How I spend my currency … with Satrix’s Kingsley Williams

Kingsley Williams, chief investment officer at Satrix, is a veteran of South Africa’s financial landscape. With more than 20 years of experience, including senior roles at Old Mutual, Stanlib and Merrill Lynch, he has become a leading authority on ETFs, passive strategies and market dynamics. Here, he shares his money moves: from whether Krugerrands are worth your while, to why betting on a single stock is a gamble you probably shouldn’t take.

If money could talk, what would it say about your spending habits?

It would likely describe me as “prudent” and perhaps a little boring, but in the best possible way. My money would say that it is rarely spent before it is earned and that I strive never to spend more than I have earned.

I am a firm believer in discipline and delaying gratification, sacrificing immediate purchases to build a nest egg for the future. However, I admit that I do indulge occasionally in bigger-ticket items, but only once the funds have been specifically saved for that purpose. I avoid debt as much as possible.

What’s the most significant financial lesson you’ve learnt from your own investment experiences?

We often hear the cliché that compounding is the eighth wonder of the world, but the magic ingredient required to unlock that wonder is time. The most significant lesson I’ve learnt is patience. You have to be patient for those timeless principles of finance to work out.

Investing is not a quick fix or a rolling-of-the-dice strategy; it is about minimising the negative compounding forces, like high costs and trading frictions, and giving your investments the time they need to work their magic.

If there’s a stock you wish you’d invested in earlier, what would it be and why?

In our business, and in my personal investment philosophy, it is never about buying a single stock. Looking back over your shoulder to spot the stocks that “shot the lights out” is dangerous, because it can potentially teach you the wrong lesson: that you should be hunting for the next big winner.

For every winner you find, you will likely pick nine losers. I don’t wish for a single stock; I rather stick to a disciplined, well-diversified, low-cost, index-based approach. That way, I don’t have to second-guess myself or chase my tail trying to time the next big thing.

What’s the most extravagant purchase you’ve ever made, and do you still think it was worth it?

I recently completed a home renovation. From a purely financial perspective, it probably was not “worth it” because the amount you put in doesn’t always translate neatly into the immediate increase in the value of your home.

However, looking at it as an investment in my family’s quality of life, it was absolutely worth it. We wanted a better place to live in, and we saved over the years to do it without jeopardising our financial stability. I have a few “battle scars” from the process, but the enjoyment of the home makes it worth the cost.

What’s an unconventional asset class you’ve considered investing in?

I have considered physical gold, such as Krugerrands. Gold has served as a long-term store of value for thousands of years and acts as a hedge against almost every other asset class. It makes sense to hold it if you are concerned about the ability of governments to preserve the value of their currencies or if you foresee systemic financial instability. It is a classic store of value.

What advice would you give to young professionals about building wealth and managing their finances?

“Pay yourself first.” In the early stages of your career, you will likely see salary increases and promotions happen faster than later in your life. Develop the discipline immediately to save and invest as much as you can afford of your earnings before you start spending.

My mother shared a quote with me that has stayed with me ever since: “Start the way you intend to finish.” If you get used to spending any additional earnings or once-off windfalls, it becomes incredibly difficult to scale back later. Those early years are your most valuable asset because they give the power of compounding (time) the maximum runway to work in your favour.

What is your retirement plan?

At Satrix, our mandatory retirement age is 60, so I have just over a decade left until I reach that point. My goal is to maximise this period so that I have sufficient reserves not just for daily living, but to enjoy the additional time and freedom that that stage of life allows for.

What financial trend do you think is overrated, and why?

Timing the market. It sounds easy in hindsight to say, “I should have bought there and sold there,” but, in practice, it is nearly impossible to do this consistently. The emotions you feel during market extremes usually push you to do the exact opposite of what you should.

When markets are in freefall, you should be buying, but your gut tells you to panic. When markets are soaring, you should be cautious, but you feel the “FOMO”. Time in the market is far superior to timing the market.

If you were not in your current role, what company would you work for in a heartbeat?

I honestly cannot think of another company I would rather work for. I count myself extremely privileged to be at Satrix. We are at the forefront of driving financial inclusion for a larger number of investors by providing cost-effective, transparent solutions to South Africans.

I can’t think of another organisation that better encapsulates my personal interests and passion for more efficient and transparent investing.

If you could give your younger self one piece of financial advice, what would it be – and would you actually listen?

I would tell my younger self to keep things in balance. My father taught me that money is ultimately a tool. Yes, it is a tool to save for the future, but it is also a means of exchange for the things you need and want today.

Don’t become so frugal that you never enjoy life. Stick to your discipline, but don’t become unbalanced. As for whether my younger self would listen? I would hope so!

How can South Africa achieve widespread financial literacy and inclusion?

We need to shift the narrative from fear to empowerment. The Sanlam Benchmark 2025 research shows that only 42% of retirement fund members believe they are on track to retire with enough savings. To bridge this gap, we must prioritise education. Education is the key that unlocks earning power and the confidence to take appropriate risks.

Too many investors are overly conservative because they are worried about short-term volatility, not realising that for long-term goals (like a 20- or 30-year horizon), the biggest risk is actually not having enough exposure to growth assets like equities. We need to democratise access to this information just as we have democratised access to the platforms, helping South Africans understand that time and compounding are their greatest allies.

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