This was the first article in our first issue – and what a piece of history. Alan Kohler was celebrating his parents moving into a retirement village and broadcasting what a great deal it was for all concerned; he was investing himself in FKP, the owners of Aveo.
Seven years later (July 2014) things had changed dramatically. This is what he was saying on the ABC:
“If the Government is looking for a way to redeem itself in the eyes of the nation’s ripped-off retirees after the CBA financial planning fiasco and its pro-bank FoFA amendments, I have just the answer: the scandal that is retirement villages.
The way most of these things operate is as crooked as bank-owned financial planning and property spruiking. In fact, retirement villages and aged care accommodation are the progeny of the worst of both”.
Yes, he would have had a big hit on his investment in FKP – see later story. If he had hung on like Mulpha, he would be very happy today with Geoff Grady’s delivering 200%+ share price growth for Aveo over the last two years and approaching 8% ROI.