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The JSE is dominated by institutional investors which account for as much as 90% of all trades. These institutions are pension funds, insurance companies and unit trusts. The funds which they gather from the public are managed by fund managers - who are normally highly paid and highly qualified individuals. A fund manager usually has tertiary qualifications like a C.A, an M.B.A. and M.Comm or higher. They are employed to manage funds within strict parameters, but like most employees, their primary concern is usually to keep their jobs. This tends to make them risk-averse and results in them generally moving together and having very similar opinions about specific shares. For a private investor to be successful he/she must take money away from the fund managers by being a more agile investor.

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