MARC HASENFUSS: Richemont’s gilded citadel
Some time last year I let go of Richemont, thinking the market rating was a tad too demanding. It’s appreciated 20% since then
In recent years — after the dismantling of the wonderful Foord Compass instrument — I have mainly applied the "Triple R" tactic to my investment portfolio composition.
The "Triple R" should not be confused with the infamous "Triple L" tactic (lob, lob and lob), which we often revert to at the Fish Hoek Tennis Club when the unholy gusts pick up. In fact, so frustrating is the "Triple L" ploy that during a game against Kelvin Grove, my partner was warned by our out-of-breath opponents that if he lobbed one more time they would abandon the match. It was a sweltering day, and the Kelvin’s poolside bar area looked most inviting. So the very next point he defiantly played skywards, and before the ball even reached its full height the opponents were scurrying off the court...