The financials sector on the JSE is a substantial contributor to the overall index. Although banks make up the bulk of the sector, there are also major businesses in areas like insurance and wealth management. With South Africa's difficult macro backdrop, there isn't a rising tide that lifts all boats in this sector. Instead, it tends to reward stock pickers who understand the nuances across the various businesses, including their relative exposure to South Africa vs. offshore markets. In this episode, we dig into some of the key concepts to keep in mind when looking at the banks, large diversified financial services groups and businesses that earn fees from assets under management. This podcast is for informational purposes only and is not financial or investment advice. Please speak to your personal financial advisor.