KEEPING CALM, CARRYING ON
Six business leaders tell Andrea Fox how they’re managing their way through the confusion of Covid-19
Mark Lister head of private wealth research, Craigs Investment Partners
Briefly describe recent weeks for you and your business.
Wild, frantic and surreal. I was doing this same job during the GFC, but this has been so much faster.
What time have you been getting up and getting to bed during recent weeks?
Up about 5.30am and to bed around 11pm, as well as the odd middle-of-the-night check of the US markets, if our 1-year old dictates it.
If you are working from home, where in your house do you work?
I’ve got a makeshift office downstairs in our games room, so I’m set up between a pool table and a Street Fighter II arcade game.
How has the family reacted to you working at home?
I can’t speak for my wife, but our three kids think it’s awesome. Having me at home seven days a week is a massive novelty for them, they think it’s one big holiday.
What will be the biggest challenge about working from home?
Probably just staying in touch with the rest of the team, and our wider staff. In contrast, the business can deal with this fairly seamlessly. We’re very well set up to do things from afar, and to keep looking after our clients. We just need to adapt a little bit.
What has been your worst/most fearful moment/realisation in this crisis so far?
I had an inkling this could be a big deal when the flash PMIs (an economic indicator) were released on February 21. They looked ugly, and they certainly made me take notice. That day turned out to be the peak for the NZ sharemarket. The next moment was probably when the travel restrictions were announced.
Your biggest personal challenge so far? Just trying to keep perspective. My head knows that recessions and bear markets are a normal part of the economic cycle, and that they always pass despite how scary they might feel at the time. However, it’s human nature to get caught up in the doom and gloom and lose sight of the bigger picture.
Your most valuable lesson so far?
As an investor, you certainly learn more during periods like this . . . it’s been a stark reminder that risk can come from anywhere.
Have you bought shares recently?
Yes, I’ve been doing some buying. There are loads of great businesses I want to own that have been sold off heavily. Mainfreight, Port of Tauranga and Ebos in NZ. Microsoft, Nike and Visa in the US, just to name a few. I’ve got at least 20 years until retirement, so for me, periods like this are an opportunity, rather than a threat. Young KiwiSavers and investors should be thinking the same way.
Have you bought gold or any other perceived “safe” asset? If so, what?
I’ve been drip-feeding into a gold ETF for about a year through our MyStart product, and I’ve got no plans to stop doing that. I think owning some gold (in moderation) is entirely logical given what we’re seeing from central banks and governments.
Have you made time for exercise? Always, that’s non-negotiable.
What score between 1 and 10 do you give the Government’s general performance in handling this crisis so far?
8. I don’t envy politicians . . . they were always going to get grief for either going overboard, or not doing enough.
Your prediction for the lockdown duration?
I’m mentally preparing for it to be two months.
Mark Cairns CEO, Port of Tauranga
Briefly describe recent weeks for you and your business.
Unprecedented. We know our business is critical in ensuring that we get food, medicines and PPE to where they are needed. We need to make sure we provide some resilience through the lockdown periods to be able to handle the recovery once we come out the other end of this.
What time have you been getting up and getting to bed during recent weeks? Varies. We are splitting and rotating management staff to ensure we are not at work at the same time. Fair to say, getting to bed a lot later and waking up a lot earlier.
If you are working from home, where do you work?
I generally spend the mornings working from home and then at work in the afternoons, with our COO doing the opposite. I generally work downstairs away from the rest of the family in the mornings.
How has the family reacted to you working at home?
Dog loves it.
What is the biggest challenge about working from home — for you personally and the business?
For me it is the fact that I have to go into work as we are an essential business. My wife is really strict on leaving my work clothes, shoes, etc in the garage and that I shower as soon as I get home.
What has been your worst/most fearful moment/realisation in this crisis so far? Italy.
Your biggest personal challenge so far? Seeing how scared and anxious our frontline staff are and supporting them to work as safely as possible to keep the port open.
Your most valuable lesson so far?
How special our people are and how they continue to go the extra mile in keeping NZ open.
Have you bought shares in the past fortnight? If so in what industry/sector? No.
