weekend lounge 23/11/18, page-56

I agree with all that.

I like Grigor, especially his weekly FEC newsletter. Calls it how it is and never a wallflower. I guess his AGM address on HC was speaking from the perspective of a frustrated chairman.

Two points to that. One. I'm surprised he reads HC at all and that it got him so worked-up. Second. Whatever truth may be in his address (and there's some fair points there, despite the gross generalisations) surely those complaints are dwarfed by the issues that you raise, Sector.

Retail investors are the lambs to the slaughter - not the other way around. Most HC investors are commenting on imperfect information, which is usually only revealed to them after price has tanked or rallied. They're commenting from a position of having seen scheme after scheme, year after year, burn investors hard. The only thing keeping us in the game is a robust cynicism imo. Directors, on the other hand, enjoy a largely anonymous existence (if not by name, then in all other practical measures (unless they choose to engage through the likes of Twitter) and often enjoy the safety of being able to utilise shareholder funds to defend or pursue legal actions (versus shareholders, who must use private savings). The fact that dubious directors with horrendous track records are so readily able to rise from the ashes and enjoy new ASX listed roles, is also testament to the fact that it takes a hell of a lot for mud to stick in this game. At least in financial terms and the ability of directors to earn a decent living.