Forum Archive Index - May 2000

[Phil Eriksen <phil@acepay.co.nz>]

ril wrote:
 
> There is an unfortunate tendency at the moment for various commentators
> to slag people like Soros and Buffett. When these tech stocks scrips are
> paper in public lavatories they will, I bet, still be around.
> 
> Brierley falls into the same category. Perhaps the new investment
> paradigm will end differently than every mania since the beginning of
> time but I doubt it.

I agree.  I think an interesting point to note is out of the above three
names, Soros has (at the very least) allowed his managers to wade, at a
late stage, into the tech mania with the excuse of *having* to in order
to "get the numbers". 

Last time I heard Ron Brierley was still a Director of BIL as they were
setting up their tech division.  Surely this is the exact opposite of
what Brierley is about?  He was all about buying under valued, but
marketable, assets, then trying to extract any "hidden" value from
them.  The movement into tech is the opposite of what Brierley has long
said and did.  So, where was he when they were debating this?  

Out of the three, I think only Buffett has (a) stuck to his principles
(b) explained why (c) accepted responsibility for underperforming due to
those principles.

While I agree all three will "be around", and i'm not wanting to slag
any of these long term performers with track records most can only dream
about, Soros (or his nominees) couldn't resist diving in and Brierley
has done nothing to stop a company he is a Director of getting involved.

Cheers,
Phil

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