CCP Creditcorp

[silu]

Thanks for the memories Winner. I have very fond memories of most collection companies I bought over the years. I bought CCP on the advise of a, at that time, very young student who posted here and then got picked up by a broking house. I can't remember his name though.

And stolwyk! WHo can forget him. But as far as I remember he was in his 80's back then right?

But back to CCP. Yes at first I was a little upset that I had to sell my shares when I saw they hit $10. Luckily I did because I did buy a business and later some cheap CLH shares.

The less is said about RMG the better

[winner69]

The student was Dimebag .... last heard off at Macquaries .... might try to find out where he is now.

Stolwyk passed away in 2007. Even to the end he was extolling the virtues of his stock closest to his heart at the time .... the last one was a nickel play Dominion Mining

RMG was a laugh a plenty eh .... even Eric Watson couldn't resit the hot new sector eh .... whose Eric Watson I hear people ask

[Stranger_Danger]

I still have 85% of my holding.

Not keen on the current chart and director selling. Decision time may be coming uP/

[winner69]

Silu ... Dimebag at macquaries in Sydney as an equities analyst

Suppose he hasn't changed and everything is still a buy ....even some of the losers he liked on sharetrader

[percy]

Silu ... Dimebag at macquaries in Sydney as an equities analyst

Suppose he hasn't changed and everything is still a buy ....even some of the losers he liked on sharetrader

I guess he will never live down his Bridgecorp posts.??? !!!!

[winner69]

I guess he will never live down his Bridgecorp posts.??? !!!!

He loved that finance house in Brisbane that went bust as well

And he reckoned renting was far better than buying and had several disagreements with Duncan about that ....but now he a guru analyst at the millionaires factory I suppose he has a Mossman apartment or something and a posh weekend home up in Hunter Valley

[percy]

He loved that finance house in Brisbane that went bust as well

And he reckoned renting was far better than buying and had several disagreements with Duncan about that ....but now he a guru analyst at the millionaires factory I suppose he has a Mossman apartment or something and a posh weekend home up in Hunter Valley

Forgot about the Brisbane finance house.
Yes he was very clever and a fast learner,so I think you are right he would have become a fast earner at the millionaires factory.

[born2invest]

Those were the days eh mate .....CLH was another one .... that was the top performer on the ASX one year

And remember our friend stolwyk .....didn't he get accused of ramping and even more ramping ....even I got accused of being partner in crime ......but boy CLH went up up and up ....and then came tumbling down ..like most of the other collection houses.

That was the sector to be in .....even a outfit called RMG did ok ....ha ha

Why were debt collectors so popular in the early 2000's?

It wasn't as if they were new technology.

[winner69]

You forgot the Big Daddy of them all - Baycorp Advantage. From $7.50 to 95c in 18 months. Followed by a takeover offer from Allco. Ahh those were the days - I think I lost a ****load of money - shame I didnt learn my lesson about not catching falling knives because I went on to do it again (and again). Bit thick I am - took a while to sink in!

ter BThat was after Data Advantage get sucked into buying Baycorp at 12 bucks plus (25 times sales or something) and calling it a merger and forming Baycorp Advantage

That was confirmation that when things get ridiculously priced the best deal for shareholders is for somebody (greater fool) to take over the company.

A bit like today eh .... how many stocks on 10, 20 or 30 times sales

[winner69]

Why were debt collectors so popular in the early 2000's?

It wasn't as if they were new technology.

Good old days debt collectors collected debts in a fee based/commission basis. No collection no fee sort of agreement. The debt stayed with the lender.

Then along came financial engineering and all that. Banks would sell their distressed ledgers at a discount and the debt collection houses would buy them ......on the pretence that what they collected over time was more than hey paid for the distressed debt. Technology also made this a much more efficient process.

Heaps to be made ...so much you could even afford to borrow to but distressed debt. Get the picture .....great profits would flow

A bit of dodgy accounting (amortising the purchased debt in particular) and things looked really honky dory ....eps growth ...shareprices go up .....but one day not as much came in as assumed and huge write downs .......and share price tumbles

Whether they more responsible today I don't know. Banks would sell their distressed to the highest bidder and in the foray to be the biggest they paid over the top. But one should look at th accounts of the cup to see whether amortisation rates are in line with collection rates and that sort of thing ...or else surprises in the future.

Lesson ....money to be made in flavours of the month as long as you follow those charts closely .....even if the dynamics of the industry don't make much sense
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