Rational Perspective

It’s exactly 30 years since chartered accountant Brian Joffe created Bidvest, a multinational conglomerate which peaked at a valuation of R160bn before the unbundling of its Foodservice arm. With that done, Joffe left his creation. But soon after leaving Bidvest he embarked on a second act called Long4Life. Investors loved the story of this experienced entrepreneur returning to the fray. Especially small punters who saw it as a chance to get in on the ground floor with a partner with legendary deal-making and capital allocating talents. We are among these fans, having allocated 8% of the Biznews SA Champions portfolio to Joffe’s new creation. But it’s been a rough ride. Initially Long4Life shares traded at a generous premium to the pre-listing issue price. But as the South African economy came under increasing pressure, so too has Long4Life’s shares. This year so far the stock has lost a third of its value and now trades just above the level at which Joffe himself invested R100m, chafing the competitive