Have you bought gold or any other perceived “safe” asset? If so, what?
No. I bought a whole lot of bait and berley and then realised I am not allowed to use it.
Have you made time for exercise?
Not yet. But once we get a bit more settled, I will get back to walking the dog on the beach.
What score between 1 and 10 do you give the Government’s general performance in handling this crisis so far?
8. Grant Robertson has been outstanding in working across Government departments.
Your prediction for the lockdown duration?
I suspect it could be longer than four weeks.
Miles Hurrell CEO, Fonterra
Briefly describe recent weeks for you and your business.
I’ll just give you one word: pride. It’s been a busy and challenging few weeks as we work through what Covid-19 means for us now and into the future. But I’m really proud of how our teams have risen to the challenge and are working together to get us through this.
What time have you been getting up and getting to bed during recent weeks?
My early-morning routine hasn’t changed too much, but I am spending more time in the evenings on calls, particularly with our overseas markets.
Are you working from home?
I’m still coming into the office. There’s a small team of about 12 people co-ordinating our global response to Covid-19 and the crisis command centre is located in our Fanshawe St office. The office usually houses about 1200 each day . . . it’s strange — there are only a couple of us on each floor.
What has been your worst/most fearful moment/realisation in this crisis so far? It’s not a fear, but a heavy sense of responsibility that New Zealand is banking on us as an industry. While we can control, to some extent, what we do ourselves, we cannot control what’s happening around the world and the potential long-term negative impacts on the global markets.
Your biggest personal challenge so far? Explaining to my 7-year-old the seriousness of Covid-19. So far, he thinks the change of routine is good fun. Also worrying about my 70-plus-year-old mother who is living alone in Christchurch.
Your most valuable lesson so far?
This whole-NZ challenge is bringing out the best in Kiwis.
Have you bought shares in the past fortnight? If so, in what industry/sector? Haven’t even had time to think about that.
Have you bought gold or any other perceived “safe” asset?
No.
Have you made time for exercise?
I always make time to exercise. There’s been more alone time, so I’ve been doing a few calls while out for a walk.
What score between 1 and 10 do you give the Government’s general performance in handling this crisis so far?
This is not about point scoring. There’s no playbook for this. I’m happy with how it’s being handled and how they’ve been receptive to working with businesses.
Your prediction for the lockdown duration?
Really tough to pick, but looking at how China has started to come out of this, I think if we do everything right, the lockdown doesn’t have to be extended. It’s the economic impact which will be more long-term.
Don Braid managing director, Mainfreight
Briefly describe recent weeks for you and your business.
Interesting, challenging and motivating.
What time have you been getting up and getting to bed?
6am get ups — our daughter is a PT trainer, she is brutal on me. To bed when the wine is finished.
Are you working from home?
As we are an essential service, I’m still at Mainfreight with our amazing people.
How has the family reacted?
Family are in a great space. The house is the tidiest it’s ever been — even the linen cupboard has had a makeover.
What’s the biggest challenge about your current working situation? Leaving the family bubble every day is difficult, but they get it and probably can’t wait for me to leave. And for the business, keeping our people around the world connected, and in the zone to deliver for our customers. Keeping them safe and protected is in the forefront of our minds every day.
What has been your worst/most fearful moment/realisation in this crisis so far?
It’s not fear, it is the realisation our world has changed, and how we adapt is the challenge.
Your biggest personal challenge so far?
The bloody burpees in the morning! And keeping up with the speed that our leadership team are operating at.
Your most valuable lesson so far? We must communicate better and more often.
Have you bought shares in the past fortnight? If so, in what industry/ sector?
The rules stop us investing in the best company. Yep, you know who that is!
Have you bought gold or any other perceived “safe” asset? If so, what? Gold, what’s that? Isn’t Mainfreight gold?!
Have you made time for exercise? If so, what exercise?
Those burpees, cycling and Joe Wicks’ workouts. They hurt!
What score between 1 and 10 do you give the Government’s general performance in handling this crisis so far?
