Forum Archive Index - November 2002

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

Hi Marilyn,
 
>
>Managing director David Viles has resigned. This follows the recent
>resignation of chairman Brent Layton.
> 
>There seems no doubt that the answer to the 'did he trip or was he
>pushed' question is that he was pushed.
> 
>The central planners within Christchurch City Holdings may know how
>these events lead to a better future for Lyttelton Port Co but it
>isn't obvious to me.
> 
>It appears more like headless chicken stuff.
> 
> 

I've been expecting this.  The Chairman of the Board and CEO usually 
come and go in pairs from my observation of different companies over 
many years.

Fundamentally the Lyttelton Port is still a good business, so I'm 
not concerned.   

What was it Warren Buffett used to say?  Something along the lines 
of: 
"When buying into a business make sure you buy into something that 
is not so complex so that any idiot can manage the operation.  
Because sooner or later 'any idiot' will indeed be running it!"

SNOOPY

disclosure: Hold LPC




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