In the craft of journalism, reporters are only as good as their sources. What makes this tricky is that sources always have an agenda. So the real challenge, is to determine what it is the source wants from the reporter (I often ask straight out) and then weigh up whether this harms the public interest. Often it does and the story must be rejected. But, just as often, reporters do not ask the obvious question for fear of losing headline-making informants.
At BizNews, we are blessed with an abundance of sources, mostly unsolicited. Among them is veteran financial advisor David Melvill, a gold bug and tireless combatant against corporate bullies – specifically Sanlam. Outside of our columns, however, David hasn’t enjoyed much exposure in his fight against the life office. Which may or may not have something to do with Sanlam awarding a raft of hefty cash prizes in its annual “financial reporter of the year” competition.
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David sent me the graphic above which will distress any South African trying to create wealth in the domestic equity market. It’s also a reminder of the huge debt SA pensioners owe the genius of then Naspers CEO Koos Bekker who worked out 20 years ago that the best place to find a winning internet investment was in China. And despite dropping a fortune on his first bet, doubled up to buy half of what is now global giant Tencent.
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Without Bekker’s brave and brilliant punt, in US Dollar Terms the Johannesburg Stock Exchange’s overall index would have gone exactly nowhere for a decade and a half. Considering exchange control forces retirement funds to invest at least 65% of their share purchases on the JSE, the wealth destruction cannot be exaggerated. The optimist in me says surely that cannot continue indefinitely. The realist says there’s a big world outside SA.
For your attention today…
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* Sasol’s CEO Fleetwood Grobler graced our studio at WeWork in Sandton for yesterday’s Rational Radio webinar – so was on the spot to parry aggressive questioning from the inimitable Piet Viljoen. David Shapiro provided a counterbalance, in what was a fascinating discussion. Here’s the link to the recording: https://www.youtube.com/watch?v=VcZrhqCfGC4
* Later in the afternoon I delved deeper into growing anger around farm murders which motivated Sunday’s demonstration by 100 000 farmers and their supporters. It came via an eye-opening interview with young farmer Willem Petzer, whose voice has become as famous among compatriots as is that of outspoken musician Steve Hofmeyr. Here’s the link to the story and audio: https://www.biznews.com/leadership/2020/10/26/willem-petzer
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