Parody – a Stuff article re-written
Gareth Morgan has hit back at reports he labelled investors in his KiwiSaver fund “pathetic”, saying instead only those who chose to believe “100 per cent crap” reports he interfered with investment process, were pathetic.
In his blog, Gareth’s World, the Kiwisaver fund manager said media reports he was interfering with investment practices were “far-fetched” and had no basis in fact.
Morgan has admitted in the past that his investment knowledge is limited, but in a pre-recorded interview with NBR, lashed out at investors who only wanted “instant gratification”.
The interview was recorded before Saturday’s release of Morningstar’s fund comparisons.
Gareth Morgan Kiwisaver have struggled with this shift, bizarrely implemented half-way through the year, and are coming last in the table.
But Morgan said they would not be reverting back to their former style, which was based on defensive stocks for the sake of results.
Investors would have to put up with “short-term pain”.
“All some people do is look at the league tables and that’s all there is to the game for them. Well, they’re pathetic really.
“Before we said let’s change the style a bit, I thought the investor base was probably 80-20 in favour of a style change because we were never going to make money and be persistent winners of the Morningstar tables investing the way we did. That’s all been forgotten now,” Morgan said.
“People expect instant gratification or gain with no pain. It’s just pathetic really. I can’t think of any activity where you change like that and there’s not a short-term cost as you go through the changes,” he told NBR.
Hitting back at media reports however, Morgan wrote in his blog today that he had been working on “how to enhance our performance analysis capability”, and was attending training to assess public relations skills.
“We have a medium term strategy set by the Investment Board and we have a fundamental and technical department and senior analysts who are responsible for the week to week strategy and performances – the two are quite separable over the short term.
“To suggest they’re not is far-fetched and has no basis in fact,” he said.