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Another Dreammaker (and Somersoft contributor) leaves broken dreams

Discussion in 'Living Room' started by geoffw, 4th Dec, 2015.

  1. geoffw

    geoffw Moderator Staff Member

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    Macquarie Bank under fire after 'get rich quick' pitch

    I have to give him credit. I would not have invested in property had it not been for him, so I am hugely better off than I would otherwise have been.

    However I invested in a few products and lost all my money on those. They were direct investments in the company and not Macquarie products. That was money I had, not money I borrowed. These more complex products scared me. A similar story with Mr Navra.
     
  2. Biz

    Biz Well-Known Member

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    Come on Geoff, give us a Mr and Mrs Bungy pun, you know you want to.

    I hear they have fallen on hard times...
     
    Last edited: 4th Dec, 2015
  3. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    I find it strange that people are willing to invest in things they don't properly understand, then they borrow money to do it. Any wonder they loose everything...

    I know there's people who have been badly burnt by these guys and similar spruikers who might take offence at this. It's still their own greed that blinds people to these risks and allows them to be taken advantage of.
     
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  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    When the market is booming and even the taxi drivers are making a motza in the markets - nobody wants to miss out. Greed, fear of missing out, all sorts of negative emotions come into play.
     
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  5. Depreciator

    Depreciator Moderator Staff Member

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    Our company wouldn't exist if it wasn't for Peter Spann. Hans, my business partner, was in a Peter Spann seminar 15 years ago. It was when he was concentrating just on property - before he lost his way. Spann was talking about this thing called depreciation and somebody asked how they could claim it. Spann said they would need to find a quantity surveyor. Hans was in the process of closing down his building company and he said to himself, 'Hey, I've got two quantity surveyors and they're about to be unemployed.' He called me and said he had an idea he wanted to run past me. Once I got my head around it, I said, 'Okay. But we're going to need a retail name. How about Depreciator?'
     
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  6. Biz

    Biz Well-Known Member

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    [​IMG]
    One does not simply give their money to Carmen Sandiago.
     
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  7. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    ^ ^ +1 for me too. (although I would have invested in property - just maybe not as quickly or skillfully).
     
  8. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Steve Navra was the first person to suggest I become a mortgage broker. It took another 3.5 years for me to get the boot up the bum (via a redundancy) to do it, but the seed was planted.

    These aren't fundamentally bad people, perhaps their real problem is their ambition got ahead of their ability to deliver. Most of the spectacular collapses we read about had origins in spectacular successes and others wanted a part of that. It can be argued that the true character of a person is how they respond when things go badly, but frankly I don't think many people can truly say they wouldn't do the same if the roles were reversed.

    If I gave you $50 to invest alongside your own $50 and the whole thing went south to the point it's only worth $30 (from the original $100), you'd probably apologise and pay me back the $50. No big deal.

    Now consider if instead of it being $50 per person, we've each got $500k invested. Of the $1M invested only $300k is left. What would you do? It's not a stretch to see that a person might take what's left and try turn it back into $1M, especially if they've been able to do it before. Not hard to understand how they might start doing some things in desperation that they'd never have considered when times were good.
     
  9. willair

    willair Well-Known Member Premium Member

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    It's interesting and sad to read this when one goes back too the other site and study when several waves of people came canvassing for new members for their funds,to invest where they saw fit,,several from the other site spoke up about the schadenfreude peacocks walking style of superiority that was going on ,,All too be looked on as entirely ignorant and some banned
    others treated like grade ten dropouts who could not write because they saw something in the behaviour of fast bucks mindsets and saw the pre determined outCOMES several times before in their investing life,i hope your still out there "BILL-L".
     
    Last edited: 5th Dec, 2015
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  10. Biz

    Biz Well-Known Member

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    Bill's battles against Spann were the stuff of forun folklore
     
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  11. willair

    willair Well-Known Member Premium Member

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    Good reading those posts for anyone starting out,it does not matter who was right or wrong,but i learnt a lot of Bill-L he is up there with the hierarchy in investment no-inbetweens mindset for those who take the time to read what he said,it works in any market..
     
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  12. Chrispy

    Chrispy Well-Known Member Premium Member

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    I went to a number of those Seminars and they all sounded so good. I kept thinking, they will not look after my money as well as I can. I remember Steve Navra being very convincing one night and a few of the people I was with were very keen and could not understand why I said, No, I may not earn as much but I will know where it is, Bricks and Mortar, I can see it, feel it and visit it.
     
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  13. MTR

    MTR Well-Known Member Premium Member

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    I might have to do this, sounds interesting