Codlips,Cheers for the link.I dont think anyone is unhappy that...

Codlips,

Cheers for the link.

I dont think anyone is unhappy that OZ didnt try to squander the funds buying stupid things like some crazy romanian venture, choosing not to try to take SFR was a another master stroke by OZL.....

Not doing stupid things is only half of the equation of successful management and leadership. Doing great things is the other part.

Successful leadership to do great things requires brains (not just bravado), balls (decisiveness) and a bit of luck.

I can give a monkey a lobotomy and drug it into a coma make it chairman of OZL and and it too can do nothing and let things tick along. Business spectator can say how awesome is that brain dead monkey running OZL because it didnt overpay for Aluminium assets at the wrong time.

A successful OZL would have steadily increasing SP (value), increasing dividends over time (not decreasing), making mutually beneficial deals through convincing and clever negotiation with other players convincing them of the merits of doing a deal. Leadership hones the message and makes everyone "get it" in terms of what the value of a deal is, what the company mission is and how it will be achieved and that story would not change overnight without significant explanation of what changed their mind.

TB has only got excuses it now seems, and the scary part is that he cant admit defeat or failure which is a healthy ability so that lessons can be learnt and improvements made in future efforts. HFT is the latest excuse - It obviously has nothing to do with the fact that the management was unsuccessful at M&A negotiation and have wasted opportunity to wisely invest capital for a sooner growth opportunity than 2018.

The positives are that the assets they do own are good ones and the crews charged with extracting value from them are good too. TB needs to stop patting himself on the back and try a little harder to create value perhaps with a little new blood at the board level IMO.