Pinned straw:
I sat through the 6-hour WTC investor day a while back, and as i believe as i said then, the least impressive guy was the chairman.
my view, from many founder operators i have met over the years, is that they are not beyond playing hard and jobbing you when the ref isn't looking. as we have found out many times, when the skirt is lifted on their operations, which is rarely, we are surprised at what we find. i cut these guys a large degree of slack, they are by nature risk takers and run their own race, that is what has made them successful, as long as they are not pilfering the company or engaging in illegal activities etc, everyone can, of course, make their moral assessments.
held- bought into this dip, if WTC was a better price id buy a lot more.--- thats my view
This presents an interesting ethical dilemma for investors. Corporate governance should be highly regarded and 4 independent directors walking out the door is to put it mildly- very concerning. They have clearly had enough and will not be part of the circus anymore that is RW and Wisetech. I actually applaud them for sticking to their morals and their director duties and resigning. By rights, should be staying well clear of a Top 20 ASX company with this sort of outcome and they will struggle to attract top tier independent directors because of the governance issues.
My investing brain tells me a different story though. He is the biggest shareholder and Founder and does know his company backwards and wholeheartedly believes in the company and also his own proven entrepreneurial style. The market has overreacted to the SP and if i had spare coin in my Super of in my own name, i would be loading up on more WTC at the moment. They will report so so numbers tomorrow and the market will probably sell off more, but the undeniable fact is that Cargowise is a world leading solution and will only continue to be adopted by more and more logistics companies as time goes on and at very good margins. They care only that WTC provide a better faster cheaper mousetrap and not that RW likes the ladies....
Held in RL
This is the nicely balanced view from the AFR:
"Through his own actions, Richard White has thrown the tech giant into crisis twice in six months. How can any serious investor trust him again?"
I'm beginning to wonder how any serious investor can trust the AFR to report dispassionately on financial topics rather than pander to populism.
Hope I can buy this at the market close in strawman.
Sound business with an over exaggerated market reaction in my opinion