Wednesday Forum: April 25, 2018

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1,897 Responses to Wednesday Forum: April 25, 2018

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  1. Oh come on

    I sold all her real estate last year and bought some office space

    How’s that going in Melb? In Perth, commercial’s a real dog at the moment. Don’t know about high density CBD stuff but the medium-low density inner city stuff seems to have more vacancies than tenants. For Lease signs everywhere.

  2. Bruce of Newcastle

    From the little I’ve kept up with the woyal commishion, it looks to me like their problems have nearly all been centred in the asset management side. If I’m right, do you think they will keep those divisions?

    JC – ANZ sold their wealth management business in Oct 2017. They sold their life insurance business in December 2017. CBA is looking to offload two investment advice groups they have – news from 4 days ago. They’re planning to sell or float their $5 bill Colonial First State Global Asset Management group probably this year. Westpac sold out of BT Investment Management last year but so far is keeping BT Financial Management. (That may change since WBC was hammered yesterday in a downgrade by UBS.) NAB looks to be angling towards floating or selling their entire wealth management asset suite too, going on articles in the last few months.

    So the answer is no, they’ve all already been selling out, mostly before the RC started, or have the plans well advanced already.

  3. cohenite

    Andrew Dessler is one of the leading alarmist scientists and by all accounts an arrogant prick; he says:

    The evidence on that is mixed, with some data sets showing expected warming and others not. Obviously, some of these observational data are wrong — and my guess is that the data sets that don’t show a hot spot are wrong.
    The reason I have that view is that the atmosphere and surface are tied together by pretty simple physics (see moist adiabatic lapse rate) and if the atmosphere is not warming as fast as expected, then something really weird is going on. The more parsimonious explanation is that data sets that don’t show warming are wrong.

    So, there you have; it if the data contradicts the theory the data must be wrong. Classic communism combined with a concerted effort by turds like him to adjust the data to fit the theory

  4. Snoopy

    It’s my daughter’s most hated word, too.

    I have fond memories.

  5. Infidel Tiger

    I sold all her real estate last year and bought some office space

    Madness.

    Commercial real estate is the worst possible investment going forward.

  6. Arky

    JC, Bruce or anyone else.
    What do you think of US utilities such as Southern Co as long term holds?

  7. C.L.

    Hey Stimpmeister.
    Good to see you back, old mate.

  8. Arky

    I’m going to buy some anyway, because I want to be able to tell colleagues I own shares in nuclear reactors.

  9. Gab

    Stimpson J Cat
    Welcome Back
    to the madhouse online 😀

    Hope things are improving for you xx

  10. Some History

    Might I recommend investing in the Inter-American Development Bank. The Yapster is Gender Ambassador for said bank.

  11. Snoopy

    Not involving your daughter, Delta, I hasten to add.

  12. Bruce of Newcastle

    What do you think of US utilities such as Southern Co as long term holds?

    Arky – Pass. I don’t invest OS and haven’t been watching individual OS companies or sectors.

  13. Delta A

    Not involving your daughter, Delta, I hasten to add.

    I realise that, Snoops. 🙂

    And you should count yourself lucky. Daughter was something of a challenge to several young men, until she settled down with her husband and their four – yes, four! – exuberant children.

  14. JC

    Madness.

    Commercial real estate is the worst possible investment going forward.

    Why? I’ve personally owned office space since earlyish 2000 and it’s been fully let with an okay yield. There was only a period of about 4 months I didn’t have a tenant.

    The stuff I bought her is about 15% of the assets and yields around 6% overlooking the water in the Docklands.

    You have to have some real estate. I’m just the other way, I won’t ever touch residential.

  15. Leigh Lowe

    Our response to the Tsunami was first class and various other regional disasters.

    Abandoning PNG and encouraging the communist East Timorese has been a lowlight.

    On the other hand, spending $60 meg looking in the wrong place for MH370 so the bumiputras could save face …

  16. herodotus

    Neither of you socks is worth a pile-on Nemkat/Grigs.
    The Doomlord’s infinite mercy just means we either stay away, weakening the blog (that’s your strategy, we know) or we scroll on by for the most part which results in “not much of a pile-on”.
    But you’re a pile of shit in either case.
    And Sinc is asleep on the job.

  17. JC

    Arky

    If they’re well run, your real question should be what do you think US rates will do? I’m nowhere as pessimistic on the US bond market as other people here. I think they will eventually get their legs back perform decently.

    Utes are relatively highly leveraged and their divs are seen as almost a coupon ( like a bond coupon). That’s why they’re a little down in the dumps. You can avoid choosing and just buy an ETF.

    Off the watch Handmaid Tale.. or tail.

  18. Arky

    Speaking of commercial property reminds me of Bob Jones, the New Zealand property investor, author and politician:
    ..

