Greed turns to Fear: Steve Mc Knights lastest Seminar email

always_learning said:
For example IBM in the late 50's early 60's spent $1B on developing the IBM system 390, with this system many companies were able to free up significant back office resources (clerks etc).
Hence creating in the process a large number of golf caddies :)

To my knowledge, shells were the earliest form of money. There's indications of a very early trading system based on shells on the East Coast of Australia with goods being exchanged from the south right up to the Melanesian islands via constant trading & using shells as a medium of exchange.

Simialr systems existed in other parts of the world.

Money is a relatively recent phenomenon.

Now if you want to get into utility values & the opportunity cost of money, we're talking a entirely new level of sophistication in the discussion involving many big words created for the purpose of taking about money :)

Cheers,

Aceyducey
 
Garry K said:
Hi 1stbruce

I agree, and doesn't the housing industry do a wonderful job of creating those business' and jobs, across a range of industries. :)

GarryK

Hi Garry, that is if you only want to be employed in the industry for 3 years out of 9. I recently renovated a unit in Mooloolaba. The plasterers were from Adelaide (no work down there), and the painter was from Sydney (same). The property industry isn't that great an employer compared to other ventures Australia could be applying itself to. Look at how Finland has benefited from getting into telecommuications, and Sweden's automotive and aeronautical industries. There is a lot more to be gained from becoming world leaders in an industry with a world market, then just focusing on domestic housing. The USA has less investors in investment property, but more in equities and venture capital.

I'd hate to think that Australia's great international claim to economic fame was that we build great houses. It's got to be right up there with digging holes in the ground. But I suppose we dig holes cheaper than a lot of others.
 
thefirstbruce said:
I'd hate to think that Australia's great international claim to economic fame was that we build great houses. It's got to be right up there with digging holes in the ground. But I suppose we dig holes cheaper than a lot of others.
We not only dig'em cheap but we dig'em well.

Australia is THE place for digging holes.

I'm proud to be an Australian because of our ability to dig holes for ourselves, and our willingness to help other nations also dig themselves into holes.

You just have to look at how we've been helping the Americans & British. Sure they are both high-class hole digging nations, but we Australians are head and shoulders above both of them when it comes to hole digging.

We do have one economic claim to fame - there is a two word term invented by Keating that has become a watchword in economics....problem is that it's slipped my mind.

But we do dig damn fine holes!

Cheers,

Aceyducey
 
Aceyducey said:
We not only dig'em cheap but we dig'em well.

Australia is THE place for digging holes.

I'm proud to be an Australian because of our ability to dig holes for ourselves, and our willingness to help other nations also dig themselves into holes.

You just have to look at how we've been helping the Americans & British. Sure they are both high-class hole digging nations, but we Australians are head and shoulders above both of them when it comes to hole digging.

We do have one economic claim to fame - there is a two word term invented by Keating that has become a watchword in economics....problem is that it's slipped my mind.

But we do dig damn fine holes!

Cheers,

Aceyducey

There must be a good ditty, a dirty ditty no less , bout being a hole digger's daughter.....

BTW, how did Anzacs get to be named digger????
 
Last edited:
Actually no Pitt,

I recall now, the phrase was 'economic rationalism'.

It's at the Australian words wall at the National Museum.

Cheers,

Craig
 
thefirstbruce said:
The USA has less investors in investment property, but more in equities and venture capital.

I'd hate to think that Australia's great international claim to economic fame was that we build great houses. It's got to be right up there with digging holes in the ground. But I suppose we dig holes cheaper than a lot of others.

And aren't those US investors so happy over the past few years, seeing their investments plummet/disappear. :eek:

Holes. Holes are great. You find all sorts of interesting things in holes - like gold, copper iron ore nickel copper coal aluminium oil gas , but best of all rabbits :p (memories of a childhood ferreting -- ahh, the good old days).

GarryK
 
Garry K said:
And aren't those US investors so happy over the past few years, seeing their investments plummet/disappear. :eek:

Holes. Holes are great. You find all sorts of interesting things in holes - like gold, copper iron ore nickel copper coal aluminium oil gas , but best of all rabbits :p (memories of a childhood ferreting -- ahh, the good old days).

GarryK

Now only if value adding could be found in the bottom of a hole, we'd all be rich.

