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Clive Roffey maliciously attacked

The technical analysis “doyen” claims he is the victim of scurrilous accusations.

Self-proclaimed technical analysis “doyen” Clive Roffey claims he is the victim of a  “malicious personal vendetta” launched against him.

Roffey is a well-known TV and radio personality. He has a regular spot on Summit TV (sponsored by Subaru) where he offers market tips.

The perpetrator of the “vendetta” is amateur trader Mark van der Byl. Roffey has threatened to sue him for alleged “personal and professional damages”.

Van der Byl made comments about Roffey on an internet forum hosted by Standard Bank (that is accessible only to its trading clients) as well as a letter of complaint that was addressed to the Financial Technical Analyst’s Society of South Africa (Tassa).

Van der Byl says he thinks Roffey was irresponsible in punting DRD single-stock futures to his followers when it was trading at about R10. DRD shares are currently R5,19. He argues that DRD was clearly in a technical downtrend, with no sign of a reversal.

His main objections are as follows:

  • Roffey did not provide adequate “health warnings” when advising followers to bet on a risky share (DRD), using a risky instrument (SSF).

“I objected to the language Roffey used,” says Van der Byl. “He used terms such as: ‘without a doubt…. stock up on the golds including DRD before Christmas and go away on holiday and forget about it… anyone that doesn’t buy DRD is stupid… DRD has to go to R21′ etc.” 

  • There is no evidence that Roffey is a registered financial adviser in terms of the Financial Advisory and Intermediary Services (Fais) Act.

  • His apparently unsubstantiated claim that his stock market tips are “right” 80% of the time. 

  • Roffey’s assertion that the gold index would “way outperform” general equities in 2006. When Van der Byl asked Roffey to comment on how the All Share index had actually outperformed the gold index by about 50% the previous year, he first replied in an e-mail: “Over the past 12 months the gold shares have under performed by about 5% and not 50%.”

When Van der Byl later asked the technical analysis guru to explain his maths, Roffey refused to enter into any further conversation with him. “Stuff like this is totally unacceptable,” argues Van der Byl. “You cannot change the facts to make yourself look better.” 

In his complaint to Tassa, Van der Byl wrote that Roffey “continues to bring the discipline of technical analysis and the Tassa into disrepute”.

Society Chairman Victor Hugo promptly forwarded a copy of the complaint to Roffey, his fellow board member.

An enraged Roffey not only e-mailed Van der Byl with a threat of legal action, but also his boss. “As he [Van der Byl] has conducted his malicious personal vendetta and levelled his accusations through the auspices of your company’s e-mail system I must assume that you, your co-directors and company are fully aware of his actions and are in agreement with them and as such your company and you personally will become intimately involved in any action that I will take,” ranted Roffey to Van der Byl’s boss.

At the time of writing, Hugo had failed to respond to a question submitted by Moneyweb asking him if Tassa has any minimum qualification or regulatory requirements for its members such as registration with the Financial Services Board. 

Roffey the doyen

On his website,, Roffey boasts that “no other analyst in South Africa has such a phenomenal track record of forecasting major market turns before they happened”. (Moneyweb wonders how it is possible to forecast something after it happened.)

The site provides details of many of Roffey’s successful “forecasts”. Mysteriously, it is short on details of his failures.

Given his long and successful career in “forecasting major market turns”, one would expect Roffey to be a millionaire many times over, perhaps even a billionaire. However rich he might be, Roffey does not seem to miss an opportunity to drum up extra cash.  When doing this, his marketing style can bear an eerie similarity to that normally employed by casinos and boiler rooms.

For example, Moneyweb was surprised in July 2005 to find a small ad in the Business Day that stated: “If my share analyses fail to make 50% a year I guarantee to refund your full subscription!”

It only became apparent that Roffey was behind the ad once we had responded to it. We learnt that for R9 880 a year, he would undertake to provide buy and sell recommendations. Roffey claimed that the service was limited to only 100 subscribers. This was “to maintain a level of exclusivity”.

Not always right

It is not just Van der Byl who is unimpressed with Roffey’s services. Roffey used to write for a well known trading publication. In an e-mail, the editor of the publication told Van der Byl that he had to “let Roffey go” after he had called Gold Fields shares a buy all the way down from their high.

