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August 4, 2026August 4, 2026

Second Quarter Newsletter 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

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

May 6, 2026May 6, 2026

First Quarter Newsletter 2026

Dear Jurgens Community,

The Jurgens Group team recently came together for our annual conference and what an incredible experience it was!

This year, we placed a strong focus on personal growth and development, taking time to invest in ourselves so we can continue delivering our best. A definite highlight was an inspiring session from Joni Peddie, who brought fresh perspective, energy, and plenty of thought-provoking insights.

We left feeling motivated, recharged, and excited for the year ahead!

A Message from Mark Jurgens

As we enter the second quarter of 2026, I hope your Easter holidays were enjoyable. We often seem to be chasing the next “holiday break”, so we need to be mindful about slowing down and appreciating these calmer moments.

As you are aware, geopolitical developments in the gulf and conflict involving Israel, the U.S. and Iran, have contributed to increased market volatility. While these events can be unsettling, it is important to remember that periods of uncertainty are normal and an expected part of investing.

Market fluctuations often reflect short term actions to news and sentiment rather than longer term fundamentals.

Despite this short-term discomfort, I must remind you that our portfolios are intentionally built to be resilient across a wide range of scenarios. They include holdings designed to help protect against sudden market shocks. Exposure to inflation linked bonds, for example, have held up well given the upward pressure on prices.

Morningstar’s valuation driven investment process remains central to how we manage client portfolios. Focus on identifying attractively priced opportunities based on in-house research and avoiding overvalued areas of the market.

To illustrate this, the Jurgens Balanced fund has, as of 31st March 2026, given a return of -1.4% year to date but have still given a return of 18% for full year. Far better than most would have believed.

From our perspective, the greatest risk during times like these is not the volatility itself, but how investors respond to it.

Making sudden or emotionally driven changes to portfolios can often lead to unintended consequences and may undermine long-term investment outcomes.

Your portfolio was carefully constructed based on your individual risk profile, investment horizon and financial goals. These factors remain the most important drivers of your strategy, regardless of short-term market movements.

We continue to monitor developments closely and will make adjustments where necessary and appropriate. However, in most cases, maintaining a disciplined and consistent approach is the best course of action.

I sign off in the hope that our next newsletter will not be regarding another ongoing war. Keep healthy and warm during the upcoming cooler months.

Stay well and regards
Mark

Your Truth, My Truth, and the Market: How Relativism Shapes Investor Behaviour from Alan Botha

In modern culture the phrase “your truth is your truth” has become commonplace. It reflects a broader philosophical idea known as relativism or the belief that perspectives, values, and interpretations are subjective and shaped by personal experience. While this mindset may encourage tolerance in social debate, it can become dangerous when applied to investing and money management.

Markets are not governed by personal truths. They are governed by mathematics, probabilities, and economic realities. Yet investors frequently behave as if their personal beliefs about money, risk, and opportunity are facts rather than perceptions. The gap between personal truth and financial reality is where many investors unintentionally sabotage their own long-term wealth.

The Stories Investors Tell Themselves

Every investor carries a narrative about money. These narratives are shaped by upbringing, past successes or failures, media commentary, and peer influence. Over time they solidify into beliefs that feel objectively true.

One investor may believe that property is always the safest investment because it worked for their parents. Another might believe that markets are “rigged” after experiencing a painful loss during a downturn. Others convince themselves that they have a natural ability to pick winning shares because of a few early successes.

These beliefs form what feels like personal truth.

The problem is that markets do not validate personal narratives. When investors cling too tightly to these stories, they often make decisions that undermine their financial outcomes.

The Many Ways Investors Self-Sabotage

Self-sabotage in investing rarely looks dramatic. More often it appears as a series of small, seemingly reasonable decisions that compound over time.

Emotional timing

Perhaps the most common mistake is buying when confidence is high and selling when fear dominates. Investors feel comfortable investing when markets are rising because the narrative is optimistic. Conversely, market declines create emotional discomfort, prompting investors to sell at precisely the wrong time.

The result is simple: they buy high and sell low.

Confirmation bias

Investors tend to seek information that confirms their existing beliefs. Someone convinced that a particular sector or asset class is superior will primarily consume content supporting that view while ignoring contradictory evidence.

Over time this creates an echo chamber where subjective beliefs become reinforced as “truth”.

Overconfidence

A few successful investments can easily create the illusion of skill. Investors begin believing they can consistently outsmart the market, trade more frequently, or concentrate portfolios in a handful of positions.

Yet decades of market data show that consistently outperforming diversified strategies is extremely difficult.

Paralysis and procrastination

Self-sabotage does not always involve taking excessive risk. Sometimes it is the opposite: avoiding investing altogether due to fear of making a mistake.

Investors wait for the “perfect moment” to enter markets, a moment that rarely arrives, losing valuable years of compounding.

Anchoring to past prices

Investors often become fixated on what they previously paid for an asset. If a share price drops below their purchase price, they refuse to sell because they want to “get back to even”. If a share rises significantly, they may sell too early simply because it feels expensive relative to the original price.