Maybe we could export our holes after we made them, or value add by building a tight rope across them, bungie jumping into, motocross park, swimming hole, synchronised swimming hole..... lazy Wed arvo......
 
thefirstbruce said:
Now only if value adding could be found in the bottom of a hole, we'd all be rich.

Maybe we could export our holes after we made them, or value add by building a tight rope across them, bungie jumping into, motocross park, swimming hole, synchronised swimming hole..... lazy Wed arvo......


hi Bruce

Actually, empty holes are extremely valuable, and no need to export.
A client of mine added to his wealth after buying a disused tin mine (ie big hole in ground) and leasing it to some Sydney council to use as a tip. :)

As for bunging jumping or the like, just need to find a few lateral thinking Kiwi's. They're the masters of extreme sports innovation and could do wonders with a hole.

GarryK
 
Garry K said:
And aren't those US investors so happy over the past few years, seeing their investments plummet/disappear. :eek:

Holes. Holes are great.

Agreed Garry.

A hole is nothing surrounded by something. But even though the nothing has no value to manufacture, it is given form or context by what surrounds it.

The donut is a classic example, and is probably the grandfather of the 'less is more' dictum, which specifies that you pay more for 'lite/diet' foods that contain less and less.

Four donuts (without the hole) equals five donuts (with the hole). Assuming you don't drop your prices, your financial productivity has increased by 25%, even if you're producing the same amount of dough and the consumer is still holding the same outside volume of bulk in their hand.

Even more extreme than the donut are other holes that are surrounded by ever thinner amounts of crust, eg some breads, Rice Bubbles, Aero bars, Flake bars, etc.

And almost all of society falls for this trick, of valuing exteriors over substance, though I must admit that pummelled slices of bread the size of matchboxes and the density of rocks are hardly appetising.

Holes reduce density while maintaining a solid exterior. And if you enlarge the holes on the inside the amount of substance falls, yet on the outside it looks the same - open plan houses are an example.

Two of my IPs are located in areas where the main industry is making holes in the ground. And another is where flexible networks of holes are used to catch crustacean sea-life and, further inland, making holes (or at least depressions) is a part of cropping.

In carefully considering all these matters, one can't think holistically unless one appreciates the value of holes to the whole gamut of human endeavours, whether it be extraction, production, or salesmanship.

And that's the truth, the hole truth and nothing but the truth!

Regards, Peter
 
  • Like
Reactions: Sim
Mmmm Donuts

Thinking outside the whole.

When I worked for a surveying firm I noticed one job where a boundary survey was required for 3 lots. Every lot being the same area, shape (rectangular) and alignment as was obvious from a brief look at the plan. The blocks were positioned as such right next to each other.

*---------*---------*---------*
---lot 1------lot 2---- -lot 3----
--650m2----650m2----650m2---
--------------------------------
*---------*---------*---------*

A boundary survey just required the shots to be taken at the * marks, hence a total of 8 shots from the theodolite. Now the building company paid a total of $450 for the job, $150 x 3 lots.

The value of the hole in the donut here was $150 :cool:

Of course the job could have cost them $300 instead of $450.

WaySolid
 
Garry K said:
And aren't those US investors so happy over the past few years, seeing their investments plummet/disappear. :eek:
GarryK

Garry, are you referring to Walmart or Microsoft? I'd be happy to sell everything I own to get in on the google IPO. Australia doesn't have any googles....but we got lots of holes and houses.
 
Aceyducey said:
IMHO Google has few places to go.

Look at putting money into hole making businesses instead.

Cheers,

Aceyducey

Already own a few half holes: Felix Resources, Straits Resources, Hardman Resources. And am a silent partner in an earthworks company. Just got back from checking out our new excavator - a 7 tonne Komatsu. couldn't believe how quiet its diesel engine is. digs beautiful holes too.

Google's cash reserves, revenues, and profits are nice. In fact, they have grown so much in the last 3 months, the IPO is off for the time being. I only wanted to get in at the beginning and onsell within a coupla weeks. Gee I hate my own ethics sometimes.

Would agree google has nowhere to go if the internet was mature and a maxed out technology. However, lots of upside to come IMHO.
 
Google when they get their gmail service up and running they will have a huge advert/revenue potential.

I think google gmail will move on to be bigger then hotmail because of the attractiveness of the 1gb free storage.
 
Back
Top