jurgens logo grey horisontal

Month: August 2026

Posted on

Second Quarter Newsletter 2026

JG_Q2_Awards 2026
JG_Q2_Awards 2026
This year, we are proud to celebrate an incredible milestone with valued members of the Jurgens Team. They have all reached 10 years of service at the Jurgens Group.
 
Genevieve Le Roux (Finance) and Larrisa Khourie (Insurance) as well as Andrea Collins and Alan Botha reaching this milestone. We had a lovely celebratory lunch to mark this occasion.

A Message from Mark Jurgens

The Wealth Managers at Jurgens Finance recently met to discuss the process and different outcomes of our risk tolerance questionnaire. Looking back over the years, and for our longer standing clients, this was not a fixed requirement. It is interesting to see how certain investors’ feedback and risk profile is completely different to what they had anticipated.   

We encourage clients to complete this questionnaire, whether for a second time or if you have never completed before, and specifically during life changing events such as marriage, having a child as well as later in life such as retirement. This could highlight potential changes which may be of benefit. This exercise remains essential and often leads to a discussion many investors have never considered.  

As Wealth Managers, we often assume investors understand the importance of portfolio diversification and the different allocation of risk spread across the various investments. 

The description provided by Morningstar strategist Dan Lefkowitz: “Diversification means the investments in your portfolio behave differently. When one asset Zigs, the others Zag. When developing a diversified portfolio for you, we also take into consideration your goals, time horizon and risk preferences.”  

Investors have different concerns, fears and expectations.   

No one can predict the future, and diversification is a hedge against the unknown, and guards against being overly exposed to any one area that may fall out of favour. It has also been described as having a smoother ride to achieving your goal.  

While diversification isn’t designed to maximise your returns, it increases the chances of capturing the part of the market that is doing well, while limiting damage from what isn’t doing well. In the current era we are even better positioned to offer diversification due to many opportunities in the alternative investment environment. Hedge funds and private equity are two of the offerings many clients are benefitting from today.  

How investors have behaved regarding market volatility has demonstrated a positive change in attitude.  

In the early 2000’s the Dot Com bubble caused markets to fall significantly. I remember we were inundated with calls and concerns from many of our clients. Cashing in and questioning the investments was discussed endlessly.  

 Twenty to twenty-five years later it seems as though education, the effect of diversification and continued professional advice has created a more comfortable platform and environment for our clients.  

 Comparing the market pullback in 2022, and the recent volatility much of this year, there is a noted difference in investor behaviour.  Investors are obviously concerned, and track the market, however a clear understanding to not respond impulsively has been demonstrated.  

We continue to be available to discuss any concerns you may have, and to walk you through your investment journey. 

Stay well and regards
Mark

Everyone Has a Weakness - from Alan Botha

Everyone has a weakness. 
A blind spot.  
A vulnerability. 
 
For some people it’s impatience. For others it’s ego. Some cannot sit still when markets are falling. Others become convinced they can predict what happens next. In investing, these weaknesses tend to appear at exactly the wrong time. Most investors already know what they should do: diversify, think long term, avoid emotional decisions and remain disciplined. Yet investment outcomes are often determined less by knowledge and more by behaviour. 
 
That is where behavioural finance becomes so interesting. 
 
Behavioural finance studies how emotions and cognitive biases influence financial decisions. It explains why investors often buy high, sell low, chase performance and abandon good strategies at precisely the wrong moment.  
 
One useful way to think about this is through the Johari Window, a model that divides self-awareness into four areas. 
 
The first is the open area, which are things we know about ourselves and others can see too. 
 
An investor may openly admit they are cautious or conservative. 
 
The second is the hidden area, these are the things we know but do not reveal. 
 
This might be an investor who says they are comfortable with volatility but privately worries every time markets fall. 
 
The third and perhaps the most dangerous in investing is the blind spot. 
 
These are behaviours that others can see but we cannot. 
 
And finally, there is the unknown area, relating to reactions we do not yet know we have because circumstances have never tested us. 
 
Markets have an incredible way of exposing all four. 
 
Take recency bias. This is our tendency to believe recent events will continue indefinitely. 
 
Globally, after years of exceptional performance from US technology shares, many investors started believing concentration was not a risk and diversification had become unnecessary. 
 
Closer to home, South African investors have experienced the opposite. 
 
Periods of weak growth, political uncertainty and load shedding created a belief among some that South Africa was permanently broken and that offshore investing was the only sensible option. 
 
Yet markets rarely reward certainty. 
 
Global leaders rotate.  
 
Local sentiment changes.  
 
Asset classes recover when expectations are lowest. 
 
The challenge is that when we are inside the moment, it never feels temporary. 
 
That is often a Johari blind spot. 
 
Another common behavioural trap is loss aversion. 
 
Research consistently shows losses feel roughly twice as painful as gains feel rewarding. 
 
Imagine two investors during a difficult period of market volatility. 
 
Investor A sees their portfolio decline and immediately moves to cash to stop the discomfort. 
 
