Packer gets further into the website goldmine
- Thread starter DomainNames
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James
Top Contributor
If he buys it he gets a free legal battle with Groupon,
http://m.zdnet.com.au/groupon-details-aussie-trademark-stoush-339308316.htm
http://m.zdnet.com.au/groupon-details-aussie-trademark-stoush-339308316.htm
DomainNames
Top Contributor
Wonder if he knows..
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Chris.C
Top Contributor
I wouldn't be so sure. He has bombed a lot of money in the past - even with a "good" due diligence team in place.
He bankrupted One.Tel.
Went to Las Vegas to get involved in the property development over there - lost his shirt.
Was worth $7.25B in 2007, today is net worth is $4.5B.
If anything Packer buying is probably a sign that the coupon industry is at a top rather than a beginning of a "new era" and to be honest I think there is a lot of mania going around about the "potential" of these businesses.
I'm not saying there isn't a market there and businesses can make good money in these industries - but they aren't goldmines - because unlike gold - they don't make anything tangible, they are everywhere and are difficult to defend. There's no brand loyalty like there is to brands like Apple, Coca Cola, Google, Nintendo, because there is no restriction on who an individual buys their coupons from.
So in a situation where businesses don't produce anything of sustainable "value" and don't have a method of locking out competition a race to the bottom is inevitable.
Also I read not long ago Groupon is looking to make an IPO for $25B with $460M in revenue.
That gives it a PE of 54 on a business model that hasn't existed at scale for 3 years!
Um can anyone else spell - BUBBLE. Let's hope the rest of the tech industry doesn't get caught up in it again.
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Chris.C
Top Contributor
I'm pretty sure he lost virtually everything in Los Vegas, but Macua is still doing OK.
payattention
Archived Member
How much have you lost/made in Las Vegas and Macau development cncventure?
Crown is going from strength to strength; he isn't all bad as you would suggest. Good on him for getting involved. Rising tide and all that stuff....
Crown is going from strength to strength; he isn't all bad as you would suggest. Good on him for getting involved. Rising tide and all that stuff....
James
Top Contributor
Yeah i know he lost alot in Vagas lol, but he still has like 4 billion lol.
soj
Founder
Hes selling one of his yachts, maybe times are tough haha. I have faith in him to do well with Channel Ten, finally One HD can have some shows of interest other than Luke Darcy commentating the Netball!
http://blog.jameslist.com/2011/aussie-billionaire-puts-celebrity-stuffed-superyacht-up-for-sale/
http://blog.jameslist.com/2011/aussie-billionaire-puts-celebrity-stuffed-superyacht-up-for-sale/
DomainNames
Top Contributor
Maybe he needs to pick up a nice big domain portfolio & build it out to compete also with Fairfax and www.omg.com.au
Chris.C
Top Contributor
Still $3B less than his father gave him...
Zero - but then again I don't like to gamble much. Taking a calculated risk is a whole other matter.How much have you lost/made in Las Vegas and Macau development cncventure?
Relativity matters - and a rising tide lifts all ships.
Thus far James has started with a large "inherited" fortune and turned it into something smaller.
I'm not implying he's all bad, but credit where credit is due - he is still earning his stripes as a Packer and as I mentioned above - with his track record him buying into the coupon business is just as likely a sign of a top as it is a sign of boom times to come.
If Warren Buffett was investing in Groupon I'd be scrambling to get myself in on the action, but Warren's earned his reputation.
New article on it today:
http://www.smh.com.au/technology/bi...embroiled-in-legal-battle-20110513-1el7k.html
http://www.smh.com.au/technology/bi...embroiled-in-legal-battle-20110513-1el7k.html
payattention
Archived Member
James
Top Contributor
DomainNames
Top Contributor
Packer would be better off spending $20,000( est.) to buy the same software catchoftheday and scoupon uses and do it himself instead of wasting $200 million on scoupon and the legal stoush with groupon.
Reminds me of when crikey.com.au sold its blog site for $ 1million. I think from memory it used the free software from wordpress!? http://wordpress.org/showcase/crikey-blogs/
http://www.smartcompany.com.au/media/20090624-crikey-its-the-mayne-report.html
Reminds me of when crikey.com.au sold its blog site for $ 1million. I think from memory it used the free software from wordpress!? http://wordpress.org/showcase/crikey-blogs/
http://www.smartcompany.com.au/media/20090624-crikey-its-the-mayne-report.html
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