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 Originally Posted by Balance
Wise decision - if you are uncomfortable and cannot get comfortable, get out.
I agree if uncomfortable it is a wise to get out.
I am very comfortable because;
1/clique yes you do not stand between them and a dollar.I have been friends with my competitors for years.they have helped me out and I have helped them out.good business.
2/warren Buffett and most wealthy people have invested in distressed companies.All to do with risk reward.
3/ MARAC is not tainted.remember when American Express nearly went broke.Buffett was at a restaraunt and saw customers using AE card ,brought the company and made a lot of money.
4/Hidden loan will allways happen in a financial company.donot sell westpac because some one had their fingers in the till.what is positive is new system picked it up.
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Ok, so we should all invest in distressed finance companies. Sounds like a good idea. Did Warren Buffett chuck some money into Hanover when they were distressed?
I don't get the bit about being friends with competitors. Isn't the market about survival of the fittest? Or is this all 'keep your friends close and your enemies closer"?
What is negative is that the loan was very old and eventually had to come to light.
What's happening with the chief risk officer? His profile is still on the MARAC site.
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 Sean Kam
Originally Posted by percy
I agree if uncomfortable it is a wise to get out.
I am very comfortable because;
1/clique yes you do not stand between them and a dollar.I have been friends with my competitors for years.they have helped me out and I have helped them out.good business.
2/warren Buffett and most wealthy people have invested in distressed companies.All to do with risk reward.
3/ MARAC is not tainted.remember when American Express nearly went broke.Buffett was at a restaraunt and saw customers using AE card ,brought the company and made a lot of money.
4/Hidden loan will allways happen in a financial company.donot sell westpac because some one had their fingers in the till.what is positive is new system picked it up.
Sean Kam was the chap who discovered the problem loan. I chatted to him after the special meeting and congratulated him on locating the problem loan. It appears the loan was very well hidden and required quite a bit of work to ferret it out. Sean is to be congratulated. As I said to him, 'you call it as you see it'. A bad loan is just that. Previous to talking to Sean I had spoken to another of the Marac chaps who mentioned the work Sean had done.
I dont care if the news is bad, what bothers me is when bad news goes through the mincer and becomes wonderful. Good luck to Pyne. I shall continue to hold.
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Geez, I wonder who hid the loan? Was it one person or did others know about it? It was unauthorised aye?
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LM
NO! NO! NO! A mine field.You have to be an expert.I was thinking of GPG looking at Hanover and walking away.Buffett brought bond in five mile nucular plant after it was shut down because he worked out they would still be paid out.
survival of the fittest.maybe but I have allways done better business through cooperation.It depends where you draw the line.
Yes it was a very old loan.
I would expect profile to be removed.
Mouse you sure spoke to a lot of people and learnt plenty.well done.
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Mouse.That i s the whole point of going to meetings.YES.You have taken good practice to an art form!!!!
We may never meet at any meetings.I will not answer to the name percy,and am not going around asking everyone if they are mouse.!!!!
I think you will feel better with your holdings from attending the meeting.
You have a good amount at stake so worthwhile keeping a close eye on it.
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Originally Posted by percy
Mouse.That i s the whole point of going to meetings.YES.You have taken good practice to an art form!!!!
We may never meet at any meetings.I will not answer to the name percy,and am not going around asking everyone if they are mouse.!!!!
I think you will feel better with your holdings from attending the meeting.
You have a good amount at stake so worthwhile keeping a close eye on it.
I remember the NZ railways. Cannot remember who owned them at the time. Lovely Annual Reports. Profit and dividends. A good investment. But I looked at the locomotives which were diesel and belching smoke as if they were steam trains as they went through Christchurch which is totally flat! I remembered the words of Brash Bonsall, my Bible School lecturer in England. "The Canadian Pacific railway got in trouble. It took then two locomotives to get the wagons up a small incline near my house. Then three locomotives. Then they went bankrupt". Same with our railway. They were belching smoke and went broke, I never put any cash in. You have to keep an eye on what is happening, as well as reading the reports. Many thanks for your encouragement Percy.
Last edited by mouse; 06-03-2010 at 09:33 PM.
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What doesn't kill you makes you stronger.
After the near death experience, PGC is perfectly positioned to be a prime mover & shaker in the finance sector:
Strong balance sheet,
deep pocketed and well connected shareholders,
new management,
established presence,
government guarantee to get the funds required to expand,
business and commercial sector screaming for credit and prepared to offer security,
high margins
Meanwhile most of its competitors are buggered or are hated (the trading banks).
And the sp reflects the usual NZ 'wait until everything is clear' mentality.
Hold and will sell when sp is $5.05.
Last edited by Balance; 07-03-2010 at 12:55 PM.
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That is the whole point of going to meetings, isn't it. Not to listen to what is said on the record, but the refreshment discussions. Never leave early. Pity about the sausage rolls though.
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