The importance of transparency, plus investments in Prague and Warsaw

The importance of transparency, plus investments in Prague and Warsaw
5th September 2005

I'm just back from a wonderful honeymoon in the Maldives to find a storm of bad publicity over the buy to let business.The cause of the fuss - the government closing down six companies that made false promises to investors of almost instant riches.I can tell you, my attitude to this is: Great! I wish they'd close a whole lot more!

I've never disguised my contempt for these operators. As far as I'm concerned, these people are simply not in the same property business as me.

I play the long game. Property is a long term investment and is no quick (and risk free) route to instant wealth. Full stop.

These people are playing a short game. It goes like this: get in quick, say whatever it takes to grab investors' money, and get out fast.

Having said that, I am always amazed that some investors can be stupid enough to believe some of the ridiculous promises made by these guys.

There are lots and lots of these companies around - and even those that are not actually breaking the law often operate on its fringes, in my view.

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