In this article, Andrew Vintcent, Director & Portfolio Manager at ClucasGray Asset Management, discusses how in time, fundamentals such as earnings growth, free cash flow generation and dividends will ultimately prove or disprove particular investment narratives. The author focuses on the South African electricity crisis, a notable woe, which has painted the country’s current narrative as overwhelmingly negative. He concludes that even in the face of very strong headwinds over the last couple of years, a combination of steady earnings growth, extremely attractive valuations, and a growing sense of urgency to unlock value, many South African companies have the potential to deliver very attractive returns to patient investors.