"Age is no longer a handicap and you often find people in their
thirties heading international companies,” says Du Plessis from his
office that has a view of Papegaaiberg.
This naturally gives companies a wider choice when appointing staff,
but also causes greater competition among younger candidates.
Du Plessis points out that this kind of competition could lead to
so-called "creative destruction” – the same creative process that takes
an idea or a person to the top, could also cause their downfall.
"It’s not a cyclical model and your current success does not guarantee
its continuation,” he warns. And he doesn’t hesitate to add that it
also applies to him.
"It would be risky to be complacent, one continuously has to innovate and perform to keep riding the crest,” he explains.
"To win in the market, you have to compete by offering something that
will serve consumers. This kind of competition occurs even within
companies. One can never speak of a status quo in a market.”
Du Plessis’ curriculum vitae reads like a dream: BCom (Mathematics) cum
laude at Stellenbosch University in 1993 and BCom (Hons) (Economics)
cum laude in 1995. Then he had the opportunity to study at Clare
College, Cambridge, where he graduated in 1996 with an MPhil
(Economics).
He still gets excited when he remembers his days at Cambridge: "It’s a
place where students are enthusiastic about their studies. It’s
definitely not cool to neglect your studies and fail.”
In 1995 he was appointed at Old Mutual Asset Management in London to do economic analyses for asset managers.
"It was fantastic to be an economist in London in the late 1990s. The
markets were enthusiastic but turbulent due to events such as the
Mexican, Brazilian and Russian crises,” he explains.
His biggest success was when he saved the company millions of rands by
recommending that they do not invest in Russian government bonds. About
two months later the Russian economy crashed.
"Economists are not there to give you a sure tip for a bet. Our value
lies rather in the ability to see bad things coming before they hit
you.”
He followed the same approach with his "experimental” decision to
return to South Africa and take up a position as lecturer in
macro-economics. At the same time he worked on his doctorate, which he
completed in 2003.
"I didn’t know whether I would be a successful lecturer. That’s why I
viewed my return as an experiment that would allow me to give feedback
to myself. My wife and I decided that the quality of life we enjoy –
friends, family and the beautiful scenery – is worth the risk. Money is
important, but it’s not the be-all and end-all,” he explains.
He enjoys the fact that the university allows him to use his own
discretion about the way he wants to use his time, as well as the
freedom to admit that he sometimes doesn’t know the answer.
He especially enjoys not being asked to forecast the exchange rate, and
the fact that he may choose the topics he would like to focus on.
"Many people were surprised by my decision to return to South Africa.
Yes, financially I would have been better off in London, but then I
would have had to sacrifice other things. One shouldn’t be dogmatic. At
the moment Stellenbosch makes sense, but I remain open to feedback.”
Taking calculated risks seems to run in his genes, because his
great-grandfather decided early in the 20th century to emigrate from
Lithuania to South Africa. (Stan is short for his given name,
Stanislaus.)
Today, three generations later, Du Plessis, his brother and sister are
professionals, while the family that remained in Lituania still live in
huts in a small village with dusty streets.
He is optimistic about society and sees how order is spontaneously
created by the choices people make and mutual competition that provides
a dynamic incentive to do well for oneself and others.
"There is every reason to be optimistic in South Africa, because we
have a critical advantage: we can make choices for self-determination.
Before 1994 these choices did not exist,” says Du Plessis.
However, in his opinion there is definitely room for private initiative
and he would like to warn policy makers not to limit people’s choices –
for example by fixing the prices of medicine.
"Your optimism should hinge on whether the system will reward your
initiative. In South Africa your initiative will still bring you
success, but it won’t drop into your lap.”
• This article originally appeared in Afrikaans in Die Burger and was used with the permission of SAKE24
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