    Jones earned his wealth through investments in commercial property via his company Robt. Jones Holdings Ltd, and was worth $550 million according to the 2013 NBR rich list, and $600 million a year later.[5]

    He formed the short-lived libertarian New Zealand Party in 1983, just before Robert Muldoon’s snap 1984 election. Jones explicitly stated his disgust that the supposedly pro-free-enterprise New Zealand National Party had implemented socialist policies like price and wage freezes, and a top tax rate of 66%. His party acted as a spoiler, helping to deliver the government to the New Zealand Labour Party. Then the party implemented free market reforms under Finance Minister Roger Douglas (hence Rogernomics). When the election was over, Jones disbanded the party, seeing that Labour had implemented many of his policies. He and Muldoon had a legal feud, where Muldoon unsuccessfully sued Jones for defamation. But Jones had great respect for Muldoon in other areas. Jones even chaired the farewell dinner on the occasion of Muldoon’s retirement from Parliament.[6]

    In 1985, Jones was located by reporters in a helicopter while out fishing in a remote valley in Taupo. Jones, incensed at the intrusion when the helicopter landed on the adjacent bank, famously punched TVNZ reporter Rod Vaughan on the nose, with the whole incident recorded on tape.[7][8][9][10] Jones was convicted of four charges of assault and fined $1000.[11]

    He attempted to remove the Fijian Embassy from one of his properties during the time of the 1987 Fijian Coup and succeeded two years later.[12]

    In 2015, he was removed from an Air New Zealand flight by security staff for failing to follow crew instructions.[13] Jones’ company subsequently bought a jet for Jones and other company executives to use for NZ travel.[14]

    In 2018 he threatened legal action when a petition objected to a column he wrote saying, instead of Waitangi Day, Māori should bring Pākehā breakfast in bed and weed their gardens out of gratitude for existing. He claimed it was just satirical.[15]

  19. Tel

    Commercial real estate is the worst possible investment going forward.

    I was thinking that the high-tech revolution would result in mostly home offices and really drain out the whole “office space” culture. However so far that’s not the case, plenty of these very high tech companies insist on maintaining a tightly controlled environment and packing people into desks. Frankly I don’t really understand what’s causing that but there you go.

  20. sdfc

    And Sinc is asleep on the job.

    Boo hoo.

  21. Arky

    JC
    #2697246, posted on April 27, 2018 at 8:04 pm

    ..
    Good- oh.

  22. Peter Campion

    pete m
    #2696823, posted on April 27, 2018 at 11:01 am

    You’re right, Pete, I should have said …

    H2O only leaves CO2 the 15 micron absorption spectrum, an extremely low-energy (long wavelength) regime which imparts minimal vibrational quantum state energy.

    Think of H2O as a hedge with only a couple of small gaps where a soccer ball can be kicked through. The 15 micron soccer-ball finds the gap – but there wasn’t much effort in the kick.

  23. Peter Campion

    Leo G
    #2696831, posted on April 27, 2018 at 11:16 am

    Thank you, Leo. I’m learning as I go.

  24. Leigh Lowe

    Commercial real estate is the worst possible investment going forward.

    You need to be all over the market you are buying into.
    Buying on face value yield valuation is a killer.
    Example …
    Landlord signs a ten year lease at a highly-inflated rental.
    Sells building to a sucker one year in on capitalised value of lease.
    Within a few months of sale the tenant goes tits up.
    Sucker can’t re-let for anything like the previous rental.
    Sucker later finds that the whole lease was a set-up funded by the previous owner.

  25. Peter Campion

    Frankenstabby

    Bwahahaha! Mr Constantine, you are without peer. I salute you, sir.

  26. Snoopy

    The ‘lost’ Strozk / Page text messages that have been released by the DOJ are dynamite and have exposed another couple of worms.

    Monty, what’s the chatter on Lefty blogs? Are Kortan and Rybicki off to the Big House? At this rate Trump is going to have to build a new Swamp wing at Leavenworth.

  27. Ƶĩppʯ (ȊꞪꞨV)

    Three Front National municipal councillors in the French city of Limoges are to be prosecuted after writing an article in a local magazine highlighting an assault on a hospital worker allegedly committed by a newly arrived migrant.
    The three politicians were charged with “provocation to racial hatred”
    this week after the case was brought to court by the International League Against Racism and Antisemitism (Licra), Franceinfo reports.

  28. cohenite

    Deneen Borelli talks about Kanye and Candace Owens: great bunch of people. If Trump can expand his Black American support he’ll be there for 2 terms:

    https://www.facebook.com/deneenCRTV/videos/307017819833196/UzpfSTI2NzQxODc3Mzc5MzEwMTpWSzozMDcwMTc4MTk4MzMxOTY/

  29. Infidel Tiger

    Why? I’ve personally owned office space since earlyish 2000 and it’s been fully let with an okay yield. There was only a period of about 4 months I didn’t have a tenant.

    What don’t you understand about “going forward”?

    Fewer and fewer people actually require office space and the big corporate leeches certainly won’t be using other people’s space. They are demanding government give it to them for free.

    Except for very specific strategic locations and uses, commercial is over.

  30. cohenite

    H2O only leaves CO2 the 15 micron absorption spectrum, an extremely low-energy (long wavelength) regime which imparts minimal vibrational quantum state energy.

    Think of H2O as a hedge with only a couple of small gaps where a soccer ball can be kicked through. The 15 micron soccer-ball finds the gap – but there wasn’t much effort in the kick.

    Spectrum:

    https://noconsensus.files.wordpress.com/2010/04/image71.gif

  31. egg_

    The Korean situation is certainly interesting. Imagine if it had been during Obama’s watch ? The media would be frothing with delight.

    Studiously avoided on Aunty most of the time, much like TURC.

  32. Leigh Lowe

    Tel at 8:08.
    Might be coming, but most work from home is intermittent and office space is preserved for the occasional day or two a week in the office.
    Territorial instincts override true hot-desking.
    Try to sit in someone’s preserved space in most offices and see what happens.

  33. Leigh Lowe

    Fewer and fewer people actually require office space and the big corporate leeches certainly won’t be using other people’s space. They are demanding government give it to them for free.

    Yeah, but you can always shift from office space to bricks and mortar retail …
    No, wait …

  34. Arky

    Except for very specific strategic locations and uses, commercial is over.

