues that South African equities have become disconnected from the country's own improving bond market. He points to retail names trading at deep discounts to intrinsic value, a first move into global technology after a brutal software sell-off, and a patient multi-year bet on a spirits recovery. In short: buy what's hated, hold through the discomfort, and let the turning point do the work. Hosted on Acast. See acast.com/privacy for more information.

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## Transcript

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