Mainfreight Ltd: Top returns for the last 10 years

An interesting graph from today's Mainfreight Ltd [MFT.NZX] annual meeting that I will one day attend when I am not working and I believe was held at a flash South Auckland Winery.

The text of the meeting is essential reading for Mainfreight co owners like myself and investors who have not plunked down their shekels for a piece of this company will get some insight into how the company has done over the last year and where they will be going over the next 12 months and more.

Interestingly the meeting has highlighted the performance of MFT as an investment and over the last 10 years to 31 March 2011 the company has come out on top with a near 30% annual return.

Out of the 9 companies on the graph I hold 5, so I am pretty chuffed, especially the placement of Ryman Healthcare Ltd [RYM.NZX] at number 3.

I am betting MFT and RYM will be near the top over the next 10 years.


Disc I own MFT shares in the Share Investor Portfolio


Mainfreight @ Share Investor

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Discuss MFT @ Share Investor Forum
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From Fishpond.co.nz - Every Bastard Says No: The 42 Below Story





c Share Investor 2011

2011 NBR Rich List

The 25th annual 2011 NBR Rich List (see detail at NBR )was out this morning and revealed the usual bunch of multimillionaires with a few additions to last year and some notable omissions from the 2010 list.

Graham Hart topped the list with a $6 billion plus fortune and there was an inclusion for the second time by Rod Drury, CEO of Xero Ltd [XRO,NZ] whose wealth has increased to 72 million from last year.

The usual entry of old money from the likes of the Myers, Todds, Fay, Richwhites and Spencers also continue to eek out places in the top ten.

Priminister John Key was ranked near the bottom with $55 million in wealth.

Once again I am not on the list this year but will keep trying.

