I have to admit that I am pretty proud of my OM purchase, the only regret I have is that I didn't buy them at a lower price, but nobody is perfect hey? I think that anyone buying now could be buying the best deal in years. That's just an opinion, so make up your own mind, but wait for their quartly to come out in March and see what happens. Otherwise wait for some OM bigwigs to start buyng shares and then everything will pick up from thier. The negativity towards OM is just because they have had a few problems, and in the current cliamte these problems confirm the general publics fears that they should stay away from this share, which is cool by me because it's given me a great opportunity to buy a lot! It could take over a year to fully recover, but I do not believe this company can fail. I'll buy more and more until I'm happy that I can buy no more or until such time as it's true valuse is realised. There is even speculation that the economic meltdown will affect profits of this company, and I just don't see it. Sure they have made some bad invetments that have cost them, but look around, they are still here, they still have plenty of cash lying around and they are not losing policy holders, that's for sure. So idon't know where the rumour that you can kiss you final dividend goodbye came from... have a look in your local newspapers, magazines, whatever... In evey publication there is at least 1 ad for OM, that tells me something... they have more than enough to keep them going and they are actually trying to make more sales... this when other companies are getting grants to stay afloat.... Don't be too surprised to see a really decent final dividened.
Hope you are right-I bought a few below 8-lets wait and see-a recovery is possible but it may be a few years away but I have time to wait and the div declaration is going to be interesting.good luck to both of us.
Well well, if you got some at below 8 then more the better for you! That's pretty close to an all time low. Eventually they will sort out the little mess they have with the bermuda book, but I really think that the pessimisim is over done here. Only time will tell!
I have to agree, I still think this is a quality company and hopefully they have sorted out all their problems. I have bought some below R8 for my 8 yr old son with his savings and will hold as a long term share (+10 years).
MM, that long justification note to self shows its really hurting isnt it? U married the share. How can you think this company cannot fail if companies that's over 100 years old just failed recently? A ceo of a company dont just leave suddenly unless there's real problems. And they sit in US and EU and supposedly invested their clients money in the banks and perhaps their own risk money as well? It doesnt really matter where they invested the money, bottom line their investment returns are going to be a shocker. And where they going to find customers in those areas to buy their products if they show them the last year's returns? Im not saying it is a bad share, but please dont buy it on the expectation that it WON't be a bad share....
Oh mm! After having had to deal with OM's estate department for about 2 years I swore I would take every opportunity to slag them off that I could get!! It is the most ethically bankrupt, inward focussed, conceited, inefficient, incompetent, self righteous, greedy, lying institution I have EVER come across. I'm sorry for your trade - but I hope the shares go to zero - so that those b*&stards who run the place get no pension and work till the day they drop!