Makes 0 difference in the end. In 10 years all that manipulation is worth 0.
Nope dont sell yet 20 is still easily in reach.
'Taking a bet that BTC will still be relevant after 3 yrs from now, you say? Tech moves so fast thee days'
That is because you are used to devs like me that work in an agile environment and pushes code out quickly like facebook and most companies you are used to.
Blockchain is a completetly different ballgame. The changes you are making effect the entire world and billions of dollars. One of the biggest reasons BTC is so far ahead of alts is because it has 7 year of no serious security breaches.
Have you seen the news regarding hacks this year when compared to normal tech?
In 3 years that will be a decade of secure trustless decentralized censorship resistant money, no other crypto can prove a decade worth of complete safety simply due to a lack of time.
The person accepting the bet would think that there would be no BTC why would they then take the bet if it is in BTC?
As expected not a word from @TheSpark
Now what has robertinsydney been saying all these years - the only true Rand hedge is YOUR money off shore in YOUR account. This has been proved beyond question by the SNH/EOH disaster. As a poor second comes NASPERS. That’s it - all very easy
Indeed what crimes? Remember the GFC of 2008? All the money gone & exactly one lowly banker prosecuted! No this is unfortunately is why those who thiught that the trickle down economic growth story was the answer to the country woes (the DA mainly) are very quiet. In a country with no GDP growth - SNH/EOH is a disaster. So it will be interesting to see how this plays out over the next week. It certainly must be a plus for JZ & his ex wife & wanna be president. WMC have staked their all on CR & I’m not sure that was a wise move
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
With the admission that the author recently bought shares, is this article truly impartial? Time will tell the full story, but as a former employee (I resigned in 2015)there were a lot of secrets and non disclosed relationships in the business. I never felt at ease.
My worry is that the people who can least afford to loose money are buying shares expecting them to return to €6 value and not realising there may not be much left after the profitable parts are sold to meet bank commitments.
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.
I find it surprising that this article is silent on Sygnia's own ACTIVE fund's exposure to Steinhoff, notably the Sygnia Growth Equity Fund, in which Steinhoff is a top ten position: https://www.sygnia.co.za/docs/default-source/individuals---fund-fact-sheets/unit-trusts/2017-oct-sygnia-growth-equity-fund.pdf?sfvrsn=56
Surely Magda at least takes a couple of hours a month to review the top holdings and discuss these with the portfolio managers? After all, it only took her half an hour to uncover the issues at Steinhoff.
Also, given Magda's "core belief" that active asset management doesn't add value commensurate with the fees charged, why does Sygnia continue to offer actively managed funds at all?
And to me this goes even deeper when Mr Wiese was caught smuggling a suitcase with £600k (appr R11m) at Heathrow Airport. When a so called business tycoon is caught with cash like that "trying to balance his investment (read tax evasion) portfolio" then he is immediately relegated to the Bernie Madoff and others of their ilk. I am not sure what is wrong with a swift or eft transaction but that is just me.
He and other are arrogant to the point of believing they walk on water. Koos Bekker is another tin pot that thinks we are pre-1994 and they "run" the country.
More to follow on this - watch this space.
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.
The man in the street could see that Steinhoffs growth was too good to be true. The man in the street could see that African Bank were like pigs at the feeding trough, soliciting un-required loans to people who we all knew could never afford to repay. Yet the auditors,financial advisors, investment houses, all the integrated internal and external checks and balances, act shocked and surprised when the crash occurs. Jooste has got probably hundreds of millions of rands invested in race horses, and it costs him millions a month to stable and care for them, which is an extravagant loss making indulgence to satisfy his vanity.I and many other men in the street are not surprised in the least. Amazing how ill gotton gains are so much easier to flaunt than hard earned income.
Magda, where were you years ago when the Steinhoff allegations first emerged? And why do you still hold Steinhoff in your active funds? If it was so bleeding obvious, why didn't they sell out? #glasshouses
Magda, time for YOU and SYGNIA to walk the talk. How much of Sygnia's 2017 revenues were from asset management (incl. performance fees), administration and stock broking fees from active funds, hedge funds and multi managers funds at Sygnia? I'm guessing over 50% of Sygnia's revenues come from these sources that you say "I do not believe that active asset management adds value commensurate with what is being charged to investors". If you are as principled and transparent a person as you make out in the media, will you disclose this number? Also, will you inform all Sygnia clients invested in Sygnia's actively managed funds to disinvest from those funds or will you just close them down as they destroy value and are run by greedy people?
"The most obvious of those was the cynical move by shareholders in PSG to, in a sleight of hand, swap their shareholding in PSG shares in South Africa for a suddenly-Frankfurt-listed Steinhoff, thereby externalising their wealth without the need for foreign exchange control approvals. This alone should have been a strong indicator that one is not dealing with pillars of society."