Markets do not care about the investor’s entry point.

The Psychology Behind the Problem

These behaviours stem from a deeper psychological tendency: humans prefer narratives over probabilities. Stories are easier to understand than statistics. They offer certainty in a world that is fundamentally uncertain.

This is where relativism quietly enters the investment process. Investors interpret market events through their personal worldview, turning subjective interpretations into personal truths.

Unfortunately, wealth accumulation is less about personal conviction and more about disciplined behaviour over long periods.

The Role of a Trusted Adviser

This is precisely where the value of a trusted financial adviser becomes most evident.

A good adviser does far more than construct portfolios or select investments. Their most valuable role is often behavioural, acting as a counterbalance to the emotional instincts that lead investors astray.

First, advisers provide objectivity. They help separate evidence from narrative and guide clients toward decisions based on long-term probabilities rather than short-term emotions.

Second, they create structure and discipline. A clear financial plan, appropriate asset allocation, and defined investment strategy help prevent reactive decision-making during periods of volatility.

Third, advisers offer perspective during uncertainty. Market downturns are inevitable. During these periods investors are most vulnerable to abandoning well-constructed strategies. A trusted adviser provides reassurance and context, reminding clients that temporary volatility is part of the long-term investment journey.

Finally, advisers serve as behavioural coaches. Numerous studies in behavioural finance suggest that avoiding emotional mistakes can add more long-term value than attempting to outperform markets through superior share selection.

In other words, protecting investors from themselves can be one of the most valuable services an adviser provides.

From Personal Truth to Financial Reality

The goal of wealth management is not to dismiss investors’ experiences or beliefs about money. Personal history inevitably shapes financial behaviour. Instead, the objective is to recognise those biases and ensure they do not dictate investment decisions.

Long-term wealth is rarely the product of brilliant market timing or bold predictions. More often it is the result of consistent saving, disciplined investing, diversification, and the patience to allow compounding to work over decades.

Markets do not respond to personal truths.

But with the guidance of a trusted adviser, investors can ensure that their behaviour aligns with financial reality, avoiding the costly mistakes that quietly erode wealth over time.

Keep Well
Alan

Short Term News Update from Greg Brits

I trust that 2026 has been a great start to the year for you and your family, although it is hard to believe that April has arrived so quickly.

With the war still not having come to an end in the middle east, many questions have surfaced with regards to the Short-Term Insurance industry, and will this ultimately impact the customer moving forward. The answer is more than likely “Yes”, and in this edition I would like to elaborate further as well as touch on some other areas which can cause confusion for our valued clients when making decisions.

War in the Middle East:

With oil prices based on the rand/dollar exchange, we can expect fuel prices to rise, which means consumers will feel the pinch with possible further hikes in the coming months.
This may cause short-term insurance policy holders to reduce their spend by trying to cut back on their cover provided which can be very detrimental at claims stage.
The sections on a policy that are commonly considered, are reducing the Building and Contents insured values, as well as deleting benefits on motor vehicles.
We encourage you not to do this as your policy is subject to Average, which means you would be underinsured at the time of a loss. This creates more frustration as well as additional unforeseen costs when a loss occurs.
Deleting your car-hire benefit also puts you at risk should an accident or theft occur. The average car-hire cost per day is around R400 per day, and if you have no transport means you could find yourself with a hefty bill after your vehicle has been repaired and ready for collection.
Please also do not change the use of your vehicle from Business to Private as this may result in a rejection at claims stage.

Vehicle Accident Repair Costs:

Repair costs rise every year driven by motor vehicle manufacturers. There are unfortunately no solutions to these increases as raw materials consistently rise in price.
This may also impact Insurance Companies worldwide due to the current war in the middle east, as shipping costs on imports would probably increase, which in turn is passed down to us as the end consumer.
Vehicle premiums may also increase at a slightly higher rate than normal at renewal stage based on the above factors, however this is still an ongoing debate.

Motor Vehicle Excesses:

Many questions are raised when a motor accident occurs, and who is liable for the excess if it was not your fault. This does depend on whether you have an excess waiver or the driver is over 55 years of age based on the product you have chosen.
An excess is payable in the event of a claim even if it’s not your fault. We insure our assets to protect ourselves against unforeseen circumstances and not to bear the burden of paying the total loss from our own back pocket, hence transferring our risk to an insurance carrier who will pay for repairs or theft of the vehicle at a premium agreed upon.
You are entitled to claim from the guilty party via their insurance company, but this can be tedious and very time consuming. Your insurer has your best interests at heart and therefor will repair your vehicle as quickly as possible.
A legal recovery process then takes place between your insurer and third parties’ insurer after your vehicle has been repaired and returned. Your insurer will make every effort to recover their expense as well as your excess.
Please bear in mind that an excess is not an insured item on your policy, and if successful your excess will be refunded. This can unfortunately take anywhere between 6 months and 3 years due to the legalities that take place in the background.
If the third party does not have insurance, then more than likely the recovery and excess process will cease to continue.

