We got into Cromwell before it was a 'group'
The Liberals were in power and did the usual
Liberal thing: sold office blocks to get
cash to bribe voters with tax cuts. We
joined a Cromwell syndicate that was
launched to buy an office block in
Canberra. I almost felt sorry for
Peter Costello. We got a yield
of 11%, all of it tax-deferred
and paid to us by Peter Costello
via the Cromwell Syndicate as
we were now his new landlord.
Not only that but as ACT land is leasehold
all the buying expenses (including Stamp
Duty) were tax-deductible in the first
year. So we got another 11% that was
tax-deferred. Later, the syndicate
was rolled into Cromwell Group.
So we bought more CMW shares
usually for 60 to 65 cents.
That was the Cromwell 'normal'
and when its SP dipped, we
bought more, and more.
In last November-January,
the Cromwell 'normal' was
between 83 and 85 cents.
Then Cromwell reached for and got
included in the Top 300 companies
and its SP zoomed to 103-105 cents.
Big Question: Is that Cromwell's
new normal? Only time will tell.
But I'm grateful to Peter Costello.
Without him I would not be rich.
We got into Cromwell before it was a 'group'The Liberals were in...
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