….is to invest three million dollars into a business built by a real estate “entrepreneur”.
Exhibit 1 McGrath Estate Agents
John “Million Dollar Agent” McGrath has presided over one of the most classic examples of wealth destruction of our time. I think the people we should feel most sorry for are those who bought into the bull traps in 2016 and 2017. It must have been like that exhilarating feeling a surfer gets as they catch a large wave but then realise they’ve got the angle wrong and are shooting to the bottom rather than gracefully gliding across the face of the wave.
Exhibit 2 – Yellow Brick Road
It would seem others have been paying attention to Mr. Bouris too:
ASX suspension? What ASX suspension?! Yellow Brick Road’s Mark Bouris has spent the week since the business failed to lodge first-half accounts doing what he does best. That is, self-promotion.
Ah, self-promotion. That’s a common factor, isn’t it?
Those who’ve spent some time in the UK might recognise the type:
Australia entered a per capita recession this week. Property prices have been on the slide since September 2017.
The two examples above are both completely reliant on the health of the real estate market to return a profit. Which direction do we feel these share charts are going in the near to mid-term? At the time of writing, Yellow Brick Road shares are on their 4th business day of suspension.
In the words of Bob Dylan, “just when you think you’ve lost everything, you find out you can always lose a little more“.