AGL - Accordant Group. was previously AWF Madison, Allied...

[Snoopy]

Snoopy I do wish you every success with AWF.
I was just thinking that you are following in the footsteps of a great investor, Ian Urquhart,whose two largest investments were AWF and SCT.
He would be proud of you.!
Most probably would have enjoyed the tucka at RBD's agm too.!!

Thanks Percy. Being a latecomer I didn't realise Ian Urquhart was an investor in AWF. I fear however, despite his death, Ian is very much an active investor again right now. He must be spinning in his grave, given what the trustees of his estate are now doing to his holding there!

SNOOPY

[percy]

Thanks Percy. Being a latecomer I didn't realise Ian Urquhart was an investor in AWF. I fear however, despite his death, Ian is very much an active investor again right now. He must be spinning in his grave, given what the trustees of his estate are now doing to his holding there!

SNOOPY

He did make things rather difficult for them by having overweight positions in illiquid stocks.
Yet that is how he made his fortune.Was a large investor in EBO in the early 1990s.He worked at the National Bank for a number of years,rode a bike to work,made his own lunch and was an early investor in BIL.[and was a hard case.]

[Snoopy]

He did make things rather difficult for them by having overweight positions in illiquid stocks.

I think this illustrates the difficulties of being a lawyer and managing an estate prudently. The lawyers I am sure are working within accepted practice guidelines for managing such an estate. But the problem is such an approach will never make you rich, but neither will it make you go broke. It's what you call a clash of investment culture.

SNOOPY

[h2so4]

He did make things rather difficult for them by having overweight positions in illiquid stocks.
Yet that is how he made his fortune.Was a large investor in EBO in the early 1990s.He worked at the National Bank for a number of years,rode a bike to work,made his own lunch and was an early investor in BIL.[and was a hard case.]

http://2.bp.blogspot.com/_Rw5aZBvCCv...hannon+001.jpg

[percy]

http://2.bp.blogspot.com/_Rw5aZBvCCv...hannon+001.jpg

Must be one of the last photos of him.
Note he is not wearing his usual Jandals or woolie pulley,but shoes and a jacket,his formal wear.Maybe he was on his way home from another agm.Note the "water" bottle in his hand, and his "doggie" bag full of "goodies."

[h2so4]

Ha! Certainly a character Percy.
I remember him coming into the courthouse after having just walked through the Avon River. Poor bugger he was on bail at the time. Sitting down he rolled up his trouser legs and removed his shoes and socks. The stench!,, He proceeded to wring out his socks on the courthouse floor and then put his shoes and socks back on.

[minimoke]

Is it just me whose head is muddled by flag debate. It seems to me AWF's logo is remarkedly similar to the new Department of Labour logo.

[Buffett Jr]

How well would a company such as AWF do in a downturn?

I would imagine the labour, manufacturing and supply chain roles they focus on would dry up? Also the competition in the recruitment space from my own personal job search recently shows there is so many to choose from.

[stoploss]

How well would a company such as AWF do in a downturn?

I would imagine the labour, manufacturing and supply chain roles they focus on would dry up? Also the competition in the recruitment space from my own personal job search recently shows there is so many to choose from.

Traditionally in a downturn employers will not take on new ( or as many) full-time employees as they are just not too sure how they will get on . However on the flip side they are happy to take on a heap of temps , contractors, etc
So this is positive for AWF imo, in a downturn . The Madison side may not do as well on the Full time placements, but probably go gangbusters on temps .

DISC: Holding

[Snoopy]

How well would a company such as AWF do in a downturn?

I would imagine the labour, manufacturing and supply chain roles they focus on would dry up?

I would look at it the other way. The HR department of a company under pressure is likley to be downsized. Hence more work will be outsourced to 3rd party contractors like AWF.

Also I think the view that AWF Madison focus on "labour, manufacturing and supply chain roles" is outdated. The Madison acquisition means there is just as much focus on white collar jobs these days.

Also the competition in the recruitment space from my own personal job search recently shows there is so many to choose from.

There is always competition out there. But there are economies of scale in being one of the very largest players in teh industry.

SNOOPY

discl: AWF Shareholder