No comment for Moneyweb

Moneyweb‘s attempts to get Roffey’s side of the story were unceremoniously dead-ended. His only comment was: “I don’t discuss matters with Moneyweb. Thank you. Goodbye.”


Comments on this article are closed.

Oh gosh…. was that funny fellow I saw on TV Clive Roffey?

I thought it was a Free State version of Colonel Slanders selling a particulary virulent form of the financial equivalent of Kroonstad Frot Chicken

Way to go Mark van der Byl. It’s about time and kudos to MoneyWeb for following up on a great story.

Roffey exploits the media at every turn, using it to peddle himself as an analyst. He should at least return the favour and respond to media enquiries.

time frame and a defined price target area is at best useless and at worst lies. Roffey once wrote a piece for stock and commodities which generated some international crtiticism for his assumptions about RSI. Fortunately, the creator of RSA is alive and well trading theworld markets from New Zealand. He was able to reply.

Roffey has enthusiasm, a keen technical knowledge and is probably a great help for someone with similar knowledge. Roffey’s only sin is presenting his analysis as knowledge of the future when in fact he is dealing with levels of probablilty that change daily. The markets are a social phenomenon with millions of interested player. It takes the Chinese goverment to just propose a policy direction over concern for irrational exhuberance of the Chinese market to melt down the world. The day before showed technical sregth and sound fundamental yieling an “irrational” premium on stocks. That premium is fast disappearing, but it highlights he limits forecasting…..which is never knowledge but an assessment of a VARYING probabilty.

When he says buy, all u need to do is sell to make 50%. He is a disgrace!


On March 8 2006 Roffey appeared on Summit TV and made the followiing confident (as always) prediction: “I see on my charts a major meltdown of stocks on Wall Street and at the same time a major buy signal for gold shares.”

I was at my desk when he made this prediction and actually made notes on my writing pad to make sure my facts.

Obviously the gold shares tanked and the DJ Industrial Index rose by almost 25%.

My question to Summit TV is: For how long can you use this clown on your programme? He is a one-trick pony and has always been, just like Daan Joubert in Beeld who has been predicting a catastrophic meltdown in the world economy and markets for more than ten years now.

Anyone who has anything remotely to do with investment markets over many, many years will know that Roffey must be the greatest charlatan around. His views in the late 70’s that gold shares will keep on rocketing as the gold price goes to $1 000, $300 and even $5 000 are still the source of mirth in investment circles.

Gold has been the worst investment for over 25 years, yet these “forecasters” keep on flogging this dead horse. The gold mining industry in SA is gone and buried. Gold production, now below 300 tons a year, is less than half of what it was twenty years ago and at the same levels as 1922.

Why do you think Anglo American got out of its gold mines long long ago….?

Yet we keep up this charade of leading every single financial news bulletin on radio, TV and elsewhere with…”today the gold price……….”

Technical analysts, psychics or prophets? Certain analysts even go so far as to adjust their graphs in retrospect to make their daily downlaods look more accurate.

He is a dinner-table analyst who has had to much exposure. Dimwit followers of his mumbojumbo should, and are, sucking eggs. He will no doubt be an expert on the subject of the current novel he is reading – at least to his guests…….

It’s about time someone exposed Roffey. If he thinks he has been unfailry maligned then I challenge him to publish on Moneyweb all his calls, the maximum drawdown of those calls and his eventual profit or loss. He only feels attacked becuase he knows he cannot prove that it is wrong. A successful operator would have published his call results for all to check. You only have to follow some of the calls he has made public on websites like over the years to realise he has no idea most of the time.

Clive has been consistantly wrong about drd so short the damn share dont complain.

Nick told us not to buy gold shares when the Index was at 1500 what happened to him.The Gold Index is somwhere about 2750 but no one seams to care.

As for van der byl he can get a life ,he should be thankfull to clive as you very rarely get these market analysts that get it right all the time.clive just happens to get it wrong with drd.nick by contrast was just blatently bearish about GOLD from the out set.

What is van der byls track record???,lets get his Market CV and see how brilliant he is.

I have taken some of Roffeys advice and his calls on AFGOLD, SXR and Sallies were pretty spot on!!

whilst we get a lot of monkeys(with apologies to all Primates living or dead) in the financial world ,we get the likes of FIDENTIA,MASTERBOND,MAGNUM ETC that come along and take widows and orphans for a ride.There are Companies/people that take us all for a jolly good ride but the clever D**** out there never warn us about them timeously.

