BACKSTORY: Richard Rivett-Carnac of SAB

What’s your one top tip for doing a deal?

Build trust and ensure upfront that all parties understand the parameters of the deal (such as valuation boundaries, scope and so on). Probably two tips there, but both are necessary.

What was your first job?

My first salaried job was as an articled clerk for KPMG in Joburg when I started my chartered accountant training.

How much was your first pay cheque, and how did you spend it?

My first pay cheque was from a student job agency for putting up election posters on street poles in the Cape Town city centre for eight hours — it was R48 in total. I spent it all on transport to and from the job and some food at the end of the day.

What is the one thing you wish somebody had told you when you were starting out?

No-one has all the answers; have the confidence to make informed decisions, understanding that making mistakes is OK.

If you could fix only one thing in South Africa, what would it be?

Simple answer: load-shedding; to run an efficient operation and make beer.

What’s the most interesting thing about you that people don’t know?

I’m a passionate (but not very good) fly-fisherman.

What’s the worst investment mistake you’ve made?

At the start of my career, I made a leveraged CFD investment that went the wrong way. I severely underestimated the cash calls that could be required at a time when I did not have any cash.

What’s the best investment you’ve ever made, and how much of it was due to luck?

I believe there is an element of luck in all good investment decisions, as you can never understand all the factors that could have an impact on valuation. My best was a very early investment in Apple around the time of the release of the first iPhone. I am still a loyal Apple customer, and the share has done amazingly well.

What is the hardest life lesson you’ve learnt so far?

In business, the global financial crisis in 2008 was a lesson in how quickly things can turn. Having entered the job market in the early 2000s, I hadn’t experienced a crisis and had only worked in and seen a very strong market. The profound impact the crisis had on both businesses and people’s lives was a real lesson for me.

Was there ever a point at which you wanted to trade it all in for a different career? And, if so, what would that career be?

I’ve never wanted to change careers but if I were forced into a change, I would become a teacher. 

If you were President Cyril Ramaphosa, what would you change, or do, tomorrow? 

I would not want the president’s job! I think the president, the government and business are focusing on the right issues, and the most important change needed is the speed with which structural improvements are implemented.