What Game are you playing?

Francois le Clus • April 1, 2021

I recently listened to a podcast by Morgan Housel which made me rethink the way I think about financial advice. I tend to think that everyone has the same goals in life, but this is a fundamental mistake on my part.

I recently listened to a podcast by Morgan Housel which made me rethink the way I think about financial advice. I tend to think that everyone has the same goals in life. I tend to think that everyone wants to make as much money as possible, accumulate as many assets as possible, and get out of debt as soon as possible, but this is a fundamental mistake on my part.


Everyone, including myself, has different goals. We get delight from different things in life. Everyone has a different outlook on life. Just because someone doesn’t want to pay off their debts as soon as possible doesn’t make them wrong; they just feel comfortable with debt. I tend to think that everyone wants to get out of debt as soon as possible because debt is a pet hate of mine.



Some people believe in Money market funds as long-term investments. Even though they may be in the wrong fund for the timeframe of their investments, they feel comfortable with this type of fund. Some people feel safe and comfortable in these portfolios, and they don’t care about making real long-term returns. They find joy in seeing their money providing consistent returns. They may leave money on the table in the future, but that’s not the point. The point is that they enjoy the growth and stability they see every day and the possibility of higher future growth doesn’t make them happy.

Think about crypto. Some people believe without a shadow of a doubt that these assets will grow substantially in the future and the financial system has failed so many times that it would be idiotic to be invested in “traditional” markets. For these enthusiasts, it’s riskier to be invested in these markets rather than alternative assets. For me, I don’t have enough courage to invest in crypto.


We all have different approaches to investing, debt, spending, happiness, etc. Just make sure you understand the game you’re playing and what makes you tick and do not play the game someone else is playing.


Listen to it HERE.


Francois Le Clus (PGDip Financial Planning)


Photo by Joshua Hoehne on Unsplash


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Chart of the month: 5 Largest stocks dominate

By Geo Botha • October 3, 2025
In this month’s chart we can see that over the last 60 years, top five stocks now make up nearly 35% of the US market — the highest concentration on record. They include: Nvidia, Microsoft, Apple , Alphabet (Google) and Amazon. Market leadership is becoming increasingly narrow, leaving investors more exposed if these giants stumble. At Bovest we take this into consideration when constructing our client’s portfolios and it serves as a reminder of the risks of concentration and the value of diversification. Although almost every investor will have exposure to these large tech companies in one way or another, it is important to limit the level of exposure and not get caught into investing in themes or falling in love with a certain stock. At a recent event, hosted by pour partners at Ninety-One asset managers, many of the talks still revolved around the impact of AI, not only in the workplace, but investment opportunities as well. This boasts the idea that these stock might still have room to grow, but at a certain point valuations move across the tipping point, and we will see a correction in prices. Kindly contact our team if you have any questions.

Protecting the Inheritance of Minor Children

By Ruvan J Grobler • October 3, 2025
In many instances, spouses choose to bequeath their whole estate to each other and the surviving spouse will look after the children. This is also good estate planning. But what will happen to the children and assets should both parents pass away? Underage children can inherit these assets but should be managed through a testamentary trust. A short video summary of the below can be watched here: https://www.instagram.com/reel/DPOqkx3DP1S/?utm_source=ig_web_copy_link&igsh=MzRlODBiNWFlZA== What Is a Testamentary Trust? A testamentary trust is a legal entity created in terms of a person’s Will, which only comes into effect upon their death. Unlike inter vivos trusts, it is not operational during the testator’s lifetime. The Will serves as the trust instrument, and the testator is the founder. How Is It Created? Drafting the Will: The Will must clearly state the intention to create a trust, name the beneficiaries, identify the assets to be placed in trust, and outline the terms and conditions. Activation: Upon death, the nominated trustees apply to the Master of the High Court for Letters of Authority to manage the trust. Trustees: It’s advisable to appoint at least one independent trustee with fiduciary expertise to ensure proper governance. Why Should Clients Consider It? Protection for Minor Children: Minors cannot legally inherit until age 18. A testamentary trust ensures their inheritance is managed responsibly until they reach maturity. Special Needs Planning: A Type A Special Trust offers tax-efficient support for beneficiaries with disabilities. Asset Preservation: Prevents reckless spending by beneficiaries. Trustees manage and distribute assets according to the testator’s wishes. Managing Indivisible Assets: Useful for assets like farms or holiday homes that cannot be easily split among heirs. Tax Efficiency: Testamentary trusts may offer tax advantages, especially in the case of special trusts. Important Considerations Validity of the Will: If the Will is invalid, the trust cannot be established. Professional drafting is essential. Trustee Selection: Trustees must be trustworthy, capable, and ideally include an independent party to avoid conflicts. Costs & Complexity: Testamentary trusts involve legal and administrative costs. Clients should be made aware of ongoing compliance and management responsibilities. Family Dynamics: Clear communication and transparency in the Will can help prevent disputes among beneficiaries. Contact me at ruvan@bovest.co.za for more information. Ruvan J Grobler RFP™ (PGDip Financial Planning)