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Philosophy: Theme vs. Price<br />
<br />
THEME vs. PRICE<br />
<br />
RAND: REAL EFFECTIVE EXCHANGE RATE<br />
<br />
<br />
Cash is trash<br />
Quest for yield<br />
170<br />
160<br />
140<br />
120<br />
Mean = 114.4<br />
Std. Dev. = 14.7<br />
170<br />
160<br />
140<br />
120<br />
<br />
Emerging markets<br />
100<br />
100<br />
90<br />
90<br />
<br />
Commodities<br />
80<br />
80<br />
70<br />
70<br />
71 74 77 80 83 86 89 92 95 98 01 04 07 10<br />
9<br />
Source: SARB
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