Post by oldman on Oct 19, 2013 7:34:35 GMT 7
When I first started work, it was my nature to trust people. But as I grew older, I realised that in life, one should not trust others so quickly or so readily.
When I wanted to re-spray my car, I asked the salesman who sold me the car whether he can recommend someone to do the job. He then told me that it is best to let a professional do this job as the car was a convertible and required specialist knowledge. Although the cost was 50% higher than what others quoted, I thought it was safer to let the salesman handle this job. Sadly, the paint job was not well done and I had to return the car. When I got it back, I realised that it was not done properly as I had touched up one area before sending it for the re-spray and I can still see this touched up area. I informed the salesman but did not pursue the matter. I have learnt not to trust car salesmen, no matter how sincere they may appear.
When I bought another car, this came with a few days of chauffeur service. As this was complimentary, I tried it out for the first time. The chauffeur was a nice guy who was dressed well and spoke politely. But, he was always late by around 30 minutes and he always blamed the traffic. I got rather suspicious when we had to wait almost 45 minutes for the last trip. I then checked my cashcard and found out that the car was zooming all around the entire Singapore when we were only supposed to be shopping in one area. I informed the car dealership and they sent an apologetic letter which I did not pursue and of course, I am not keen to use this service anymore, even though it is complimentary.
On another occasion, I bought a coupon for a car grooming session. They did a decent job and then asked me if I wanted to buy the same type of coupon directly from the company instead. The sales guy looked hungry but decent and I thought it will be good to support a local company. Hence, I bought another coupon directly from the car grooming company. When I tried to use this coupon, I realised that the company had changed its name. Everything else remained the same. The new company refused to honour that coupon and I realised that I had been taken for a ride. I then decided to groom the car myself and I ended up enjoying the exercise and the satisfaction of grooming my own car. As for the coupon, it remains on my desk to remind myself that this world is full of crooks and one can never tell a good person from a bad one.
This also reminded me of the time my auto gate could not work. I contacted the original gate supplier and the son of the owner came to inspect. He recommendation that I replaced the entire gate. As he looked decent and honest, I agreed only to find out later that the material used was not up to specifications. Also, I was overcharged and he told me that he could not refund the difference but will extend the warranty for 5 years. Well, 2 years later, he left his family company and when the gate got into problems, they gave all kinds of excuses. After 2 weeks with a non functioning gate, I decided to read up about auto gates and I fixed the gate myself. Now, I maintain the gate myself as I know that the warranty is not worth the paper it is written on.
Another incident was when I decided to install some water features in the house. After a few quotations, I decided to give it to a small company as I like to give business to the small companies as I started my company that way. I went to his office without giving him notice and was amazed that it was in a carpentry workshop. No wonder he did not want me to visit him in his office. I felt even more sorry for the guy who told me that he had been in the industry for over 30 years but had met some set backs every now and then. I then gave him a bigger project to do as I thought he would have the experience.
Little did I know that the project met up with lots of problems. I had to read up in the internet and eventually had to adjust many of the mechanical aspects of the water system. For the past few months, many other problems crept up and the guy gave false promises day after day.
I recall yet another incident when my outdoor lights kept tripping all the time and the electricians blame the light fixings and so we got both the electricians and the shop to try to sort out the problem. After 6 more electrical trips and each still blame the other, I decided to get my hands dirty and I found that one of the lights was not wired correctly and the live wire was touching the metal casing! After repairing this, the lights did not trip anymore. I took a photo and sent it to the electrician who never replied and of course, I never used him again and I now maintain all the outdoor lights myself.
Like they say, trust needs to be earned rather than given straight away. In my earlier years, I trusted people too readily. Reminds me of yet another incidence when I tried to order something from the internet. I asked the seller very specific questions and the seller affirmed that this is the product that I was looking for. When the product arrived, I then found out that the product was not as described. The seller simply lied so that he can sell his product as he knew that it will be too costly for me to return the product. Now, I am always more cautious when I buy expensive products from the internet. I rather buy from an established shop and pay a bit more than to deal with individual sellers again.