Important Emergency Call Centre Numbers:

Check that you have the necessary call centre numbers stored on your phone.

Bryte: +27 860 001 121
CIB: +27 860 104 952 or Vertex +27 860 888 889
Discovery: +27 860 751 751
F & I Roadside: +27 861 708 007
F & I Geyser: +27 860 444 885
Hollard: +27 860 000 123
Old Mutual Insure: +27 860 247 365
ONE: +27 86 100 0286
Santam: +27 860 505 911

We would like to take this opportunity to thank all our loyal clients for your continued support. Should you have questions regarding the above points mentioned please do not hesitate to contact our office

Lastly, please refrain from unsubscribing from our “IMPORTANT NOTICE” emailers. These contain valuable information that may help prevent issues at claims stage.

Best regards,

Jurgens Insurance Brokers Team

Announcement

Marlene Da Silva

Number: +27 11 391 4770
Email Address: marlene@prnc.co.za
Address: 17 Bradford Road, Bedfordview, 2nd Building, 2nd Floor, 2008

We’re excited to share a great addition to our client offering!

Marlene Da Silva a tax consultant from PRN Advisory and Tax Services, will now be available in our offices three times a week.

She is a seasoned tax professional with over 20 years of experience in tax compliance, advisory, and regulatory matters. She has extensive expertise in managing the full tax function for individuals, companies, and trusts, with a strong focus on income tax, provisional tax, SARS engagements, and compliance oversight.

In her current leadership role, she is responsible for driving technical excellence, strengthening operational processes, and ensuring high standards of client service and regulatory compliance.

Marlene combines technical expertise with a genuine commitment to supporting her clients and delivering a high standard of service.

This means you’ll have convenient, direct access to expert tax guidance whenever you need it. Whether you have a quick tax query or would like more in-depth advice, you’re welcome to reach out to her. Marlene offers a range of professional services and associated cost options tailored to your needs, and we’d be happy to arrange a consultation with her during your next visit to the office for your annual review.

We believe this added support will make managing your financial affairs even more seamless and efficient.

Congratulations to Bonny Panayi on achieving her 5-Year Long Service Award with Jurgens Group

– Presented by Alan Botha and Mark Jurgens.

Quote of the Day

As people and Financial Advisors, we can't change the inevitable. But we can play on the thing we do have and that's our attitude.

- Don Connelly

December 11, 2025May 6, 2026

Fourth Quarter Newsletter 2025

Dear Jurgens Community,

A Message from Mark Jurgens

Greetings,

As we wrap up another eventful year, we hope it has been as positive and rewarding for you as it has been for the stock markets from an investment perspective.

This year brought several changes as part of our gradual transition plan, including our move into the new building at the end of last year. Now, more than a year in, the office has proven to be an excellent space for our team and clients alike. We have settled in comfortably and the five boardrooms have become invaluable, accommodating our growing meeting needs and helping us serve you more efficiently. We have even received additional praise for their increased parking availability!

With our continued growth, it became necessary for us to expand our Advisory team. After a careful selection process, we are excited to introduce additional Advisors to you in early 2026. This growth also required additional administrative and office support, some of whom you may have already begun communicating with.

As we look ahead to 2026, I’d like to share a personal update with you. From the start of the new year, I will be spending more time at our home in Hermanus – a change my family and I have been planning for some time.

Although my primary residence will shift, I want to reassure you that my commitment to the business and to each of you remains as strong as ever. I will travel to Johannesburg regularly for meetings, and while I may be in the Johannesburg office less often, my involvement in our operations and decision making will remain exactly the same.

Our partnership with Morningstar continues to be a cornerstone of our investment process. Their team meets with us every two weeks, offering consistently strong insights and guidance in the asset allocation and management of our portfolios. Their ongoing involvement ensures that we continue to deliver the high standards of strategic investment oversight you have come to expect.

As we head into the festive season, we extend our warmest wishes to you and your loved ones, and for those travelling, may your journeys be safe.

And once again, we thank you for your continued trust and partnership.

We look forward to a prosperous and fulfilling 2026 together.

Stay well and regards
Mark

The Quest for Certainty: Why Good Advice Still Matters More Than Predictions from Alan Botha

“The inability to forecast the past has no impact on our desire to forecast the future.”

I have always loved this line because it captures a simple human truth: even though we regularly misremember what happened yesterday, we still desperately want certainty about tomorrow. Certainty is comforting. It helps us plan, sleep well, and make decisions. Without it, most of us would struggle to get out of bed in the morning.

And in investment markets, the desire for certainty is even stronger.

The Silver Ball That Does Not Exist

Every adviser has had some version of the same moment.

Recently, a long-standing client of ours, let us call him Martin-walked into a review meeting with a smile. He placed an article on the table, tapped the headline about the most recent market surge, and said, “You must have seen this coming. What is the next big move?”

