Hi Jiminy 50,
Good to catch up with you in Perth.
Be very careful with mortgages and the stock market.
I remember years ago when I held VPE and VPEO options which were in the process of becoming Senex. I was playing golf with a senior banker and asked him if he could arrange a $650k mortgage to exercise some options. He asked me if I had a mortgage. I said no. He asked me what my house was worth. I said $1.5m. He said.. "That will be fine I will get someone to call you next week." In the meantime I mentioned to my wife what I was doing. I thought she said "that's fine".
The next week I got a call from a bank clerk and it did not go well. I did not have a job, had no income and had no dividend paying stocks.
I said " Well your boss said it was okay"..... 3 days later the bank rang and said it was all approved. So, I rang my lawyer and arranged for my wife and I to sign a $NZ650k mortgage. A few days later I told my wife that we were going to get the mortgage signed. That's when the 'sh.t" hit the fan.....I won't go into the gory details but she was not happy and could not recall anything about it.
Well, somehow, I got it signed and 2 months later the price doubled so I repaid the mortgage. Phew!!. It went on to quadruple. I went to an Aussie oil conference and told a senior oil exec what I had achieved. He gave me a BIG Dressing down and told me to never do that again.......I have not.
Please be careful. Things can turn on a dime.
Best of luck,
tui
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