Forum Archive Index - December 1999

["hugh webber" <hugh.webber@clear.net.nz>]

excellent some substantive comment. I wouldn't say I'm not an investor in
the right tech stock, I bought 10,000 Sausage at an average $1.40 and I
note that they have moved from a substantive loss to a substantive profit
(one of the very few tech stocks to do so ;-) ) and I think they are one of
the two tech stocks in Australia recently mentioned as "the only 2 having a
credible business plan"....I wonder how many, if any, of the NZ ones fit
that description. And I'm substantially into Telecom which  believe is a
tech....
My point is that there are a very few NZ (or Australian tech stocks) such
as Advantage who are actually doing something tangible such as Eftpos with
any prospects of going into sizable profit in the medium term. But there is
a whole raft of johnny come latelies who propose doing things that are
already being done by more than one competitor and some of these and others
are likely to get squeezed out by much bigger overseas competitors as the
whole thing is increasingly global.

And just as in 1985/86/87 it became fashionable for every large NZ Group to
list a finance/share investment paper shuffler e.g. NZ Forest Products with
Rada, now it has become fashionable for nearly everyone to list a 'tech'
offshoot without, shall we say, a credible business plan. 

So its a bubble, and everyone refers to it that way, its just a matter of
time until most of them go down in flames or quietly fold their tents. 

I'm glad there are some value investors in the forum, I hope to have some
fruitful discussions with them

And a final comment on Cap Properties, I note in the half year report
received today from Cap Properties that PricewaterhouseCoopers are their
auditors...I thought it was a bit of a no no for your auditor to be your
accountant (Chch Press 18 Dec).


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