Martin is an intelligent, successful businessperson. Yet in that moment, he was asking for something none of us can provide: a silver ball. A crystal sphere that tells us when markets will rise, when they will fall, and what the next “big one” will be.

Another client, a retired couple travelling frequently between South Africa and Europe, once told us, “You are the experts. Surely you can tell us whether the rand will strengthen this year?” If only it worked that way.

These and other versions of these stories are not unique; they reflect a universal temptation. We all want to believe that someone, somewhere, knows what comes next. But financial markets do not operate on a schedule, a pattern, or a secret code accessible to a select few.

What we do know, with absolute clarity, is that uncertainty is unavoidable. The year 2025 has been filled with high levels of uncertainty from tariff tantrums to geopolitical tension and rising social discord around the globe.

What Really Drives Long-Term Success

Thankfully, good investing does not require perfect foresight. It requires discipline, diversification, and a framework supported by evidence, not headlines.

Diversification is not a boring catchword. It is a shock absorber. A way of reducing the impact of being wrong about the future, because at some point, all of us will be wrong. Markets will surprise us, sometimes delightfully, sometimes painfully.

The real value we add as advisers is not in pointing to the next hot theme. It is in constructing portfolios that can weather the unknown and still move forward. It is in helping clients make consistently better decisions, especially when emotions run high.

Advice Alpha (or Gamma): The Quiet Engine of Better Returns

There is a growing body of research that measures the value of good advice.

The industry sometimes calls it advice alpha or gamma – the uplift in long-term investment returns that results from behaviour coaching, rebalancing, tax management, and proper diversification.

In other words, it is the value created not by predicting markets, but by:

Keeping clients invested during periods of fear.
Reducing concentrated risks
Preventing panic-selling
Ensuring portfolios stay aligned to long-term goals.
Using data, experience, and process rather than instinct

For investors, this “gamma” can exceed what they could gain from simply trying to pick winning shares or timing the market. It is steady, rational, evidence-based value creation, the opposite of crystal-ball guessing.

What we cannot control:

Future market movements
Political outcomes
Global shocks
Sudden economic surprises

What we can control:

Your asset allocation
Your risk exposure
Your behaviour in uncertain moments
Your tax and withdrawal strategy
Your long-term planning

When the world feels unpredictable, this distinction becomes even more powerful.

A Partnership Built for the Long Game

The truth is that every investor will face moments of doubt, moments of excitement, and moments of frustration. What matters is how we navigate those moments together.

When clients like Martin ask us for the next market prediction, it is not because they are trying to catch us out. It is because they are human and humans seek comfort in certainty. Our role is to provide not predictions, but clarity. Not forecasts, but frameworks. Not guarantees, but guidance with factual evidence behind it.

The Path Forward

The future will always surprise us.

Sometimes pleasantly.

Sometimes not.

But with a diversified portfolio, a disciplined process, and a trusted advisory relationship anchored in research and experience, you do not need a silver ball. You only need a strategy that works across multiple future, not just the one we hope for.

And that is exactly what we are here to build and protect with you.

Keep Well
Alan

Short Term News Update from Greg Brits

It’s hard to believe that the festive season is upon us already, and that 2026 is but only a stone throw away. I’m sure that we are all looking forward to a well-deserved break, and quality time spent with our loved ones over the Christmas period.

The Short-Term Insurance industry in South Africa has had many challenges this year, however Re-insurers continue to apply pressure in our markets. In this edition I would like to reiterate how important the terms and conditions are, set out in your policy schedule, as well as a recap of some previous correspondence throughout the year.

Building/Property Insurance:

• Market value vs Rebuild cost:

Estate agents provide a market-related selling price, not the cost to rebuild the property from the ground up. Please do not insure your building based on this type of valuation, as you may find yourseIf horribly underinsured.

• Municipal valuations are not accurate:

Your municipal rates and taxes account are not a true reflection of the rebuild cost, and hence we advise not to fall into this trap.

• Rebuild cost includes more than just the structure, such as:

Demolition and debris removal
Professional fees, such as architects and lawyers’ costs
Municipal Reconnections
Foundation types
Construction materials
Fixtures, fittings, and finishes

Vehicle Tracking Devices:

• High Risk motor vehicle brands require a dual tracking device with a recovery system to be in stalled. Some Insurers may only deal with preferred tracking companies on their panel, and hence it is vitally important to check with our office if your unit complies to these standards.

• It is also important to note that you must test if your tracking device is operational as per your contract conditions with them. This could be as often as once a month, however, please confirm this with your tracking company, as the onus ultimately falls on the customer to read their contract conditions.

• It has come to our attention that Back-up and Wireless units have an expiry date of 3 years, and it is very disappointing to hear that tracking companies are not conveying this to their clients via email or telephonically, yet you’re paying for this service. Please check that your unit/s are operational though.

Alarm Systems:

• If your policy includes a linked alarm warranty, it means your insurer has imposed a condition for theft cover to be in place. Your alarm system must be linked to an armed response company and always be fully functional. It must also be activated when your home is unoccupied at all times.

