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I so often forget that this is a public forum and
blather on, then wish I could take stuff back.

This is where not leaving yourself logged in all the time is handy. If I get a compulsion to say things that I might really have cause to regret, I use my naughty sock puppet account.

Apropos Telecom and Gattung: I have been brooding on this all day.

You know, Gattung did what she was paid to do. Her strategy was approved and encouraged by her board. Her board prioritised dividends over long term returns, and she delivered.

If we are going to point fingers and blame people, we should be looking at institutional shareholders who are not interested in being long-term owners. It is large institutional investors who have the power to appoint directors and set the tone for the organisation. As long as they are operating on the Greater Fool theory, or happy to strip-mine the equity in what amounts to an extended liquidation, we will see this kind of behaviour in CEOs.

There are other factors in the destruction of Telecom's shareholders' wealth, like the AAPT disaster, but the general short-term attitude of the management should be sheeted home to the short-term attitude of the owners.

Hello?