    ..
    What about warehouse space for all those future drone deliveries?

  35. Infidel Tiger

    ..
    What about warehouse space for all those future drone deliveries?

    That will all be given to the corporatist nazis for free by the same government that imports a million third worlders every 3 years.

    Enjoy your future.

  36. egg_

    Spectrum:

    https://noconsensus.files.wordpress.com/2010/04/image71.gif

    Water vapour having the most natural harmonics and composing most of the atmospheric spectrum.

  37. Tel

    What about warehouse space for all those future drone deliveries?

    I think that’s why they built Dubbo.

  38. Oh come on

    Get your commercial property rezoned medical/clinic/hostel or whatever. The NDIS is coming and so is your payday!

  39. sdfc

    Territorial instincts override true hot-desking.

    Hot desking is a great way to create conflict among employees.

  40. Fat Tony

    Stimpson J Cat : Welcome back mate, I have missed your posts muchly. You have a unique, and very appreciated, take on things.

    Rae/Nemkat/Grogooley: GO.FUCK.YOURSELF.

  41. Snoopy

    There will always be a demand for office space. Offices provide magenament with the opportunity to perve on and hit on staff.

  42. C.L.

    James Woods makes the call:

    James [email protected]

    This is a momentous event in international diplomacy. It may not bear fruit, but peace is finally at least possible now on the Korean Peninsula. If this indeed does culminate in genuine detente, Donald Trump should be awarded the Nobel Peace Prize.

  43. Infidel Tiger

    Denis Rodman must also win the medal.

  44. Boambee John

    Fat Tony at 2034

    Rae/Nemkat/Grogooley: GO.FUCK.YOURSELF.

    Don’t hold back, tell us what you really think!

  45. Infidel Tiger

    There will always be a demand for office space. Offices provide magenament with the opportunity to perve on and hit on staff.

    Less and less every year is required.

  46. Oh come on

    The Nobel Peace Prize is often awarded ‘aspirationally’ in the hope the recipient will do something amazing (ie. Obama) or to ‘prompt’ bad actors who look like they might be able to be persuaded into behaving better. Of course, it also requires their key negotiating adversary to receive the prize too. So President Moon and Little Rocket Man will almost certainly receive a Nobel Peace Prize.

    Donald Trump never will receive a Nobel Peace Prize. Never. And if he is, he should never accept it.

  47. Oh come on

    Seriously. Make your commercial property NDIS-ready! A bonanza is coming – you wanna be a part of it?

  48. Fat Tony

    Boambee John
    #2697283, posted on April 27, 2018 at 8:37 pm
    Fat Tony at 2034

    Rae/Nemkat/Grogooley: GO.FUCK.YOURSELF.

    Don’t hold back, tell us what you really think!

    Actually. John, I did hold back a bit on that. RNG is a worthless piece of shit, whom I’d imagine, would not be game to spruik his shit face-to-face to men.

  49. Bruce of Newcastle

    Think of H2O as a hedge with only a couple of small gaps where a soccer ball can be kicked through.

    With a whole heap of vertical catapults embedded in it.

    See when the temperature rises at the planetary surface it increases the maximum absolute humidity – the carrying capacity for water vapour in air. So the warmth evaporates more H2O.

    That H2O intercepts IR radiated by dirt, which then warms the air and in turn evaporates more H2O. The evaporation of more liquid H2O converts the heat into latent heat of evaporation.

    The water vapour then diffuses to the troposphere, condenses and forms clouds. When it condenses the latent heat is converted back into actual heat, and IR via blackbody radiation. The IR is now emitted straight up into space.

    So in other words the greenhouse effect is offset by the water cycle, so that there is no IR to absorb by CO2 – it’s mostly hidden in the form of latent heat in the increased water content of the atmosphere – which rises right past the CO2 in lower atmosphere. Then the energy is radiated away from a height above 75% of the CO2 molecules in the atmosphere.

  50. JC

    Artiste

    Some of that’s valid, but the market has been adjusting in Melbourne since the GFC– dunno about the other capital cities but I would assume Sydney is in the same boat. If you’re ever here, take a look at St. Kilda road, which used to be all office space. They’re tipping over office buildings and putting up, guess what, apartments. Office space footage has contracted since the GFC and there’s now a shortage with no new material build. I think it’s okay. It won’t set the world on fire, but it’s an income.

    Tel,

    We’ve been talking about the home office revolution, revolution revolution for the past 30 years now. Some of that has occurred but nowhere near the hype. People still need to associate and the idea you can run an operation with everyone sitting at home is a fig tree of some people’s imagination.

    Bruce:

    The thing that gets me is that outside of Well Fargo, the asset arms of the US money centre banks are integral to their business. They aren’t the biggest earners, but they are steady earners each quarter with Wall Street applying very high valuations for these businesses……without the headaches we’ve seen here. I don’t understand why they can run their asset arms trouble free and these idiots can’t. I think they’re making a big mistake getting rid of them… or as you say, they have got rid of them.

    It’s my opinion, but I think the real problem we have in Australia are the union dominated industry funds, which are as corrupt as hell. The fee structure in Australia is also polluted because of these union industry funds. They are very high because of these scumbags. It’s incredible how this hasn’t been a feature of this woyal commishion. I know it’s a focus on the big bad banks, but AMP was brought in and it therefore makes it legit to take a swipe at that vermin.

  51. Leigh Lowe

    Denis Rodman VP, VC, Nobel Laureate, Brownlow and Bar.