Power Surge Protection:

• Power surge protection has become standard across homes and businesses. A Type 2 Surge Protection Device (SPD) is required and should be in stalled on your main distribution box. For businesses with 3-phase power, a Type 1 SPD may also be necessary, however trusted electricians are always advised for these installations who issue a COC (certificate of compliance).

Important Safety Tips If You Are Travelling Locally or Abroad:

Please check the tread depth of your vehicle’s tyres to ensure they meet the legal requirements, as insurers will in spect this at claims stage.
Try and do a safety check on your vehicle at your preferred dealer to avoid a breakdown whilst travelling long distances.
Test your Alarm system to make sure that it is functional, and that your Armed Response company is receiving opening and closing signals.
Where possible, turn off geysers, and the water supply connections as pipes do burst and are the cause of flooded homes.
Trim back any excess foliage and overhanging trees in the front of your garden. This creates better visibility and a deterrent for thieves.
Check that you have the necessary call centre numbers of your Insurer in case of emergencies.

Bryte: +27 860 001 121
CIB: +27 860 104 952 or Vertex +27 860 888 889
F& I: +27 86 170 8007
Hollard: +27 860 000 123
Old Mutual Insure: +27 860 247 365
ONE: +27 86 100 0286
Santam: +27 860 505 911

Please remember that Jurgens Insurance Brokers remain open during the festive season with regards to claims and any policy changes or additions, besides the public holidays that fall in between.

We would like to take this opportunity to thank all our loyal clients for your continued support. We wish you and your families a blessed Christmas and a prosperous 2026. If you are traveling, please stay safe, be cautious, and be aware of any potential risks.

Lastly, please refrain from unsubscribing from our “IMPORTANT NOTICE” emailers. These contain valuable information that may help prevent issues at claims stage.

If you have any questions about the points mentioned above, please do not hesitate to contact our office.

Best regards,

Jurgens Insurance Brokers Team

Congratulations to Gugu Ntshalintshali and Jordan Busch on achieving their 5-Year Long Service Award with Jurgens Group

– Presented by Alan Botha and Mark Jurgens.

Quote of the Day

"Don't look for the needle in the haystack. Just buy the haystack!"

- John Bogle

November 4, 2025November 4, 2025

Third Quarter Newsletter 2025

(left to right) Tamryn Lamb, Ursula Botha, Mark Jurgens, Gina Schoeman, Sharon
Halkier, Debra Slabber, Alan Botha

Dear Jurgens Community,

On the 15th of September 2025, we had the privilege of hosting an unforgettable Women’s Day event that brought together a remarkable lineup of speakers: Gina Schoeman, Sharon Halkier, Tamryn Lamb, Ursula Botha, and Debra Slabber.

Each of these accomplished women brought their unique voice to the stage, sharing insights that were both authentic and deeply informative.

Although seating was limited, we hope that every woman who attended left feeling enriched, motivated, and inspired. The atmosphere was one of empowerment and connection, and we are grateful to have created a space where meaningful conversations could flourish.

A Message from Mark Jurgens

Greetings,

Having been in the financial services industry for close to 40 years, I’ve witnessed countless client meetings regarding retirement preparation, which leave me frustrated and disappointed. Sadly, over 90% of people approaching retirement simply have not planned adequately.

At the same time, advances in medical technology mean people are living longer than before. While this is wonderful news, it also requires more financial resources to sustain a fulfilling lifestyle through retirement.

Your retirement savings should be viewed as a long-term investment account – not to be touched until a minimum age of 65. If you leave a company and have accumulated funds in a pension fund, it is essential to leave those funds invested for the long term. Using them for tempting expenses such as holidays or even new vehicles may provide short-term enjoyment, but it often comes at a steep cost to your future security.

Without the discipline of a compulsory pension fund, it is easy to neglect consistent saving, and we have seen that many self-employed people tend to overlook this necessity. To safeguard your future, aim to invest at least 15% of your monthly income into retirement savings – without fail. An added benefit to retirement savings, is that your contributions are tax-deductible, which further motivates the need to save for retirement.

And in some cases, delaying retirement slightly can strengthen your capital base and reduce financial stress.

Retirement planning is rarely seen as exciting – especially for those under the age of 40 years. It is one of the most vital steps toward ensuring a secure, fulfilling and non-anxious future. The correct planning allows you to live within your means, achieve your goals and enjoy the lifestyle envisioned for your retirement years. Delaying your planning can result in unnecessary trade-offs such as working beyond your desired retirement age, cutting back on your preferred lifestyle, or even relying on others for financial support.

At Jurgens Finance, we believe the earlier you start, the smoother the journey will be – but it is never too late to take control of your financial future.

