Wry & Dry


Last words...

"What kind of a genius loses a billion dollars in the casino industry?"

-  Hillary Clinton, US presidential candidate, on the revelation that Donald Trump lost almost $1 billion in one year in the 1990s.

It's a catchy phrase.  Even resonate.  But displays an ignorance of business, especially on the running of casinos and casino property development.  For example, James Packer lost $260m in 2015 on his Philippines casino and $250m in 2009 in investment in Fontainebleau Resorts.  And he is small chips in the industry.  

But W&D notes that Mr Packer is not running for anything.  Except, possibly, from former wives and his personal trainer. 

First Samuel client events calendar

FY-17 CIO Investment Dinner Series

Dennison Hambling: "Investing for the next three years"

Following a strong FY-16, over 30% of clients' share portfolios have now been 'refreshed.'  

Hear how and why at one of a series of intimate client dinners with investment presentations by Dennison Hambling, First Samuel's Chief Investment Officer.

Invitations have been sent to clients.  We have been overwhelmed by the response from clients.  We have already held events in Brisbane and Sydney; and two in Melbourne this week.

Waiting lists are now in place for all events, except Stillwater (Tue-18-Oct).


Stillwater, Dromana Estate Winery 



Quaff, Toorak



Donovans, St Kilda Beach (lunch)



Donovans, St Kilda Beach



Centenove, Kew







Some lightly salted absurdities from all over...

At the extreme left-hand of the bell curve

Roy Pearson, a former Washington DC administrative law judge, may be the only person in America who believes that his 2005 $54m unsuccessful lawsuit against his dry cleaners was not frivolous.

And he has still not come to the end of his legal odyssey. In June 2016, a Washington Bar disciplinary committee recommended that Pearson be placed on probation for two years because of ethics violations, including having made statements "unsupported" by facts when defending his contention that the cleaners' "satisfaction guaranteed" warranty made it liable for various negative occurrences in Pearson's life following the loss of a pair of pants at the store.

(Washington Post)

Not surprisingly, Pearson, now age 65, announced that he would challenge the committee recommendation.

Can't possibly be true

Few U.S. forces in Afghanistan speak the native Pashto or Dari, and the war prospects would be dim were it not for courageous Afghan civilians who aid the U.S. as interpreters under promise of protection and future emigration to the U.S.

However, the Congressional battle over immigration policy has delayed entry for about 10,000 interpreters, who (along with their families) face imminent death if they remain in Afghanistan.

Some in Congress also regard Afghans as riskier immigrants (despite the interpreters' demonstrated loyalty).

(New York Times)

Trump: the cheapskate

Back in 1990, Spy magazine conducted an experiment in "comparative chintziness." Its goal was to find out "Who is America's cheapest zillionaire?" Or, put another way, "how cheap are the rich?"

To determine this they sent various rich people each a cheque for 13 cents, and then waited to see who would actually cash such a tiny cheque. Two people did: Donald Trump and the Saudi Arabian businessman Adnan Khashoggi. 

And yes, they made sure to send the cheque to the home addresses of the rich people, and not to their accountants. So that the recipient would have to do a little bit of work to cash the cheque.

13 cent cheque

Have a wry and dry weekend