Wednesday, September 15, 2010

Rod Duke admits 2008 - 2010 Recession the worst

In a Share Investor Q & A out tomorrow morning on Rod Duke, CEO of Briscoe Group Ltd [BGR.NZX], Rod gives some very interesting answers to my questions to him. We cover aspects of his business life, retailing in general and the Briscoe Group specifically and some other topics thus far not broached by other interviewers.

One answer that really interested me was the answer to the following question:

SI - Is this the worst recession you have experienced in terms of retail and/or personally?

RD - Yes, Yes

Dumb that I didn't ask him if he thought it was over but revealing in the sense that here is a man at the cutting edge of retailing in New Zealand, with years of experience in retail and in business and he says that this is the worst ever recession he has experienced. This would include the decade of low growth in the 1990s, the aftermath of the 1987 stockmarket crash and the oil lead recessions of the early and late 1970s.

Pretty big call to say that the period 2008 - 2010 (I think we will experience a longer term of recession) is the worst of economic times since the depression (I know others have said this but Rod has been very direct and succinct while others on the economic coal-face like him have often waivered in their opinions) but that how Rod has called it and he is old enough to know.

Rod even quotes Warren Buffett at one stage!

My favourite Share Investor Q & A thus far and he completed it in a couple of days. Shame his mate Ian has been dragging the chain.