Forum Archive Index - May 2001

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Latham,

You titled your little diatribe 'integrity'.

I can't comment on the property example as there is no published way 
to measure how 'successful' the purchase of this one individual 
building that you promoted to the property co CEO was.

You appear to be criticizing Ross Townsend for talking up his own 
company AFFCO.   Well that is part of the job of the CEO, to set a 
positive tone from the top, so what else would you expect?   And 
how do you know he didn't genuinely believe what he was telling 
you?  Also note that he was sacked.  What more accountability do you 
what for him getting it wrong?   

The timing of the Air New Zealand capital raising was determined by 
Singapore Airlines interest in owning a bit of Ansett directly.  
AirNZ had to move at that time (profits downtrending or not) or lose 
the option to fully own Ansett.

The other directors you have indirectly criticized (from THL,FRU) 
you appear to have criticized because they got their forecasts wrong.
Well, that is why they are called 'forecasts'.   A forecast is not a 
guarantee!  I think we can forgive THL directors for thinking that 
the Olympics would boost their trade.   Can you name anyone, without 
the wisdom of hindsight, who thought that the Olympics weren't a 
great thing for tourism?

As for Frucor, the prospectus showed as plain as day profits rising 
exponentially from a small base.   Such a curve is easy to draw and 
much more difficult to create as a reality.   Those guys behind 
Frucor are marketers, and marketers always talk big.

So it would seem that the lack of 'integrity' you talk about 
is really just *your* shortcomings in misreading human nature.   As I 
see it you have two choices.   You can pull all your money out of the 
sharemarket and shove it in the bank where it will be 'safe'.   Or 
you can learn from your, yes that is right *your* mistakes, and be a 
little less naive about the information you get from the horse's 
mouth.   Now which is it to be? SNOOPY






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Message posted by Harry Tennyson
 using Pegasus Mail 2.55
I have Word 97 to read attachments
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