  52. JC

    Oh come on
    #2697275, posted on April 27, 2018 at 8:33 pm

    Get your commercial property rezoned medical/clinic/hostel or whatever. The NDIS is coming and so is your payday!

    They’re advertising “the NDIS is coming to Bayside” on the radio all day. No shortage of government money in Oz.

  53. egg_

    Neither of you socks is worth a pile-on Nemkat/Grigs.
    The Doomlord’s infinite mercy just means we either stay away, weakening the blog (that’s your strategy, we know) or we scroll on by for the most part which results in “not much of a pile-on”.

    There are probably as many ‘good’ socks as bad socks (as I believe nota has also intimated, amongst other savvy types who’ve dropped hints); so, whilst the puppeteer may enjoy the attention of being the blog contrarian at times, he isn’t without mercy and IIRC has actually reacted to a recent pile-on that he inadvertently instigated, such are the dynamics of fora.

  54. Leigh Lowe

    You reckon your job is shit?
    Just watching a doco about the Lancaster bomber.
    Imagine sitting in the bubble in the tail of that thing for eight hours having the Krauts taking potshots at you and knowing that if they got your plane (but not you directly) you were going down with it.
    Fuck that.

  55. egg_

    Offices provide magenament with the opportunity to perve on and hit on staff.

    And each other IME.

  56. Oh come on

    It’s my opinion, but I think the real problem we have in Australia are the union dominated industry funds, which are as corrupt as hell. The fee structure in Australia is also polluted because of these union industry funds.

    This is surely true. Year in, year out yhe industry super funds claim to deliver returns to investors that are always at least couple of points higher pa than the commercial operations. I don’t buy it. What do these union hacks know about the local and international market that no one else does? Something vastly dodgy is afoot.

  57. Oh come on

    They’re advertising “the NDIS is coming to Bayside” on the radio all day. No shortage of government money in Oz.

    Really? I was half joking, didn’t think it would be happening this soon. Maybe I should charge for my NDIS advice.

    Yeah mate go NDIS. Thanks for the commission.

  58. egg_

    What about warehouse space for all those future drone deliveries?

    Logistics could be the next major target of automation, Amazon paving the way.
    International transport aircraft (basically autopiloted for decades), robot terminal trucks, automated dispatch centres and delivery drones.

  59. Boambee John

    JC at 2050

    The fee structure in Australia is also polluted because of these union industry funds. They are very high because of these scumbags. It’s incredible how this hasn’t been a feature of this woyal commishion. I know it’s a focus on the big bad banks, but AMP was brought in and it therefore makes it legit to take a swipe at that vermin.

    My understanding is that the ToR include the superannuation industry. Once that comes under review, Their ABC will find other priorities for its reporting.

  60. JC

    What do these union hacks know about the local and international market that no one else does? Something vastly dodgy is afoot.

    Not every asset they own has a closing price set by an open market. I think they own a chunk of off market assets. You then have to ask yourself who is setting up the valuation. Also keep in mind that even a small upward lean in the pricing model has a material impact on the net asset value. Auditors would find it very hard to detect if they’re all using similar pricing models – although at crunch time they will end up getting the blame. There are too many mortgages and private school fees riding on this boondoggle to allow for open heart surgery and get a look in. Their pricing models were configured by the same guy that came up with the hockey stick – Michael Mann. 🙂

  61. Boambee John

    Leigh Lowe
    #2697296, posted on April 27, 2018 at 8:53 pm
    You reckon your job is shit?
    Just watching a doco about the Lancaster bomber.
    Imagine sitting in the bubble in the tail of that thing for eight hours having the Krauts taking potshots at you and knowing that if they got your plane (but not you directly) you were going down with it.
    Fuck that.

    Worse than that.

    The German night fighters used slanted upward firing guns (known as Schrage musik, or “slanting mudic, German for Jazz). The fighter approached from below, got the bomber silhouetted against the background light from the searchlights, gently increased altitude, then put a short burst into a wing, igniting the fuel tanks.

    British bombers did not have belly gun turrets. Most never saw the night fighter that got them. Most air gunners were simply extra casualties.

  62. Watching Lost In Space on Netflix.

    FFS, Will Robinson is a fucking girl! Why?!

    Why not just make him a fucking artichoke? It makes no less sense. I fully expect the robot to somehow be a transgendered dwarf.

    It shares nothing with its inspiration, and I’m only five minutes in. It might yet even be worse than the movie. Yes, that bad.

    If an alien monster doesn’t swallow Will Robinson whole in the first episode, I’m turning it off.

  63. egg_

    See when the temperature rises at the planetary surface it increases the maximum absolute humidity – the carrying capacity for water vapour in air. So the warmth evaporates more H2O.

    An important component of HVAC, which is NOT a Greenhouse.
    Entropy dictating the flows:
    Hot to cold
    Humid to less humid
    High pressure to low pressure

  64. Boambee John

    OCO at 2058

    Something vastly dodgy is afoot.

    Subsidy harvesting from ruinables and desal plants? Very profitable, particularly with a Liars government.

  65. Boambee John

    slanting music, not mudic!

  66. JC

    My understanding is that the ToR include the superannuation industry.

    Oh okay.

    I’m not sure if they’ll really investigate, because if they do, banks’ bad behavior would be seen as minor pilfering compared to these lowlifes. I hope they open up that can of worms especially how they value non market assets and the pricing models being used. I guess though, it’s always easier to have a couple of teary eyed pensioners talking about how they were smoked for 20K by the asset arm of the big bad banks rather than getting stuck into the enormity of union corruption in these funds.

