The increasing number of failing JSE-listed companies – coupled with devastating government policies and corruption – is making South Africa ever more uninvestable, warned Nick Pitro (a senior consultant at wealth manager Asuten Morris Associates) on Thursday.
… barely a week goes by without a former favourite South African share collapsing in price because of outright fraud, corporate governance failings, corruption or sheer incompetence. The private sector seems to be joining the government’s corruption party. There is a ‘last days of Rome’ vibe on the JSE right now…— Nick Pitro, senior consultant - Asuten Morris Associates
Pitro suggests getting as much money offshore as quickly as possible.
Staying invested in local assets is likely to erode your wealth over time.— Nick Pitro, senior consultant - Asuten Morris Associates
…many of the world’s best companies are American...— Nick Pitro, senior consultant - Asuten Morris Associates
Listen to the interview in the audio below (and scroll down for quotes from it).
I’m a patriotic South African… but the reality is… we’re faced with turmoil… …offshore is the place to be…— Nick Pitro, senior consultant - Asuten Morris Associates
We believe there is great value in the US…— Nick Pitro, senior consultant - Asuten Morris Associates
The JSE… our investments are essentially going backwards… What if South African companies don’t recover?— Nick Pitro, senior consultant - Asuten Morris Associates
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