828 If I look at the make-up of our Africa portfolios, or the make-up of the various Africa stock indices for that matter, what often stands out is the relative simplicity of the underlying businesses. From brewers, to banks, from cement companies to cocoa plantations, construction firms to home builders, and power producers to hotels. This should come as no surprise. Africa is playing catch-up, which is very much a desirable, necessary, and investable economic phenomenon. These types of businesses form the root system from which a more complex economy can grow.