  67. egg_

    Subsidy harvesting from ruinables

    Most definitely, and they’ve made no secret of it from the outset.

  68. Neil

    It’s my opinion, but I think the real problem we have in Australia are the union dominated industry funds, which are as corrupt as hell.

    Could that be why Labor voted against a RC in 2015?

    https://www.smh.com.au/business/banking-and-finance/senate-votes-down-call-for-royal-commission-into-financial-sector-misconduct-20150624-ghwos1.html

  69. Oh come on

    What’s funny is that, even with the dodgy industry super funds’ inflated returns, they only claim to deliver $10-20k extra for the average punter at retirement. We’ve all seen the ads. “George will have $97000 when he retires. Had he have been with an industry super fund like Fred is, he’d have $113000”

    Oh wow amazing.

  70. Bruce of Newcastle

    I don’t understand why they can run their asset arms trouble free and these idiots can’t.

    JC – 401(k)s are discretionary, our super is mandatory. Anyone with a brain in the US would opt out of 401(k)s especially when younger. There’s so much else that the money is needed for – student debt, medical and kid costs. Also the US has many more of the old style company and government defined pension plans than we do.

    So I suspect the only people with substantial 401(k)s are clued up people who are able to manage them themselves or select a decent advisor. Here there are lots and lots of people with super that have no idea, and need advice. So we have a vast industry advising small investors who should be using the money to pay off their mortgages but aren’t allowed to.

    That’s my impression anyway.

    Also all our banks are like Wells Fargo: retail and mortgage banks. Except Macquarie of course. We don’t have equivalents of Fannie and Freddie to securitize and offload mortgages to.

  71. Pedro the Ignorant

    I have the utmost admiration for the Lancaster bomber crews who got into their aircraft night after night to go on raids over Germany, knowing that their odds of survival were 50/50 at best.

    Guts and courage of the highest order.

  72. Infidel Tiger

    I have the utmost admiration for the Lancaster bomber crews who got into their aircraft night after night to go on raids over Germany, knowing that their odds of survival were 50/50 at best.

    Guts and courage of the highest order.

    They are almost as brave as climate scientists or Hollywood actresses.

  73. sdfc

    I hope they open up that can of worms especially how they value non market assets and the pricing models being used

    Are super fund balance sheets stuffed with structured products?.

  74. rickw

    The first amendment looks to me like it was a one way thing. It appears the founders were concerned the state would try to create a state based religion, such as the UK. It doesn’t look to me they were concerned about things going the other – religious groups attempting to influence the state on policy.

    This is correct, the original concept of separation of church and state was based on concerns about the state interfering in religion, it was not aimed at preventing religion interfering with the state. This approach is entirely consistent with the thinking of the founding fathers, their primary concern was always limiting the state.

  75. JC

    Get a load of who’s the Chairman of CBUS, one of the heavy duty union funds.

    Finance guru and former actuary… The one and only Steve Bracks.

    CBUS, created for workers by them workers

    FMD.

  76. Oh come on

    The ridiculous fees industry super funds charge strip away much of the benefit of, say, 40 years’ worth of interest compounding on a growing asset.

  77. Leigh Lowe

    Pedro the Ignorant

    #2697321, posted on April 27, 2018 at 9:20 pm

    I have the utmost admiration for the Lancaster bomber crews who got into their aircraft night after night to go on raids over Germany, knowing that their odds of survival were 50/50 at best.

    Phht.
    Individual flights might have a survival rate of 95%.
    But keep rolling that dice every second night for two months.
    Bomber command generally had an attrition rate of over 50% from memory.
    I think Australian crews had an attrition rate of maybe 35% to 40%.
    (Maybe they were smart enough to dump into the channel and circle for five hours.
    The fuckers put dash-cams in the end to stop any short steps.

  78. Oh come on

    I also think it’s particularly stupid to tax super income differently from any other income, while the 15% super tax is super stupid as well. Super is supposed to be a long term asset. Why fuck with the power of compound interest, which you would hope would ultimately dwarf your contributions in your final working years?

  79. Pedro the Ignorant

    Anyone interested in supply chain automation should keep an eye on the Megatrans Expo being held in Melbourne 10-12 May.

    Warehouse robotics and delivery systems look like being a very interesting feature at the Expo.

    I will be easily recognisable as the slack jawed yokel marvelling at all the white man’s magic.

  80. JC

    Are super fund balance sheets stuffed with structured products?.

    I read they’re loaded to the gills with off market assets like all sorts of tollways etc. Roads, bridges, even fucking gas meters.

    I know someone in NYC who owns and runs a project finance management business. He makes an absolute fortune selling shit like roads and bridges tolls to funds. One of his biggest client sectors is the Australian super funds. I believe his firm helps these funds with their end of year valuation. 🙂

    This is his boat, I think, if i recall the name correctly. It’s yours for Euro250K per week!

  81. Boambee John

    Pedro the Ignorant
    #2697321, posted on April 27, 2018 at 9:20 pm
    I have the utmost admiration for the Lancaster bomber crews who got into their aircraft night after night to go on raids over Germany, knowing that their odds of survival were 50/50 at best.

    Guts and courage of the highest order.

    Worked with a couple of them many years ago, one being my boss for several years. When he was asked about the danger, he commented “When you are that age you think you are immortal, it will be someone else who gets the chop.”

  82. rickw

    I have the utmost admiration for the Lancaster bomber crews who got into their aircraft night after night to go on raids over Germany, knowing that their odds of survival were 50/50 at best.

    If you’re the tail gunner you have to keep the turret constantly moving once you get to altitude to stop things freezing up and becoming inoperative.

