PGW - PGG Wrightson

**Snoopy** · 10-03-2013, 12:02 PM

Originally Posted by percy

Sir John and George Gould's stable management is improving PGW future prospects steadily

It is times like this I remember a Buffett quote:

"When good management take on a mediocre company, it is normally the company that leaves with its reputation intact."

Bit of rain would paint a very pretty picture I am told.!?

We will need more rain than just a bit. The drought in the North island is now the worst in 70 years. Both west and east coast affected, so we can't get around it by just moving stock or feed around.

In the meantime I expect PGW irrigation are doing well.

Yes, irrigation is going gang busters. Pity it isn't enough to offset all the other stuff though.

SNOOPY

**percy** · 10-03-2013, 12:11 PM

Originally Posted by Snoopy

It is times like this I remember a Buffett quote:

"When good management take on a mediocre company, it is normally the company that leaves with its reputation intact."

We will need more rain than just a bit. The drought in the North island is now the worst in 70 years. Both west and east coast affected, so we can't get around it by just moving stock or feed around.

Yes, irrigation is going gang busters. Pity it isn't enough to offset all the other stuff though.

SNOOPY

Mediocre,no.A fine business.Not a great business. Buffett invested in a lot of fine businesses as well as great businesses,
I would suggest you read "Billionaire The Life and Times of Sir James Goldsmith" by Ivan Fallon.Goodsmith was of the view if you put in the right people you get the results.
In PGW business I would think Goldsmith is the better person to quote.

**winner69** · 10-03-2013, 12:15 PM

Jeez l snoopy ....you getting some of the faithful very emotional this fine Sunday - they seem a bit ruffled

Keep up the good work - the professor at Oxford, or was it the London school of economics, is watching closely

**Snoopy** · 10-03-2013, 09:15 PM

Originally Posted by SparkyTheClown

I'd rather you just acknowledged that you selectively cropped my quote to suit a dishonest interpretation of events. Though I acknowledge this may be a perfectly honest representation of your investment methodology - to only look at certain words rather than "the whole sentence".

Sparky, if I hadn't 'selectively cropped your post', tell me how my response to it would have changed? Answer it wouldn't. I never meant to make out that you are some kind of rampant Agria supporter and I apoligise if that is how you took it.

What I did question was your mention of the possibility of Agria muddling along. I was wondering how you could deduce that that was even possible, given what we know about Agria.

SNOOPY

**Agrarinvestor** · 11-03-2013, 10:48 AM

Agrias wase a little bit short in cash, since the PGW partial takeover. But they were never short in cash because of big operation losses. On Page 47 you can read that Agria provide payments in advance to their seed farmers.

>>At the beginning of each growing season, we provide parent seeds to production companies to grow for us under contractual arrangements, which detail thearea of land, standard yield and quality requirements. We also provide advances to the production companies for their rental of land,payments to farmers, purchase of fertilizer and other production materials. At the end of the growing season, we take delivery of the

seeds and undertake various sorting, selecting, coating and packaging processes to produce our finished goods.<<

IMO that had brought a lot of cash back into Agrias pockets. Therefore i am very optimistic to see semi annual reporting from Agria in the next weeks,
that impress analysts and institutional investors. It is sad that nobody here in the PGW thread is optimistic for Agria, and that you ignore the potential that
the partnership will have for both of them.

If you compare Agria with Monsanto on a basis of shareholder Assets , Agria could be more than a ten bagger! I know that Agria has not the cash flow of Monsanto,
but that can change within the next weeks. I dare to say that on earnings/share basis Agria can easy arcive a P/E of 2.
The current improvement of Agrias share price is only the beginning. Some of you were impressed by the recovering of PGWs share price, but i predict
in a few weeks you are annoyed if you miss the chance to be a shareholder of Agria.

Edible Corn Seed Gross Marging in China is 47%

**traderjoe** · 11-03-2013, 04:19 PM

If PGW is such a dog, why was it such a popular choice in the share competition?

**Xerof** · 11-03-2013, 04:26 PM

Originally Posted by traderjoe

If PGW is such a dog, why was it such a popular choice in the share competition?

LOL, my opinion only, but I picked it this year as a recovery stock, much like I picked FPA last year for the same reason

really, only Snoopdog berates it, despite being a long term holder. Eyeore probably holds also......

I don't hold in real life, just in the fantasy comp

**Xerof** · 11-03-2013, 07:01 PM

Yep, didnt see that coming when we all made our picks back in December, and its probably going to remain my worst performer

**Xerof** · 11-03-2013, 08:18 PM

Sparky, sparky, in terms of the annual comp, it's my worst performer, and it was belg who poured scorn on my initial comment in response to traderjoe's search for logic re dogs being popular comp picks!!