Global stock markets have wobbled at the start of the year, but the chief executive of Investec Asset Management is unperturbed.
"2016 is going to be a year where many, many market levels will be tested, because opinion is divided. There are some real issues, there are some challenges.
"But I always like years that start badly because opportunities start to open up and if you look at last year, everything was kind of getting better and by about March, April, we realised the world wasn't as good as it was and at that stage, people were probably too optimistic," Hendrik du Toit told CNBC at the World Economic Forum in Davos, Switzerland on Friday.
Du Toit added that, to him, the world was in a bear market.
"I'm not one of those technical people saying a bear has to be 20 percent. We ARE in a bear market. People are very nervous, very worried. Money is one the sidelines and we have had more than 20 percent drawdowns in various markets, particularly if you measure in dollars," he said.