    Assuming you get back, when you land you might also get the famous and not quite sorted Lancaster tail wheel shimmy, if you didn’t crap yourself over Germany, this will definitely help.

  83. Zulu Kilo Two Alpha

    The A.B.C. news in Western Australia just announced the name of the new “Princess – er – Prince – as being Louis Arthur Charles…”

  84. sdfc

    I read they’re loaded to the gills with off market assets like all sorts of tollways etc. Roads, bridges, even fucking gas meters.

    So Aussie industry funds are invested in US infrastructure. That’s awkward.

  85. JC

    Oh look who bumbled, with a ton of courage behind him aided by a bottle of liquor.

  86. Boambee John

    One Legged Rear GunnerRoberts Dunstan UK0489.JPG
    Roberts Christian Dunstan DSO (5 November 1922 – 11 October 1989) was an Australian soldier and airman of WW2. He was noted on his return to Australia after the war as a one-legged air gunner who had served with RAF Bomber Command. Dunstan was born in Bendigo, Victoria on 5 November 1922. He joined the Australian Imperial Force aged 17 on 3 June 1940. After training he was sent to the 2/8th Field Company, a field engineer unit, in North Africa as a reinforcement. In January 1941, near Tobruk, he was wounded in the knee and had his leg amputated. After resting in Egypt he was returned to Australia and medically discharged. Not happy with his short service, Dunstan attempted to join the Royal Australian Air Force as an air gunner. In 1942 he trained at Port Pirie and, promoted to Sergeant at the end of his course, he embarked for Europe. Dunstan was assigned to No. 460 Squadron RAAF at RAF Binbrook, Lincolnshire, England as a Lancaster rear gunner. He flew his 1st operation on 11 June 1943 to Düsseldorf. In October he was commissioned as a Pilot Officer, and later was awarded the DSO for his efforts as a “Cool and skilful Air Gunner despite handicap of one leg”. During one raid on Kassel on 22/23 October 1943, the plane in which he was flying was hit by 2 incendiary bombs dropped by another Lancaster, which was off course. The damage caused by this accident cut off the oxygen supply to Dunstan and the mid upper gunner, Flight Sergeant Hegarty. As a result of the oxygen starvation that both men suffered, neither saw the approach of an enemy night-fighter, whose attack badly damaged the Lancaster, one cannon shell passing through the rear-gunner’s turret. The aircraft managed to return home and make a crash-landing at Bisham, the crew escaping unhurt. Dunstan soon completed a full tour of 30 operations and returned to Australia in August 1944. He was discharged from the Royal Australian Air Force on 2 October 1945.

  87. H B Bear

    The ALPFL serve up another unwatchable game. Seriously, Carlton should be thrown out of the competition and probably Brisbane to keep the numbers even.

  88. sdfc

    Freo no Friday night games. Carlton 2 and a Thursday night. Still the VFL.

  89. Boambee John

    My 2146 is from Wikipedia, forgot the attribution.

  90. H B Bear

    I read they’re loaded to the gills with off market assets like all sorts of tollways etc. Roads, bridges, even fucking gas meters.

    Union funds have always been loaded up with off-market assets. They were stuffed to the gills with windmills for a long time too. Gotta have a lot of faith in their asset valuations to take their returns at face value.

  91. JC

    So Aussie industry funds are invested in US infrastructure. That’s awkward.

    Not just there but all over the world. I was given an example by this dude of what’s going on in that space. The gas company or a gas company in the UK wanted to unload it’s gas meters and unit that goes with it. They sold it off because of the multiple these project firms were offering. It was huge in relative terms – certainly much more than offered in the stock market. You have to ask why and if it’s to do with valuation transparency. Now this asset, or portions of it are tucked into the books of pension funds and sovereign wealth funds around the world. How the fuck do you value it and who builds the model to justify the valuation?

  92. Infidel Tiger

    There hasn’t been a decent Friday night game for years.

    I’d scrap it.

    Footy is for Saturday’s.

  93. Leigh Lowe

    The fee structure in Australia is also polluted because of these union industry funds. They are very high because of these scumbags. It’s incredible how this hasn’t been a feature of this woyal commishion. I know it’s a focus on the big bad banks, but AMP was brought in and it therefore makes it legit to take a swipe at that vermin.

    Someone took a swipe ay the FPA here the other day and rightly so … and AMP is right at the middle of it.
    The certification of financial planners was a yuuuuge mistake because they basically accredited “industry experuence” and enabled insurance salesmen (ie shifty xunts by nature) to call themselves “financial planners”.
    So people front up to a guy with FPA behind his name expecting fair advice and they get sold into the highest commission product.
    Habits of a lifetime.
    And AMP was the eye of that shitstorm.

  94. JC

    They were stuffed to the gills with windmills for a long time too.

    Oh yea, you gotta love the propellers of sticks to show great returns with an accurate valuation. I forgot about that sector.

  95. Leigh Lowe

    Footy is for Saturday’s.

    Have you noticed how many shit games get programmed for Saturday arvo?

  96. H B Bear

    Can’t play all the shit games in Darwin.

  97. sdfc

    My boy is playing at the same time as the Derby. The AFL are wankers, should be a night game.

  98. Leigh Lowe

    They are almost as brave as climate scientists or Hollywood actresses.

    Oh, agreed.
    I doubt those blokes could stand up to the pressure of having to wear a ribbon on the red carpet in support of #metoo, but they have their place as bit players in the Hollywood’s profiles of courage.
    Their toxic masculinity would have to be addressed, of course.