In business, we meet all kinds of people. I recall once being asked to buy some expensive products for a well known businessman. He told me that there is no need for any documentation as we knew one another and that he has a good memory. A few years later, he approached me and asked for the products again. Fortunately, I insisted on his signature when I gave him the products the first time around and when I showed this document to him, he appeared shocked and annoyed.
These episodes reinforce my fundamental principle in life that one should not trust others so readily, especially when money is involved. This includes all the business associates that you will meet from time to time. For anything that involves money, I have a habit of documenting everything... regardless of whether the transaction is with a stranger or a close friend. To me, money can break up friendships and can also create misunderstandings. Documentation keeps everything in check. Your morals and your principles may be very different from others and hence, one should not assume that everyone else is honest and trustworthy. It is better to err on the side of caution and don't trust others so readily.
This attitude of never trusting people that readily applies especially to the internet world. I have been managing online community forums for over 15 years and I have seen all kinds of personalities in these forums. Each of these groups of people have their own selfish reasons for participating in the forums and one must not assume that they are doing it from the kindness of their hearts. Here is a list of some of these groups of people who frequent stock market forums:
1. The scalper team. Here, a group of people join the forum to promote the same stocks. They usually highlight the successes of the other members of the team and pat each other on the shoulders. When they have bought enough shares in a company, one of them will highlight a stock in the forum and the others will then agree that this is a good stock to buy. There may be many members in the same team each saying good things about the stock. When they have created enough excitement in all the forums and the share price is running upwards, you can bet that they may be the ones selling the stock to the unsuspecting novice investor.
The novice investor may think that these guys, who are usually very knowledgeable in stocks and shares, are just being nice to share their knowledge and stock picks but the reality is that this is how they make their money. Investors must always be alert as there really is no free lunch in this world, especially in the finance world. If a group of forummers are always discussing the same stocks among themselves, just be extra careful. Warren Buffett famously said, 'If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy."
2. The Marketeers. These are folks who have products or services to sell and they use the forums to try to market their products or services. These folks may even be brokers or fund managers trying to encourage others to buy the shares that they are promoting or trying to convince investors that they have the knowledge to manage money for them. Or they may be insurance or mortgage agents trying to get new clients. Good thing is that their objectives are usually very clear for all to see. They are simply doing their jobs marketing to all of us.
3. Genuine Investors. I must complete the list by stating that most folks who join the community forums are usually there for the sheer fun of sharing and comradeship. There are some who are really knowledgeable but they do not have deep pockets and by sharing, they hope that others will follow them and buy up the stocks. I like reading these comments as there are gems scattered around in these postings. Some of my best stock picks came originally from these stock postings.
It is good for everyone to know that there are all kinds of personalities in all community forums and some may have their own agenda. We should not trust anyone that readily, especially in the online world. Always remember that trust needs to be earned and not be given straight away. It is best to always remain skeptical, ask the right questions and investigate if necessary. We are all born to be kind but remember that everyone will look after their own interests first and they make take advantage of our kind instincts.
When I wanted to re-spray my car, I asked the salesman who sold me the car whether he can recommend someone to do the job. He then told me that it is best to let a professional do this job as the car was a convertible and required specialist knowledge. Although the cost was 50% higher than what others quoted, I thought it was safer to let the salesman handle this job. Sadly, the paint job was not well done and I had to return the car. When I got it back, I realised that it was not done properly as I had touched up one area before sending it for the re-spray and I can still see this touched up area. I informed the salesman but did not pursue the matter. I have learnt not to trust car salesmen, no matter how sincere they may appear.
When I bought another car, this came with a few days of chauffeur service. As this was complimentary, I tried it out for the first time. The chauffeur was a nice guy who was dressed well and spoke politely. But, he was always late by around 30 minutes and he always blamed the traffic. I got rather suspicious when we had to wait almost 45 minutes for the last trip. I then checked my cashcard and found out that the car was zooming all around the entire Singapore when we were only supposed to be shopping in one area. I informed the car dealership and they sent an apologetic letter which I did not pursue and of course, I am not keen to use this service anymore, even though it is complimentary.
