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Welcome to the Summer 2021 issue of Horizons!

In this issue we have included three in-depth features with leading fund managers and investors. We start with “Alpha in Africa”, where Andre Steyn, a Cape Town based manager I have been following since 2011 who also gained global recognition as “Africa's leading short-seller”, describes Africa’s multidecade growth story and how “global investor apathy” leaves this outstanding investment opportunity to few on the ground managers. Across the Atlantic we find Heeten Doshi, CFA, in New Jersey where he and his team run a market timing strategy which with a live track record of almost nine years defies conventional wisdom that you cannot time the market.

I then discussed the problem of Alpha Erosion with two eminent investors: Panayiotis Lambropoulos, CFA, CAIA, FRM, is a Portfolio Manager at the Employees Retirement System of Texas and Francois-Serge Lhabitant, a Professor of Finance at the Edhec Business School and Visiting Professor of Finance at the Hong Kong University of Science and Technology; as investor he directly oversees a multi-billion portfolio allocated primarily to hedge funds.

We also take a look at BeeWyzer's unique Masterclass for NextGens and Arnaud de Coninck from Trusted Family explains how to keep family offices secure. Darius Sit is joining us from Singapore, making the point that investors should learn about market structure of cryptocurrencies before taking the plunge.

We now live, we are told, in a VUCA world and need to cope with volatility, uncertainty, complexity and ambiguity on an individual but also on societal and organizational levels. Socrates died in 399 BC but as 21st century philosopher Christoph Quarch finds out, he has some good answers also to today's challenges.

Wine is a passion investment that you can always drink even when it doesn't perform, however with Bettina Kurz' advice, buying a winery can also be a financially rewarding decision.

Cheers to that!

Matthias Knab
Knab@Opalesque.com