Magnus Heystek
@MagnusHeystek
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Director of Brenthurst Wealth Management - Tweets are my own personal views. Tweets are NOT financial advice.
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The misplaced belief that property is a good investment--drummed in over generations by estate agents-is the single biggest cause of middle-class poverty today. Asset rich but cash poor.
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SARS just launched an USSD service to taxpayers. Send *134*7277# via SMS and you get your tax status immediately. It's brilliant. Will put a stop to email scams purporting to be from SARS.I am tax compliant but owe them R2 500 for admin penalty (phew!).😇
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France turned off the lights of Eiffel Tower as sign of respect for Queen Elizabeth. Not to be outdone, South Africa switched off almost all of the lights last night.
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Pravin Gordhan keeps on disappointing. His comments that De Ruyter should have stayed away from “politics” when he disclosed massive corruption at Eskom, is revealing. Since when has corruption become part of politics Pravin?
And I used to think he was one of the good guys.
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Bought 2 properties 10 year ago: one in SA for R5m and one in Mauritius for R4m.
The SA property was sold recently for R4,9m and the one on the island is now going for R19m! That's wat a collapsing currency does to wealth.
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I simply don't get this: Govt allows taxi's--which pays no or little tax--to operate and spread the Virus. But shuts down entire the entire tourism, liquor and tobacco industries--which pays billions in taxes. You decide if there is not something very sinister at play here.
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Can anyone spot the problem?
29 million South Africans receive grants – with only 7.4 million taxpayers
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This week President Cyril Ramaphosa announced that South Africa was ready to mediate in the Israeli-Palestinian conflict. Surely he can't be serious! He’s head of a government that can hardly run a tap or keep the lights on. Delusions of grandeur...
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CYRIL and his whole (largest one in the world) cabinet should be thanking the private sector EVERY DAY for the sacrifices they make to keep this economy going. Instead, he attacks, sneers and sniffs at the taxpaying private sector.
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10-years ago SA-born Elon Musk started Tesla. Today, a$100 investment at the start is worth $6 482. He is now richer than Buffett (on paper, that is). Imagine if he tried doing this in SA. No power, no water with the cadres fighting to be his BEE-partner. And no Tesla.
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Who are today's heros? Answer: owners/managers of small and medium-sized companies battling load-shedding, bad economy, crime, rising costs and countless other pressures, all to balance books at end of month in order to stay in business for another month. I salute you.
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The lockdown has left a big impression on me. Buying local products and supporting the shops/services around the corner is not meaningless anymore. There are real people, staff/ families who survive on this spending. From now on: if it's not local it goes back onto the shelf.
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The return of Shaun Summers at 70 to head PicknPay is a victory for the old toppies. Our retirement age of 60 must be scrapped so that experienced executives can be employed in both private and public sector and get this economy going again. Who's with me on this one?
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“The problems we have today is because the guys who work for a living are outnumbered by those who vote for a living.” Quote on Moneyweb today.
Absolutely brilliant. Give that man an orange juice.
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Tito Mboweni yesterday thanked the "hard-working civil servants" for their contribution. It would have been nice for him to thank the even harder working-and-trying- to-remain-solvent business sector for their taxes. Instead, we received a lecture on tax compliance. Just saying!
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Our national debt just went through the R3trillion mark today. Each man,woman and child owes R55 276 000! Our interest we pay is now R170bn per annum. Eish!
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The three ways to becoming a millionaire in SA:
1. Become a politician.
2 Head up a failing SOE.
3. Become a municipal manager/mayor in one of our bankrupt municipalities.
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I see Eskom about to "write off" outstanding electricy arrears for Soweto again. I think this is now the third time. Why would anyone ever pay their bills if this keeps on happening. Its a rational decision not to pay your account, because it's going to happen again.
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Just doing some market research: how many people will consider retiring to Mauritius? Renting a home next to beach and golf course, close to university,private schools and medical center? Tax at 15% and crime at zero. I think many.
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Agonize no more, Tito, here are the answers why our economy doesn't have flexibility:
1. BEE
2. AA.
3.Cadre deployment.
4.Corruption.
5.Lack of accountability.
6.Crime (Lack of law and order).
7. Exchange controls.
8.Minimum wages.
9.Destructive trade unions.
10.Punitive taxes.
I have agonised over the past few years about this question:Why is the SA Economy inflexible? What are the shackles to economic growth?Know-How,Kapital,market dominance, race, gender, policy uncertainty or What? For this economy to grow, it has to be flexible. Flexibility is key.