Investor B accepts volatility as part of the investment journey and stays invested. 
 
Months later, markets recover. Investor A protected themselves emotionally but may have permanently reduced future returns. Investor B experienced discomfort but allowed compounding to continue. What is interesting is that Investor A often does not realise their decision was emotional. They tell themselves they were being prudent. Again a blind spot. 
 
This is where a good wealth manager becomes valuable. 
 
Many people assume advisers exist to select funds, predict markets or find the next opportunity. 
 
The best advisers often do something more important. They act as behavioural coaches. 
 
A good wealth manager helps expand your Johari “open area” and reduce your blind spots. 
 
They ask difficult questions. 
 
Why do you suddenly want to increase offshore exposure? 
 
Are you responding to long-term objectives or recent headlines? 
 
Why do you want to sell now after markets have already fallen? 
 
Is this decision based on strategy or discomfort? 
 
Why are you concentrating in one asset that has recently performed well?  
 
Sometimes clients need protection from markets. More often, they need protection from themselves. Good advice is not about removing emotion, that is impossible. It is about creating structure when emotions become loud. That means having a documented investment philosophy, predetermined asset allocation ranges, disciplined rebalancing and regular conversations that challenge assumptions. Because none of us are completely rational. 
 
Markets will always expose our vulnerabilities eventually. 
 
The investor who succeeds is not necessarily the smartest person in the room. It is usually the person who understands their own behaviour and surrounds themselves with people and processes that stop temporary emotions from becoming permanent financial mistakes. 
 
Everyone has a weakness. 
 
The question is whether you know what yours is before the market finds it for you. 

Short Term News Update from Greg Brits

Insurance Decisions: Looking Beyond Premium Alone 

As insurance professionals, we understand that premium remains an important consideration for every client. Managing costs effectively is essential, and we continually work with our clients to ensure that their insurance programmes remain competitive and aligned with their needs.  

However, when reviewing insurance arrangements, premium should be considered alongside two equally important factors: the quality of cover provided and the financial strength and claims performance of the insurer.  

A Balanced Approach to Insurance  

The purpose of insurance is not simply to secure the lowest premium available. Rather, it is to provide meaningful protection when unforeseen events occur.  

A policy that appears attractive from a pricing perspective may differ significantly from another in terms of policy wording, cover extensions, limits, conditions, exclusions, and claims support. For this reason, it is important that insurance solutions are assessed on their overall value rather than price alone.  

The Importance of Appropriate Cover  

Insurance requirements evolve over time as businesses grow, assets change, and new risks emerge. Regular reviews help ensure that cover remains relevant and adequate.  

When evaluating insurance options, consideration should be given to:  

  • The accuracy of cover provided.  
  • Policy limits and sums insured.  
  • Key exclusions and conditions.  
  • Additional benefits and extensions.  
  • The suitability of the policy for the client’s specific risk profile.  
  • Our objective is always to ensure that clients receive protection that responds appropriately when it is needed most.  

The Role of the Insurer  

Equally important is the insurer standing behind their policy.  

Insurance is ultimately a promise to provide financial support following an insured loss. The insurer’s financial strength, stability, service standards, and claims-paying ability are therefore critical considerations.    

An insurer with a strong track record of claims handling and financial resilience provides clients with greater confidence that claims will be assessed fairly and settled efficiently in accordance with the policy terms.  

Our Commitment to Clients  

As your broker, our responsibility extends beyond obtaining competitive premiums. We are committed to helping clients achieve the right balance between:  

  • Cost-effective premiums.  
  • Appropriate Comprehensive cover.  
  • Access to reputable insurers with strong claims-paying capabilities.  
  • We continuously monitor market developments and engage with insurers on behalf of our clients to ensure that insurance solutions remain both competitive and effective.  

The true value of insurance is realised not when a premium is paid, but when a claim is successfully resolved. For this reason, our focus remains on delivering insurance programmes that provide both financial value and confidence when it matters most.  

At Jurgens Insurance Brokers, we remain committed to protecting our clients’ interests through sound advice, appropriate cover, and partnerships with insurers that have the capability to honour their commitments. 

Best regards,

Jurgens Insurance Brokers Team

JG_Q2_Dylan 2026
A huge congratulations to Dylan Steyn on completing his very first Comrades Marathon! 
 
Over the past several months, we have had the privilege of watching Dylan dedicate countless hours to training, pushing through early mornings, long runs, and the inevitable challenges that come with preparing for one of the world’s most iconic endurance races. 
 
Your determination, resilience, discipline, and unwavering commitment have been truly inspiring. Crossing the finish line was the result of months of hard work, perseverance, and an incredible strength of character. 
 
Dylan, we are incredibly proud of what you have achieved. Your journey is a reminder that with dedication and perseverance, even the biggest goals can become reality. 

Quote of the Day

You can't always visualize the reward, but you can believe in the sacrifice if the vision is strong enough

- Don Connelly