The Full List

HART Graeme

$6.5b

CHANDLER Richard

$4b

TODD family

$2.7b

CLEARY Eamon

$2b

CHANDLER Christopher

$1.5b

ERCEG Lynne

$1.5b

FRIEDLANDER Michael

$900m

JENNINGS Stephen

$900m

GLENN Owen

$900m

GOODMAN family

$850m

MYERS Sir Douglas

$800m

RICHWHITE David

$725m

FAY Sir Michael

$725m

SPENCER family

$650m

COOPER Peter

$600m

JACKSON Sir Peter

$560m

GOODFELLOW family

$540m

GIBBS Alan

$420m

FARMER Trevor

$400m

JONES Sir Robert

$400m

NORMAN Anne & David

$400m

CAMERON Jan

$380m

GREEN Hugh

$350m

TINDALL Sir Stephen

$325m

GOUGH family

$310m

MORGAN Sam

$305m

COPSON John

$300m

DUKE Rod

$300m

GILTRAP Colin

$300m

TALLEY family

$300m

FULTON family

$295m

LEVENE Sir David

$280m

STEWART family

$270m

BURR Adrian

$250m

RICHARDSON family

$250m

HILL Sir Michael

$245m

WYBORN Mark

$240m

COOK Cliff

$235m

DRINKROW family

$220m

HEATLEY Craig

$220m

HORTON family

$220m

KERR George

$220m

LANE Gary

$220m

WATSON Eric

$220m

MANSON family

$210m

SIMUNOVICH family

$200m

DOUGLAS family

$190m

MACE Christopher

$190m

TEECE David

$190m

VELA family

$190m

HOGAN family

$180m

PLESTED Bruce

$180m

FOREMAN Diane

$175m

BRIERLEY Sir Ron

$170m

STEVENSON family

$170m

BAYLEY family

$165m

CHRICHTON Neville

$165m

GALLAGHER family

$160m

WILLIAMS Tim

$160m

DELEGAT Jim and Rosemari

$150m

HOLDSWORTH John

$150m

HICKMAN Kevin

$135m

GREGORY Cameron

$135m

FISTONICH Sir George

$130m

BAGNALL Andrew

$125m

ROBINSON family

$125m

WOOD Tim & Nic

$120m

REID Michael

$120m

MCLAREN Don

$120m

KIRKPATRICK James

$120m

CUSHING Sir Selwyn

$120m

BARFOOT family

$120m

THOMPSON family

$120m

WALLACE Sir James

$110m

WALLACE Sir James

$110m

TURNER family

$110m

OUTTRIM Steve

$110m

MULLER David

$110m

GIESEN family

$110m

COLMAN Barry

$105m

CAUGHEY family

$105m

HIGGINS family

$100m

PYE Wendy

$100m

MORRISON Lloyd

$100m

LOWE family

$100m

HULJICH family

$100m

HOPPER family

$100m

HOGAN Sir Patrick

$100m

STANFORD Nigel

$95m

McCAW Phil

$95m

INGER Glen

$95m

HARVEY family

$95m

ABBOTT Richard

$95m

PERRY family

$90m

MILLS Phillip & Jacqui

$90m

EDGAR Sir Eion

$90m

CARTER Philip

$90m

ADAMS Paul

$90m

TITCHENER family

$85m

SKEGGS family

$85m

SAX John

$85m

SAVAGE Roy

$85m

PEACE Brian

$85m

JARVIS Terry

$85m

BULLIVANT Vaughan

$85m

FOSTER Robert

$85m

ANDERSON Ron

$85m

RICHTER Mark

$80m

MARRIS family

$80m

HOLYOAKE Noel

$80m

DAVIES John

$80m

BRADLEY Richard

$80m

HYNDS family

$75m

GLASSON Tim

$75m

YEALANDS Peter

$75m

ULLRICH Gilbert

$75m

THOMAS Barry

$75m

SMITH Nick & Julian

$75m

PAYKEL family

$75m

NIGHTINGALE family

$75m

DRURY Rod

$72m

SINGLETON Lester

$70m

ROGERS Lionel

$70m

MCVICAR family

$70m

IZARD Richard

$70m

HOGGARD Kerry

$70m

FLETCHER family

$70m

BURDON Philip

$70m

BABICH family

$70m

AVERY Graeme

$70m

WALLIS family

$70m

VAN DEN BRINK family

$70m

TIMPSON Tony

$70m

SMITH Andrew

$70m

WALKINGTON Nigel & Rosemary

$65m

MAIRE Sir Peter

$65m

HADDLETON Guy & Sue

$65m

GRAHAM Neil

$65m

COON Christopher

$65m

BAKER Grant

$65m

ALPE Chris

$65m

MILLAR Ken

$60m

JORDAN Neville

$60m

JEFFERY Alistair

$60m

BALCOMBE-LANGRIDGE Richard

$60m

GIBBONS family

$55m

KEY John

$55m

RYDER John

$50m

HENRY Simon

$50m

BUTTERFIELD John

$50m

BEDOGNI John

$50m

NBR Rich List @ Share Investor

2010 NBR Rich List
2009 NBR Rich List
2008 NBR Rich List

From Fishpond.co.nz



Buy Every Bastard Says No - The 42 Below Story, by Geoff Ross & Justine Troy & more @ Fishpond.co.nz




c Share Investor 2011

Labour Voters better off under Key

I wrote a post about our priminister John Key back in July 2008 that his success should be celebrated rather than used against him in a political way as it has been with the Labour Party, the rabid left media and Labour's mates in the unions.

No matter what you think of his politics John Key is a man that the "right" and "left" should aspire to be like. From humble beginnings living in State house with just his Mum bringing him up, to running a country that has had the worst global economic conditions for more than 70 years, natural disasters by the score and an opposition mired in the controversy of leadership challenges, sex scandals and the promise of economy wrecking massive high tax rates for all if it is lucky enough to be voted in this November, John Key has risen above the chaff and made what I think is a pretty good job of managing New Zealand Inc.

While I dont agree with most of his left of centre policies, his management of our economy has been laudable in the light of MMP politics and the Nats want to cosy up the the racism and welfarism of the Maori party that has had impacts in relation to keeping the huge unaffordable welfare net some have become used to. He has in short out leftied the sniveling left's socialist agenda the Labour party have tried to occupy and also managed to continue to capture the National vote to boot. No mean feat.

Mr Key is a likable man, for sure, but the reason for his current popularity goes deeper than that. Across the political sphere people can see that he has made a success of himself and even the rabid left media in this country from time to time see that admirable quality in him as a fighter, a quality that all of us as New Zealanders can relate and aspire to. To make a success of oneself no matter where one comes from and no matter what sort of family background that an individual is born into. This is a quality that supersedes politics and with Key as a shining example of this as our leader, the inspirational qualities of what he has achieved are clearly positive for us as a people and a good way forward for the future.

On this alone even those who traditionally vote for Labour and the left in general would be better off voting for Key. Policies that incentivise working rather than welfare and lower taxes for those who want to earn more are clear positives for the economy and our country and a good long-term future. Keys experience in knowing how an economy runs is in stark contrast to the Labour parties Robin Hood snatch and grab and a propensity to misunderstand even basic economics if it means there is a vote in it.

