Stop scaring away Wigton's profit

Letters to the Editor

Stop scaring away Wigton's profit

Tuesday, June 11, 2019

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Dear Editor,

One of the goals for Wigton's listing was to 'socialise' wealth to make getting rich easier for the common man.

If that is to be achieved we must stop creating all this excitement over simple matters; specifically Wigton gaining 60 per cent, when it is the norm for good initial public offers to reach 100 per cent within the first week.

Fontana, a recent listing, reached 168 per cent in the first day. Indies Pharma got 150 per cent the first day. Express Catering attracted 204 per cent in the first week. And these are regular companies, under regular conditions, not cooped up under everyone's microscope, but allowed to roam free and grow strong.

We need to let Wigton roam and become as great as it wants to become — strong and stable. We need to stop scrutinising its every move; after all, the watched pot never boils.

Wigton has limitless potential; potential that is stifled because most of its investors don't know its true value and true potential. This condition is made worse with the media making headlines from an average return on investment.

When Wigton should be breaking through records and tipping the Jamaica Stock Exchange's circuit breaker constantly, it is tied down by investors fearing its expansion. Stop 'cowing down' the thing!

All this noise over nothing — a mere 60 per cent appreciation. This noise scares away profit; causing inexperienced investors to believe the stock has reached its limit, then foolishly and prematurely selling as though the sky is falling.

These new investors then sell to wealthier, smarter investors who know the market and the true value of the stock. Before long, its back to square one; the rich get richer. As attributed to business magnate Warren Buffett: Divide all the money in the world and give it to all the people in the world; in a very short time, it will be back where it started, in the hands of the rich.

There will be backlash from experienced investors for letting the secret out of the bag, but this must be done to ensure the success of future divestments and ensure the savoury taste of the stock market doesn't fade for new investors, which would defeat the long-term goal that benefits us all — greater investment and a more prosperous country.

This is by no means a 'throw all caution to the wind' thing. Investing is serious business; however, it can't be taken too seriously, causing one to overthink and miss the opportunity. The best thing is to watch the market, talk with your financial advisor, develop a plan, and stick to it where logical.

There is no rush. Wigton just got here and will be here for time to come. Renewable energy is the permanent in-thing; it's cheaper and more sustainable, there is no need to rush, the economy is doing well, there is money here, after all people don't just throw $14 billion at something without seeing value.

Let's be the country that escaped the Buffett saying. We have got an opportunity that other countries would go to war for.

It takes action, not a bag a mouth. Stop making all this unwarranted noise; it's scaring away Wigton's profit.

Joshua White

Heartease District, Manchester

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