Welcome to Investor Talk โ where we interview successful investors to uncover their journeys, strategies, and the lessons they've learned. Get inspired by real stories and gain valuable insights to sharpen your own investment approach.
Every interview follows the same set of sharp, insightful questions โ such as โWhat is your investment strategy?โ, โWhat are your highest conviction stocks?โ, and โWhatโs the biggest investment mistake youโve made?โ
In this edition, we have the pleasure of interviewing:
Name: Irnest Kaplan @IrnestKaplan
Age: 48
Residence: South-Africa
Invests since: 1998
๐๐ป๐๐ฟ๐ผ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป
I became an Electrical Engineer in the mid-nineties and worked in the IT Industry for several years. During that time, I was part of an Internet company that pioneered the commercialization of the Internet in South Africa. I later pursued studies in the CFA program and became captivated by the field of valuation and equity research. I joined Societe Generale as a sell-side equity analyst, specializing in the Tech and Telecoms sectors. Unfortunately, due to the dot com bubble burst, our equity operation was shut down, and we were all laid off after about two to three years. Despite this setback, I continued my work independently and have been consistently ranked among the top analysts in my sector (Tech), holding the number 1 position for the past two years.
๐ช๐ต๐ฎ๐ ๐ถ๐ ๐๐ผ๐๐ฟ ๐ถ๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐ ๐๐๐ฟ๐ฎ๐๐ฒ๐ด๐?
Growth and a bit of value. I am originally a value disciple (proponent of DCFs etc), but in the last 10 years or so, I've added growth to my style.
๐๐ผ๐ ๐บ๐ฎ๐ป๐ ๐๐๐ผ๐ฐ๐ธ๐ ๐ฎ๐ฟ๐ฒ ๐ฐ๐๐ฟ๐ฟ๐ฒ๐ป๐๐น๐ ๐ต๐ฒ๐น๐ฑ ๐ถ๐ป ๐๐ผ๐๐ฟ ๐ฝ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ?
My portfolio consists about 20 instruments. A few broad indices make up a big portion (about 30-40%). Then there's about 30-40% single stocks. And then cash.
๐ช๐ต๐ถ๐ฐ๐ต ๐๐ฒ๐ฐ๐๐ผ๐ฟ๐ ๐ฑ๐ผ ๐๐ผ๐ ๐บ๐ฎ๐ถ๐ป๐น๐ ๐ณ๐ผ๐ฐ๐๐ ๐ผ๐ป?
Technology. Its my circle of competence.
๐ช๐ต๐ฎ๐ ๐ฎ๐ฟ๐ฒ ๐๐ผ๐๐ฟ ๐ฏ ๐ต๐ถ๐ด๐ต๐ฒ๐๐ ๐ฐ๐ผ๐ป๐๐ถ๐ฐ๐๐ถ๐ผ๐ป ๐๐๐ผ๐ฐ๐ธ๐?
$MSFT - Microsoft
$ADYEY - Adyen
$MELI - MercadoLibre
๐ช๐ต๐ถ๐ฐ๐ต ๐๐๐ผ๐ฐ๐ธ ๐ต๐ฎ๐ ๐๐ต๐ฒ ๐ต๐ถ๐ด๐ต๐ฒ๐๐ ๐ฟ๐ฒ๐๐๐ฟ๐ป?
$MSFT - Microsoft, that's because I started buying it long ago around 2012 and never sold.
๐ช๐ต๐ฎ๐ ๐ถ๐ ๐๐ต๐ฒ ๐ฏ๐ถ๐ด๐ด๐ฒ๐๐ ๐ถ๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐ ๐บ๐ถ๐๐๐ฎ๐ธ๐ฒ ๐๐ผ๐ ๐ต๐ฎ๐๐ฒ ๐บ๐ฎ๐ฑ๐ฒ?
I have made a few. In the run up of 2020, after COVID, I chased a few stocks nearer to the top with less regard for valuation and lost quite a bit. Lucky for me, I don't go in too big on a new stock, so the impact wasn't too bad.
๐ ๐ ๐ณ๐ฎ๐๐ผ๐ฟ๐ถ๐๐ฒ๐
Favorite book: I haven't read many books from start to finish in the past few years. And it's hard for me to single out a favorite.
Favorite podcast: Invest like the Best - Patrick O'Shaughnessy @InvestLikeBest @patrick_oshag
The main reason is the high level of guests he manages to get on occasion.
Favorite quote: "Carpe Diem" - Irnest Kaplan
Favorite FinTwit account: Too many favorites. I can't single out one or even a few. Have a look at the folk I follow. They are all great and I have learned a lot from most of them.
๐ช๐ต๐ฒ๐ฟ๐ฒ ๐ฐ๐ฎ๐ป ๐๐ฒ ๐ณ๐ถ๐ป๐ฑ ๐บ๐ผ๐ฟ๐ฒ ๐ถ๐ป๐ณ๐ผ ๐ฎ๐ฏ๐ผ๐๐ ๐๐ผ๐?
http://kaplanequity.com
http://linkedin.com/in/irnestkaplan/
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