Someone should tell Gareth that explaining is losing

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.

Do you want:

  • Ad-free access?
  • Access to our very popular daily crossword?
  • Access to daily sudoku?
  • Access to Incite Politics magazine articles?
  • Access to podcasts?
  • Access to political polls?

Our subscribers’ financial support is the reason why we have been able to offer our latest service; Audio blogs. 

Click Here  to support us and watch the number of services grow.

As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.