CLICK HERE TO LISTEN TO YOUR EARLY MORNING UPDATE ON NEWS THAT MATTERS: Oil again drops sharply because Russia beating sanctions; BHP profit boom highlights Anglo’s coal blunder; WeWork 2.0; US retailers up, housing starts down
LATEST ON BIZNEWS.COM:
- The chickens are coming home to roost for Pfizer
- How world sees SA: What happened to Mandela’s dream?
- Not much Good at all about De Lille’s Public Works shambles
- From the archives: Marikana – still no closure after 10 long years
- rain rain steps away, to come back another day
- Robotic furniture gives you multiple rooms in one
- ‘We know we have to say we’re sorry, but…’ Bain’s open letter of apology
- Swings and roundabouts of political allegiance in SA
- Twitter flocks July riot instigators as Hawks swoop
- Excuse me, I need to speak to the manager about menopause…right now!
- Scamsters: Investors and FSPs beware!
- Thanks Kokkie – Absa’s 18% in six weeks a handsome return, with more to come (Premium)
- Financial Times perspective: South Africa’s fear of state failure (Premium)
NB: Getting this newsletter second hand? Click here for your own copy. It’s free and takes under a minute.
Heystek finds soulmates – Viva the independent voices
Independent financial advisor Magnus Heystek and I first met more than 40 years ago in the appropriately named ‘Vegkop’ – the Doornfontein drinking hole opposite the old Perskor head office. I was a newly arrived trainee financial journalist at The Citizen; he an only slightly more experienced financial reporter at Die Transvaaler.
We’re still friends, not least because of a shared belief in helping educate our fellow South Africans about the arcane world of finance. Given the powerful vested interests which reap handsome rewards from the opaque status quo, this hasn’t been the smoothest paths. But we’re still standing, adding credence to a belief there’s nothing more powerful than the truth.
My pal dropped me a line from Mauritius this week after he’d had a coffee with the legendary Terry Smith, creator of Fundsmith, the UK’s £24bn asset manager. Magnus says Fundsmith was built on “a very simple strategy which will resonate with the BizNews audience: One set of fees, no churning of assets, no performance fees, no closet indexing.”
This week Heystek also swapped notes with Ranmore Funds’ Sean Peche, whose independent voice is currently booming across the BizNews platforms. His opening line to Peche: “There’s only one person the SA fund management establishment hates more than Magnus Heystek – you.” We say: Viva Independents like Heystek, Smith and Peche. They are the people who move the world forward. Making it a better place.
To receive the Daily Insider every weekday at 6am in your inbox click here. You can also sign up to the weekend’s BizNews Digest for a wrap of the best content BizNews has to offer, for a leisurely Saturday read.
