The Ledger
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Smith: A 20-year US inflation differential perfectly explains African currency depreciation
“The most important thing for us, the starting point is that if we look at any of our floating currencies over a 20 year period, the inflation differential to the US perfectly explains the depreciation.”
Smith: South Africa accounts for roughly 60% of investable African equities
“South Africa is a very, very big part of that, about 60% in terms of number of names, as well as market cap.”