Forum Archive Index - May 2003

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

Hi Michael,
 
>
>I do feel sorry for all those whom paid  $7.00+ for WHS.
> But don't despair, the sooner  they cut that Aussie white elephant 
> loose the better. As Warren Buffet says, " turnarounds rarely do".  
>>Hopefully they will take heed to this advice and focus on what best, >they do 
>discount retailing in NZ.    
> 

Well as a very new shareholder (as of yesterday) in the Warehouse I 
certainly hope Greg Muir and Co. don't take any heed of your advice 
Michael.   I want 'The Warehouse' to keep growing, and to me 
Australia seems a very logical place to continue the expansion.  Far 
more growth available there, and the culture of the place is not totally 
foreign to a New Zealand based management team.

WHS certainly owns retailing in New Zealand and has delivered a 
severe beating to the mostly Aussie run competitors in this country.   
Personally I am very happy with what I have read about progress in 
Australia.   They are building up to a critical mass and getting the 
logistics right.

In the meantime the red and blue sheds over here are fuelling that 
growth.   I find the impatience in some of the opinions that show 
through on this forum incredible.   You really think that the success to 
retailing in Aussie is to open a greenfield red shed and sit back for the 
instant profits to roll in?     Well, I've got news for you.  Retailing is 
actually a tough businesss.  Success doesn't happen overnight.  

WHS have only been operating in Australia for a year or so.   Give 'em 
time I say.    If they succeed I get all the growth of their Australian 
expansion for nothing, given the price I paid for the shares ($4.07) .    
If they fail I have bought entry into New Zealand's leading retailer at a 
fair price.   That is the kind of 'each way' investment bet I like.  I'm with 
Macdunk on this one.  On the evidence available I think 'Mr Market' 
has gone manic depressive on WHS.    Time to take some of those 
shares off him I think!

SNOOPY

discl:  hold WHS



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on Pegasus Mail version 4.02
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"You can tell me I'm wrong twice, 
but that still only makes me wrong once."


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