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Jean Pierre Verster: Why I shorted Steinhoff

‘There is a hole in the books, we just don’t know how big.’
Picture: Moneyweb

We should pay more attention to what Jean Pierre Verster says. He correctly called the short on African Bank, and in this podcast, which was taken from the Moneyweb at Midday show, he explains why he shorted Steinhoff. Listen carefully – WT.



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It’s amazing how these people creep out of the woodwork when they get something right for a change – bit like economists. Given that he shorted the stock he must be a trader – wonder where his acumen lies in the 95% or the 5% of trading profitability

He is actually an analyst and portfolio manager – not a trader. And Fairtree Capital – where he works – was the top asset manager in SA and has one of the top performing equity funds as well.

Their is a paucity of information on their web site and he seems to be involved with the equity fund yet there doesn’t seem to be a histogram of their performance over the last 5 to 10 years.
Is he really a hot shot fund manager?

Agreed, now his PA is singing his praise. Why doesn’t she share what else he’s been shorting?

maybe do some research before trying to knock someone down. He has been on TV once a week for the past few years (and was at 360ne before Fairtree), so hardly creeping out of the woodwork. And if you listened to him, you would realize that he is one of the smartest and widely read, level headed investors out there locally

Roix – what research, surely as a fund manager you would have a track record, pray tell us where his track record is. Very seldom listen to persons talking on TV dislike talking heads on a visual medium. Since you are knowledgeable on the person give us a clue as to his performance at 360ne feel free to use whatever source you like.
I looked at a Citizen article 29.1.2017 top performing unit trusts 360ne Met was ranked 17th per 31/12/2016 by Morningstar. Fairtree didn’t appear in the top 20
Looking forward to the debate

Why are you angry?

Who’s money was he gambling with?

Out of 100 trades he punted on; how many did he NOT get right?

I will listen on radio

When did he short? After this morning’s 60% drop?

Ok – he say’s he’s been short for a while.

Nah, I don’t buy it. Had it got it wrong, would he have told us?

As a general rule of thumb, financial markets hate scandals.
In the event of there being a scandal of any sort, the markets assume the company is guilty till proven innocent.
Shorting a share is not the hardest thing to do on the planet, anybody, and I mean anybody, can do it, if it’s a risk you’re willing to take.

JP Verster, as a matter of credibility, next time, tell the world before and after the fact, not just when you want to look like a rock star.

Analysts, analysts, analysts…. We all know that picking the right share is like throwing darts in the dark at a spinning dartboard whilst blindfolded and half drunk and standing on a balance board. Anybody claiming otherwise is delusional. If I am wrong how come only Mr Verster saw Steinhoff going to shed 65% in one day?

Maybe its because finally Wiese has to pay back the 600000 pounds he transported illegally across a border???

I am sorry – but he tipped the stock on Businessday TV less than 2 months ago as a buy ???

Look at the unit trust holders for SI as at 30 September 2017. fAIRTREE CAPITAL HAD SOLD OUT COMPLETELY

Maybe when he was saying we must buy he was actually giving us a hint indirectly or…maybe wanted everyone to pump up the price. Skelms bankers.

I’m also a hero. Many analysts/economists/fund managers were bullish about Steinhoff in the long run. I’m simply a private investor who applied common sense (by simply “analysing” the trend) and did not see anything that exited me about this Steinhoff and decided to move on. That saved me a more than 60% dip today.So can I also get a photo of me published on this website with reasons i decided not to invest in Steinhoff? Or will this shame all the analysts/economists/extremely clever fund managers?

Oi! I’m also on record as saying that the only share worthwhile owning on the jse is Naspers – and that isn’t down 60%! seriously tho’ both MH & moi have warned about these shares masquerading as “rand hedges”. Many times have I said that the only true rand hedge is YOUR money offshore in YOUR account which you can get out with ONE phone call. I believe MH has offered his services numerous times. I am looking at my Chinese shares very carefully – only have Ali Baba left. Waiting to buy American banks once price comes down after recent rise. American int rates expected to rise FOUR times next year

Every single time Giulietta Talevi of BDTV has asked any analyst whether Steinhoff is a buy or sell they have told her to either buy or hold.This during a time when the price has gone from R50 to just below R100 and back to R50.How can a share price double and then half in a 18 month period and not be something wrong!

These lities are always onto BDTV and not once did a single asset/fund manager EVER mention a short on Steinhoff. The truth is the company is so convoluted that no one could have figured out what was going on.

Watch Capitec Brait PSG Curro Anchor EOH Naspers (ex tencent) incl Multichoice and a few others coz these stocks have run hard (and some fallen by now) in a weak economy and many are built on borrowed money with no substantial brands/products etc and some are newbies.

The cat is out of the bag now – SA Inc under pressure – lets hope Cyril wins it.

Would you invest and trust a company where the chairman and now CEO was arrested by HMS on suspicion of money laundering with bags of cash in his luggage which he claimed was from smuggling diamonds out of South Africa…which in itself is a crime? Hmmm maybe not! Very queered moral compass in this country at present.

End of comments.





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