Peter Spann on 7:30 Report

Discussion in 'Property Experts' started by Humphrey, 10th Aug, 2017.

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  1. Humphrey

    Humphrey Well-Known Member

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    Humphrey, 10th Aug, 2017
    #1
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  2. tobe

    tobe Well-Known Member

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    It's pretty damning. Really more about consumers who lost their investments during the gfc unable to get compensated by financial planners insurance.
     
    tobe, 10th Aug, 2017
    #2
  3. The Y-man

    The Y-man Moderator Staff Member

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    The Y-man, 10th Aug, 2017
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  4. hammer

    hammer Well-Known Member

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    I'm of two minds with this stuff...

    One part of me is going out to get ma shotgun to shoots me sum spruikers!

    The other part is in awe that these people spend how much? On something they didn't understand? Sold to them in a seminar?!

    But then I realize how effective the seminars are and it could easily have been me.

    Pass the shotgun....
     
    hammer, 10th Aug, 2017
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  5. Piston_Broke

    Piston_Broke Well-Known Member

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    Outfoxed by the Fox.
    Although the vast majority of "smart" investors also thought that McBank could do no wrong at that time.
     
    Piston_Broke, 10th Aug, 2017
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  6. sash

    sash Well-Known Member

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    ...so this begs the question.....will this happen to the Peter Thornhill devotees also.......
     
    sash, 11th Aug, 2017
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  7. Simon Hampel

    Simon Hampel Founder Staff Member

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    That's a very good point. MacBank were the golden child of the pre-GFC boom and everyone wanted a piece of the action. The headlines were all about how many millionaires worked there (ie the company had done so well that the employees were all getting rich).
     
    Simon Hampel, 11th Aug, 2017
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  8. Simon Hampel

    Simon Hampel Founder Staff Member

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    Hardly the same thing - Thornhill is educating about a strategy, not selling a product.

    He gains nothing from the advice he gives - isn't doing an upsell to a much more expensive course, nor convincing people to invest in a product he makes a profit from.

    Education is not spruiking.
     
    Simon Hampel, 11th Aug, 2017
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  9. Humphrey

    Humphrey Well-Known Member

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    This pretty much sums up my thoughts as well. On the one hand I hate seeing people getting ripped off, but on the other hand where does personal responsibility come into it? Should we legislate to save people from themselves?
     
    Humphrey, 11th Aug, 2017
    #9
  10. hammer

    hammer Well-Known Member

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    You know what? I can't believe I'm saying this but I think yes.

    Or at least legislate against spruikers and "seminars".

    The selling tactics they use tap into us on a caveman level. It doesn't matter how smart or savvy you are, these guys are often so good that it will suck you in.

    People are entering a well rehearsed, slick marketing machine that is pretty much irresistible.
     
    hammer, 11th Aug, 2017
    #10
  11. Redwing

    Redwing Well-Known Member

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    Redwing, 11th Aug, 2017
    #11
  12. geoffw

    geoffw Moderator Staff Member

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    Initially, Peter Spann was educating about strategy, not selling. He was selling nothing but seminars, and used to claim that his advice was unbiased because he didn't sell.

    I'm into property because of Peter Spann. He advocated property and share techniques, buy and hold for growth and writing covered calls as a technique to generate income to service property.

    It was only later in, presumably as it became more difficult to find new seminar attendees, or as the dollar signs grew to the opportunities.

    I lost a little bit from products he sold, but I only lost what I invested. I didn't leverage into any product.

    Similarly I invested into Steve Navra's fund but didn't leverage. I did manage to get most of my capital out of that.

    Where I did lose was in selling a business with vendor finance. The purchaser deliberately transferred assets out of his name into his wife's name before going bankrupt. It was borderline illegal but it's not covered by any industry regulation or compensation fund.
     
    geoffw, 11th Aug, 2017
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  13. sash

    sash Well-Known Member

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    it aint the spruiking but all the devotees jumping into shares thinking it is better than property. some are establising margin loans.

     
    sash, 11th Aug, 2017
    #13
  14. turk

    turk Well-Known Member

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    Yep, can't understand this thing of borrowing money to invest.:rolleyes:
     
    turk, 11th Aug, 2017
    #14
  15. geoffw

    geoffw Moderator Staff Member

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    Last edited: 11th Aug, 2017
    geoffw, 11th Aug, 2017
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  16. sash

    sash Well-Known Member

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    Would be more aptly named...Money Laundering and Extortion Thread....:) more exciting....even largest bank CBA are cottoning on to this to assist with their record $10B profits.
     
    sash, 11th Aug, 2017
    #16
  17. jim1964

    jim1964 1941

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    Agreed!! This should be done sooner rather than later.
     
    jim1964, 11th Aug, 2017
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  18. kierank

    kierank Well-Known Member

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    We had an investment via Freedom Fox and Peter might have sent us an email before he sold but we never received it.

    I changed my email address some time after I made the investment so my email from Peter would have bounced. My postal address never changed and we have received correspondence that was posted by Freedom Fox.

    One would have thought that, if Freedom Fox thought this matter was so serious, they would have tried the post to get in touch with us when our email bounced.

    Yes, we lost money through this investment.

    Yes, it affected our retirement as it was via our SMSF.

    No, we haven't forgiven Freedom Fox.

    No, we don't believe Freedom Fox nor Peter tried hard enough to contact us or to warn us.

    Yes, we have moved on.

    Yes, it could have been worse.

    We were considering making Freedom Fox our financial planners/advisors. Having them selling their own products was a red flag that didn't sit easy with me.

    In highsight, Freedom Fox is an interesting name for a business. Peter is Free and some may consider him a bit of a ...
     
    kierank, 11th Aug, 2017
    #18
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  19. Biz

    Biz Well-Known Member

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    You're situation would have been much worse if you invested with Freeman Fox.

    Who is this Freedom fox you speak of? :D

    You're so loaded Kieran, you don't even know where you're doing your dough anymore! :D
     
    Biz, 11th Aug, 2017
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  20. Simon Hampel

    Simon Hampel Founder Staff Member

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    just like all the devotees jumping into property thinking it is better than shares. some are borrowing 90% or more of the value of their houses! :p

    same same but different
     
    Simon Hampel, 11th Aug, 2017
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