Babe, I wish I know the answer...but unfortunately, I don't.
I don't have any Kiwisaver investments to worry about - but I loath deception, I hate the despicable doings of Bernard Madoff and other swindlers like Nick Leeson, and I am very very worried about the possibility that Gareth Morgan might screw up innocent investors' hard earned money.
- and I just felt obligated to share my personal concerns with you
I'm not saying that he is a swindler. Heck, what do I know about his future plans? Maybe he really is a good guy. But,... what what what if he isn't? What if he turns out to be another Bernard Madoff?
My retirement funds (known as the EPF, or Employees Provident Fund) is managed by a government entity - not by a private banking institution or a one-man investment company like Gareth Morgan Investments
This is Gareth Morgan's photo:-
(Source:
http://media.nzherald.co.nz/webcontent/image/jpg/Morgan_gareth160.jpg)Here are some of the things about which struck me as rather odd:-
1) Gareth Morgan Investment's website seems to bear a resemblance to some scam companies
- cheap web design... yet the company purportedly has a sophisticated online login for the KiwiSaver investors
(this is just my personal opinion based on observation and simple common sense. You can choose to disregard my thoughts)
2) "Fan Mail from Life Insurers"
*roll eyes* Yes, GMI indeed has a "Fan Mail from Life Insurers" page
(Duh, gimme a break! I have a life insurance policy, PA (Personal Accident) insurance, travel insurance, automobile insurance, but the thought of being a FAN of insurance providers has never crossed my mind - not even once)
3) Sam Morgan's appointed as the Director of Gareth Morgan Investments
- & it didn't even make it to the news!
Who is Sam Morgan?
My guess is that he's either a brother or cousin or nephew, son or son-in-law of Gareth Morgan
So, in other words... Gareth Morgan Investments is what Malaysians would describe as a "Chinaman company"
("Chinaman company" is an informal term to describe family-owned businesses that the Chinese are famous for - for example... a company where the father is the CEO, & the aunts/uncles/siblings/kids hold key positions in the company)
(to be continued)
Sam Morgan is the trademe whizkid
ReplyDeleteInvesting in any investment company is in my opinion a stupid thing to do...apart from banks. especially this kiwi saver investment, dont like that one at all. for one...there are too many little "sweet things" like getting back money after a certain amount of time... to suck people into this scheme.
ReplyDeleteIt is too easy for an investment company to pull the plug at any given time and call it bankrupt and do a runner with the money, look at Blue Chip. I had a guy working for me, he had his house on Blue Chip and lost everything.
if people do want to invest with investment companies, they want to make sure that it is a well established company, not a quick growing, high flyer, and they also need to know exactly what the company invest's in at the current economic time in my opinion, cause if the company invests in (for example) selling lawn mowers to the Yanomami Indians in the Amazon, that company is not going to make much money and is sure to go under.
As far as Gareth Morgan is concerned (having done very little recearch) it seems that he has a lot of people investing in his company, you just gotta hope that he has his money in the right place.
on the net there doesnt seem to be much opinion from third parties.
I saw on one performance graph that it is falling rapidly, you would have seen that too I guess, just makes you wonder where he has his money, having said that though, I guess at the moment all investment companies will be experiencing a decline in returns. would be interesting to compare his performance with other entities.
ReplyDeleteHaven't seen his website. Most of the publicity is due to his son's success with TradeMe and his subsequent charitable work which he's used the money from the sale of TradeMe to Fairfax.
ReplyDeleteactually yes, rather more than others. he doesn't need our money & thinks the money manager business charges too much (it does) I don't always agree with his economic opinions but I do respect his integrity. & I guess you can always read sone of his travel books if you wanted to get a read on him. (I haven't)
ReplyDeleteI will never put my EPF into a private company unless the government stand guarantee for it. I just don't understand NZ government allow a private company do it. In Malaysia & Singapore it is the government control and take charge and interest higher than banks.
ReplyDeleteGreat. When are you doing a story on me?
ReplyDelete- Mick
www.mickpeckmagic.com
I'm in a super plan with work
ReplyDeleteI've just had a quick squiz at your blog and, well, I've been charmed. Thoroughly. Your writing's peppy, fresh, ebullient - and enlightening too: I've learnt that pumpkin seeds are good for erectile dysfunction, giant pears are useful for clubbing burglars and that your mother has a penchant for sea cucumbers.
ReplyDeleteI also don't think I've come across a blog with as many endearing strike-throughs as yours.
I like your Blog!! Very informative.. I wish I've the experience like yours. Perhaps..I should of "just do it" rather than "just wish".
ReplyDeleteSounds like you have a great time travelling.
ReplyDeleteHuh? You have a life insurance policy? Why? What, your in your mid-twenties and don't have any real debt other then normal living expenses? Any creditable insurance agent would tell you that is a waste of your money. Really, if your married and have a mortgage or other such liabilities that involve others, then by all means - get life insurance. Other then that, your just feeding an industry that is making money hand-over fist already. Sorry if this is a little over the top, but it makes me angry every time I see an insurance company sticking it too the public. However, a worth while insurance (especially if you live in a high-crime area) is home owners or renters insurance. These policies often cover a huge range including lost luggage when you travel, emergency hotel/motel stays -- they can essentially be made to cover the little tragedies that befall all of us from time to time and are quite often very affordable. :)
ReplyDeleteWill try my best to explain :)
ReplyDeleteI grew up in a traditional Asian family, where it is common for individuals to think about what they can leave behind for their family members if (touchwood) anything unfortunate happens to them.
I will be doing quite a lot of traveling in the next couple of years, and hence felt that it is important to have a back-up plan for my family members (parents, siblings, nephews & nieces, cousins) even though I'm still single & don't have any children. If anything unfortunate were to happen to me, they will be able to get a lump sum of money from my life insurance and PA, which would help them get through difficult times. My siblings, fortunately, have good careers. It is my younger cousins that I am more worried about.
Cool blog. I laughed when I read what you wrote about Gareth Morgan. I worked for him at Infometrics many, many years ago. All I can say is that he can come across harsh and blunt at times but he's a got good heart and he means well.
ReplyDeletehad a quick look at your blog and some of the articles, its interesting to get your take on things.
ReplyDeleteAlso being a stockbroker myself and running my own firm I can certainly tell you all about fund managers!
ReplyDelete