Piet Viljoen: The four pillars of a catastrophe-proof investment portfolio - BNIC#2

At BNIC#2 in Hermanus, legendary value investor Piet Viljoen shared his “Cockroach Portfolio” philosophy—a strategy built not on forecasts, but on survival. Viljoen argued that true wisdom in investing begins with admitting “we don’t know anything” about the future. Risk metrics, he warned, are “cargo cult science,” extrapolating the past without predictive power. Instead, his approach rests on three certainties: stay invested to benefit from compounding, diversify meaningfully (even into assets that cause discomfort), and reduce volatility to preserve returns. His Cockroach Portfolio balances cash, bonds, equities, and hard assets in equal parts, creating resilience against any economic environment. For Viljoen, success in wealth-building—like rugby championships—comes from strong defence, not flashy plays.

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