  99. JC

    Yea Leigh, AMP won’t be the same again. But the union super funds are an abyss. You really think the tutonic plates will shift by the exposure from this Woyal Comish. I don’t reckon it go near it, as the libs are really stupid.

  100. Leigh Lowe

    The ALPFL serve up another unwatchable game. Seriously, Carlton should be thrown out of the competition and probably Brisbane to keep the numbers even.

    Why do you reckon I am watching the Lancaster bomber doco?

  101. JC

    I just heard this on OCO’s link.

    Trump was asked by a Christian dude if he ever asks for God’s forgiveness.

    Trump reckoned he avoids making mistakes so he doesn’t have to ask for forgiveness.

  102. Leigh Lowe

    I agree JC, but the yunion bruvvers have carefully dicumented their management and training fees, so the argument is about quantum, not legality.
    And, as pointed out above, if any bruvvers get pinged, it won’t get a run on the MSM.

  103. Well, it turns out that Will Robinson us still a boy, but he looked really, really girl in his spacesuit.

    Of course, it’s not getting better. I can’t see myself lasting much longer.

  104. Leigh Lowe

    A few years back I did the PS146 financial planning course.

    Assignment question … “What is negative gearing?’

    I delivered the orthodox response … recurrent tax deductible losses

  105. Zulu Kilo Two Alpha

    The German night fighters used slanted upward firing guns (known as Schrage musik, or “slanting mudic, German for Jazz). The fighter approached from below, got the bomber silhouetted against the background light from the searchlights, gently increased altitude, then put a short burst into a wing, igniting the fuel tanks.

    Mauser 30mm cannon – later developed by the Allies into the Aden cannon, one of the more effective aircraft armaments ever designed.

  106. JC

    Who’s responsible for encouraging him? Fess up.

  107. Gab

    Beery, I’m a Trekkie fan from way back but trust me when I say, Don’t waste your time.

  108. Ƶĩppʯ (ȊꞪꞨV)

    Well, it turns out that Will Robinson us still a boy, but he looked really, really girl in his spacesuit.

    Of course, it’s not getting better. I can’t see myself lasting much longer.

    Dr smith is a woman and there are plenty of token blacks. The robot is an alien. maybe the show is geared to pre teens.

  109. Leigh Lowe

    Oops posted too soon …
    A few years back I did the PS146 financial planning course.

    Assignment question … “What is negative gearing?’

    I delivered the orthodox response … recurrent tax deductible losses in the hope of capital gains in the future, bearing in mind time value of money and the possibility of differential tax rates between the years of recurrent losses and the date of sale.
    Bzzzzt.
    Wrong answer.
    The marker told me that negative gearing is a “product” (???) and, furthermore we never use the word “loss” when advising clients.
    FMD.

  110. Frank

    LOL. Kim’s bodyguards do it retro-style:

    Kim Jong-RUN! A dozen jogging guards surround the dictator’s Mercedes limo as he heads to lunch after the first round of summit talks.

    They’re only there in case it breaks down and needs a push.

  111. Arky

    I never understood in the original series why they let Will Robinson repeatedly walk off on strange planets with some sly old dude.
    Lucky he didn’t get his clacker enlarged.
    Danger! Will Robinson indeed.
    Also, the only good bit of the original was the robot. Which is exactly the thing they keep changing in the remakes.
    If you remade it with the original robot it wouldn’t matter how many politically correct trannies and kick ass girls you put in it. It would still be great.

  112. Oh come on

    The ABC continues to demean itself by covering US Presidential politics in the way New Idea covers a B-list Hollywood divorce.

    By rights, Zoe Daniels should to be unemployable when she returns from her DC assignment.

  113. OneWorldGovernment

    Looks like this bloke has knocked himself out of the California Governor’s race.

    How Solar And Wind Are Causing Electricity Prices To Skyrocket

    The following article was written by a leading environmental activist, who’s also running for governor of California, not some fossil-fuel advocate.

    Guest essay by Michael Schellenberger

    Over the last year, the media have published story after story after story about the declining price of solar panels and wind turbines.

    People who read these stories are understandably left with the impression that the more solar and wind energy we produce, the lower electricity prices will become.

    And yet that’s not what’s happening. In fact, it’s the opposite.

    Between 2009 and 2017, the price of solar panels per watt declined by 75 percent while the price of wind turbines per watt declined by 50 percent.

    And yet — during the same period — the price of electricity in places that deployed significant quantities of renewables increased dramatically.

    https://wattsupwiththat.com/2018/04/24/how-solar-and-wind-are-causing-electricity-prices-to-skyrocket/

  114. Leigh Lowe

    Financial planner story #2.
    About ten years ago I went to an AMP mortgage broker (friend of a friend as a favour).
    Now I already had a few quotes on mortgage rates before I spoke to this clown and I knew what number he had to beat.
    We were borrowing a very round number and the interest rate was, I think, 6%, and the AMP rate was pretty good.
    But it took 3 minutes of fucking around with calculator, computer and pen & paper for him to arrive at a number I had figured out in my head in 10 seconds.
    And he collected sign up and trail commissions running to thousands.

  115. Oh come on

    Looks like this bloke has knocked himself out of the California Governor’s race.

    I’m not so sure. A great many residents of Cali, with all its illegals and guest workers all madly voting away, are no friends of the renewball industries driving up their household bills.

