Forum Archive Index - August 2001

["michael gore" <michgore@paradise.net.nz>]

Yes Snoopy I agree with what you say, my comment was intended as tongue in
cheek.  No I certainly don't want to start up the whole moral investing
thing again as we have just had this discussion here.  I just think it's a
shame that say, Carter Holt, for example couldn't be posting record profits
year after year but of course I know that that's a diffrerent thing
altogether, commodity cycles, old established company, mature sector etc.
Still, wouldn't it be great for NZ if CHH did have year after year of
outstanding growth like BCH and SKC?  Oh well dreams are free.
Michael

----- Original Message -----
From: <tennyson@caverock.net.nz>
To: <sharechat@sharechat.co.nz>
Sent: Thursday, August 23, 2001 1:59 AM
Subject: Re: [sharechat] Baycorp - Sky


> >
> >
> >If the darling of the NZ market was previously a debt collector and
> >now that they are to go, the NZ market's best company is to be a
> >casino operator, then perhaps RIL has been right all along.
> >Michael
> >
> >
> Michael, my suggestion that Baycorp was the 'best' company in New
> Zealand and now perhaps Sky City is, was a purely 'accounting' level
> statement.  Principally I am thinking in terms of return on equity
> and a consistent 5 year profit growth trend.
>
> I know there are people who think that "all gambling is a bad thing",
> and so by implication "Sky City must be bad" and therefore "Sky City
> cannot be the best company".   This is more a moral argument.
> Whatever financial figures I were to quote you would not make a scrap
> of difference on to moral argument like this.
>
> Different again is the question:
> "Should you invest in the best company?"
> Since I am using a five year performance time horizon, the fact that
> Baycorp might be the best should be of no surprise to anyone.   It is
> very likely that a lot of this 'bestness' is already built into the
> Baycorp price.  So purchasing the 'best' company can be quite risky
> if you pay too far over the odds for it.
>
> SNOOPY
>
>
>
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