Response to the Dick Smith article in the AFR this morning

Steve Johnson

Is Tony Boyd accusing us (Forager Funds) of bringing down Dick Smith? I’ve had to slap myself three times but it’s hard to draw any other conclusion from yesterday’s private equity puff piece in the Australian Financial Review (VIEW LINK). For the record, I think a Senate inquiry is a waste of time and taxpayer money. Even at its over-inflated listing price, this was a $520m company that went bust. In the context of a $1.4 trillion dollar stock market, it is a drop in the ocean. Losing money is part and parcel of investing and the last thing we need is an inquiry and more red tape every time it happens. But Tony Boyd (Chanticleer in the Fin) seems to think that, if there is someone to blame, the finger should be pointed at us instead of private equity firm Anchorage. Our full response is available here (VIEW LINK)

Is Tony Boyd accusing us (Forager Funds) of bringing down Dick Smith? I’ve had to slap myself three times but it’s hard to draw any other conclusion from yesterday’s private equity puff piece in the Australian Financial Review. For the record, I think a Senate inquiry is a waste of time and taxpayer money. Even at its over-inflated listing price, this was a $520m company that went bust. In the context of a $1.4 trillion dollar stock market, it is a drop in the ocean. Losing money is part and parcel of investing and the last thing we need is an inquiry and more red tape every time it happens. But Tony Boyd (Chanticleer in the Fin) seems to think that, if there is someone to blame, the finger should be pointed at us instead of private equity firm Anchorage. Our full response is available here (VIEW LINK)


Comments

Please sign in to comment on this wire.