I have nothing but contempt for the "professional" long only equity fund managers who sold this co. to PE, bought it back after letting them help themselves to $1.5 bn and were suckered in by management and brokers at the float.
Not a single squeak from these people in the last 3 years and why ? Because they are unaccountable. They take captive employees super funds, earn a fee and sleep well at night knowing that more super drips in again at the end of the month.
Not an activist amongst them nor any fiduciary duty.
The asset management business at the big end of town in Aus is fundamentally broken.
This stock was covered in "buy" ratings from the sell side all the way down and talk of "value" "opportunities" "oversold" abounded.....what a bunch of losers... and most if not all still have a job.
I admit to having been short and profited from it but it still makes me angry at the collective incompetence and the looting of retail shareholders.
MYR Price at posting:
$1.64 Sentiment: LT Sell Disclosure: Not Held
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