Forum Archive Index - January 2001

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

Can't resist posting this quote from the Press today
for Sharechat to look back at at the end of 2001
Re Telecom "Stephen Walker, head of NZ equities
at AMP Global, New Zealand's biggest fund manager
....'It (TCM) could well be back up to $9.00 by the end
of the year.'"

Hmm, if I had money invested in AMP Global...I'd be
worried....if my manager was this far out of touch.
Mr Walker obviously doesn't read the Economist,
doesn't read or use Buffetology, doesn't read the
analyses of the IT revolution which point out that
the benefits devolve to consumers and not to producers
or investors, doesn't understand what commoditisation
or fierce competition mean to profits....doesn't understand.

Maybe its called whistling in the wind when you have put
a large stake in on the basis of blindly following the
index and diversification for diversification's sake
which as Warren Buffet says is a technique for hiding
your mistakes instead of concentrating on succeeding.

I baled out when TCM first started hinting about cutting its
dividend - sold at about $8.00 and then at $7.81.
AMP Global had access to the same info as me and every
opportunity to sell out then too...

Ok, so there'll be some sort of short lived rally in TCM today
with the half percent cut in US interest rates (which won't be
enough, they'll have to cut again) but the trends are there...

cheers,
Hugh

  


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