Hi,
Effective immediately, the policy about stock / shares will be as follows:
No posts in relation to stocks/shares will be allowed on this forum board.
We’ll be systematically removing all shares/stocks posts over the next few days.
Those with expertise in this area are still invitied to contribute posts lending their general advice, but please no mention of shares, stocks etc.
This has been necessary due ASIC licensing requirements and what I consider to be shaky ground with some recent posts.
I’m reminded that this is a forum board created to discuss direct property investing questions. The problem before us started when I changed the forum title to general investing. I accept responsibility for the vaugeness, but am now exercising editorial control to bring the posts back to a property focus.
Sincerely,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
What a shame general share investing cant be discussed now. [
]Steve,
I’ll accept that you have greater knowledge of the ASIC requirements than I but I would have thought that general (ie stocks versus properties as part of an overall protfolio) posts not mentioning specifics would be ok. And of interest to many.
Rod.
I understand Steve’s position completely … however I did really enjoy the posts form WayneL and some from Crashys … therefore I set up a forum for people to discuss “general investing” strategies here:
http://members.freeib.com/?mforum=generalinvesting
Also there is no need to worry about ASIC on this forum…
I do have some rules but they are lax at this stage. I hope people will find it useful and educative.
Cheers,
Pin
*********
http://members.freeib.com/?mforum=generalinvesting
General Investing Forum. ALL welcome!Steve,
pity about that enjoyed reading these posts by those with an understanding of the market, try not to have all my eggs in one basket and was learning a bit from those more astute forumites such as ‘crashy’ waynel and others.
oh well such is life!!
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Good on ya Steve! My mother always told me that shares are the Devils work!![}
]Now we have a nice wholesome, and christian forum again. YAY [
]Mick INC
Hi Michael
Life is going to be pretty dull if all you ever do is what your mother tells you.[}] If you have read Steves book you can see on page 171 that Steves preferred method for earning capital gains is the stock market[].
I dont think Steve has a problem with shares he just wasnt happy with the direction his forum was going and decided to put limits on it.
ErikaMichael,
Since when has this forum only been open to christians?
And, how dare you offend people who have wider interests than yours, by inferring a lack of christianity.[!][!][!]Hilary, by the smileys I think Michael was replying a little tongue in cheek. Lets hope so and remember that it is the season to be jolly and nearly all of us are operating on short fuses. Christmas is a very special time of year, regardless of whether for a religious reason or just as a time to think nice thoughts and to make a special effort at showing kindness and tolerance to others. Can I suggest that we all hold off with posts for 1/2 hour if something rubs us the wrong way. Give some time to cool down. Merry Christmas everyone.
Good on ya Steve! My mother always told me that shares are the Devils work!![}
]Now we have a nice wholesome, and christian forum again. YAY [
]Mick INC
Nothing is more satisfying than dancing with the devil and walking away with your soul and some $$$[}
][]I personally miss the discussion/debate/jousts with fellow sharetrading heathen on this forum[
]Wayne
The issue about share trading discussion boils down to ASIC regulations. Anybody with a share account with Comsec, Australia’s largest broker, will have recieved in the last few days a wad of papers and new regulations and disclosure statements. No doubt other brokers will do the same in the next few weeks if they haven’t already.
The whole broking industry is going through a wave of re regulation at the moment and Steve does not have, nor does he propose at this stage to get the necessary liscences.
If ASIC ever got involved in property you would probably need at least two PhD’s to lick the envelope with the rent cheque in it the way they want people to have “qualifications”
All Steve wants to do is keep himself out of a regulatory quagmire and that’s why no share discussion.
x,
I totally appreciate Steves concern. I doubt that it would ever be as problem on this forum, but the chance of some over zealous ASIC officer making life hell is just not worth contemplating.
Just some general comment with NO reflection on Steve or this site:
Where does it end? What if I get full of p*** and bad manners down at the Parkerville pub on friday night, and mention that I am buying xyz corp with my ears pinned back. Is that advise? Will ASIC come and kick my door in and drag me away kicking and screaming?
