Full year 2018 results, page-93

I think you are taking a big punt if you think AMP is an investment. It is a punt that somehow AWM actually has some value, and that somehow they will find a way of collecting revenues. But I don't think many people will opt in to pay rich fees, if they don't need to. I also don't think that wealth management has offered anything of much value to the majority of people, only in more isolated cases. I think that most people only need advice around the time they transition to retirement, and maybe when/if they start a family - re insurance, and that is it. Two times per person per life approx. The rest is sort of noise and tinkering. Why go to a biased and glorified sales person about that, when you can probably get some good advice and opinions from many places, an accountant, a mate who works in a related industry, the internet, or get stock standard perfunctory advice over the phone or by meeting for a set fee from your existing super fund?

I honesty think we will look back in ten years time and talk about the "financial planner era", and wonder at how that ever came about, and why most were allowed to call themselves that when most were relatively poorly educated sales people, and not "professionals". Sure - some would be talented and capable even without a grad dip or batchelor, but not the majority. The major learning would be how to convince and influence people, not the financial settings.

I'm very negative - but the above is what I truly believe. I'm usually very careful about dumping on a business, as most of my views are short term trading views, not medium to long term views of interest to investors. I could be wrong - especially if regulatory changes get watered down, or if I am missing something. A lot of bad news and views is factored in, far more that the current financials would indicate is necessary, as the market is forward looking. Sometimes these can be great opportunities I admit.

I'm closing my short today some time - FWIW. There might be some short covering before the weekend, or some panic sellers who can't bear to hold over the weekend and worry about it any more - who knows - not I?

All IMO