Even when you may be right you can be very wrong at the same time.
Quote:
Originally Posted by
RTM
You could well be correct Beagle. And if the economy and growth slows as you postulate...then it won't be just Heartland that suffers from some contraction of PE ratio. And then the exchange rate will go down...0.62 ?? and then.....and so it goes on.
I've been reflecting on things a bit lately and the recent fracas on this thread which STMOD kindly cleaned up and subsequent emails I had with Percy and discussion with Couta1 provided further clarity. For quite some time I have felt bad that the way I conducted myself in this thread in particular during the dairy crisis and at times in other threads was inappropriate and conduct unbecoming of a professional. Even though I don't post in my professional capacity on here (and some may have noticed I try and avoid giving specific tax advice for professional reasons) there is still an obligation to conduct myself in a reasonable and fair manner and be respectful of others opinions and in a manner consistent with this sites terms and conditions and consistent with how a professional person should conduct themselves at all times.
I failed that standard miserably during the dairy crisis and was far too dogmatic, arrogant and opinionated and I really want to sincerely apologize to Tawawera publishing the owner of the site, Vince the administrator, STMOD for all the work I caused them and especially to loyal shareholders of Heartland for causing them angst and concern.
The way I dogmatically articulated my opinion was disgraceful, entirely inappropriate, disrespectful to others who held a different view and arrogant. The period of the dairy crisis in 2015 and through most of 2016 was a time of great stress for dairy farmers and I understand that it caused a lot of angst in the farming community. I should have been far more sensitive to that.
Without in any way trying to diminish or minimize the harm I caused by way of some explanation Mrs Beagle and I went through a torrid time during the GFC both at a family level with what our two kids were doing and the GFC had a profound effect on us both financially and from a psychological perspective it definitely left a huge scar. This left me hypersensitive to risk within financial institutions and I got carried away with the possible impact on banks and certainly got more than a little carried away with warning about the risks.
Even if the message is right, (and I'm not suggesting it was), if the manner in which the message is delivered is profoundly wrong then its becomes totally wrong.
Although a few people thanked me for pointing out the risks at the time and although HBL shares did underperform the NZX50 during the dairy crisis the inappropriateness of my actions may have caused a lot of stress for others and it is to them I wish to offer this sincere apology.
I don't wish to receive any support of credit for eventually making this apology which I should have done a very long time ago. If anyone has any concerns that I'm getting a bit "yappy" in regard to any particular subject in the future, please send me a pm expressing your concern as one thing I am sure of in life is that we all need checks and balances.
Heartland definitely did the right thing supporting dairy farmers through the crisis and dairy has recovered nicely. I was far too arrogant thinking I could predict the future in terms of predicting gloom and doom and accept that most commodities are cyclical in terms of their pricing.
Let me finish this post by thanking Tawawera publishing for providing this site free of charge to us all and I am sure countless people have learned a lot on here including myself and also thanking Vince and STMOD for the hard work they do to provide this wonderful site for us all to enjoy and learn for each other.
A special thank you to Percy and Joshuatree for having the courage to point out the error of my ways. Please feel free to pm me if I err again.