Stay well and regards
Mark

Giving Meaning to Money: How Philanthropy Can Enrich Your Financial Plan from Alan Botha:

In a world that craves certainty, the allure of forecasting remains irresistible. Investors, economists, and market commentators routinely offer confident predictions—where interest rates are heading, how inflation will evolve, or which sector is primed to outperform. But history and human psychology tell a more sobering story: most forecasts are wrong, often spectacularly so. More importantly, the very act of forecasting can be riddled with biases, overconfidence, and narratives that soothe rather than serve. In such an unpredictable world, diversification remains the only robust defence available to investors.

The Illusion of Prediction:

The human mind is wired to seek patterns and create meaning. In investment markets, this manifests as our tendency to believe that with enough data and analysis, we can predict the future. But markets are complex, adaptive systems influenced by thousands of variables—many of them unknowable in advance. The future doesn’t unfold in a straight line; it zigs and zags, often confounding even the most seasoned professionals.

Take, for example, the Global Financial Crisis of 2008. Very few forecasters saw it coming in its full magnitude. Even the economists and rating agencies whose job it was to assess risk failed to predict the systemic collapse that would ensue. Their models assumed orderly markets, rational behaviour, and contained contagion—beliefs that proved fatally flawed. Similarly, in early 2020, hardly anyone predicted that a virus would bring the global economy to a standstill, crash equity markets, and then, just months later, see a record-breaking rally powered by massive fiscal and monetary intervention.

Biases and Belief Systems:

Forecasting errors are not just technical; they are psychological. Behavioural finance has taught us that our brains are full of cognitive traps. Overconfidence bias leads us to believe our forecasts are more accurate than they are. Confirmation bias pushes us to seek out information that supports our existing views and ignore contradictory evidence. Anchoring bias means we place too much weight on recent data or trends, even if they are irrelevant.

On top of that, our belief systems—shaped by personal experience, ideology, or cultural context—play a huge role in how we interpret information. Someone who grew up during a period of high inflation may forever fear its return, while someone who came of age during the tech boom might always have faith in innovation-driven stocks. These biases and beliefs filter our view of the world, distorting objectivity and compromising decision-making.

The Power—and Danger—of Storytelling:

Humans are not just thinkers; we are storytellers. We make sense of the world through narrative. In financial markets, stories help explain the past and project a plausible future. But stories, by their nature, simplify. They have heroes and villains, clear causes and effects. Markets, however, are rarely so linear.

The danger is that compelling stories can override sound judgment. Think of the dot-com bubble in the late 1990s. The story was seductive: the internet would change everything. That part was true—but the narrative fuelled speculative behaviour, detached valuations from fundamentals, and led to a painful crash when reality caught up.

In today’s world, where social media amplifies popular market narratives almost instantly, this storytelling bias is even more potent. It creates echo chambers and herding behaviour, often at odds with rational, long-term investing.

Diversification: The Antidote to Forecasting Hubris:

So, if forecasts are flawed, biases are inevitable, and stories are seductive, how should investors proceed? The answer is diversification.

Diversification isn’t sexy. It doesn’t promise outsized returns or tell a thrilling story. What it does offer is resilience. By spreading investments across asset classes, sectors, and geographies, diversification recognises that we don’t know what the future holds—and that’s exactly the point.

When markets are volatile or surprises strike—as they always do—a diversified portfolio is less likely to suffer catastrophic losses. It may not always outperform, but it helps investors stay in the game, which is the key to long-term success.

Consider the COVID-19 pandemic. Investors who had diversified exposure—across bonds, global equities, and alternatives—weathered the initial storm better than those who were concentrated in a single asset class. The same could be said for the years following the tech bubble burst, where value stocks and international equities outperformed US tech-heavy indices. 4

Humility Over Ego:

Successful investing is not about correctly forecasting what’s next. It’s about acknowledging the limits of what we can know and preparing for a wide range of outcomes. This requires humility—something often missing in market commentary. It means accepting that even the best analysis can’t eliminate uncertainty, and that protecting capital is just as important as growing it.

Diversification doesn’t eliminate risk, but it does spread it. And in a world of constant noise, conflicting opinions, and unpredictable events, that may be the most rational approach of all.

Keep Well
Alan

Short Term News Update from Greg Brits

Jurgens Insurance Brokers – Important Industry Updates

Dear Valued Client,

As we welcome Spring, it’s hard to believe that September is already upon us and that 2025 is quickly drawing to a close. Personally, I find the warmer weather brings more smiles to people’s faces than the chill of winter!

As mentioned in our previous newsletter, the Short-Term Insurance industry continues to face significant challenges in the South African market. In this edition, however, we’d like to shift the focus to several other insurance products we offer beyond just Personal and Business Insurance.

These products may assist you in making informed decisions should you find yourself exposed in any of these areas.

Body Corporate Insurance

This cover includes:

Buildings and Common Property
Common Property Contents
Office Contents and theft thereof
Moveable property such as cleaning equipment, tools, gym equipment, and furniture
Theft of exterior fixtures and fittings (covered within policy limits)

Fidelity Insurance, which is now a CSOS requirement (even if administered through a Managing Agent), can be automatically included with the option to purchase higher limits.

