Peter Spann

MarkB · 16th Sep, 2004

Hi Peter

I just want to say up-front, that I am in no way implying that you are anything less than a standout achiever in field of investment. I am not making this statement to be a kiss-ass - I just want you to know that I am not a troll looking to stir up trouble.

I guess the title pretty much says it all.

Please excuse me for being so brazen as to ask this question....

So, why aren't you on the list?

Is it because:

a) You are too old? (over the age of 40)

I must admit I don't know your age (which is why I have to ask). I have heard anecdotal reports that you are in your mid to late 30's, but I really don't know.

Hence a) is a real possibility (no offence).

b) You have insufficient net wealth? (you need a minimum of $10m)

Just to clarify - I am not asking for your bank balance and PIN.

A couple of years back API did some stories on you and if I have the text right it was reported that:

Today, Peter has a net worth of around $20 million, which has been accumulated primarily through property investing. His property portfolio is valued at more than $50 million... and its value is rising fast.

So I would find b) very hard to believe.

c) You are deemed by BRW not to be "self made"? (only self made people qualify for the list)

In "Wealth Magic" you spoke of going from broke Checkout Chick (Guy) to where you are today. Driving around in a dump of a car and then later a Ferrari, etc, etc.

In the API article it mentions that your father was a CBA Manager - hardly the stuff of silver spoons.

So I would find c) to be an unlikely answer.

d) BRW's researchers are stupid and don't visit bookshops or read API and otherwise live in a cave?

Now this I can believe. As unbelievable is it is.

After all it is not as though you are publicity shy (again, no offence meant).

Would you mind clarifying for us?

Very much appreciated.

MB

qaz · 16th Sep, 2004

Pitt St said:
c) You are deemed by BRW not to be "self made"? (only self made people qualify for the list)

In "Wealth Magic" you spoke of going from broke Checkout Chick (Guy) to where you are today. Driving around in a dump of a car and then later a Ferrari, etc, etc.

In the API article it mentions that your father was a CBA Manager - hardly the stuff of silver spoons.

So I would find c) to be an unlikely answer.

Brings up an interesting point. Where do you draw the line at self-made or not?. Seems very subjective, nobody gets rich completely on their own, that said, even if your born into a rich family, youve still gotta be nice enough for them not to write you out of the will and kick your ass onto the street when you turn 16.

likewow · 16th Sep, 2004

I think the term 'self made' is pretty self explanatory. I think being nice to your parents doesnt qualify as 'self made millioniare', or maybe it does in some quarters

skater · 17th Sep, 2004

Pitt St said:
Hi Peter

I just want to say up-front, that I am in no way implying that you are anything less than a standout achiever in field of investment. I am not making this statement to be a kiss-ass - I just want you to know that I am not a troll looking to stir up trouble.

I guess the title pretty much says it all.

Please excuse me for being so brazen as to ask this question....

So, why aren't you on the list?

Is it because:

a) You are too old? (over the age of 40)

I must admit I don't know your age (which is why I have to ask). I have heard anecdotal reports that you are in your mid to late 30's, but I really don't know.

Hence a) is a real possibility (no offence).

b) You have insufficient net wealth? (you need a minimum of $10m)

Just to clarify - I am not asking for your bank balance and PIN.

A couple of years back API did some stories on you and if I have the text right it was reported that:

Today, Peter has a net worth of around $20 million, which has been accumulated primarily through property investing. His property portfolio is valued at more than $50 million... and its value is rising fast.

So I would find b) very hard to believe.

c) You are deemed by BRW not to be "self made"? (only self made people qualify for the list)

In "Wealth Magic" you spoke of going from broke Checkout Chick (Guy) to where you are today. Driving around in a dump of a car and then later a Ferrari, etc, etc.

In the API article it mentions that your father was a CBA Manager - hardly the stuff of silver spoons.

So I would find c) to be an unlikely answer.

d) BRW's researchers are stupid and don't visit bookshops or read API and otherwise live in a cave?

