31 July 2021
NEWS & OPINION
PROFILE
Nancy Hossack Portfolio Manager, Foord Asset Management
How did you get involved in financial services – was it something you always wanted to do? My father was a portfolio manager, so I grew up talking about stock markets at the dinner table. He was passionate about his job and made it sound interesting. When I was about 16 years old, I decided to also pursue a career in finance. I reluctantly followed my dad’s recommendation to qualify as a chartered accountant. I didn’t thank him at the time, but I understood the value of it later and I am very grateful for my accounting training now. I completed my articles outside of the profession at Investec Bank, which was a wonderful place to work, and then headed to Investec Asset Management (now Ninety One). I loved the job from day one, although I do remember how stressful it was being a junior analyst thrown in the deep end. I would phone my dad to ask him the questions that I thought might be too stupid to ask of my colleagues.
What was your first investment – and do you still have it? I think the first stock I bought for myself was building materials retailer Cashbuild. I loved the simplicity of the business and the down-to-earth management team. It was also one of the first stocks I covered. I sold it a few years later because I thought the valuation had become quite stretched. What have been your best – and worst – financial moments? I am not sure there are any actual moments that jump to mind but there are two parts of the job that I really love. The first is finding an angle on an investment that no one else knows about, some insight that the market is missing, which means it is mispricing the security. I imagine it is how bloodhounds feel when they pick up a scent. The second part is on those turning point days, where a big bull market finally rolls over and suddenly things start moving quickly. That is when money managers are truly tested.
What’s the best book on investing that you’ve ever read, and why would you recommend it to others? I like Hedge Fund Market Wizards by Jack D Schwager – each chapter covers a different investor and how they invest. It illustrates that there are so many ways to make money in markets. I think consultants and investors are too obsessed with boxing managers into an investing style. As Chris Rock says, “Anyone who makes up their mind about an issue, before they hear the issue, is a fool.” What’s your view on Bitcoin and other cryptocurrencies? I’m cautious – it is very early days for cryptos. The short history of crypto has so far been characterised by an enormous amount of change and volatility that will continue. For now, I put cryptocurrencies into the ‘speculative’ category of securities. As an investor, you try to assess the fundamental value of what you are buying, something you can hang your hat on. For a company, this would be its underlying cashflows. Trying to value cryptocurrencies is a lot more fraught. Even commodities are easier as they have long-term price histories that allow you to assess whether they are cheap or expensive relative to history. Young people ask about crypto a lot – my response is it’s fine if you want to put some money into crypto, but make sure it’s not more than you can afford to lose.
“I think consultants and investors are too obsessed with boxing managers into an investing style” The worst part has been dealing with some of the corruption that has infiltrated SA corporates in recent years.
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VERY BRIEFLY Charl de Villiers has been appointed Head of Equities at Ashburton Investments with effect from 1 September 2021. He will join the Multi Asset and Equity team in his new role and will focus primarily on the institutional market. De Villiers joins Ashburton Investments from Sanlam Investments, where he was a member of the Model Portfolio Group and a Senior Equity Portfolio manager. Patrice Rassou, Chief Investment Officer at Ashburton Investments and FNB Wealth & Investments, says that de Villers “is a very welcome addition to our team. He brings an excellent track record and depth of knowledge that will greatly and immediately benefit our clients.” De Villers has sixteen years’ industry experience and holds a BTech in Electrical and Electronics Engineering from NMMU, an MBA from UCT and is a CFA charter holder. Life insurer FMI recently announced the appointment of Zanele Ntulini as its Chief Marketing Officer. “We’re excited to have Zanele join the FMI executive leadership team where she will contribute to the company’s continued focus on innovation, growth Zanele Ntulini and transformation,” says Neil Wolno, FMI Acting CEO. “As a brand and communications leader, she brings a wealth of knowledge and experience to the table. I am confident that she will elevate our brand and take FMI to greater heights.” Ntulini is a strategic marketing and advertising executive with 19 years’ experience in building strong brands, and developing and implementing marketing strategies that translate into effective integrated marketing communication solutions. She holds an impressive track record, having held various roles in the marketing departments of Liberty, Old Mutual, Discovery Health and Hollard. She also has agency and consulting experience, having co-owned a through-the-line advertising and design agency in the Western Cape, and serving as Managing Director at Collective ID. PSG is pleased to announce that awardwinning wealth manager Rish Prag has joined PSG Wealth Sandton Grayston. With 14 years’ experience in the private banking space, working primarily with high- and ultra-highnet-worth clients, Prag is thrilled to start this next chapter with PSG. Rish Prag “When I considered my next career move, it needed to be one that would help me grow both personally and professionally,” he says. “An environment that embraces technology to keep relevant in a rapidly changing world, that provides best of breed solutions designed to preserve, protect and grow client wealth, an organisation that provides systems, solutions, research and infrastructure that will make my clients and my life easier and more efficient, and a company that lives and breathes wealth management – I found these qualities and more at PSG Wealth.” PSG Wealth Sandton Grayston is part of PSG Wealth, a subsidiary of PSG Konsult. The Sandton Grayston office has nine advisers, including Prag.