Contractors All Risks Insurance

Designed for:

Building Contractors, Plumbers, Electricians, Carpenters, and Installation Specialists

Covers both permanent and temporary construction, repair, or renovations to domestic and commercial properties.

Key elements include:

Public Liability
Third-Party Liability
Surrounding Property
Equipment and materials on site

Cybercrime Insurance

Did you know?

South Africa ranks third globally for cybercrime victims, with approximately R2.2 billion lost annually to cyber-attacks (Source: South African Banking Risk Information Centre).

This cover includes protection against:

•Liability from privacy breaches

Business email compromises
Cyber extortion demands
Data breaches and restoration
Breach notification requirements…and much more.

In today’s digital world, cybercrime is no longer a risk – it’s a reality.

Directors and Officers Liability Insurance (Applicable to SMEs and listed companies)

Since the implementation of the Companies Act in 2008, Directors and Officers can be held personally liable for company mismanagement.

Legal action can come from:

Shareholders (e.g., loss of dividends or share value)
Employees (e.g., retrenchment due to poor decisions)
Creditors, Customers, and Suppliers
State authorities (e.g., negligence)

This cover is critical to protect your personal assets from legal liability.

Express Kidnapping

In today’s digital age, threats can come in many forms however express kidnapping is on the rise. We have had two incidents in the past two months, whereby clients are forced back into their vehicle at gunpoint, driven around for hours and made to transfer funds from their banking apps via cell phone, into the criminals’ untraceable bank accounts.

Policy benefits include:

Online sales and shopping
Theft of funds, Identity Theft and Cyber Extortion
Cyberstalking and Cyberbullying
Data restoration and malware decontamination
Cover is included for the whole family
Premiums range from R25 to R750 p/m based your individual/families requirements

Professional Indemnity Insurance

For any business or individual offering advice or consulting services, even a minor error or omission can result in significant financial losses for clients.

This cover protects against:

Professional negligence or oversight
Failure to meet obligations
Legal costs and defence expenses

Marine Cargo Insurance

If you’re importing or exporting goods, this cover is essential.

It protects goods transported via sea, road, air, or rail against loss or damage—including offloading at ports of distress.

Policy options:

Annual declaration for frequent shipments
Once-off shipment cover
Stock throughput policies for broader protection
Contingent insurance for transport brokers without their own fleet

Plant All Risk Insurance

Perfect for businesses that own or hire heavy-duty machinery such as:

Graders
Excavators
General yellow plant

Covers:

Damage or loss of machinery
Site and road risk-related Public Liability
Loss of hire fees (as per hire agreements)

Stay Informed

Please remain subscribed to our “IMPORTANT NOTICE” emails, as they often contain essential updates that can help you avoid unnecessary complications during the claims process.

Should you have any questions or need further clarification about any of the insurance products mentioned above, please don’t hesitate to contact our office.

Best regards,

Jurgens Insurance Brokers Team

Congratulations to Bonny Panayi on achieving her 5-Year Long Service Award with Jurgens Group

– Presented by Alan Botha and Mark Jurgens.

Quote of the Day

Being rich is having money; being wealthy is having time.

- Margaret Bonnano

July 21, 2025December 12, 2025

Second Quarter Newsletter 2025

Dear Jurgens Community,

On the 3rd June 2025, Mark Jurgens and Greg Brits were invited to proudly represent the Jurgens Team at the sponsored inaugural charity golf day, hosted by Henley Air and Kids’ Flight, alongside valued clients Greg Kettles and Tony Hunt.

Kids’ Flight is a remarkable organisation dedicated to providing life-saving air ambulance services to critically ill children. Their ICU-equipped helicopter enables rapid response to emergencies, especially in cases where access to urgent medical care is hindered by financial limitations, long travel distances, poor infrastructure, or a lack of specialised healthcare facilities.

It was a privilege to participate in such a significant event.

A heartfelt thank you to Henley Air for their incredible work and unwavering commitment to saving young lives.

A Message from Mark Jurgens

Greetings,

As we approach the middle of 2025 and move beyond the mid-winter point, I hope that you and your families are well.

Many investors have expressed understandable concerns about recent volatility, both from political developments and movements in the financial markets. Periods like this can feel stressful and uncertain. I wanted to share an important perspective illustrated in the graph below:

The data shows that while daily stock market returns can often be negative, the likelihood of negative returns decreases significantly as we extend the investment horizon.

Many investors feared their portfolios would suffer a significant setback in early April, when President Trump announced global tariffs. The markets declined during the first 2 weeks but ended the month with a flat 0% return.

Despite current global turmoil, most markets are showing positive returns year to date.

Attempting to time the market by switching into cash as a safe haven, and then back into the market, generally proves to be unsuccessful.

In this environment, diversification remains a cornerstone of resilient investment strategy.

