Africa’s frontier stock markets spoiled investors in 2013. Ten African share indexes posted returns of 25 percent or more during the year. And four gained more than 40 percent. It’s not too tough to look like a genius stock picker in an environment like that. You could have pretty much picked a ticker symbol out of a hat and had a reasonably good chance of watching it rise 20 percent.
Unfortunately, it looks like 2014 will be much rougher. Through February, nine sub-Saharan
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