They often call selling roadkill on the stock market as offering a share shouldn’t be better called a dead or dying parrot. Remember Howard’s 2nd tranche of Telstra shares?
The giant coal port Dalrymple Bay is up for sale. The financial engineering wizards from Brookfield want out. Brookfield’s debt is humungous, and green hydrogen is looming as a mortal threat to coking coal. They can’t offload it to professional investors, so they are now targeting the mums and dads for a float on the ASX, while even angling for a bail-out by the Queensland Government. Michael West reports on one of the trickiest financial juggling acts you will ever see.Desperate Dalrymple: Brookfield dumps coal port on mums and dads in ASX float as Queensland moots bail-out – Michael West
The veteran investor says that’s because even more debt has accumulated in the global economy since the financial crisis, especially in the US.
Around 2009, the legendary investment adage went something along the lines of: if you invested $1000 dollars when Sir Frank floated Westfield in 1960, you would be worth about $148 million.
For more than 50 years, Lowy was the innovator in retail property.
For more than 50 years, Lowy was the innovator in retail property. Photo: Louie Douvis
But if you invested in Westfield 18 months ago, you would have lost money even if you accepted the $10-a-share offer now on the table.