In the end, we turnedaround and said to clients, instead of us saying, "We areright, the...
Join the conversation
Log in or create an account to leave a comment
Log In
In the end, we turned
around and said to clients, instead of us saying, "We are
right, the market is wrong," we said, "We apologise." We said, "Look, we maybe got it
wrong, but from our perspective what we are seeing is that it
is not generating cashflows, the debt is growing. They are unable to
pay down the debt because they have to keep
buying other businesses. I can tell you there were
untold amounts of hours that we spent stress
testing the model
around and said to clients, instead of us saying, "We are
right, the market is wrong," we said, "We apologise." We said, "Look, we maybe got it
wrong, but from our perspective what we are seeing is that it
is not generating cashflows, the debt is growing. They are unable to
pay down the debt because they have to keep
buying other businesses. I can tell you there were
untold amounts of hours that we spent stress
testing the model
Full Transcript
00:00:01.000 --> 00:00:04.239
In the end, we turned
around and said to clients,
00:00:04.024 --> 00:00:07.999
instead of us saying, "We are
right, the market is wrong,"
00:00:08.000 --> 00:00:09.032
we said, "We apologise."
00:00:12.000 --> 00:00:17.798
We said, "Look, we maybe got it
wrong, but from our perspective
00:00:17.799 --> 00:00:21.639
what we are seeing is that it
is not generating cashflows,
00:00:21.064 --> 00:00:23.278
the debt is growing.
00:00:23.279 --> 00:00:25.438
They are unable to
pay down the debt
00:00:25.439 --> 00:00:28.519
because they have to keep
buying other businesses.
00:00:28.052 --> 00:00:32.119
I can tell you there were
untold amounts of hours
00:00:32.012 --> 00:00:34.001
that we spent stress
testing the model.
Want This Clip in HD?
Upgrade for HD/4K downloads and unlimited access. Upgrade now →
Movie Summary
The biggest corporate scandal in South African history, the fall of Steinhoff led to a loss of R200 billion. Steinheist untangles the story: the investors who were taken in; the victims and the CEO, Markus Jooste, who's still a fr...
