re: i'm shorting this one again! 62c this is from the Age in...

re: i'm shorting this one again! 62c this is from the Age in December 2002 - and Gavin Ross has stuck to his guns since then....

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December 6 2002

Money expert stands by ERG

The slaughtering of ERG scrip has not gone down well with various ABC radio listeners.

Why would they care?

Well, the money expert on the morning show of ratings king Johnny Faine has given the stock a good deal of support over a fair period of time. But, alas, the stock has fallen lower and lower and lower.

The expert, one Gavin Ross, who regularly tells punters he is a big holder of the stock, copped one irate caller this week who suggested that he should apologise for his bullish remarks and the stock's performance. Ross did not agree, saying the share price wasn't his fault.

Ross - a professed fan of Warren Buffett and American fund manager Peter Lynch - and everyone else in ERG has seen it slashed by some 70 per cent in the past six months.

But the latest price fall - which presumably prompted the listener to call - to around 11-cent levels has not deterred Ross. He told Faine's audience that ERG was not going to the wall and that its finances were okay.

For those not aware of ERG, the ticketing outfit lost $244 million in the latest year on revenues of $302 million and booked a near $55 million operating cashflow deficiency