re: rene rivkin ,press release Arthur, Hotcopper is not just the...

re: rene rivkin ,press release Arthur, Hotcopper is not just the only domain of sick, unfeeling people, they also exist in Australia's press.

This story is from today's AFR Rear Window cloumn. You would have thought that the editor of the column, Angus Grigg, would have got his facts correct given that he is writing for the Financial Review, but it seems that his desire to put the boot into Rivkin clouded his journalism skills.

He has a go at Rivkin for selling Prime Infrastructure Fund contributing shares at 73c just before they jumped to $1.06 thereby missing out on a big profit.

Grigg is such an amateur and was so anxious to put the boot in that he didn't realise that the shares had 30c owing on them (hence them being called contributing shares) and that Rivkin had therefore sold them at the equivalent of $1.03 on the fully paid shares which is the price to which Grigg referred.

Not only was Grigg incompetent by quoting prices of different shares, he can't add or use a calculator correctly. He said the shares had jumped from 73c to $1.06 with Rivkin therefore missing out on a jump of 27c in their price. Well, 73c to $1.06 is a jump of 33c, so much for the quality of Angus Grigg's reporting for the AFR.


AFR 19/06/03
"Thanks to a brainstorm, Rivkin misses the boat

Rear Window didn't need to be told last night that Rene Rivkin is in urgent need of minor brain surgery: issue 297 of The Rivkin Report lays it out for his loyal subscribers to see.

Australia's highest-profile stockbroker had a bad trot last week on the sharemarket, which is unusual for him. The compliance declaration at the end of this week's report, which came out on Tuesday, is something of a tale of woe.

Rivkin wasn't trading for himself but for clients and his company, Rivkin Financial Services.

One of his bigger deals was to pick up 150,000 Neverfail Springwater shares on June 13 for clients at $2.37 each, only to see the price ease back to $2.34 yesterday. That's pretty standard fare in this choppy market, but he missed the boat by selling 100,000 Prime Infrastructure Fund contributing shares at 73¢ each on Monday for clients and just under 250,000 of them at the same price for RFS.

By last night, the damn things had jumped to $1.06, a climb of 27¢. He may not want to hear this, but that's more than $115,000 he didn't get in the price lift. Get well soon."