2 minute read
PROFILE: Omri Thomas Investment Manager, Abax Investments & Fund Manager, Nedgroup Investments Opportunity Fund
How did you get involved in financial services – was it something you always wanted to do?
I started investing while still at school and always knew I wanted to be in investments. The JSE ran an investment competition at the time, and I was constantly managing my demo portfolio. I made some investments in small caps that really paid off. To this day, small caps remain one of my favourite parts of the market when it comes to picking up undervalued stocks.
What was your first investment, and do you still have it?
One of my first investments was the original M-Net, which housed Nasionale Pers’s electronic pay-television media business. Within this business, Multichoice was also born. I don’t have the stock anymore. Sadly, I sold my shares in 1991 to fund my 21 st birthday party. This remains one of my most expensive parties, in hindsight!
What have been your best – and worst – financial moments?
Being an early investor in Naspers was one of my best financial moments. It is phenomenal to see the value that Naspers has created for the South African savings industry over the years.
One of my worst financial moments was when Marcus Jooste resigned as CEO in 2017 and the fraud committed at Steinhoff was exposed. This remains one of the lowest points in South African corporate history.
What’s the best book on investing you’ve ever read, and why would you recommend it to others?
Reminiscences of a Stock Operator by Edwin Lefevre was written in 1923 and was inspired by the colourful life of a share trader called Jesse Livermore. Many of the lessons expressed in the book are still valid today.
Red Notice by Bill Browder reads like a thriller, but it is a real-life account of corruption in Russia under Putin.
What’s your view on Bitcoin and other cryptocurrencies?
Cryptocurrencies are referred to as digital gold. The attraction is limited supply, giving investors/holders the belief that real value is preserved. While I can see the attraction, it is difficult to see wholesale adoption of cryptocurrencies until transacting speed and ability is sorted out. Until then, they remain a fringe asset class dominated by speculators and illicit activity proceeds. There have been plenty of crypto schemes, and investors need to tread carefully when investing here.
