Warren Buffett is famous for candor, honor, integrity, realism -- these make wealth possible. Fantasy and lies lead to financial and legal devastation.
Is the annual report going to be a slick job, full of praise for the remarkable progress the company has made during the last year? Or is the company going to speak candidly about what was PROMISED in 1998 (wood, foam, foundry) and what was NOT achieved? If the company wants to come clean, let it produce an inexpensive annual report, a stapled series of papers that gives a thorough appraisal:
o What happened in fiscal year 1999, really
o What is the product line
o What is the business plan
If the annual report reflects a TOTAL integrity of the Warren Buffett kind, shareholders should hold their fire at least until the Spring, for they will have reason to believe that improvement is possible. If the words continue to show a happy face, however, or are directed at attracting new fools, THEN is the time to use the Internet, the lawyers, and the Ontario Securities Commission to bring whatever legal restitution is possible.
Rich Kaiser, as the firm's representative, please tell shareholders and potential investors what they can expect from the annual report. Will it be a work of integrity or another trash piece of short-term public relations? |
