ASX 2.87% $82.84 asx limited

the great resource con job

  1. 3,964 Posts.
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    What has happened here, happens every single boom. The dirty little fast talkers make bold statements about large resources that would be running at a loss when commodities prices fall back to long term averages.

    The uneducated buy and get burnt on the way down. The companies either enter abandoned mines or pump up drilling results. Bold statements are made and the regulator are slow to react, no penalties, no consequences.

    Accountants and lawyers become directors of resource companies by the dozen. It would be like john howard running a sex shop.

    One of the main problems was its very hard to pick the trueth from the lies, even some of the better companies were holding back fundamental information from the market to make informed decisions.

    The market was dominated by dirty deals and trading games that pushed share prices through the roof.

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