7 Things I Learned From Lunch & Drinks With Dr. Prieur du Plessis & John Mauldin
Posted by Timothy Sykes on Sat 6th of Dec, 2008 02:19:10 PM
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For those who don’t know, Dr. Plessis is head of Plexus an economic blogger over at InvestmentPostCards.com & founder/chief of Plexus, a goliath South African asset management company. And his business partner John Mauldin has a weekly newsletter with 1.5 million subscribers….seriously.
So after a few hours hanging with these guys yesterday, here’s what I learned:
1. South Africa is ripe for business opportunity and I ever or anybody else ever has any questions/ideas, they should contact Prieur because he’s like the Godfather down there.
2. Investment management/market commentary are not just jobs, they are lifestyles…Some quotes, not 100% exact because I didn’t tape record, but I think I got the meaning correct, to back this up:
Plessis: “I can’t imagine retiring”
On me trying to urge Mauldin to start a premium newsletter, he replied: “I can’t DO anymore” (to which I replied, you gotta give people some quality free stuff but keep all the really good stuff for premium members a la premarket watchlists and real-time trade alerts TIMalerts-style.
3. Both are extremely experienced/old, with decades in the biz so they don’t have the urge/time to BS around will silly predictions like most oily analysts/brokers.
4. Both believe everything will rebound, but in time, the key is not marrying any one asset class.
5. Mauldin says $500 Gold, and prolonged instead of immediate pain…which he believes is the right way to combat this environment. He also expects a strong dollar and possible deflation. Plessis isn’t as interested in forecasting, he cares more about growing/managing solid businesses (I like that).
6. As rich/successful as both these guys are, they’re still pretty cool/chill…very rare.
7. As much as I respect both of em, I don’t want to be either of ‘em. I’ll never ever have 1.5 million free subscribers mainly because I know there’s value in what I say so I refuse to give it away.
Nor would I ever want to manage a large asset management company like Plexus, I prefer gambling and helping poor people, not only because it’s right/misunderstood and more fulfilling but because there’s many many many more poor people in the world who would love to make a few extra hundred/thousand dollars, they just don’t realize how easy it is with PennyStocking aka far greater/more fun potential in creating a new Vegas….a Vegas where if you study the course materials enough, the odds can be on your side.
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