Now this I can believe. As unbelievable is it is.

After all it is not as though you are publicity shy (again, no offence meant).

Would you mind clarifying for us?

Very much appreciated.

MB

Maybe option (e) Assets are tied up in entities, so the researchers don't know who owns what.
This always confuses me as most wealthy people would, I assume, have their wealth held in structures outside of their own name, so how do the researchers really know how wealthy you are, unless you advertise the fact.

Cheers

Peter Spann · 17th Sep, 2004

My idea

Good question, and one I have been asked many times before.

Has a new list just been published or are you referring to last years? (I subscribe to BRW and one of my big bug-bears is that the mag is more often than not available in Newsagencies days before I get my copy in the mail).

In order:

a. I am 38.

b. It’s really hard to judge my net worth as it depends on how you value my assets and my business in particular but I am very happy that I am well over the “limit”.

c. I am most certainly self made (apart from the bits God did and I think he is wondering about the veranda extension I have put on!)

d. LOL – NO I am sure they have top flight researchers. And, contrary to popular opinion, I AM publicity shy. Hard to believe I know, and PR can be a highly effective business tool but in many ways I am a very private person, it’s just my view on what is private and what is public is different to most people’s.

Really, I think “The Young Rich List” was not meant to be an exhaustive list like the Top 200 Wealthy list. I know quite a few people who would qualify who do not make it on the list. And there are, according to the ABS, about 180,000 people in Australia with net assets over $10m. Surely more than the handful that appeared in BRW are under 40?

This is also true with the Top 200 list as well.

People fit into one of 5 categories:

They qualify and are on the list and are very happy they are;
They qualify and are not on the list and are very happy they are not;
They think they qualify and are doing everything they can to get on the list (but for some reason BRW thinks they don’t);
They may or may not qualify but are doing everything they can to get off the list;
They probably do qualify and they don’t care less.

My colleagues who are on the Top 200 list are either wrapt or really do NOT like the additional scrutiny it places upon them, especially from the tax office who actively match up what the BRW says they are worth and what they have declared! (And BRW is just one media source they use for that).

And skater is very correct – if you can find all my assets then I have not paid my lawyers enough and believe me I have paid them heaps!

The easiest way BRW have to judge what a person is “worth” is by the value of their company (usually a public company or one that has recently had a venture capitalist or investor value it on the public record – eg: when Westpac bought part of John McGrath’s business and believe me, they got a bargain – still have no idea why John did that???).

Some people it is easy to pick, for example if they own a well known house or commercial asset (or 2 or 100) or if their investments are made through a public company and that is a matter of public record.

And my primary assets – my property and share portfolio are not a matter of public record and will stay that way.

But if you just valued my home in Sydney and Brisbane and realised they are cash paid I am about 80% of the way there just with those two properties, let alone my investments.

So my ego wishes that I made the list and it certainly would be good for PR, but on the other hand I think I am happy to stay off it as long as possible!

Hope this is an adequate explanation.

asy · 17th Sep, 2004

I giggled when I saw the question, Pitt!

Have to say, I have never taken much heed of these 'rich lists' mainly because it's really up to the person whether they want to be on it or not.

As Peter said, if you can find his assets he hasn't paid his lawyers enough.

I knew someone in MEL who gave her son an 18m trust account for his 18th birthday. But she didn't make the 'rich list'. um???

Personal preference.

asy

MarkB · 17th Sep, 2004

asy said:
Have to say, I have never taken much heed of these 'rich lists' mainly because it's really up to the person whether they want to be on it or not.

As Peter said, if you can find his assets he hasn't paid his lawyers enough.

Yes, individuals can choose the manner in which their wealth is held, the same way they can choose the clothes they wear. And some legal structures make it more difficult to assign assets (and liabilities) to individuals.

But, to the extent that BRW can ascertain the assets and liabilities of individuals and subsequently calculate some estimate of net wealth, BRW does not need their permission to include them on the list.

I would be very surprised if "avoiding being listed in BRW" was a major priority for wealthy individuals, particularly if it came at the expense of financial goals.

