Last week our ignoble government clearly warned us that it might not be such a good idea to plan inviting friends around to watch the Rugby World Cup, which begins in mid-September in the UK. While the braais will go on without a hitch, there is no guarantee that the TV will work. If Minister of Public Enterprises Lynne Brown's admission that the power crisis could continue for at least another two years was not shameful enough to discredit our investment standing, the xenophobic attacks were. Watching gangs of thugs hunt down defenceless outsiders in full view of the international media not only denigrated our investment appeal but stained our image as a decent and hospitable nation.Yet the JSE continued to climb , registering a succession of new peaks. Paradoxically, while South Africans burnt down foreign businesses, it was the attraction of local firms which have made inroads into other geographies that lifted the All Share Index to record highs. In the past few months, the influence of companies with large offshore earnings has become more pronounced, while the fall in commodity prices and the plunge in the oil price have significantly reduced the value of the once dominant mining sector.Of the top seven companies listed on the JSE, which collectively make up half of the exchange's market capitalisation, only SAB Miller and MTN have meaningful (but not major) exposure to the South African economy. Lamentably, once all-powerful Anglo American has fallen out of the top 10 most influential businesses quoted on the JSE, surpassed by one-time minnows FirstRand, Standard Bank and Steinhoff.Even more dispiriting is that Steinhoff - a relatively new outfit that mainly retails discounted furniture and household goods in Europe - is valued at R270-billion, more than the combined worth of our top four gold and five platinum mines.By far the most compelling phenomenon, though, has been media group Naspers's dramatic leap up the JSE league table. Management's masterstroke investment in the Hong Kong-listed internet firm, Tencent, has propelled Naspers's market capitalisation to R810-billion - a number well above other giants such as Glencore, Richemont and BHP Billiton.Tencent provides internet, mobile and telecom services to nearly 800 million users worldwide.But Naspers's importance does not end there. A number of global money managers, wanting to own a share of this exciting new-age technology business, have chosen to buy Naspers as a convenient entry point into Tencent. Over the past year trade in Naspers has amounted to R500-billion, an astonishing 12% of the JSE's total.MTN and Sasol have also attracted widespread international attention. Combined, the three entities have accounted for a quarter of the total worth of equity business transacted on the JSE, demonstrating the significance of opening our borders to foreign trade and, in turn, recognising the rewards of our corporations operating in other economies.With China slowing and reducing its demand for materials, and with the oil price halving on increased American production, the IMF has downgraded its outlook for commodity-producing economies, reducing SA's growth forecast to a meagre 2%. That's hardly a foundation on which we can build great wealth. If anything, we need to develop closer commercial relationships with our neighbours. I f we are intent on beating the hell out of foreigners, let it be on the sports field...