Why presence matters.

Every year, capital enters markets it has never truly experienced. The research is detailed, the financial models are well prepared, and the assumptions look convincing on paper. Yet many of the realities that determine success do not appear in a report.

The difference between reading a market and truly understanding it is presence.

Over the years, I have sat in Luanda with executives whose files on Angola were excellent. They understood the regulatory framework, the economic environment, the currency exposure and the available market data. But the file could not tell them which partner would remain reliable over time, how decisions are really made, which process would take months rather than weeks, or which relationship would make the difference when a door needed to open.

That kind of knowledge is not found in spreadsheets. It comes from being there, listening carefully, building trust and understanding how things work beyond the formal information.

Research and analysis remain essential. They are often the right starting point when assessing a new market, exploring an opportunity or preparing an investment decision. But when the time comes to act, experience on the ground becomes decisive.

In many developing and complex markets, the factors that matter most are difficult to measure. Trust built over time. Reputation. Timing. Local judgement. Knowing who to speak with, when to approach a conversation and how to recognise the difference between a promising opportunity and a costly distraction.

I did not learn Angola and other African markets from an office in Switzerland. I built and managed businesses there through changing economic conditions, regulatory shifts and difficult commercial periods. I remained present when others chose to step back.

What stays with you after years in a market is not simply a network of contacts. It is judgement. It is the ability to see the context behind the numbers and to understand the people, institutions and realities that influence the outcome.

The same applies in the other direction. African companies and investors looking towards Europe need more than an address in Switzerland. They need someone who understands both business environments, can connect the right people and is trusted in both rooms.

Analysis can be bought. Presence has to be earned.

And it is earned over years, not through short visits.

Carlos Magalhães