Stay well and regards
Mark

The Fallacy of Forecasting Markets: Why Diversification is the Investor's Only Real Option from Alan Botha

The Illusion of Prediction:

Biases and Belief Systems:

The Power—and Danger—of Storytelling:

Diversification: The Antidote to Forecasting Hubris:

So, if forecasts are flawed, biases are inevitable, and stories are seductive, how should investors proceed? The answer is diversification.

Humility Over Ego:

Diversification doesn’t eliminate risk, but it does spread it. And in a world of constant noise, conflicting opinions, and unpredictable events, that may be the most rational approach of all.

Keep Well
Alan

Short Term News Update from Greg Brits

Jurgens Insurance Brokers: Important Industry Updates

Dear Valued Client,

With winter upon us, it’s hard to believe that half the year has already passed. In this edition, we focus on key issues, affecting the insurance landscape, most notably warmer cycles worldwide, which have impacted on weather related losses. This evolving reality brings increasing pressure on global reinsurance markets and, by extension, local insurers here in South Africa. We will also point out some useful topics which relates to your policy.

Impact on the Insurance Industry:

The effects of warmer climate cycles are no longer future projections, they are current, escalating realities. Natural catastrophe losses over the past five years alone are reported to have exceeded $100 billion. As early as the 1970s, Munich Re, now the world’s largest reinsurer, published an article warning of the dangers due to these warmer cycles.

The signs are everywhere:

Melting polar caps
Severe floods and wildfires
More frequent hurricanes and tornadoes
Unpredictable seasonal and weather patterns

These shifts are driving up insurance losses across the board, however the industry’s pace of adaptation still lags behind what is required.

Vehicle Excess Recoveries:

There is often confusion around vehicle excess payments.

Please note:

Excesses are not insured: It is your portion of the claim that must be paid upfront.
If another party is at fault, your insurer may attempt to recover your excess, but this is not guaranteed. Here’s why: If the guilty party is uninsured, recovery is often unsuccessful.
Legal action is usually avoided due to cost implications.
When both parties are insured, recoveries can still take 4 months to 3 years.
In some cases, only a portion of your excess may be refunded.

Important tips for motor claims:

Do not admit liability or offer to pay, submit the claim and let us manage the process.
- Always gather detailed information at the scene: Licence disc
- Vehicle registration
- Driver’s licence
- Damage photos
- Contact details
- Witness details

Strategic Gardening for Security:

Burglaries and hijackings continue to threaten residential areas. A simple yet effective safety measure is to trim and maintain your garden, especially in front of your property.

Dense vegetation:

Provides hiding spots for intruders
Obscures your visibility when exiting or entering
Can be used as climbing aids

Improving visibility helps keep your home and loved ones safer. 6

Thatch Roofs and Lapa Structures:

Due to higher associated risks, insurers are tightening rules around thatch homes and lapa structures:

Lapa structures must be specified in your policy for cover to apply.
Maintenance must be carried out by qualified professionals.
Fire extinguishers are mandatory.
Thatch homes must comply fully with all policy terms and conditions.

Retaining Walls & Boundary Walls:

Increasingly, retaining and boundary walls are not being built to SANS 10400 standards. This is a major concern, especially in sectional title environments (e.g., Body Corporates), but also in private and commercial properties.

Key notes:

Weep holes must remain unblocked—these are crucial to relieve water pressure and maintain wall integrity.
For a retaining wall to be insured, an engineer’s certificate is required.

Stay Informed:

Please stay subscribed to our “IMPORTANT NOTICE” e-mails. These updates are carefully curated to provide timely and practical information that could significantly ease the claims process.

If you have any questions or would like further clarification on any of the topi

Best regards,
Jurgens Insurance Brokers Team

Congratulations to Miguel Araujo on achieving his 10-Year Long Service Award with Jurgens Group

– Presented by Alan Botha and Mark Jurgens.

Quote of the Day

To acquire money requires valour, to keep money requires prudence, and to spend money well is an art.

Berthold Auerbach

Category: Uncategorized

Second Quarter Newsletter 2026

A Message from Mark Jurgens

Everyone Has a Weakness - from Alan Botha

Short Term News Update from Greg Brits

Quote of the Day

First Quarter Newsletter 2026

A Message from Mark Jurgens

Your Truth, My Truth, and the Market: How Relativism Shapes Investor Behaviour from Alan Botha

Short Term News Update from Greg Brits

Announcement

Marlene Da Silva

Quote of the Day

Fourth Quarter Newsletter 2025

A Message from Mark Jurgens

The Quest for Certainty: Why Good Advice Still Matters More Than Predictions from Alan Botha

Short Term News Update from Greg Brits

Quote of the Day

Third Quarter Newsletter 2025

A Message from Mark Jurgens

Giving Meaning to Money: How Philanthropy Can Enrich Your Financial Plan from Alan Botha:

Short Term News Update from Greg Brits

Quote of the Day

Second Quarter Newsletter 2025

A Message from Mark Jurgens

The Fallacy of Forecasting Markets: Why Diversification is the Investor's Only Real Option from Alan Botha

Short Term News Update from Greg Brits

Quote of the Day

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