While newspaper share pages fascinated him at around age 10, today it is analysis and research that get him out of bed in the mornings.
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NOLAN WAPENAAR: Good afternoon and thank you, Ryk. It’s actually quite a privilege to be here. It’s been a journey. It’s been a very unusual journey, which in itself is actually quite nice and maybe gives me a kind of different perspective on things. RYK VAN NIEKERK: Sometimes there are a few curve balls for people to actually get into a particular industry and build a career. But when did you realise that, listen, I want to be a professional investor, I want to be in this business 8/10/14 hours a day?
RYK VAN NIEKERK: Yes, trading is a fantastic learning school and many professional investors have spent a lot of time in front of computer screens and trying to make money through relatively short-term trading. But when did you make the move to the more longer-term aspect of investments? RYK VAN NIEKERK: Many people outside the industry would say there are so many investment segments – you have equities, you have commodities, you have fixed income – and they would maybe say that the bond market is a boring market and the exciting investment segments would be equities or derivatives and even maybe forex.
But if you’re looking at it from a holistic portfolio perspective, understand all asset losses, understand how they work – and there is a definite advantage to fixed income in many situations. I think, if I may, one of the differences between equity investing and fixed-income investing is that I often say our advantage in fixed income is we play defence very well, we make sure we don’t get it wrong because the consequences of getting it wrong are quite severe on the portfolios, whereas on the equity side, I think it’s more about playing offence.
NOLAN WAPENAAR: Casting my mind back, how did I do it? I sat down and asked myself what I wanted to achieve. At the time, I wanted about a quarter of my portfolio to be exciting, these sort of 10-baggers that were going to make me very rich. And I wanted the balance of it just to be nice, steady-Eddy-type companies. So I went out and looked for those, and of course got it wholly wrong at the time. So my steady-Eddies proved to be not so steady.
NOLAN WAPENAAR: Let’s pretend for a second I’m looking only at the JSE. Now my first comment to you would be to ‘take half of that money and actually buy a unit trust that invests in offshore markets’ – and there are a variety of those around. But let’s ignore that for a second. But certainly dip your toes in, experience the markets, experience the excitement and the fun of what we do. And in time, as you learn things, it’s going to get better and better.
So I went for it and I tried, and fortunately it was quite a small investment. Fortunately most of the stocks I bought did okay, but nothing shot the lights out, unfortunately. So it was sort of a portfolio that just sort of plodded along.‘Huge gap’ for retail investors to get on JSE – Makwe MasilelaRYK VAN NIEKERK: I think you’ve summed it up correctly. You need to be lucky if you don’t do the fundamental research.
RYK VAN NIEKERK: Absolutely. Let’s talk about your personal portfolio. I’m not talking about savings towards investments, pension fund contributions, or retirement annuity contributions. Your discretionary portfolio – do you have one, and if so, what is your approach? Yes, I’ve got a stockbroking account. If I look at it, it’s probably sitting at about 60% in equities. It’s sitting at about 40% in fixed income.
And I was I’ve got to get hold of some of this, it makes a lot of sense. I put a fair amount of money into it. I won’t say a devastating amount, but enough that it hurt.Listen/read: A ‘gambling portfolio’ vs an investment portfolio
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