Ann: Spark Voicemail Generally Available and Marketing Commenced, page-181

Billy,

I learned the 'Cash is King' lesson the hard way in 2008. Sold an investment property in Perth in 2007 - the tail end of the property boom there. Plowed the profit (and more) into every gold stock I could buy within my Commsec margin loan facility on the expectation of cleaning up in the upcoming derivatives implosion/market crash. Lost all of it and more. And then of course gold came roaring back.

Fortunately I have had the wherewithal to 'back the track up' on Index Put Options prior to the current crash. The main motivation for this was seeing the markets rise in an environment of 75,000 people infected in China - it smacked of bull market delusion at its best (worst?). This was confirmed for me by the meteoric rise in Treasuries. Ultimately, COVID-19 was the pin that pricked this asset bubble, but if not this - something else. Like the oil price crash.

Easy money is gone; You won't see many IPOs for a while; Zombie companies like NOR will disappear.

Annoyingly, Mr Ostergaard will be able to blame an exogenous and unrelated event to Norwood's downfall, rather than admit the true cause - poor business acumen and (at best) good ideas that nobody wanted to buy at the time. Such is life.