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Hard to believe that 10 years ago SA was hosting the Soccer World Cup, had an investment rating and money and tourists were pouring into the country. We were on cloud 9. Now we are down in the pits. Next downgrade puts us in the same league as Uganda. How did this all happen?
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All that is left of the Rainbow Nation…BLACK(outs) and GREY(listing). All thanks to the ANC.
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Why do I tweet? Because the mainstream media is ignoring the financial collapse happening in SA. The same with mainstream economists. They all are under strict instructions not to criticize the ANC. Exceptions are Schussler,Lamberti,Roodt and Jammine. All independent.
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Cyril now admits $4m in cash was stolen from his farm. Let’s sit and wait for ducking and diving re money laundering, origin of cash plus tax status thereof . Hooha..this is going to be educational.
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OK..I was wrong. Having spent a bitter cold Saturday reading the manifesto's of the EFF and MK (a country run by traditional leaders, amongst other things), I now accept a deal between the ANC and DA is best of all evils. If you thought the EFF was radical, go and read the MK
Let’s all hope. The best way to think about it is your long term wealth/savings. Rand strengthens, foreign investment is unlocked, prescribed assets requirement is likely off the table, provincial governments are stabilised. Best outcome for SA.
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Final comment on THAT tweet by Mboweni. Attacking the loyal whites in SA, who are staying and making a difference by employing people/ paying taxes, calling them racists. This could tip many over the edge. Expect emigration to increase even more. Are we sure this wasn't Malema?
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For 10 years private-sector economists have been warning the ANC that we are heading towards a debt trap. And for 10 years they were ignored. And guess who was finance minister for most of this time? Pravin Gordhan....and he is supposed to be the good guy. Don't make me laugh.
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So sad to hear about the passing of Mike Schussler,good friend and consulting economist to Brenthurst, after short battle with cancer. Was a truly gifted economist and communicator on technical issues. Condolences to wife Greta and family. RIP my old friend….
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Imagine a country where thousands of small businesses are going bankrupt due to Covid-19 rules, while fully-laden taxi's whizz by and funerals are held with not a mask in sight. We can't breathe with your sized 12 boot on our necks, Mr President!!
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If any other businessman had $4m in cash in their possession they would have SAPS, the NPA and SARB swarming all over them. Questions the media should ask is when did sale of game took place, who where the buyers, why did they pay in dollars and when did CR report this theft?
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It's astonishing how CR has lost the plot. He calls the economy "racist and colonial" and that it must change. He hasn't done too badly out of this...with his estimated $4 billion net worth. And then certain journo's keep on describing him as a "brilliant businessman". Eish wena!
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It’s time for ordinary South Africans to realize that the ANC is after YOUR money, assets and property. Get angry and get involved! Join one of the many bodies fighting for your rights...FMF, SA IIR,AFRIFORUM, OUTA. ETC. Ignore commentators who say:”Everything’s OK”. It’s not..
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Allow me a little bit of Brag Time here. 20 years ago, when Brenthurst Wealth was born, it was just me, my wife Sue, Brian Butchart and Celeste Phakathi. Today we have 9 offices in SA and one in Mauritius, employ 75 staff and have 23 of the finest financial advisors in the SA
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We are now seeing the real Pravin Gordhan being exposed. I was always amazed he got such a good press, when most of our debt explosion happened under his fiscal management. And now he wants to spend even more to save SAA—giving the finger to the ratings agencies.
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So all those fines and arrests and harassment by power-drunk officials invalid? What a waste of time,money and goodwill.
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Recently sold my stand at Harties which I bought in the middle of the property boom in 2008 for R400 000. I paid R900 000 for it. Had I invested that in the Nasdaq or S&P500 that would now be worth well over R10m today! Pass the vomit bag please....
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Cannot believe that
@tito_mboweni
can, in this day and age make such a sickening,ill-founded and disgusting statement. No,Tito, this is NOT TRUE. You can do better than this!
The majority ( not all) of white South Africans, seem, at face value to still view black people as hewers of wood and drawers of water= servants.
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If a DA-controlled government comes into power, could we see a massive return of foreigners and their capital. The rand will rocket and property prices boom. Law and order, investor friendly policies and scrapping of race laws will turn SA around.
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The disaster at Jagersfontein has attracted much media coverage, but barely a word about the BEE-consortium who owned 50% of the mine (with no or very little capital injection) and walked away with about R180m 10 year later. Its in the public interest to know who they are.