Magda, remind us, but didn't your former business partner, Mzi Khumalo, illegally and prematurely sell hijacked shares from the botched Harmony BEE scheme and then through a number of complex asset swaps and loan structures illegally move the ill gotten gains offshore, bypassing exchange control regulation and the SARB?
Are any of the windows in your glass house not broken?
Wow! This is our own little Enron!
Steinhoff is right up there with Enron, Worldcom, Tyco, Freddie Mac, AIG, Lehman and Bernie Madoff. What started out as a little funny bookkeeping with the Boland Bank acquisition, grew into a standard business model and operating manual.
If you keep on "sailing close to the wind" for too long, you will eventually get blown over.
Like most salary earners (I suspect)I am no finance guru. If I was I would do my investing myself, no? I rely on my financial advisor to invest for our pension and have always paid professionals for professional advice. I read what I can and try to make sense of most of it. So far so good. There is nothing I understand about this article to be honest. I don't know what a "side pocket" is..... I thought its something on my jeans. Most of the experts above seem to be guessing at best. What I do know however is Steinhoff is a listed company and it gets audited every year. It goes belly up overnight. And now I see that no one actually has any idea how the company was structured or how much it owes. This is unacceptable to put it lightly. We lay folks actually have no protection if this is the way the investment industry works. I may as well use an astrologer for advice in future. Or tea leaves. If a surgeon repairs my hernia and its botched I am going to sue his tuchas. Why are the "financial advisors" not accountable is a train smash like this ..... ? I am not upset about normal price fluctuations and the market.... those are within reason and part of the game. I am talking about a total collapse. As far as they guys at Steinhoff are concerned, I hope just deserts are on the horizon for you all including the board who were in charge while this was going on. R100 million a year on racehorses and you make an exit with a note saying "sorry" ....? You can't be serious. This is not a fender bender in a shopping maal parking lot you git. I know the difference between cake and manure and this is not cake.
It is easy to hide behind an index. After your half hour research you obviously shorted the stock in your own capacity but yet bought Steinhoff for your clients in the trackers funds "because it is in the index" and that is "not your fault". Your article is the very argument why passive funds are flawed.How do you justify holding a stock on behalf of clients that was "obviously a Ponzi scheme"
You clearly did not think this article through. We look forward to you repaying your clients our fee for holding a stock you knew was a fraud
The population doubled in less than a decade yet the City relied on rain filling the dams even though completely full dams would hardly cover reasonable water use for this and the increasing tourist population, which is essential for the City's growth and revenue.
The only long term solution is major desalinisation plants.
Epic fail ...
An arrest and fast tracking through the justice system in a fraud case would be of comfort to some but that system does not have a place in South Africa where the wrong doers have more rights then the honest people in the country have.
The one is a corrupt government official stealing tax money and destroying a country. The others are private businessmen losing their and shareholders money. The one is a shameless arrogant government official who refuses to accept liability and corrupted a country to avoid prosecution and the others businessmen who have at least had the decency to resign, admit the wrong and/or lost a few billion of his own money and may likely be prosecuted. You should read less ANC and SACP propaganda and more economic books.
Brilliant and accurate statement from this lady!
"The serious question to ask is how so many active asset managers in South Africa missed this. Priding themselves on meticulous research, scrutiny of balance sheets and income statements, backed by interviews with management,"
Says everything about the industry, Foord, Sanlam Old Mutual Investec-many of the big names-proven to be grossly incompetent
Guys, relax, look around you, you are living in Africa. It is not just Cape Town. The whole country is running out of water, sewerage works, electricity networks etc. The national infrastructure in imploding to resemble the level of sophistication of the average voter. There is no escaping it.
No matter what the constitution says, you have only got a right to the water and sanitation that you can provide for yourself. Under the DA people can provide for themselves in a group structure. In ANC municipalities it will be every man for himself.
Go off the grid. That way you have got only your own actions to manage. As long as you are connected to the grid, you are dependent on the actions of people who vote for the ANC.
I am angry that we small shareholders tolerate this. I am more angry that non executives like Steve Booysen(ABSA) and Johan van Zyl(SANLAM) and Theunie Lategan( FNB) and are also so utterly clueless to be "taken"-unable to read and understand a balance sheet. What do they do at board meetings? Moan about Mr Zuma? He seems like a small time shoplifter compared to this gang? These non executives must resign, go to jail and preferably shoot themselves in shame!!
And I am most angry that most of the fund management industry are so utterly clueless that they get paid and supported by small investors to do absolutely nothing except charge fees
I can also now, after the fact declare that I saw right through them. That I spotted misrepresentations in the statements. That I did my due diligence properly unlike all the others, when in fact I ran out of money before I could buy Steinhoff. My level of poverty, and not my intelligence, saved me from this disaster.
We should not confuse luck with skill.
Ray Mahlaka / 11 December 2017
After nine months of delays and in fighting between Social Development Minister Bathabile Dlamini and Post Office CEO Mark Barnes, a social grants payments deal is finally struck.