As Tamz said good company.
I put it another way, every corporate board is stacked with gormless losers.
We trusted them; we paid someone else to do diligence. Not his fault, not the boards fault, shareholders were asleep.
B.S. no one takes responsibility these days and it pisses me off.
Boards need to be put under my steel boot, not get ideas above their station and their piggy snouts kept from the trough. Their job is to be stolid administrators.
I quite like Buckley and his growth by acquisition strategy built the company. Still shareholders were ill served by the really big acquisitions and I am yet to hear him say sorry I made a mistake.
People seem to see management as black and white when it is nuanced. Both Crescent and Buckley have their good and bad attributes but after this lesson we needn't worry about bad acquisitions for a while.
Not here, not at Santos or any other corporate disasters without apologies given. Yet if the average worker can't make burgers fast enough at McDonalds for $15 per hour you are on your a living in the street - we call them the bludgers?
Ben Graham wouldn't be surprised but must be turning in his grave.
I don't understand how anyone could be a capitalist given how clearly retarded the system is.
Sorry to digress but I am thinking more and more that an anticapitalist mindset is almost as valuable as the value investing philosophy.
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