Magnus Heystek: Hersov & other voices, EWC & clients wanting their money out of SA

South Africa's new Expropriation Without Compensation law has been making headlines for the past three weeks. Investment strategist Magnus Heystek of Brenthurst Wealth Management has been polling reaction to statements made by capitalist billionaire Rob Hersov and others. “I'm more inclined to agree with what Rob is saying. If the ANC doesn't change its strategy…we will be left with a hollowed-out economy that cannot provide growth and jobs for a very, very large number of unemployed people.” Heystek’s says 70% of his company’s clients has already externalised most of their assets or liquid assets into other jurisdictions and into other asset classes. “However, we have been extremely, extremely busy with new clients suddenly realising that the positioning that we have taken over the last 10 to 12 years has been accurate…And the instruction from clients is simply: here it is, take it out. No questions, no arguments, just get it out of the country. Now that in itself is a danger. If that is multiplied by a 10 or 100 or 1000 companies who do what we do, that means there's a heck of a lot of money going to leave the country.”