However, it would be niave to believe that the 200 individuals that BRW identifies each year are the richest 200 and that they have not missed a few.

asy said:
I knew someone in MEL who gave her son an 18m trust account for his 18th birthday. But she didn't make the 'rich list'. um???

I am not sure of the point you are trying to make.

On the information provided niether the mother or son qualify for inclusion on either list.

MB

qaz · 17th Sep, 2004

Anyone wanna give me an $18million trust account?..............Peter?

Kenny · 17th Sep, 2004

Has a new list just been published or are you referring to last years? (I subscribe to BRW and one of my big bug-bears is that the mag is more often than not available in Newsagencies days before I get my copy in the mail).

Ah, Peter, but did you get the snazzy free leather briefcase? I'm sure you subscribed just for the freebies!

Seriously, I have always wondered why any wealthy individual would wish to have this sort of exposure. The only exposure I'd prefer would be on a beach in the Bahamas.

Regards,

Kenny

Peter Spann · 20th Sep, 2004

Not so sure now

OK, I don’t want this to sound like sour grapes or anything but now I have read the article there are heaps of people I know who well and truly qualify who are not on the list.

Also, I know a couple of the people on the list and IF they have the funds the article claims they have I don’t know where they are hiding it (maybe they DO have better lawyers than me!)

Kenny · 21st Sep, 2004

I think may be these lawyers should be on the list!

Hmm, probably too clever by half to get caught that simply.

Regards,

Kenny

np2003 · 23rd Sep, 2004

Those rich list are entirely speculative, most are valued by how much their public company is worth and as such these change as fast as the weather outside.

geoffw · 23rd Sep, 2004

I dream of getting into the BRW Young Rich list.

I know that I really should be very positive about this- and I am going to Anthony Robbins this weekend- but at age 50, I doubt that I have a lot of chance.

asy · 23rd Sep, 2004

geoffw said:
I dream of getting into the BRW Young Rich list.

Which aspect of it? The 'young' or the 'rich'...

Pitt.. My point was that people choose whether to be included in lists like this. Their assets, as pointed out by Peter, are usually hidden, and they really do have to volunteer this information.

asy

geoffw · 23rd Sep, 2004

asy said:
Which aspect of it? The 'young' or the 'rich'...

Hey, I KNOW I'm going to be rich- I already am in relation to most of my cow orkers

asy · 23rd Sep, 2004

geoffw said:
Hey, I KNOW I'm going to be rich- I already am in relation to most of my cow orkers

gosh I hope that's a typo...

Although, I can't figure out what an 'orker' is...

asy

Andrew_A · 23rd Sep, 2004

Cubicle humour

Asy,

You need to visit www.dilbert.com or subscribe to Scott Adam's newlsetter

WaySolid

asy · 23rd Sep, 2004

WaySolid said:
Asy,

You need to visit www.dilbert.com or subscribe to Scott Adam's newlsetter

WaySolid

Actually, Way, I did subscribe.

I'm a big Dilbert Fan, but I don't think my email programme was...

Thunderbird killed the cartoon strips.

I used to get blank emails, so I unsubscribed.

asy

Peter Spann · 23rd Sep, 2004

Would hate to be a cow orker

geoffw said:
Hey, I KNOW I'm going to be rich- I already am in relation to most of my cow orkers

I know, I know, I've been told being a cow orker is a really tough job too. You have to get all those cows orking together. And it's tough to teach a cow to ork.

Phew - hard day at the dairy.

XBenX · 23rd Sep, 2004

Under 40 and $10m - makes it a helluva lot more achievable than the Rich200...

Im sure the $10m will continue to increase at an astounding rate though.

Peter Spann - why are you not on the BRW's Young Rich List?

More options

MarkB

qaz

likewow

skater

asy

MarkB

qaz

Kenny

Peter Spann

Kenny

np2003

geoffw

asy

geoffw

asy

Andrew_A

asy

Peter Spann

XBenX

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