ANALYSE THIS: Vestact’s Bright Khumalo
We analyse Bright Khumalo, portfolio manager at Vestact
If someone came to you tomorrow with R100m to invest in just one company, which would it be?
Alphabet. The company has multiple moats and is still growing at an amazing clip.
What’s the wisest thing you could tell your 20-year-old self that you didn’t know when you started out?
Read The Art of Influence like 20 times.
Which talent would you most like to have?
Playing the piano.
What was your first job? And how much were you paid?
I was a dining hall monitor at Leo Marquard Hall. I was paid R15 per hour with max 20 hours a week.
If you could fix one thing in SA today, what would it be?
Who do you admire in the investment community, and why?
Howard Marks. He’s a well-rounded investor and a great teacher, one I can describe as having lexical diversity when delivering the message to his clients.
What’s the worst investment mistake you’ve made?
Selling my Transaction Capital shares when I joined Vestact and buying Steinhoff with the proceeds. Marks said: "Experience is what you got when you didn’t get what you wanted." I must be rich in experience.
What’s the best investment you’ve ever made? And how much of it was due to luck?
Going to the University of Cape Town (UCT). I have my mate Blessing to thank for that. I had never heard of UCT before and he told me I wasn’t going to get in. Never worked so hard in my life!
How do you control your emotions when all you want to do is sell or buy a share, but you know you shouldn’t?
I walk to go grab some ice cream.
What is your greatest extravagance?
Good food and not the kind that forces you to concentrate while you eat … did I mention ice cream before?
Big Tech or old-fashioned industrial stalwart?
Facebook, Twitter or Instagram?
Twitter — just don’t feed the trolls and don’t take your life too seriously.
Do you listen to podcasts? Which are your faves?
The Fat Wallet, Masters in Business, Masters of Scale, Pivot, Animal Spirits, The Curious Investor, The Meb Faber Show, Invest Like The Best, The Investor’s Podcast, According to Sources, Standard Deviations, Capital Allocators, The Art of Manliness, Naval, Hidden Forces, The Knowledge Project, How I Built This, Acquired, Planet Money, The Joe Rogan Experience.
How much of a portfolio should be for the wildcard picks?
I prefer to keep cash rather than wildcards, but if you must and have a strong stomach for risk, don’t make it more than 5%.
Do you cycle?
On the spruit, yes. I just don’t wear lycra or own an e-bike!
If you weren’t a portfolio manager, what would your dream job be?
I would be a pilot flying medium-sized planes (Cessna Caravans) across Africa.