The PIC’s Isibaya Fund (unlisted/developmental investments for GEPF) wrote off ~R3.6bn last year on investments now valued at zero. Reports reference ~15-17 such cases with -100% IRR, but the full list of names isn’t publicly detailed in the articles or recent SCOPA updates.
Known examples of major impaired/zero-value investments include:
- Daybreak Foods (poultry; originally BEE deal, PIC later took 100% ownership, >R1.7bn invested)
- Ayo Technology Solutions
- Educor (property arm)
- S&S Refinery
- Independent Media (related)
- Others like Bayport, Allied Mobile, Musa Group
The Isibaya mandate emphasizes BEE, transformation & developmental deals, so many involved majority black-owned structures or partners at investment time. PIC often ended up with larger stakes after problems emerged. Losses tied to mismanagement, governance issues & market conditions rather than ownership alone.
Full detailed list would need PIC disclosure.
John Maynard Keynes lived as a quintessential elitist who despised the very people his theories claimed to help. While you hear endless praise for his "compassionate" economics, the man himself viewed workers and savers with open contempt, calling them irrational actors who needed enlightened technocrats to manage their affairs.
The Cambridge don made his fortune speculating in currencies and commodities while simultaneously advocating for government controls that would eliminate such opportunities for ordinary people. He lost his shirt in 1928, then again in 1929, proving himself a mediocre investor despite his theoretical "brilliance". His personal financial disasters never dimmed his confidence that he could engineer prosperity for entire nations.
Keynes openly admitted his theories served political expediency rather than economic truth. In a 1944 letter to Friedrich Hayek, he wrote that he expected his ideas to be temporary measures, lasting perhaps 25 years before sounder thinking would prevail. He never intended his deficit spending prescriptions to become permanent doctrine.
The man who gave intellectual cover to every government's spending addiction actually agreed with free market economists on the long run. He simply believed political reality made sound economics impossible. His famous quip "in the long run we are all dead" was political cynicism: politicians need solutions that work before the next election, consequences be damned.
You celebrate Keynes as the savior of capitalism, but he designed his system to give politicians exactly what they wanted: intellectual permission to spend money they didn't have on programs that bought votes. He knew this would end badly. He just figured someone else would clean up the mess after he died.
@soks64@Sakeliga 30+ years in & you are still condoning reverse racism, come on, we are the same, or are we not ?
What of the lack of security of tenure in title deeds in the old "homelands" ?
Chiefs & serfs, what of equality for them either ? Tribalism & Tragedy of the Commons.
The Middle Ages
Rothbard didn't just publish another economics textbook in 1962. He torched the entire discipline and rebuilt it from first principles, using only logic and human action as his foundation.
You won't find a single graph, regression, or statistical model in Man, Economy and State's 987 pages. Rothbard rejected the mathematical positivism that had infected economics since the 1930s. Instead, he constructed economic theory the way Euclid built geometry: starting with self-evident axioms (humans act purposefully) and deriving all economic laws through pure logical deduction. No empirical testing required. When you understand that people choose between alternatives to remove uneasiness, you can deduce the entire structure of market prices, interest rates, and capital formation without collecting a single data point.
The book systematically demolishes every interventionist policy you can imagine. Rothbard proves that minimum wage laws create unemployment, rent controls cause housing shortages, and antitrust legislation protects inefficient competitors. Not through statistical studies that opponents can cherry-pick and debunk, but through ironclad logical demonstration. When government forces wages above their market level, employers hire fewer workers. This follows necessarily from the logic of human choice.
Most economists today remain trapped in the positivist methodology that treats human beings like particles in a physics experiment. They build elaborate mathematical models that predict nothing and understand less. Rothbard handed us a complete science of human action that explains every economic phenomenon from first principles.
The establishment ignored the book for good reason: you can't refute pure logic with statistics and computer models.
The High Court’s order against the IASC confirms that industry regulators may not smuggle BEE requirements into licensing where their legislation grants no such authority.
It also shows international businesses and governments that such race-based demands can be resisted and overturned in court.
@KanthanPillay@ProfTimNoakes Bingo. Do not forgot how Luthuli House paid for the hilux's and electionieering largesse for the 2017 elections,,,, by selling the Vodacom BEE equity handout they received and benefited from for so many years. Whilst watching our people pay the highest voice and data rates..
Your stupid VC shitcoin was born out of a trusted setup involving Israeli soldiers. Etheeryum, which is the biggest and most decentralized shitcoin (tallest midget) was rolled back to seize $150m of the founders' coins that they couldn't secure. If the biggest most decentralized shitcoin can be rolled back for $150m, every shitcoin will never be able to credibly demonstrate that it can resist political pressure. Bitcoin can because it has no founders, no trusted setups, no premine & no stupid VCs with power over it. You could take the 1000 most influential bitcoiners and 1000 biggest hodlers and torture them for a month and all you'd get is a worthless stupid shitcoin fork like bcash while bitcoin continues to work. For all other shitcoins you don't need to do anything more than threaten a dozen nerds.
Why is Capitalism better than communism?
When you pay a company to provide a service and they fail you stop paying them.
When government fails to provide a service and you stop paying them they put you in jail.
She lives in America, uses X daily, and gets paid her income in dollars.
Tells you not to allow Starlink in South Africa even though it will help improve the lives of the poor, because it's a "security risk". A person who has no experience in Cyber Security or Technology.
This is politically motivated, disguised as a sophisticated technical argument against Starlink. So much arrogance, hypocrisy, and pride all summarised into this woman.
@RediTlhabi Redi is a commie champagne socialist enjoying the freedoms the USA affords her, while spewing her absolute bile to disenfranchise the people of South Africa even more!!!
Stupid Kant
🚨 BREAKING ALERT, SOUTH AFRICA! 😱
Only TWELVE PERCENT of government spending got a clean audit?! Just 12%?! Where on Earth is the REST of your HARD-EARNED TAX MONEY vanishing to?! Billions disappearing into a black hole of corruption?! You NEED to see this!
@Swannie_DS Check @AuditorGen_SA 2024/25 PFMA audit outcomes. They show 151 clean audits (36% of 417 auditees) managed just 12% of the R2.21 trillion expenditure budget, with 88% under entities with material irregularities. Easy math.
Make fun of me all you want
But I think Mr. Quittem will one day win the Nobel prize for this discovery
Comparing Bitcoin to Fungi
Why do I HIGHLY agree with him? Before Bitcoin I was an amateur Mycologist,
I have studied over 1,200 mushroom species, have harvested and eaten some,
He is 100% right here 👀
@RWMaloneMD Informative, lucid, thank you Robert, You have proved errudite and even keeled throughout the pandemic.
@Grok, please ellaborate in point form how these specific indoviduals on rhe article below align with Bitcoin and in particular @JeffBooth 's key thesis
https://t.co/GBVAXs7Sdi