Labour have lost their way and its policies of envy and greed in the form of taxing those who work to give to others who don't and the growth of a much bigger Government is the last vestige of Socialism which the country needs and I believe wants to leave behind.

Let us celebrate the success of people like John Key, rather than being petty and envious. Remember if he can get where he has from his background of deprivation, anyone can.

That is what we should be voting for come November 26.

NEW - From Fishpond.co.nz | Think Bigger, By Michael Hill

Darren Rickard 2011

Overdrawn in the U.S.A

Most of us may be vaguely aware of the fact the the United States is in danger of defaulting on their interest payments on over US 14 trillion of debt (rolls off the tongue like a cheap Chinese* abacus) come a deadline imposed on August 2 and that democrats, having failed to stick to a budget over the last 3 years, have thus far failed to agree with republicans on a desperately needed budget slashing and or the raising of debt levels a further US $2.5 trillion so the country can pay the interest on that debt and function for just another 12 months before this all happens again just before Obama puts his neck on the line again for a further 4 years.

New Zealanders would be mostly unaware of the detail though because it hasn't been covered with much thought or serious commentary in the local news media because there have been more pressing issues of the day like brain-dead stranded penguins and rabid lefty journos going after non-existent Israeli spies.

It should have more than a passing interest for us though because the possibility and uncertainty of a default (which is unlikely to happen he says crossing the keys on his cheap Chinese* keyboard and touching his head for luck) will impact on interest rates for kiwi consumers and affect global markets over the remaining 9 days leading up to the deadline.

I must digress back to my primary subject for this post though because as important as the US debt crises is there is perhaps a more pressing and serious timebomb waiting to go off in the form of The Bank of America and the precarious and uncertain state of its books and the reflection of that in its rapidly dropping share price:

"At US$9.85 a share, down 26 per cent this year, Bank of America finished on Thursday with a market capitalisation of US$99.8 billion. That's an astonishingly low 49 per cent of the company's US$205.6 billion book value on June 30.
As far as the market is concerned, more than half of that book value is bogus because of overstated assets or understated liabilities or a combination of the two.
That perception is a dangerous situation for the world at large, not just the company's shareholders.
The risk is that with the stock price this low, a further decline could feed on itself and spread contagion to other companies, regardless of the bank's statement this week that it is "creating a fortress balance sheet". NZ Herald, 25 July 2011
The author of the NZ Herald article goes on to point out that the bank is the country's largest by asset value, it recently made its biggest quarterly loss ever and management have made public statements on the banks health have been caught out understating liabilities for bad mortgages.

Does all this sound eerily familiar and a little too much like early 2008 when several financial and banking institutions began to show real signs of the financial skullduggery and mismanagement that they had been up to over the previous 10 years or more that led to the current global financial recession?

Don't answer that dear reader, put your head in the sand like any good democrat would and lets go on!

Countrywide Financial Corp was bought by BOA in early 2008 to help it out of its collapse under the weight of the subprime mortgages on its books and that same company with its $1.5 trillion in loans of various states of disrepair look likely to have an impact on BOA sometime soon with dire consequences for the rest of us. This is without going into the quality of the mortgages in its own division of course.

Lets go on!

After buying the impaired assets of Merril Lynch in January 2009 BOA found itself even further down the toilet and shortly after was the recipient of a second capital injection from the American taxpayer that has totaled US$45 billion thus far.

It is looking likely that BOA will need to raise capital somehow to continue to operate in a solvent and fiscally prudent manner due to its breach of new international banking rules and my pick is that the private investor is not going to want to touch that sort of stinker with a cheap 400 foot barge pole made in China*, so Obama may well be tapped on the shoulder again to let the US taxpayer bail it out of its woes, again.

The twin towers of the insolvency of the US Governments books and the possible implosion of the Bank of America will no doubt be fended off by increasing debt levels and more bailouts but just how long can this go on?

It has been 3 years so far and the world lurches from one Greek tragedy, to Irish wakes, Italian spaghetti westerns and Spanish civilian wars to who knows what next and we continue to put off the inevitable of facing up to our debt levels, making a clean break and letting the weak and greedy collapse into the black hole of debt they have dug for themselves.

If it takes everyone else down with them then so be it, I just cant stand this Chinese* water torture.

*With thanks to China and the Chinese for saving so hard after selling us your crap and letting us borrow even more of what was once our money so we can continue buying your crap. No offense.

NB - Please note I had run out of black ink by the end of this.




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c Share Investor 2011