Investors and investment professionals at some stage or another have searched for and dreamt many a night of finding the ‘holy-grail’ indicator to time market tops and bottoms. Many criteria have been used, and some have brought hope while others have proven to be less reliable.

Of various attempts to foretell market trends, some have stood out and raised hopes. The Skyscraper Index, at one stage, has perhaps
been thought to be one such market indicator. Another indicator has been ‘sell the share of a company when they build a new and expensive head office’. There are many examples of the latter in the South African equity market, the most recent example being the new Pick ’n
Pay head office in Cape Town.

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