Moneyweb used interview these people like kebble hanging on to their every word but we got sharfted good and solid thinking they were for real.

So we come to van der byl how good is he when you are a professional like him you should pleae let us have a good look at you.

The public would like to see what shares you put on the map and which shares you stuffed up on so that we can get some sort idea as to what sort of a commentator you are………………….

As Michael Coulson wrote at

“…maybe we should encourage news organisations to stop telling us the gold price at every available opportunity, and keep us informed of the platinum price instead. After all, it’s much more significant to our prosperity.”

Roffey was also a “Gold Guru” when he ran the International Gold Fund in the 1980’s, which dissapeared from the face of the earth and leaving a lot of overseas investers very unhappy..

poor thinking: v d byl does is not, nor does he proclaim to be a public pundit. No need for him to produce a track record. Roffey has put himself on a pedistal, so he should be up for scrutiny.

Roffey does not possess comprehensive knowledge of technical analysis. I suspect that he does not understand the limitations and mathematical underpinnings of some of the indicators that he uses. In my experience, he is a selective user of technical tools and an imaginative user of chart patterns. His presentations are often accompanied by an element of bravado which I suspect is a cover-up for technical inadequacy.

I think it is a pity that Summit TV continues to give him a platform. It does not reflect well on them because, by now, they should have a fair idea of the quality of his calls.

I doubt whether Roffey is taken seriously by many people, certainly not by seasoned market players. But he does give TA a poor name, which is a pity.

Finally, Roffey, a long-standing, high-profile pundit should be able to produce an unequivocal account of his calls. Any pundit who cannot or will not display his record should be avoided.

the monkey has been saying gold is a buy for as long as i can remeber but he will never put a dime on his “forecats”. maybe one day he will be right then he will say i told u so, if u can wait 25 years for gold to rally that is.

whats another name for a market anaylst ??? bombed out investor

Okay, it’s probably just a typo, but Freud would have had something to say about it…

From his bio on

He is a bunt, no nonsense columnist for several financial magazines and a pithy commentator on Radio 702, Classic FM Business and Summit TV.

Early 2003 Roffey confidently proclaimed that the banks and financials would halve in value .Since then the bank index rose from about 11100 to the current 36800, up more than three times.Hooray for Clivey.

SO! …….. what do u call yourself on your erudite website!!


SO!!!… show us how GOOD u ARE!!!

We are all guru’s in upmarkets and commodity super-cycles. Sallies is another story…just look how it’s own directors TRADE the share, plot the chart and mimmick!

He is a right-royal jackass, and this “I’ll get my attorney and sue you attitude” is reminiscent of other lesser mortals looking to scare off scrutiny………….

Ricky B, are u Clive’s boyfriend? Seem to be taking comments about Clive quit personally. With a name like that u should be a porn star.

Putting out a sell on ANY GLOBAL TECH stock in March 2000 will have resulted in a GOOD CALL…………Genius, not

Can speak from experience when i say that he is much better then Roffey and is very clear on the facts. The interpretation is left up to you to decide that way is still classifies as OMO. he doesnt blantently tell people to buy stuff.

He is a disgrace to the financial community. His sketchy track record should definitely be investigated further. I applaud moneyweb for giving this issue coverage

Proponents of this art are charlatans and anybody who follows pure TA methods will be a long term loser. Technical Analysis cannot be refuted because the right questions cannot be asked in a properly validated or refuted manner. These guys use hindsight bias and retrospective bias as well as unashamed data mining to give credibiltiy to their bogus art. It should be banned.

The bottom line is, you should learn to manage your own risk when dealing in shares. Tech Analysis is only a guide not God’s unfettered directive – the buck stops with you to manage your own money and therefore if Van der Byl did NOT have a risk management/stop loss built into his selection of shares whethere DRD or not, that his own doing. Don’t blame Roffey whether his good or bad…VDB should’ve used his own judegment!

Amazing how vitreolic u so called nameless experts are when it comes to attacking a peer!

If u are so damned good why arent you rich famous and on TV or at least have your own radio show!!

