Shane Ross in a recent Sunday Independent article says no to the new Brendan Investments product being pushed by Eddie Hobbs.
There’s a very telling comment here about the product:
This fund is beginning to look like a lot of others. The management become rich; the punters take all the risk and become poorer. But this is one is worse, its investment strategy is based on an out-of-date report. The entire property world has been turned upside down in the intervening year.
And about this “out-of-date report”.
He commissioned CB Richard Ellis to write a property and economic report on a multitude of European countries. Indeed, the entire investment strategy in the Brendan prospectus is based on this well-researched work.
A massive grenade lurks in the undergrowth. The report was written at the height of the property boom. It was commissioned over a year ago. It is hopelessly out of date. Yet it is only being released today. No explanation is offered.
Worse still, authors CBRE have issued a new report, an update on the market in 2007! The message is markedly different. Less bullish.
Nowhere in the Brendan prospectus is there a mention of the CBRE summer 2007 update. Ahem.
An interesting commentary that I haven’t seen anywhere else! I wonder if Mr.Hobbs will respond, particularly as this is the kind of thing that he made his name in pointing out in the past, as the “Consumer Champion Eddie Hobbs”.