I recognise the need for some regulation, but the current paranoia is just bloody silly.
Licensing and over-regulation DOES NOT guarantee quality advise, but promotes mediocrity IMO.
Wayne
Hi All
I think that the forum lacks something now that different types of investments cant be discussed.
I also understand why Steve did it but there are so many people out there who have both property and shares and it was nice to throw around ideas on both subjects a more complete investing forum.I dont think people should be saying to buy xyz share anymore than people should say buy xyz house.
Anyway I will get off my soap box and return to heathen land with my shares[]Erika
Hi all,
Here is some discussion on the matter from another forum. The responses are from licensed individuals who both work in instutions.
>>My general view is that if the site if free, it should not be regulated by law. (I’t s as free as chatting in a pub, and no one can regulate what you talk about)
If it’s a paid site, then the provider will have some responsibility over the content.<<
and the reply…
>>Thomas’ last point is teh stance of ASIC. That is, if the users of the site are not investment professionals then they may discuss anything. In other words so long as the users of the site are the general public without a barrow to push then there are no problems.
As far as making comments on any security, I would be giving “general” advice which is not directed to any individuals circumstances. Example, “I think gold looks bullish and would buy gold stocks on any dips”. This is general advice but in making this comment I MUST ALSO give a clear warning to any reader. This warning is a few paragraphs long and MUST be given.If I were to say “I think gold looks bullish and YOU SHOULD buy gold stocks on any dips” is specific advice aimed at an individual. That advice must be aligned to the individual investment objectives, financial situation and risk tolerances that would have been collected by the advisor before any advice was given. In fact there are 7 key data points that must be collected from the client before any specific advice is given.
Obviously that cannot be done on this forum by me or anyone.
The fines are serious and here is a real example. Say you come to me on Jan 1st and give me your financial position etc. You state that you want blue chip shares that pay fully franked dividends. Through the year the market goes ballistic, the resources sector has exploded, there are mini-Posieden’s ocurring everywhere. Every 10c stock has quadrupled and its a frenzy. You ring me up one day and say “Buy me $50,000 worth a resource stock “Dog Mining P/L”. I do so because you asked me to. Dog Mining delists and the $50,000 is gone. Geuss what? I am liable. I must pay that $50,00 back. A normal broker would need to write about $200,000 of revenue to recoup that. The client walks away without loss.
Now that example is not an extreme. It just happened to someone I know very well.
What this will do in turn is increase full service brokerage rates and no doubt many smaller investors will be left for themselves. Why would a broker increase his risk for an account that is not considered a good risk/reward?<<
So as I said before it should not be a problem on a site like this; but I do recognise the concern.
I personally find the above rather disturbing and totalitarian. I want the old Australia back again![
]Wayne
Hi Wayne
Good to hear from you again
In your example how can this be if the person has given a direct instuction,is it because that particular share didnt fit the original criteria for shares that was asked for?
I would just like to see people take responsibility for their own actions which in this day and age seems to mean sue whoever you can make a quick buck then find the next person to rip off.[}][}][}] It makes me really mad sometimesErika
Hi Wayne
Good to hear from you again
In your example how can this be if the person has given a direct instuction,is it because that particular share didnt fit the original criteria for shares that was asked for?Hi Erika,
That seems to be the reason; but I am completely blown away by that revelation. It is just so absurd that I can’t think of anything intelligable to say that doesn’t include a stream of profanity.
I would just like to see people take responsibility for their own actions which in this day and age seems to mean sue whoever you can make a quick buck then find the next person to rip off.[}][}][}] It makes me really mad sometimesErika
Yes unfortunately what you say seems to be the truth[
] Our society has become most unpleasant! Not the same Australia that I came to in 1972! How did we end up like this, I don’t know.This is the ASIC policy statement applicable for anybody interested:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps118.pdf/$file/ps118.pdf
Wayne
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