A number of investors saw through Steinhoff’s machinations. I live in Singapore and in late July and early August contacted Nedbank Wealth and suggested we sell Steinhoff and Brait.
I saw the short dealing going on. I was implored to hold the sale over for three months as they said the company was good value.
At the end of November I said I wanted to sell. After my instruction to sell arrived in December, the share had dropped 61% overnight. I said sell Steinhoff and Brait and they did. But that one day cost me hugely. Nedbank Wealth did not act in my interest. It did not even contact me when the share continued to fall after August.
I always sell if a share drops 7%. My algorithm shows that if I buy 10 stocks, about eight will gain and two decline. This formula works well.
Barry P Fletcher