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Karin Richards @Richards_Karin
, 3 tweets, 1 min read Read on Twitter
What angered me greatly this year was Iqbal Surve and pensioners' savings squandered by the PIC supporting his media co's. Am reminded of it every time I see a Cape Times. Once proud, it is now a farcical mouthpiece for Surve and a promotional tool for his self-serving interests
PIC 'invested' R4.3 billion in Iqbal Surve's AYO at R43/share when the net asset value was just 15c per share. Analysts cried foul, but PIC went ahead. AYO shares barely trade, but last price was R23.60. A loss of at least R2 billion to government employees' pension funds.
Recently the PIC announced that it had written off a R1 billion loan to Iqbal Surve controlled Independent Media. Reason simply stated as failure to meet payment obligations. Surely there should be a fight to recover the loss to pensioner's savings? Court action at least.
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Don't panic Dan. Rough markets hit about once a decade. Overseas is not necessarily the answer - global markets have had poor returns too and arguably may have further to fall than our already beaten down assortment.
Some suggestions:
1/Focus on quality. I do not know what you are invested in but if it's a RA make sure the underlying funds are managed by a quality asset manager. Know who the actual portfolio mgr is & investigate him/her. Be wary of 'boutique' managers with grandiose fund names.
2/Have a look at the underlying asset classes including your private funds. At this stage in markets the suggestion is cash (MMarket + Fixed Deposits) at around 40% to 50%. Over the next 12 to 18 months you can gradually move say 10% to 20% back into equities.
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Hi Karabo. Best I can answer is just get started. Open a brokerage account and buy a stock. Not with the object of making money (that comes later), but to learn. A world of financial freedom awaits, but slowly. The stock market is a lifelong love affair. Below are some pointers.
1/ Open a stockbroking account. For small amounts (absolutely fine) I'd look at @EasyEquities. For larger amounts or once you've built up more capital, I'd go with @SharenetZA or @SBGTraderZA. Service and help is crucial. Standout for that is Sharenet.
2/ Buy a stock. Many will shout ETF! but imo you learn little from an ETF or unit trust, but an enormous amount from owning an actual stock. This stock will almost certainly not make you rich but it will be your teacher. Owning a stock is only one step, but it's the first step.
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