We analyse Nic Norman-Smith, chief investment officer at Lentus Asset Management. If someone came to you tomorrow with R100m to invest in just one company, which would it be? Berkshire Hathaway. It may sound clichéd, but if forced to concentrate such a hefty sum into just one business, one needs a globally diversified portfolio of businesses, run by very able management teams and priced attractively. With current market valuations, not even Berkshire is particularly cheap, but the discount is reasonable enough. If I were restricted to the local market, Remgro has some similar attributes and the valuation is very attractive at present. What’s the worst investment you’ve made? Investing in Aveng. Sometimes the negative sentiment is justified, and the value share just becomes a value trap. These “obvious” mistakes are an occupational hazard, but the risk of looking like a fool every now and then is more than compensated for by the winners. It still hurts, though. What was your first jo...
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