A Quarter-Century in Our Own Words

Sep 10

Extracts from the ZWM Newsletter Archive, 2001–2026

For twenty-five years, our newsletters have doubled as a running commentary on the markets our clients have lived through, and on the convictions that have guided us. The extracts that follow are drawn from our own archive of Market and Investment Commentaries dating back to 2001 — tracing the journey from a one-person offshore advisory practice to Zaina Wealth Management today.

2001 Sole proprietorship formed, first offshore investment placed → 2010 Incorporated as Zaina Wealth Management (Pty) Ltd → 2020 Refocus on specialist offshore advice → 2026 Twenty-five years on.

Where It Began

“It is not my place, however, as your offshore investment advisor, to reframe past events. The question for me is whether you are in the right investment. If you are risk averse, is your capital still safe? And how can we grow your capital in these markets, without taking unnecessary risk... Even given the gloomy performance of equity markets, the value-style equity managers will generally outperform.”

— Luciano Zaina, Zaina Offshore Investment Advisory Services, October 2001 (our first newsletter)

“Zaina & Associates placed its first offshore investment in June 2001, and at the same time was appointed by 14 clients as offshore investment advisor.”

— “Three Years On,” June 2004

Growing the Team

Along the way, the practice grew from a one-person operation into a team. In 2004, Luciano forged an alliance with MD Shields & Associates, “a cornerstone of our business.” By 2008 the firm had opened a second office in Cape Town. And from 2014, a steady stream of UCT interns — drawn to the firm's proximity to the university and the ‘dynamic’ nature of the work — has fed a pipeline of research talent, several of whom went on to careers at leading asset managers.

— Oct 2008 & Oct 2020 Newsletters

Cycles We've Navigated

Four moments, described as they happened:

The Global Financial Crisis — October 2008

“Just when we thought financial markets couldn’t get worse, assets values declined further... When I started my business in 2001 there was hardly a case for offshore investing. Based on historic returns, everything was in negative territory... In times like these, investors question the merits of a buy-and-hold strategy. But as time has proven, sound investments do recover their value.”

— Offshore Investment Review, October 2008

A Pandemic, and a Return to Our Roots — October 2020

“Earlier this year, we informed you of our intention to return to our primary focus as specialist offshore advisors. Since then we have been building on what we established over a period of almost 20 years... A highly volatile and significantly weaker currency makes costing things in Rands meaningless, and any long-term investment strategy will therefore require a significant offshore component.”

— October 2020 Newsletter

The Inflation Shock — September 2022

“The genie is out of the bottle. From the first rumblings of inflation last year, that it was likely to be ‘transitory,’ Fed chair Powell’s recent announcement confirms that inflation is becoming entrenched... We see the market sell-off as a healthy and well over-due correction. As in the past, these corrections need to be ridden out.”

— Newsletter, 30 September 2022

War, and the AI Boom — June 2026

“This year has been exceptionally volatile. Until the Iran war broke out, investment returns followed the pattern of last year... One needs to be prepared for the unexpected — sufficiently diversified across assets and, importantly, aware of the drivers of risk and return in a portfolio. There is no blue sky in profit growth; at some point, growth normalises.”

— Global Market Review, 3 June 2026

The Rand, and Convictions We've Held

The Rand Story

“A surging Rand made light of the recent strong performance of overseas equity markets... For 2004, most asset managers tend to favour equities over bonds. Contrarians, myself included, are less convinced.”

— International Investment Review, January 2004

“The Rand’s strength, particularly against the dollar, is psychologically hard to contend with. Having said that, I think if you are invested offshore for the right reason – diversification – you need to stay with your strategy. Nobody can say how far the Rand will go, but it surely doesn’t make sense to sell cheap.”

— “Three Years On,” June 2004

Convictions We've Held

“Poor returns are one thing, but not being able to admit to one’s mis-steps is arrogant... With the tailwind of low interest rates, a thing of the past, Terry will be more exposed to the errors he makes.”

— on FundSmith Equity Fund, Newsletter, 30 September 2022

“The White House’s systematic assault on US institutions and on free market capitalism is eroding investor confidence... ‘US exceptionalism’ – in terms of robust institutions providing investors with predictable policy – wanes. Fortunately, we have ensured that clients’ US exposure is minimized or at least tempered.”

— on the decline of US exceptionalism, Q3 2025 Client Newsletter

“I consider myself fortunate and privileged to work alongside an astute group of clients – competent investors in their own right – who often provide food-for-thought and hold strong opinions about where to invest. Sometimes I have to dig deep to hold sway, so we can find a common-sense middle ground where their preferences are respected, but tempered by my experience and knowledge.”

— Q3 2025 Client Newsletter

The Long Game

On compounding, patience, and twenty-five years

“We have an archive of Market and Investment Commentaries dating back to 2001. Looking over what we have said, I often nowadays wonder whether I have anything useful to say... I have had the privilege of walking alongside several clients, in many cases for over twenty years... Only when you are watching the numbers can you appreciate [compounding’s] power – it’s exponential with time.”

— Q4 2024 / January 2025 Newsletter

“In practice – and I can attest to this after managing client portfolios for over twenty years – it’s the tortoises who win. Be sensible. Be patient.”