David Shapiro, chief global equity strategist at Sasfin Securities. David Shapiro CA(SA), chief global equity strategist at Sasfin Securities, has consistently worked throughout his career to improve lives and make a positive difference. His passion for social change and his ability to mobilise others makes him an exceptional recipient of the Social Impact Difference Makers award.
Reputation is of utmost importance
For years David has been highly regarded in South African investment circles and with over 50 years of experience on the Johannesburg Stock Exchange (JSE), he is one of the best-known commentators on the stock market and a titan in South African share investing.
Since starting his career in 1972 as a runner on the JSE floor, he has seen the Exchange move from an open outcry system to transacting electronically and experienced the political transition from apartheid to the election of a fully democratic government.
After holding numerous executive positions on the institutional side of stockbroking (including five years on the JSE committee), David stepped down to focus on managing client portfolios. He is also a member of the Sasol Pension Fund investment committee that manages asses of around R70 billion.
After all these years, David still enjoys the challenge of the job. ‘I enjoy trying to work out what trends will influence the world economy, who has got the money, and where they are spending it.’
Never one to sit still, David also writes for Business Day, talks at seminars, and does podcasts.
‘What lockdown showed me is that I don’t want to retire because you miss that connection with people,’ he explains. ‘Investing is not difficult. Managing your client’s expectations is the tricky part. So, I will carry on as long as I can – until people finally get on my nerves,’ he jokes.
Although David is best known for his achievements in the financial and investing markets, he is also an accomplished sportsman and cartoonist.
He jokingly says he would have rather become an artist or professional football player if he could. ‘I enjoyed art and architecture much more than economics. I became a CA out of default and today I love it, but my initial love is art. I still draw a lot; I’ve had exhibitions and I’m a cartoonist and caricaturist.’
David has consistently worked to improve lives and make a positive difference. He has addressed key societal issues through his philanthropic initiatives, including poverty, education, and healthcare.
His innovative approaches created sustainable solutions, transforming the lives of countless individuals and communities and his leadership and advocacy have raised awareness and inspired action, amplifying the impact of his endeavours.
Reputation is of utmost importance to David. ‘When you do something wrong, it will follow you for your entire career. No matter how hard you try to redeem yourself, you will never get your reputation back. The temptation is often there, and you have to learn how to deal with it in the right way. Avoid the temptation to do something that you know is questionable, even if the rewards seem enticing. Rather work hard at preserving your skills. Try learning something new every day. Go to bed smarter than when you woke up.’
David believes CAs(SA) especially, need to be non-negotiable when it comes to ethics and morals. ‘The profession has dropped a lot of catches. There have been a lot of compromises and a lot of firms have fallen as a result of that.’
It angers him when other CAs behave unethically. ‘But the signs are always there. That is why you have to learn everything you can about a company. Don’t just fall in love with a company before you know it inside out and understand it. It’s hard work and you can’t wing your way through it. You have to ask the difficult questions.’
