Swart Donkey

Much of the anxiety I have experienced comes from expectations. Stated and unstated. Known and unknown. Managing both the conversations in m...

Part of risk management is creating limits. Self-imposed limits. Investment managers will disclose their investment restrictions. The things...

You can’t simplify risk into a simple number to fully capture the “cost” of returns. There are various measures for risk, that ask interesti...

A lot of  maths  used for the management of risk is problematic. There is a desire to make it look pretty, and come up with models and numbe...

When a country isn’t wealthy enough (e.g. South Africa), or even if a country is wealthy enough (e.g. the United Kingdom), to have a solid s...

Life is a series of choices based on the options we are given. Where we end up depends in part on luck, in part on where we started, and in ...

Not all good ideas are good business ideas. Good business ideas require the ability to control supply and demand. To create shape and form a...

How we see the world is path-dependent and cumulative. We are partly conscious of how the incoming waves of information get processed. Other...

My first job after university was in Risk Product Development. My focus area was Earning Ability. Money is made by solving problems for deci...

Financial Planning starts with a conversation about you and your relationship with money . The goal being to understand your risk tolerance....

I started my career in Finance in South Africa and the United Kingdom during two watershed moments. Just after the bursting of the Internet ...

One of the eternal questions in Investment is “Active vs Passive”. Should you just invest in a diversified index or is it worth paying a man...

A standard question when talking about investments is “what return can I expect?”. Howard Marks warns us to never forget the 6-ft man who dr...

Earning £100,000 a year can still be filled with anxiety if you are spending £120,000 a year. If you are living on the edge of your capacity...

I am not a successful entrepreneur. I have a small business, but that is not what pays my bills, and I am the sole employee. At the moment I...

A business is a legal person. It is a container which has legal rights and is subject to obligations. A share is a slice of ownership of thi...

To sustainably make money, you need Capital (outflows come before inflows), a Product (offer that matches an ask), and a Container (to get p...