fostock report jan 21, page-12

Reports like that are great and give us all a nice warm inner glow.

For me it is interesting to recall that in the early days of FMG, it got no such reports, and was set upon from all sides. Every report, - all negative, - highlighted Andrew Forrest's previous failure at Anaconda. The criticism was relentless. Sarcastic, and downright nasty. A Fin Review attack was the basis for the $10 million (our money) failed court case against him by ASIC.

Most of the big brokers cost their clients a fortune by their point-scoring childish criticism. A once in a life time opportunity escaped almost all large Australian funds as a result. The Americans took it more seriously, and made a lot of money.

The benefit for us was that eventually some of the funds realised that they were missing out and joined the party late. And then some of the brokers got on board, hoping that nobody would remember what they said early on. Wrong boys, I remember it in detail!

In my long share market history, that episode taught me a lot, mostly to take second-hand research with a large grain of salt.