It has been a challenging battle for returns over the last three years for South African investors. According to Kyle Cox, an investment analyst at Morningstar: “Investors may capitulate at the exact moment when they require fortitude and resolve. Behavioural biases are the prime drivers of capitulation and can wreak havoc on long term portfolio returns. Therefore it is vital that as investors we remain vigilantly aware of how ‘animal spirits’ can drive irrational decision making and that we adopt a reasoned framework for investing for our future lives”.
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