Forum Archive Index - May 2000

["Oliver Shapleski" <oliver.shapleski@vuw.ac.nz>]

Fair enough Michael but your broker's advising standards should still be brought to the attention of the NZSE and the Consumers' Institute.  Don't let someone off the hook just because you feel it was too long in the past or the person is a "good guy".  Your broker should have asked you what tpe of investment you were after and how experienced you were the first day you met them.  Goo done you for finding some good in the bad, but you certainly don't "owe him one".

 

I agree with your synopsis on CNZ, (discl small holding) but whether or not that investment is successful is beyond the point. 

 

Oliver

 

----- Original Message -----

From: Michael Gore

To: sharechat@sharechat.co.nz

Sent: Monday, May 29, 2000 3:49 PM

Subject: [sharechat] Capital Properties

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