Remember back when the diversified miners had historic p:e ratios in the 7 to 8 range and seemed cheap? Then falling earnings put an end to that. Exxaro again showed us the other side of a low p:e, it was on around 7 times but decreased earnings now puts it on almost a 12 times p:e. In short, the large-cap market is seldom wrong. email@example.com
@SimonPB *The writer holds shares in MTN and Capitec.