BACKSTORY: David Crosoer of PPS Investments

David Crosoer, chief investment officer at PPS Investments 

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

Be vulnerable.   

What was your first job? 

I worked as a cashier in the underground parking lot at the V&A Waterfront.

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

It was R5,000 but paid in Czech koruna. I bought a book (Virtual Light by William Gibson), took my colleagues out to dinner, and tipped the waitress the remainder.   

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

Your initial success is largely random. Don’t necessarily think you can easily repeat it.

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

Education.

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

I hold a birthday party once a decade. 

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

Citigroup during the financial crisis in 2008. I quit doubling down before it bounced back. And the South African Revenue Service didn’t treat my losses as speculative. 

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

My marriage. Almost all at the start. Almost none, 20 years later.

What’s the best book you’ve read recently and why did you like it? 

My book club recently read Intermezzo by Sally Rooney. I related to two brothers dealing with the death of their father, and each relying on women to find their humanity.

What’s the hardest life lesson you’ve learnt? 

Human selfishness can stand in the way of a better future for all of us. 

What phrase or bit of jargon irks you most? 

“As long as I don’t have to give up returns”. If you care for something, you should be prepared to pay for it. 

What is something you would go back and tell your younger self that would impress them? 

You are a dad to two amazing children who love you. 

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

I would reduce the size of my cabinet and review the underperforming departments.