Evolution and equity bears
LOOKING back a decade to when I was editingMoneyManagement,I am struck by the similarities with stories running today.
Back then, we had a significant bear market in bonds, uncertainty about the economic future, life companies were providing some excellent stories associated with agency development loans and reserving levels, and we had the wash-up from a range of financial collapses such as OST Friendly Society and Estate Mortgage.
Today the equity bears are growling and there is the odd collapse and scandal to keepMoney Managementgainfully employed.
But it would be wrong to conclude nothing had changed in the intervening years. EditingMoney Managementgave me valuable insights into the industry and the issues concerning investors, financial planners, regulators and financial services organisations.
The publication did not always win friends with its strong commitment to breaking news about the industry. Legal action by Protestant Alliance Friendly Society forced us to defend our right to publish in the Supreme Court.
We overturned the injunction, published the story andMoneyManagementcontinued on while Protestant Alliance rapidly merged with another society.
But despite the occasional controversy, one of the most attractive elements of the publication was the very close relationship developed with the various participants in the industry.
Money Managementstill maintains that closeness with the industry. Hopefully it will be an important hallmark of its future success as well.
Brandon Phillips was editorfrom 1990-1991 and nowworks with the NationalAustralia Group.
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