It certainly sounds as
if your broker was negligent.
Did he know you were new to the
stockmarket? and was it a full
service brokerage?
I could understand if it was one of the discount brokers such as
access, they are there to take your orders
not dish out advice.
The fact your broker
suggested capital properties suggest that
he/she was a broker from one of the full service
stockbroking
houses.
When i
started out investing in shares i went to j.b.Weres
and found them to be first class, the
quality of their research is
top notch. With me they asked if i was investing
for income or
growth, then gave me half a dozen research
reports. They put me
under no pressure to buy any particular stock.
They pointed me in
a direction but left the actual decision to
me.
They were very good especially as the
amount i wanted to invest was
fairly small
nick
I think it would be foolish of me to disclose the name of my
broker for reasons that have been discussed. With the benefit of
hindsight, his failure to advise me of the outstanding amount due on this
share is a shocker. I am very lucky not to be in deep trouble over
this. As it is I will be scraping the bottom of the barrel to make the
payment but I will just make it. However, I did nothing at the time I
found out a second instalment was due which is now almost a year ago and that
would have been the time to do something about it not now. As I've
indicated I knew nothing about the sharemarket at the time. I just
figured he was a professional so whatever share he advised would be best
(cringe!) Another thing he did was assume without asking that I was
looking for an income earning rather than capital gain share so I do have a
few issues over his advice. However I should also say in his defence
that he is approachable and always has time for me, a very small-time customer
and that what I did was like buying a used car just because it was a red
one. In a way , I owe him one. This whole problem led to me
reading books, keeping up with news, and joining sharechat. Thanks for
your advice and opinions and by the way, I do think Capital Properties is an
excellent company and is trading at a bargain price. Every 3 months
those dividend cheques just keep coming!! It is my current belief
that the price will return to a more realistic level once the whole deal with
the instalments is out of the way. regards
michael
See IRG research reports
