Last year I issued a warning about an investment proposition being advertised aimed at the unsophisticated. I say that as anyone with a scintilla of investment knowledge would laugh at it.
This is by an Auckland outfit calling themselves MATES INVEST which enquiry revealed was a small property valuation firm. They’re soliciting money to buy unspecified property, their single sales pitch being their investments will be ungeared. That is spectacularly ignorant for reasons I’ve hitherto explained and a gilt-edge way to lose ones’ money through erosion.
After a lull they’re now at it again, advertising in the NZ Herald, this time over a heading “Some people thought we were silly. We know it’s only common sense”.
They’re not only silly but pig ignorant when it comes to investment and most certainly it’s not bloody common-sense.
If they want to start a syndication business then do so and I’d certainly not comment. But for God’s sake, ignoring the most critical investment element belies belief, more so when they present it as a feature. Meaning well is no defence to not knowing what you’re doing when you’re dealing with other people’s money.
Of course, it might be an idea to suggest an alternative for the targeted demographic, basically pensioners with a spare $250K or so. Such people are looking for an income now, with some form of inflation protection.
Well said Sir Bob
Valuers are very quiet at present, as are other property related consultants; except those pampering to Housing New Zealands wants…
The poor bugger needs to feed himself and his family somehow…