Dear perma, Blackpete, asf, austted & finch2You guys have made...

Dear perma, Blackpete, asf, austted & finch2

You guys have made my day.

Previously I thought having letters published in the AFR was an achievement. I’ve never before been moved to write a letter to the editor and never have I been a shareholder activist.

Then PaperlinX-suX worked as a blog, beyond my wildest imagination. Then there was a TV appearance, on the ABC no less.

Now I have a thread on HotCopper named in my honour. Truly humbling.

This will be my last post for a while .... applause ... however I need to make a few closing comments.

Blackpete: Elsewhere you said I made an incorrect disclosure. If I did it was an inadvertent error when clicking a button. Apologies. Nice to see someone do their research. Also, some of your insights, except about me, show perspective.

General Closing Comment:

I willingly make disclosures about myself that are intended to give some perspective of history hopefully supporting why I promote a particular point of view. Calling me an “old guy” and “crusty old man” is unnecessary because if you cannot put 1961 and 1974 and 1982 and 2007 into perspective then you may miss the bigger picture. Now that is really interesting stuff but hardly suitable for this forum.

I’ll leave you with one tantalising clue about "big pictures" – I believe 2009 wasn’t the bottom of this equity market cycle. The bottom will be in when many ASX 100 stocks trade so low that their div yields approximate their PEs, and both are less than 10.

Outrageous you say; well BHP traded on a PE of 5 in 1974. There’s something to think about; especially when some here are also talking about PPX making good in such an environment.

In 1974/5 CBC Bank almost went broke. In 1992, Westpac was bailed out by AMP & Kerry Packer. Anything can happen

This isn’t now a one-man battle and it’s far too early to tell whether it’s quixotic. Calling a pissant company like PaperlinX a multi-national is technically true but misleading.

Where do I get the time and energy, especially for crusty old man?

One reason is a mistaken, and often misunderstood, sense of noblesse oblige. Make what you want of that.

The other derives from being a high conviction investor. It’s like a plate of bacon and eggs. Are you a PIG or a CHOOK? The chook is involved but the pig is fully committed.

Blackpete observed of my postings: “for the most part they were measured and thoughtful until the PXU payments were suspended.” Thank you, I agree.

If you haven’t read “Orr is Awesome” at http://www.paperlinx-sux.com/2011/12/why-orr-is-awesome.html

then please do; and then ask whether you’d have the guts to so publicly challenge a “multi-national” company. Go on, read it. There’s not one word that isn’t true and documented. Will I be sued for defamation?

You may not agree with my style or interpretations; however the actions of the Company are fully documented for all to see. When a senior executive of a company acts like Mr Orr has done, on a recurring basis, then we all have problems. If you cannot see that then so be it.

Finally .... more applause ... the recurring criticism of me is that I “bag” PaperlinX. Well, I say that I document the facts and figures from many sources; then draw a conclusion based on experience. I call it "analysis vs opinion".

At my age I wear prescription lenses and not rose-coloured glasses.

This will be my last post for a while as I’ll be devoting my energies to the PIGS.

PIGS is an acronym for a group that is forming to consider convening an EGM of the SPS Trust and get some action going on a new front. PaperlinX-suX brought this group together so PaperlinX-suX has been a success, and thank you in advance for your congratulations. “Well done Graham” I hear you say.

If anyone is interested, you may contact me at [email protected].

ALSO – BIG COMPETITION with a BIG PRIZE.

On Friday, PaperlinX-suX will be announcing a QUIZ which will be open to all - even my critics.

Here is your special pre-release notice.

“What will be PaperlinX’s published NTA as at 31 Dec 2011?” HUGE PRIZE!

I promise I won’t be posting for a while so feel free to say anything about me.

Good luck.