Should we feel sorry for these investors?

I

i disagree with this. The greed may be the same, but those potential investors who held off were smarter, more disciplined, more patient, more educated, more informed, and put more effort into analysing the potential investment. That is not luck. It's a skill.

 

There is one thing that irks me more. It's when people like that get a bailout or let off (with the burden being covered by those who were smart enough not to make the same mistakes).

 

Exactly. Look at poker (or stock investing). Luck plays a part but over time those who are skilled will by far outperform the non-skilled.

 

No, i spent some time up in the pilbara towns and i called the perth downturn many times on somersoft.

Could see it a mile away. To buy a 800k house in port hedland or karratha is absolute madness.

 

No...greed played some part.....something similar COULD happen in Sydney........what would I know right?

 

While I have a degree of empathy, I would not say that it was bad luck. It was pure greed. Some are up-front about it, others play dumb but it slips out sooner or later. One of the fundamental motivations for buying into a mining town during a "rising market" is to on-sell before the top of the cycle, knowing that once the downfall occurs there is no employment, no community, nothing to be there for.
In other words, these people actually planned to leave someone else holding the baby -part of the strategy. That's greed.
No, I won't hear that that is what happens everywhere, it's not. Yes, I have bought from little old ladies and divorcees too but a. I'm still holding the properties and b. when I do sell for a huge profit (and pay lots of CGTax) the buyers will be living in thriving communities and have positive prospects.
I have empathy for these people - I hope they learn that you don't have to be an AH to get ahead - in fact it's better if you're not. I honestly do hope they pick themselves up but not to then turn around and try to burn others again.

 

I think the ability to 'knock the dust off your shoes' and keep walking with a lesson learnt 'Good attitude' would work best!
Good luck and the best lesson learned is a lesson not repeated!
Its only 'bad', 'stupid' or 'whatever' when you keep doing the same thing with the same outcome!
I hope this helps!

 

Dangerous waters

 

I feel sorry for them.

However; as has been said already; Due Diligence, taking a punt without the proper research etc....

 

I feel sorry for people who had a go at something and it blew up in their face. The people who post here about their losses in mining towns in particular are going through real pain and are in the midst of a brutal lesson.
It's when people start blaming others for their predicament that my sympathy wanes. Most of the people who come here with tales of mining town disasters don't do this, though. They tend to tell us what they did, where they have ended up, and seek ideas on what to do next. And people here in the main are sympathetic and helpful.

 

It seems Sydney still rocking. I was thinking it might have cahged in April, but no.. it turn back to speedup now. There are lot of couples earn 200+K $, so they says they could afford...