The amount of codswallop emanating from your columnist, Magda Wierzycka, never ceases to amaze. On social media, on radio and in print she has been hugely critical of active fund managers’ exposure to Steinhoff. These comments appear to be self-serving and misleading given that her company is actively promoting passive funds. On Twitter there are multiple comments from her in relation to the Steinhoff debacle. Comments include (her spelling and grammar) "Investors lost a lot of money in the past 2 days. Some hard questions need to be asked. Some managers need to be fired", and "Where was proper research? Most asset mgt agreements indemnify investors against ‘gross negligence’. In my view this qualifies. Time to test those clauses." In an article she penned that was published across a number of news sites, she claims to have identified in "exactly half an hour" that Steinhoff was "as close to a corporate-structured Ponzi scheme as one can get". Again she reiterates her demand for har...
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