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A while ago I was in a generous mood and told my wife, "you can have anything you want: diamonds, perfume, new car. She said:" solar panels", and they were duly installed last week. Smart woman, now with load shedding at stage 6 today...
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I can see many SA doctors setting up shop in Mauritius where Saffers will fly to for medical treatment. Can u imagine the ANC running the NHI like they run the railways,airlines,Eskom and infrastructure? A scary thought....
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Mauritius has also just announced a new scheme where you get residency if you lease a property in one of the new retirement villages they building. With residency comes almost zero tax, no CGT, no estate duty etc. I see thousands of SAcans retiring to Mauritius, not the Cape.
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BREAKING NEWS: The victims of the assault captured on video have been arrested for stopping on a yellow line. Say's SAP spokesman: "We will not tolerate such criminal acts and will prosecute to the full extent of the law". Meanwhile CR has appointed a commission of enquiry....
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So all Wealth is the result of privilege, hey Max.?It’s got nothing to do with hard work, saving and building some wealth for your kids and grandkids. I reject this with the contemp it deserves.
Privilege and inheritance: Time to disrupt intergeneration transfers of wealth
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Many businesses have realised that they can operate remotely---very remotely. I suspect many business owners and entrepreneurs will decide to set up "offshore" in places such as Mauritius, Cypress et al where your business and property is out of the hands of the ANC.
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Middle-class South Africans are asset-rich but cash poor. They own property, sometimes more than one, which they cannot sell. Pensions and investments haven’t moved in 5 years. But rates and taxes, medical and other costs have shot through the roof. Result? No disposable income.
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SONA:Full of dreams and desires.Bullet-trains from Cape to Musina,a new smart city,4th IR stuff and all that. And then the wake-up bill for taxpayers: R230 billion for Eskom. And he gets a stand-up applause. My fok,Cyril....
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THE ANC thinks you can snub your nose at the West and make friends with the Russians, Iranians and China--and still get the West to invest in the country. Stupid, stupid, stupid.
Foreign investors dump R135bn worth of SA shares in 2023 via
@BusinessLiveSA
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We behind you on this one, Helen.
I will lead a tax revolt if corrupt are not jailed, Helen Zille says via
@BusinessLiveSA
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Pity all my articles on Moneyweb are behind paywalls. Maybe I should ask the editor to release them. After all, they belong to me and I wasn't paid.
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Old Cyril just keeps disappointing. Be like the Chinese and never "badmouth" our country, he says. Thing is Cyril, China is a brutal one-party Marxist state where critics of the govt. often vanish in the middle of the night. We are not badmouthing SA, we are badmouthing the ANC.
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My 6 children have been preached the following financial lessons over many years:
1. Rent, don't buy property. Except if you moving to the Cape.
2. Drive an old banger. If you want to impress, use Uber.
3 Avoid debt.
3. Invest until it hurts-preferably an asset swap fund.
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Norway has ZERO net debt. Norway’s government has such a massive financial surplus that they could tell every citizen, “Stay home and do nothing for the next six months,” and just write a check for everything. They wouldn’t need to go into debt by a single penny.
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Been watching Russian president Vladimur Putin taking questions from the global press singlehandedly for more than 3 hours now with not an aide or press agent in sight. Joe Biden wouldn’t last for 10 minutes.
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And when are the motor car dealers going to be questioned about their part of this criminal chain? In the investment industry, we cannot invest even R10 without proof of source of funds.
Vehicle collection of Edwin Sodi who was arrested yesterday in connection with Ace Magashule's asbestos tender
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1. Don't buy a house--rent. Rentals are very low. Property ownership is very expensive with no growth.
2. Drive 2nd hand cars. Live close to work.
3. Study for a global degree. 4. Educate yourself.
up cash and invest offshore when have $15 000.
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My biggest objection against the NHI is that it takes away freedom of choice for taxpayers who want to provide their OWN medical care. This is socialism in its vilest format.
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What Ramaphosa so far didn't know:
1. Who funded his CR17 campaign?
2. Who paid his son management fees?
3. The extent of state capture.
3.Where US dollars in couch came from?
4. Which ministers are stealing at Eskom?
5. How bad state of Eskom?
6. If SA supplied guns to Russia?
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Hi Tito, welcome to the real SA, not the one where ANC politicians and cabinet ministers travel in convoys with 5 BWM's and 16 bodyguards. And where the good citizens repair the roads and fix the sewage, they get blocked by the Cadres.