    The way that Cali is heading, with the middle class decamping en masse and leaving behind a huge Hispanic under/working class and a tiny ultra-wealthy elite, conditions are ripe for a 21st century Tammany Hall-style machine to run the place. It will be necessary for the ultra-elite to abandon several of its pet projects, like zero emissions and so on, if they wish to keep their positions in society (and not be slaughtered). I think they’ll go with self preservation. They never really cared about more than that anyway.

  116. cohenite

    The Beer Whisperer

    #2697309, posted on April 27, 2018 at 9:09 pm

    Watching Lost In Space on Netflix.

    FFS, Will Robinson is a fucking girl! Why?!

    Dr Smith is a girl not Will. And Smith looks to be a right bitch. The robot looks nasty too.

  117. Snoopy

    I’m always amazed dismayed by how poor most accountants are at mental arithmetic.

  118. Frank

    I’m always amazed dismayed by how poor most accountants are at mental arithmetic.

    You should see how many mathematicians can’t add up.

  119. Steve trickler.

    Written by a bloke.

    Nice little winner. Feminist will love it.



  120. Baldrick

    News you won’t hear about on TheirABC:

    Christiane Amanpour ✔ @camanpour
    South Korea’s Foreign Minister tells me in Seoul that “clearly credit goes to President Trump” for bringing North Korea to the negotiating table. “He’s been determined to come to grips with this from day one,” Kang Kyung-wha says.

  121. DrBeauGan

    You should see how many mathematicians can’t add up.

    Adding up is arithmetic. That hasn’t been mathematics for over a thousand years. It’s probably accounting. Certainly not mathematics.

  122. Frank

    Adding up is arithmetic. That hasn’t been mathematics for over a thousand years.

    Gauss might disagree, his childhood preoccupation with using series and so on.

    It’s probably accounting. Certainly not mathematics.

    No, but the irony remains. You would expect them to be able to.

  123. Leo G

    The marker told me that negative gearing is a “product” (???) and, furthermore we never use the word “loss” when advising clients.

    Isn’t gearing just a measure of the performance of a property investment- the ratio of annual return to equity?

  124. egg_

    I never understood in the original series why they let Will Robinson repeatedly walk off on strange planets with some sly old dude.
    Lucky he didn’t get his clacker enlarged.
    Danger! Will Robinson indeed.
    Also, the only good bit of the original was the robot. Which is exactly the thing they keep changing in the remakes.

    Jonathan Harris wrote his, Will’s and the robot’s scripts and so brought the robot to life and guaranteed himself an ongoing role.

  125. egg_

    I’m always amazed…

    at those with a little mathematical ability having difficulty spelling the word seperate (sic) phonetically.

  126. C.L.

    60 Minutes setting up Jordan Petersen for a good old fashioned moronic Australian demonisation …
    Famed intellect Tara Brown (with a lot of help from her editors and the creepy Nine voice-0ver guy) to “report” Sunday night …

    https://www.9now.com.au/60-minutes/2018/clip-cjgg6j9q300gl0hrpyb27h7m1

  127. Leo G

    Jonathan Harris wrote his, Will’s and the robot’s scripts and so brought the robot to life and guaranteed himself an ongoing role.

    Prospero’s scripts?

  128. Leigh Lowe

    Isn’t gearing just a measure of the performance of a property investment- the ratio of annual return to equity?

    Technically, gearing is the ratio of debt to equity, so “negative gearing” is kind of nonsensical in that context.
    The correct term for property investments with an 80% borrowing would be “highly geared” with “negative recurrent cash flows”.

  129. Steve trickler.

    Tara Brown looks rattled.

  130. DrBeauGan

    Gauss might disagree, his childhood preoccupation with using series and so on.

    He was ten years old at the time. Children still do arithmetic.

    Although he did some good work in number theory later. The Disquitiones.

  131. JC

    Tara Brown always looks rattled. She the Australian equivalent of an airhead valley girl.

  132. Zulu Kilo Two Alpha

    This one’s in memory of my mad mate. His marriage ended in spectacular fashion, as he impregnated his wife, and his mistress , at the same time.

    Rest in Peace. The funeral was an interesting affair…

  133. Leigh Lowe

    Steve trickler.

    #2697392, posted on April 27, 2018 at 11:44 pm

    Tara Brown looks rattled

    Why?
    The Lebs have dropped the kidnapping charges.

  134. Steve trickler.

    Someone needs to remind 60 Minutes. Slice and dice interviews are obsolete. Full unedited interviews are the minimum standard now. For anyone.

    Tell the editor to fuck off. Production crew…get the sound right.

  135. JC

    US GDP came in at 2.3 % . Surprisingly tepid.

  136. Steve trickler.

    Leigh Lowe
    #2697396, posted on April 27, 2018 at 11:50 pm

    Why?

    A few seconds of footage and body language.

  137. areff

    Boambee: Dunstan went on to become a state Liberal MP in Victoria. Quite a life.

  138. Tintarella di Luna

    What was 60 minutes thinking? Tara ‘Let’s have champagne’ Brown trying to best Jordan Peterson? I can’t believe Peterson has done a pre-recorded interview. Bang he was paid $15,000 more than me – maybe he was worth $15,000 more than you dearie, did you ever consider that? But were you paid less than the award.

    This gender pay gap is complete and utter radical feminist leftist BS, did they interview the checkout chick from Woolies at Chester Hill about her career prospects? No? Gee I wonder why?

  139. Tintarella di Luna

    Tara Brown looks rattled.

    It shows in the bags under her eyes and her grimacing mouth

  140. Tintarella di Luna

    Hello Stimpson J Cat, welcome back, hope things are on an even keel for you

  141. classical_hero

    There’s a new thread.

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