NO can DO because basically youre MORONIC NOBODIES!!!- all JAWS and GITTLESS (or is it GUTLESS!!……………..or perhaps your are some erudite intellectual dying to part with some pearls of wisdom of your own for us lesser mortals!! with your name attached …….. of course!!!

I agree when I stopped looking at charts and traded single stock futures, intra-day Alsi futures, maize futures using pure fundamental analysis my entry and exit positions were spot on and the cash just rolled in. Who needs fibonacci, trendlines, volume data, put/call ratios etc it is all mumbo jumbo. Blue chip funadamental analysts are the real gurus…..they can call tops and bottoms to the last cent. Ride the Bull….

Angelique idiolised Arthur…..RickyB and Clive… that’s what I call confirmation of a down-trend

You have taken some of his advice. Pray tell us why you only took some of it and not all of it!

Attack and benevolent are mutually exclusive!

Loosers always have to blame someone for their mistakes- and that is what happens if you buy someone’s “tips”- does anybody really know what a market will do?-it is like blaming your neighbour if you planted grass on the recommendation by him that it would rain- so, let all the “ghurus” claim their fame- I say: Trade what you see-and not what other people see-all of them is highly entertaining at most-nothing more than that. If you cannot change something-change the way you think about it! We cannot take a clown in a circus serious-so why should I take any anylist?


Mr. Roffey stands no chance in sueing any one for defamation. On the contrary he is probally liable for losses people have suffered as a result of his rash advice. He is rendering financial advice without being a registered financial advisor in terms of the FAIS Act and should know better. He also avoids dealing with the issues put to him and seeks to confuse everyone with a lot of techno mumbo jumbo. If he was in any way capable of reading the market – or even making a shrewed guess – he would have retired by now instead of peddling his clap-trap to the unsuspecting.

check dr clive’s record and associations in the 19080s!

It is about time the consensus of opinion caught up with this “jerk”. Well done to everyone who has been exposing him. You are doing the investing public a great service. He has a very superficial knowledge of investment and what it entails . . . .

Just because you are unskilled at something does not mean it does not work.

What is their resposibility in all of this? Dont take Roffey off the air though, it is great that he gets airtime and adds a little comedy in amongst all of the real fundamental financial news.

I dont take peoples money and dont claim to have any record…. all I know is that in the markets anything can happen…TA does give you an edge – thats all – you cannot predict the future….

I dont take peoples money and dont claim to have any record…. all I know is that in the markets anything can happen…TA does give you an edge – thats all – you cannot predict the future….

I dont take peoples money and dont claim to have any record…. all I know is that in the markets anything can happen…TA does give you an edge – thats all – you cannot predict the future….

The reason why Roffey is not registered with FSB/fais is simple – he does’nt want to be subject to the scrutiny this dictates. One would think that as a self-proclaimed “guru come doyan” he would welcome the authorities oversight and the protection it affords the investing public (advice he expounds). But he does not what his utterances/garbage censored or limmited………watch this space…..he is tantamount to a commercial evangalist………….a kind of Benny Hinn/Jimmy Swagget of the investment fraternaty…..false prophet……and f***ing pratt extraordinaire

I’ll take you on any time robot to robot

Do you understand anything about technology.


I say we need Zuma for President and Dr Clive for Minsiter of Finance (maybe deputy President !) and Steve Hofmeyer for Minister for spontaneous random reproductive capabilities !

Makes Mugabes regime 100% ethical . . . . . . .

I think it was a typo Sammy. Clive actually meant to type “C” instead of “B” in “Bunt”

Looking at all the correct market predictions proclaimed on his website, he probably took the “B” from “Billionaire”, i.e. he is a “Billionaire *unt” hence “Bunt”.

Frot Chicken sold regularly with such earnesty. Shame on a fine automotive sponsor.

Hi Julius

What about a follow up story on this affair please

You can’t blame Roffey – you must take responsibility for your actions and your money, you clown. Always looking to blame others for your woes eh????

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his name is Krishnamurti and not “Dr” Clive Roffey. Krishnamurti will help you get over this. Remember people can only lie to you if you want them to – and one day you will understand what i mean.

I listned to his bull about selling Mr Price months ago – he said it would bomb!

Thankfully I did not listen to him and now after 120% and still rising – how can he have any crediblity?

I listen to people giving thier point of view so as to continuosly learn, and if Clive Roffey says do this, I do the opposite – I will retire before him.

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