Why do you want to call a conference to discuss the dangerous potholes between Dullstroom and Lydenburg? Fix the damn road!! Fix it… My car tyres and wheels were destroyed there!! I nearly lost my life. Fix the road.
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It was also pathetic to watch
#reditlabi
try and set Gareth up with the visuals of the whiteys braaing juxtaposed with the darkies being harassed by the police. Why didn't she use the visuals of Stella Abramswhatshernameagain having dinner during lockdown...?
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My first job was mowing lawns for other people in Orange Grove. Then shop assistant in Louis Botha then worked while studying at RAU. MY first formal job was at the Jhb abattoir. Don't come with this white privilege thing with me. I seem to have missed that bus...
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Why do I get a sneaky feeling CR and the ANC will use this R500bn package to ram through the RET-proposals it has been lusting after? Nationalise the SARB, introduce prescribed assets and even nationalize key parts of the economy. Read his speech carefully and tell me I'm wrong.
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There is no country in the world with a 100% inheritance tax. 15 OECD countries have no estate duties. Nor does NZ, Australia and Canada. Many countries trying to get rid of it as it is unworkable. If assets revert to the state as De Vos suggests, it will collapse the SA economy.
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My heart attack was directly linked to the Pfizer Covid vaccines I was forced to take..
Early deaths from heart disease soar to ten-year high in wake of Covid
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I am super-proud to announce that top-rated independent economist Mike Schussler has joined Brenthurst Wealth as its consulting economist. Expect the truth and nothing but the truth from Mike, no spinning of the facts.
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I drove past Diepsloot yesterday...in front of the SAPS office on the main road, the taxi's were breaking every conceivable road rule in the book. The police not even blinking an eyelid. This morning arresting people for cycling!! We just want fairness.
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SAY what you like about the Americans, but they take financial fraud very seriously. Barely 5 weeks after the BTX collapse 2 execs have pleaded guilty while SBF has been extradited to the US. Meanwhile in SA, 5 years after Steinhoff fraud, no-one has been charged as yet....
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No word from
@pierredevos
about questions posed to him yesterday. Here's another one: are you happy to be taking cash from the estate of a white colonialist (Claude Neon), originally from London, and who made his fortune on the Transvaal goldfields? Pay back the money, prof.
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The rush to the Western Cape is real! Building plans approved Jan.-- June 2023 (+33% R17.86bn)now more than Gauteng(-7,5% to R16,80bn.) Gauteng four times bigger economy than WC. People are fleeing the ANC chaos with their money and families.
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I once asked Simon Marais, late chairman of Allan Gray, what was the first thing he looked for when investing in a country. Answer: law and order and respect for property rights. Think about this...
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The reference to the revolutionary Marxist Amilcar Cabral by Dr. Nkososana Dlmani-Zuma in her speech last month now starting to make more sense. She referred to "economic class suicide"--could this be what she and the ANC is planning for white-owned businesses?
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If it was anyone outside of the ANC’s inner circle caught with USD in a sofa, their accounts would have been frozen and the cash confiscated as well as further action by the SARB. SARB has often done this to private individuals,why not CR?
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Duncan Artus, new CEO of Allan Gray has always been a straight shooter. Today he says in ST": "You can't have successful companies in a country that fails", warning SA is close to a death spiral. Will govt. listen? Respect Duncan, respect!
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Older than 55? Self-employed? How to get 100% offshore allocation and full- tax deduction? Busy with article for Biznews on this little-known loophole. Should be ready end of week.
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After spending 4 months of the lockdown in Val de Vie, I can confidently forecast that the Paarl, Franschhoek/Stellenbosch triangle is probably the fastest growing region in SA. And now with plans to go without Eskom, it will grow even faster.
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Let's put money on it...NOTHING will happen to these thugs.
I will do everything in my power to ensure that these Blue Light Bullies are brought to book. I have already engaged the Executive Director of IPID and will be demanding that Minister Cele ensure SAPS arrest these thugs within 24 hours.
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Earlier this year Tito Mboweni tweeted that "SAA is broke, Close it down." Today he gave it another R16,5 bn to keep it in the air. And then there are still people who think we will avoid the debt trap. Funny people.
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Was invited to the Polo in the Park at Steyn City yesterday.Could there be a more colonial sport than polo?Yet, 80% of patrons were black, dressed up to the nines and arriving with theirRange Rovers and Bentley’s. Maybe Zille wasn’t that wrong after all?