10. Applaud their performance. This is the time to support the Government and their objectives. They have united New Zealand in this battle, and the response from our front-line responders has been wonderful — putting others before themselves, and acting with courage and kindness. Makes us proud to be Kiwis.
Sharon Zollner chief economist, ANZ
Briefly describe recent weeks for you and your business.
Surreal, discombobulating, motivating. Frantic, determined, uniting.
What time have you been getting up and getting to bed in recent weeks? Far too early and a bit too late! There's rather a lot to think about at the moment.
If you are working from home, where in your house do work?
On a desk in a corner of the lounge, in front of what used to be a seldom-used door. The cat is now out of luck when she miaows in front of it.
How has the family reacted to you working at home?
They've been very tolerant; my husband and I worked pretty flexibly before this happened.
What will be the biggest challenge about working from home?
Live TV appearances. I don't want to become a meme. So far so good — the kids have been very well-behaved.
What has been your worst/most fearful moment/realisation in this crisis so far?
When I logged the early exponential curve of infections and extrapolated it and realised just how quickly this was going to blow up.
Your biggest personal challenge so far?
Am yet to try baking bread — there are some dauntingly professional-looking prototypes on a friend's WhatsApp group I'm on.
Your most valuable lesson so far?
In a lockdown a full house is better than an empty one. (I reserve the right to change my mind about that.)
Have you bought shares recently? No.
Have you bought gold or any other perceived “safe” asset?
No.
Have you made time for exercise? Running, plenty of fresh air and good for the soul (plus I'm working my way through a very interesting storyline in the running app “Zombies, run!”)
What score between 1 and 10 do you give the Government's general performance in handling this crisis so far?
9.
Your prediction for the lockdown duration?
Six weeks.
Chris Quin CEO, Foodstuffs North Island
Briefly describe recent weeks for you and your business.
Focused, running hard and purposed.
What time have you been getting up and going to bed in recent weeks?
Been waking up around 5.15am and going to bed around 11pm for six-eight weeks now, but this is similar to my pre-Covid-19 routine. What does matter is that you try and separate work and relaxation even when working from home. It’s important to try and compartmentalise.
If you are working from home, where do you work?
I have a study, and now it doubles as an office, and a studio where I do media interviews. I also have a balance board that I wobble on during long phone calls. The garage has become a gym where I convince myself I am doing proper workouts.
How has the family reacted to you working at home?
My wife is starting to see it as an imposition, the cat doesn’t seem bothered. I have a daughter in Dunedin hunkered down with three others in a flat, and a son living and working on the North Shore.
What will be the biggest challenge about working from home?
Missing having human interaction with the team — it’s incredibly important. The co-op has a conversational culture, so the in-person conversations matter.
What has been your worst/most fearful moment/realisation in this crisis so far? People not taking what we need to do to nail this threat seriously. Not being able to connect and leverage the dozens of offers of help we’ve received from New Zealand businesses. It’s all quite humbling and I wish we could take everyone up on their generous offers, but we have to focus on what will make the biggest difference right now to keep New Zealanders and our staff safe.
Your biggest personal challenge so far? Focusing on one task at a time and getting it done. And how to choose what things to sort with urgency, as opposed to what things should not be addressed at all.
Your most valuable lesson so far? Don’t engage with everything you read — often people have different knowledge, pressures and beliefs than your situation.
Have you bought shares recently? Haven’t had a second to think about it, but I am a believer that we will recover over time. Right now, my focus is on our people, our business and the essential role we play.
Have you bought gold or any other perceived “safe” asset?
Based on demand, the new gold is toilet paper and flour, but I don’t have a lot of either!
Have you made time for exercise?
I am lucky to have some space in the garage and use a bike wind trainer. Even with the long days, it’s key to go and breathe and exercise.
What score between 1 and 10 do you give the Government’s general performance in handling this crisis so far?
8½. The Government has been engaging and have listened to us, which is incredibly valuable as the situation evolves daily. Now that there is a plan, we have a responsibility to give it our all and go for it.
Your prediction for the lockdown duration?
As long as it takes to get a strong and sustained result, and it will all be driven by how seriously New Zealanders take the processes the Government has laid out.