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We have always been wary of Markus Jooste – 36ONE founder Cy Jacobs

Bullying analysts has been going on for years.

We are beginning to see how and why the apparent fraud at Steinhoff was missed by so many institutional investors. In this explosive interview with founder and director of 36ONE Asset Management, Cy Jacobs, he describes a confrontation he had with Markus Jooste many years back over the accounting treatment of certain issues at the company. But he also describes how Jooste got Absa Securities to change a scathing report by one of its analysts who was critical of what was going on at the JD Group. We are seeing other stories like this beginning to emerge. It’s a fascinating interview – WT.

 

 

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A man who spends R100 million a year on racehorses (as a hobby) despite the dire poverty in our country where people look every day in rubbish bins just for something to eat, is clearly removed from reality. (Poverty is everywhere around us, how can you escape it?) Jooste probably lived in his own little cloud cuckoo land where there is little difference between spending a thousand Rand or a hundred million Rand. It was all the same to him.

The word “obscene” describes it. His reasoning will be that he paid enough in taxes to fund social grants for thousands of hungry people, that jockeys and stable workers need a job and that horses have to be fed by someone…….

jnrb,The world is not an equal place.You should sell all your shares which you no doubt own and give the money to the poor. You can’t blame poverty on the rich.Wealth creates wealth as you must have experienced with your share portfolio otherwise you would not not still own shares.No use to be sour about with Steinhoff shares as no guarantees existed when you originally bought the shares that guaranteed you a profit.The same applies equally to any other shares you may or may not own.Don’t be such a cry baby.

Veritas, you are missing the very simple point I was trying to make and that is, that the man’s judgement is not exactly state of the art. And neither has it been for quite some time now. I don’t think considering the losses there are many people who will disagree with that.

Jooste must be criminally charge and prosecuted immediately. If this is not done it will give the ANC even further ammunition against the so called white monopoly capitalists and deferring attention further from the Zuptas.

Dear Cy,

If you have always been wary of Markus Jooste, why did 36ONE have 2.8% of its SA Equity Fund invested in Steinhoff as at 30 September 2017? Sorry mate, pull the other one. It’s always incredible how (after the fact of course) so many people saw the collapse coming.

Cheap attempt for free advertising. Misleading clients yet again. You don’t be weary of a CEO and have 2.8% of your clients money invested in that stock.

Once the horse has bolted it is so easy to have hind site.
Bunch of liars!

SweatPee – who?
The press, the top brass of Steinhoff or you?

I am getting strong Lance Armstrong vibes from this Jooste guy. Bullies people who gets too close to the truth and lies about what is really going on.

2 words: Ego and Arrogance!

A deadly formula. There is quite a trail of both in Stellenbosch and Hermanus as it happens.

An absolute disgrace.

I hope that they get their just desserts.

We live in a Capitalist society. Greed is found to be a trait within the Capitalist system as well as the Socialist and Communist systems. We believe in the Capitalist system. We have created rules and regulations within the system. But every now and then the SYSTEM fails us. The auditing companies earn millions of rands from these large corporate companies. They should be our safe guards. Time and again they fail us. Fidentia, Abil and now Steinhoff! Who was responsible? Who paid the price ? Who was made to Account ? Anybody found guilty and are in jail ? It is US that bare the brunt, and it is US that will forget this incident in a another month and it is US that will continue to invest for OUR FUTURE… and it US that will taken for a ride again.

There once was a man named Markus, who thought he was he was the smartest until he went offshore
Those fellas in Germany, they don’t play! They’ll have you in and out of court

Billions lost when those shares fell, even the fund managers got caught!
But some were smart, they saw the trouble a mile away and decide to sell short….(Faitree Capital)

Where is Wiese? Has he disappeared? When will directors learn?
No more comfy sleeps at night, even though you own Mattress Firm!

Pension Funds, Unit Trusts – those dents cannot be repaired
But fund managers charge for under-performance, do you think they really care?

CA, CFA, every letter behind their name
Don’t you think it’s time to call it quits, you’re putting your profession to shame…

But let’s get back to Jooste, he needs to just come clean, tell us nothing but the truth…
He may have lost hundreds of millions but some people now have no roof…

I hope we can learn from this tragedy, this should never happen again!
Lesson learned: “Don’t blindy trust, you’ll end up experiencing pain…

Cheap publicity by another asset manager jumping onto the bandwagon. “We have always been wary of Markus Jooste.” Why didn’t you say anything before? More so, why did you have 2.8% of not your money but clients money invested in Steinhoff at the end of September 2017? If you were indeed weary you would have never invested in the company yet your firm did. Cheap shot at publicity mate!

People don’t usually stand up to bullies unless they see other people doing it.

per moneyweb unit trust tool, 360ne bci equity fund held 2.8% in Steinhoff International in September 2017

Everyone always has the answers ‘after’ the fact…if they new things were not so kosher…why did they not divest of Steinhoff?? Same for Sygnia…CEO knows how to identify the issues in the financials but they appear to still have an interest?

per moneyweb unit trust tool too, sygnia value fund held 3.9% and sygnia growth fund held 4.0% in steinhoff international on 30 sept 2017.

these commentators are professional, competent people who are acknowledged as leaders in their fields. this is precisely why giving interviews such as this given their documented positions is sadly shameless

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