Matt Daniell

Thanks Vishal. Valuable insights from a legend. I'm glad I'm not the only one who wonders "how are we going to repay the massive amounts of debt built up....?"

Rodney Forrest

Awesome article Vishal

Michael Garrone

Exactly, insanity, can’t wait to see the reaction when the reality of paying this off dawns on people

Kieran O'Shea

I have limited respect for someone with that much faith in coal. Not to mention the moral quandary involved. Us Gen Y are social distancing, likely for many months, to protect people like Millner. Why can’t they make sacrifices and invest and lobby for better climate policy?

peter calo

I wish the authorities took even longer to look at mergers and acquisitions, and approve far fewer of them. What everybody forgets is that everytime a merger is approved it is the consumer that pays the cost through higher prices. The classic example is Wesfarmers (Bunnings) being allowed to take over Howard Smith (Hardware house, BBC hardware). Wesfarmers then proceeded to slowly destroy the rest of the hardware industry with the ultimate result being we consumers are paying monopolistic prices for hardware. Yes it took time to destroy the smaller hardware stores, but that was the ultimate aim.

Carlos Cobelas

Coal sucks ! The world needs to abandon coal . He is not thinking of the environmental catastrophe that could occur in the future if we don't abandon coal. It could make COVID look like a walk in the park. Get your head out of the sand Mr Millner.

Simon pederson

Thank you for the insight. I cant help but notice his words don't align with his actions though... surely holding 1.8% cash is far from hoarding! seems like WHSP is all in.

Mark Dawson

Thanks Vishal, one of the previous articles mentioned currency crisis and this is a real concern following on from the pandemic. Debt is going to cause major headaches for many businesses. Make sure to invest in those companies that aren't carrying to much debt and I agree don't toss all your money back into stocks right now. Hold some of that money back or sit it in gold. There'll be plenty of more opportunities and time to buy back in. Be patient!

Ryan E

Very disappointing to see his support for coal over renewables.

Tony Miller

Good timing to have this

Robert John Brooke

I attended the last SOL AGM in Sydney. A highly entertaining event with the curmudgeonly Millner clashing with a conga line of proxy holding greenies - Prompting Millner to remark "Don't you people ever buy shares !". Unfortunately, Millner cut the meeting short after he had enough.

Vishal Teckchandani

Thanks for your feedback all - the focus is certainly sharpening on how/who is going to pay for all this fiscal stimulus and the debt being built up during lockdowns. According to AMP, COVID-19 spending will be nearly 4% of the G20's GDP. In comparison, it was ~2.5% in the GFC! We'll look to get more insights from contributors on the implications here.


Great article. I invest to make money on my investment, and I agree with the management of SOL.

Graeme Holbeach

What is the relevance of a table showing WHSP's holding movements for six months up to the end of JANUARY? Why not look at BKI under the stewardship of the same Robert Millner, both portfolio performance and total shareholder return underperforming its benchmark over 1, 3, 5, 10 and 15 years.

Francis Buttle

Still investing in coal. Sigh!! Not investing in renewables gives me a very good reason to abandon WHSP.

Michael Whelan

Robert, Ryan, Carlos and Keiran - Japan doesn't seem to have the same quandry about keeping the lights on via the new post-Fukishima coal-fired power stations they are busily building. And given the coal investments are a small part of his overall portfolio (14%), you may want to look elsewhere to express your concerns. Suffice to say, a good article by Vishal.

Vishal Teckchandani

Hi Graeme, that table was selected primarily to show readers where WHSP's money is sitting.

John Edwards

Thanks Vishal. It’d be great to get an update from Robert or Tim Millner on BKI, which took over the investment portfolio for Brickworks.

louis calleja

What a breath of fresh air it is to listen to a man with so much accumulated wisdom and common sense. I couldn’t agree more with him vis-a-vis the value of coal as an energy source. For successive Governments to be pursuing expensive, low-energy renewables when we are blessed with an abundance of coal and natural gas is economic madness. We could have the cheapest electricity in the world but our silly anti-carbon policies has instead given us some of the most expensive electricity. Wake up, Australia. Good on you, Mr Millner.

Vishal Teckchandani

Hi John, thanks for your note. Will see what we can do! Cheers,