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An open letter to Richard - head of SFM

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Dear Richard Thank you for your call today. In the conversation you indicated that you would be removing my post regarding Clive Roffey and his intention to take legal action against me. You indicated that the reason for such action was that the forum was not intended for issues such as this. While I take your stated reason at face value I am also aware that Clive Roffey has been threatening legal action against absolutely anyone that has anything to do with this matter including my colleagues and fellow shareholders in the company I work for and that you may be bowing down to this pressure. While I recognise that my comments may at times be somewhat inflammatory and off the topic it is my strong belief that the interests of your customers are not served by removing a post, which in your judgment, the content of constitutes something other than what the forum was intended for. I strongly urge you to reconsider censorship of this kind. As I indicated to you I personally know of people that have lost large sums of money because of Clive Roffey's repeated recommendation to invest in shares despite his call clearly being wrong. Clive doggedly persisted in recommending a buy on certain counters and sectors when clearly the prudent thing to do would at the very very least to warn investors to proceed with caution - to , as one example, tell non professional investors like myself to buy a share like DRD or even SSFS on the share and then go away on holiday over Xmas and forget about it is not responsible advice. As I see it one of the vital functions the forum plays is to enable participants to find out where they can obtain reliable advice. When "analysts" such as Clive Roffey have it as their agenda to sell their recommendations it is doubly important that forum participants are able to enter into an open honest dialogue as to the quality of the information and analysis provided by such an analysts. If people have lost large amounts of money - in some of the cases reported to me much as 50% of their capital - on the advice of an analyst this is absolutely invaluable information to any investor or trader as it serves as a reminder that we cannot and should not act merely on the advice of an analyst no matter how many times he repeats the recommendation or how many times he gives assurances he gives that he is right. I further think that it is vital, let me stress this even more strongly, absolutely critical that your customers be informed that anyone who claims that they get 80% of calls right are creating a false impression regarding the reliability with which they or anyone can predict market movements. Members of the forum need to know that unless such claims are substantiated and proven they cannot be accepted as the truth. You would be failing in your duty as providers of on an environment in which information can be trusted and which promotes understanding of nature of markets not to point this out and encourage debate on this issue. If you chose to remove my posts and censor what I have to say about Clive Roffey's analysis, provided it does not break the law or is not of a personal nature I will cease to participate in the forum as I believe the value of the forum as an open exchange of views will be damaged. We are not "all just chat room gossips" as Roffey likes to portray us. Many are really passionate about what we do and value the forum for the valuable information exchanged as well as the diversity of opinion and views expressed. I look forward to your reply. Regards Chartist
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45 REPLIES 45
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Super Contributor
I agree 100% with you as that thread was trading related and SFM should not have removed it. You give them stick, and I think most of us on this forum are behind you 100%.
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Super Contributor
I meant support you, not from behind..
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Super Contributor
This chat forum plays an important part in my learning curve - don't mess with it - otherwise I will need to look for another school room.
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Contributor
Hi There Simon Could SFM please indicate why Such a posting was removed ... And what are the basis for removing such a posting ?? I am aware that post may be removed , as per the rule of the FORUM...BUT I AM QUITE SURE THAT ALL FORUM USERS WOULD LIKE TO KNOW THE REASON FOR THE REMOVAL ... Kind Regards
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Super Contributor
Richard, how can you "chase" the best analyst on this site?
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Super Contributor
Well done Chartist for taking a stand. I've never seen the Roffey show but have been on this forum for over two years and whenever DRD was mentioned it was linked to Roffey's recommendation to buy the share. While all investors make their own decisions there's no question that people listen to those presented as experts. If an expert's advice is questionable, this is the only place for other's to learn of it. Fisrt FNB bows to pressure, now SBK. Gasp. . . could it be that banks have no balls.
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Super Contributor
I wonder how long this post is going to stay unmolested? I hope you're keeping copies of these posts C, for posterity.
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Super Contributor
Chartist I commend you. How ever I think your energy may be a little misplaced. I think that you should be on summit TV' s case or even SABARU as the shows sponsor. Summit TV should at the very least have a diclaimer. The other thing that would add value is to keep a score card. I think the truth is that you should simply not watch his show.
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Point taken John but remember Roffey is the one wanting to sue me ...its up to the individuals who have lost money to take it up with Summit or whoever they deem to be responsible. This thread is about why SFM deems it inappropriate for you to be informed about the case...and why I take issue with Roffey....
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Super Contributor
one have to watch in order to know what NOT to buy
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Frequent Contributor
Your defense is air tight. NEVER buy in a sell. That's why we use technical analysis. We buy in a "buy" and we sell in a "sell" Do your homework. Because if we bought in a sell and DRD went belly-up we only have ourselves to blame.
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you'd have thunk that was obvious ...the problem is what do you do when someone who claims to have a record of getting 80% of calls right, is on TV and has a PHD says you must buy...maybe you are just missing something so you buy...then when you start losing money he says thats normal....just buy more its an even bigger bargain...in fact buy SSFs ...load up on them....forget about them ...go away on holiday...you get the picture? Yes ultimately its everyone's own responsibility but when you are in Roffey's position you also have some responsibility...just a simple "but of course if fall through ressistance we may go lower" or "of course I cannot predict the future this is my own opinion" would be in order.
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just to put that into context - before Xmas Roffey advised investors to load up on the gold (DRD in particular) go away on holiday and forget about them)...
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just to put that into context - before Xmas Roffey advised investors to load up on the golds (DRD in particular) go away on holiday and forget about them)...
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Super Contributor
should have said forget about getting your capital back
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Super Contributor
Chartist. We all have learnt somthing from you, I think you should let this go and focus on the very good work that you do. Have a great trading day my friend.
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Chartist could you tell us of another trading platform that you trade on and may move to should you decide to leave here, one with a more open environment
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Ja John - I am quite happy to let this go...I think the media have gotten on to this one. I am quite realistic re TASSA and what they are about....so I am not even going to bother with all the very onerous tasks they have given me...youd have thunk they would be doing all the legwork in the interests of full discovery of the facts...Of course if Roffey persists with his threats and does issue papers I will have no option....
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Frequent Contributor
What I'm trying to say is, if DRD had gone into a sell it would be his duty as a technical analyst to advise that the share was in a sell. Surely? Elliott wave theory is not technical analysis.
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