Alec Hogg’s regular column covering investment, economics, moneycraft and, occasionally, something very personal.
By Alec Hogg There’s a lot to be gained from reflection. Since leaving Moneyweb, I’ve been drawing on the wisdom of a “most admired” group. Many have provided sensible guidance. But two pearls stand out: Charlie Munger’s advice to give yourself the best hour of every day; and Jannie Mouton’s recommendation to spend lots of … Read more
13 September, 2012
As the Financial Meltdown’s dust was settling, the Sage of Omaha mused that how we should never waste a good Crisis. Warren Buffett was referring to structural issues in the global banking system. Suggesting Main Street’s anxiety would spur regulators to do the right thing. But watching the past week’s media circus starring the arch opportunist from Limpopo, I can’t help thinking how well Buffett’s advice travels.
One of my heroes, Warren Buffett, elicited some surprising criticism recently from old pal, former journalist turned investment advisor Magnus Heystek. In a well read piece on the website I started above my garage back in 1997 (yes, it still hurts...) Magnus told the Moneyweb Community he’d rather listen to a group of local fund managers at Sun City than join our annual pilgrimage to Omaha. To each their own. But after today’s news about another major coup for Buffett, Big Mag might reconsider.
Laid to rest another urban myth this morning. The one which says in the stress stakes, moving home is up there with death and divorce. It isn’t. Not even close.
The best intentions – herewith the reason for Blog…..Interrupted.
We made the big move into our new home a month ago. As these things invariably do, it delivered another learning experience. Among the lessons:
Have invested a lot of time preparing for today’s National Budget. Grant Thornton has asked me to share perspectives with its clients in Jhb tonight (at the JSE) and Durban tomorrow (Moses Mabhida Stadium). Here’s my “crib sheet”
Spent an amazing afternoon yesterday. Together with 1 600 others at the Sandton Convention Centre, was treated to three hours of Robin Sharma. He referred a lot to the late Steve Jobs. Which reminded me of one of the greatest speeches of the modern era. Here’s the video.
State of the Nation 2013:
Strategy:
• The Zuma Administration has embraced the National Planning Commission’s National Development Plan for South Africa. The ANC intends following this 20 year roadmap as its way to achieve required GDP growth of 5% plus to eliminate poverty, inequality and unemployment.
• A target of 11m new jobs by 2030 has been set. To achieve this the economy will need to treble in size. The business sector has identified obstacles that need to be removed. Further discussions will be held with business, labour and civic society to work together to address this challenge.
We writers need always guard against exaggeration. Terms like “for the first time ever….” and my personal non-favourite “all eyes are on….” cheapen otherwise good work. Even so, it’s hard to describe South Africa’s passage to democracy as anything other than unique.
I gave up my French lessons last week. It wasn’t easy. Neither the French nor the decision. But after two and a half weeks of intense focus, sanity finally prevailed around 3am one morning. What pray tell, my subconscious posed, will you do after the six week course ends? You won’t be able to speak like a Parisian, nor even avoid the sub-titles on the French movies. It’s a beautiful language. But needs a whole lot more than a six week investment to get even become proficient. So, I figured out in those early hours, spending four mornings a week plus hours on homework is an indulgence. Even for a forced gardener.