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SA should open its doors to rich foreigners, grant them permanent visas and no local taxes. Every foreigner who builds/buys a house in SA indirectly supports 5 people. Our country should be teeming with foreigners, enjoying our wines, weather, golf courses and beaches.
A prominent businessman is proposing letting rich foreigners build luxury holiday homes in New Zealand to stimulate the economy.
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But we don't have Starlink in SA because the ANC wants Musk to give away 30% to the cadres. Musk has given them the Big Fat Finger.
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Taking the knee is divisive - Quinton de Kock is not racist for refusing to do it
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The collapse of the JSE happened since 2013 when the full impact of the ANC's destructive policies became apparent to offshore investors. More than R600 billion has left the JSE in the past 6 years. In 1st quarter 2020 R97 billion fled the market. Did you see this in the media?
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Finished paying off stand next to Harties I bought in the property gold rush of 2007. Total payments over 13 years--R1,9m. Had I invested in an offshore fund--probably worth R4,5m today. Value of stand today: at best R200 000. Happening to many across the land.
#VoetsekANC
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Isn’t it amazing how CR’s announcement of the new electricity policy is seen as a “breakthrough” and “visionary”. It’s because the ANC’s destruction of Eskom gave him no choice. It brought SA to the precipice this week.
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At Davos before the world business community CR gave the assurance that the ANC will not touch SARB's mandate and independence. Today he says it will be nationalized. My fok,Cyril.
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7 weeks ago CR , when he spoke on TV, was described as "majestic", even"Churchillian". Today he is the Sunday Times' Mampara of the Week. That's why you should never turn your back on your enemies. Otherwise, you will never see the sharp blade of the knife coming your way.....
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Ramaphosa is the modern-day Nero, playing his fiddle (or golf) while the country is turning into a hellfire of lawlessness run by criminal syndicates. It's already a failed state but the long-term consequences will only become clearer much later--when its too late for most.
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South Africa must arrest Vladimir Putin
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There is such anger building up in the way the ANC is treating the private sector, that a collapse in tax morality is inevitable. In my experience most business owners paid their taxes--even under duress--but that loyalty is now gone. Watch the numbers in the October Budget.
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What a week it’s been...Bailout, blackout and SA cricket imploding. Gordhan imploring us to fly more to save SAA but use less power to save Eskom. But nothing can save our cricket. Viva cadre deployment! Viva BEE!
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Am in Mauritius for a while, but have never seen so many Saffers here. All young couples with kids looking to set up companies and reduce taxes/exchange controls etc. Can u blame them? No crime/grime/murders/hijackings etc. Women can freely jog in national forest without fear.
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"STATE RUNS OUT OF MONEY" is the front-page of the Sunday Times this morning. This slow-moving train wreck(govt. finances) has coming since the collapse in mining profits so far this year. At the same time our national debt has breached R5 trillion. Not looking good.
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Remember Ramaphoria in Dec.2017? Remember the gushing good press CR got, the new dawn, the business boom, the global investment emissaries etc? Guess what was your return on JSE since then? Zero, nada, f
#kkol
.
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Old Piet Kopdoek has a problem that I have interests in Mauritius. Let's name other SA companies on the island: Pam Golding, Sanlam, Standard Bank, Sotheby's, Atterbury, Shoprite, Absa, Investec,Mugg and Bean, Panneroti's,etc. There might even be people who read Vrye Weekblad...
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Alexander Forbes recently said it will not use fund managers who are not majority black owned. Today I received my first "take my money away from AF"-email. The problem with Govt's plan to force BEE-ownership is that it take away personal choice. Expect more money to flow out....
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IT'S time SA investors start getting angry, really angry with the situation in SA. Most of our large asset managers are now BBEEE-controlled companies and they will never criticize the ANC's racially based policies. Time to take control of YOUR money...
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I grew up in a very Jewish neighbourhood. I remember all too well the old saying in those days that the secret to survival is to live in one country, have your money in a second one and be a citizen of a third. This could not be more true today.
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Show me one infrastructure development project in SA which is not riddled with nepotism,theft and corruption. And that,dear investors, is where your pension money is heading towards.
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I must admit I've never heard of
@JamilFKhan
before his debate with Gareth Cliff. I thought I would follow him to see what he has said in the past. Alas! I've already been blocked.! That's a new one. So SJW's only debate with people who agree with them.
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The CEO of Quantas resigned because of a (small) scandal involving the sale of tickets on flights that were cancelled. He claims he didn't know about it, but felt honor bound to resign. Do you see any of our ANC fatcats and kittens resign as result of destruction of SA?
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