On another occasion, I bought a coupon for a car grooming session. They did a decent job and then asked me if I wanted to buy the same type of coupon directly from the company instead. The sales guy looked hungry but decent and I thought it will be good to support a local company. Hence, I bought another coupon directly from the car grooming company. When I tried to use this coupon, I realised that the company had changed its name. Everything else remained the same. The new company refused to honour that coupon and I realised that I had been taken for a ride. I then decided to groom the car myself and I ended up enjoying the exercise and the satisfaction of grooming my own car. As for the coupon, it remains on my desk to remind myself that this world is full of crooks and one can never tell a good person from a bad one.
This also reminded me of the time my auto gate could not work. I contacted the original gate supplier and the son of the owner came to inspect. He recommendation that I replaced the entire gate. As he looked decent and honest, I agreed only to find out later that the material used was not up to specifications. Also, I was overcharged and he told me that he could not refund the difference but will extend the warranty for 5 years. Well, 2 years later, he left his family company and when the gate got into problems, they gave all kinds of excuses. After 2 weeks with a non functioning gate, I decided to read up about auto gates and I fixed the gate myself. Now, I maintain the gate myself as I know that the warranty is not worth the paper it is written on.
Another incident was when I decided to install some water features in the house. After a few quotations, I decided to give it to a small company as I like to give business to the small companies as I started my company that way. I went to his office without giving him notice and was amazed that it was in a carpentry workshop. No wonder he did not want me to visit him in his office. I felt even more sorry for the guy who told me that he had been in the industry for over 30 years but had met some set backs every now and then. I then gave him a bigger project to do as I thought he would have the experience.
Little did I know that the project met up with lots of problems. I had to read up in the internet and eventually had to adjust many of the mechanical aspects of the water system. For the past few months, many other problems crept up and the guy gave false promises day after day.
I recall yet another incident when my outdoor lights kept tripping all the time and the electricians blame the light fixings and so we got both the electricians and the shop to try to sort out the problem. After 6 more electrical trips and each still blame the other, I decided to get my hands dirty and I found that one of the lights was not wired correctly and the live wire was touching the metal casing! After repairing this, the lights did not trip anymore. I took a photo and sent it to the electrician who never replied and of course, I never used him again and I now maintain all the outdoor lights myself.
Like they say, trust needs to be earned rather than given straight away. In my earlier years, I trusted people too readily. Reminds me of yet another incidence when I tried to order something from the internet. I asked the seller very specific questions and the seller affirmed that this is the product that I was looking for. When the product arrived, I then found out that the product was not as described. The seller simply lied so that he can sell his product as he knew that it will be too costly for me to return the product. Now, I am always more cautious when I buy expensive products from the internet. I rather buy from an established shop and pay a bit more than to deal with individual sellers again.
In business, we meet all kinds of people. I recall once being asked to buy some expensive products for a well known businessman. He told me that there is no need for any documentation as we knew one another and that he has a good memory. A few years later, he approached me and asked for the products again. Fortunately, I insisted on his signature when I gave him the products the first time around and when I showed this document to him, he appeared shocked and annoyed.
These episodes reinforce my fundamental principle in life that one should not trust others so readily, especially when money is involved. This includes all the business associates that you will meet from time to time. For anything that involves money, I have a habit of documenting everything... regardless of whether the transaction is with a stranger or a close friend. To me, money can break up friendships and can also create misunderstandings. Documentation keeps everything in check. Your morals and your principles may be very different from others and hence, one should not assume that everyone else is honest and trustworthy. It is better to err on the side of caution and don't trust others so readily.
This attitude of never trusting people that readily applies especially to the internet world. I have been managing online community forums for over 15 years and I have seen all kinds of personalities in these forums. Each of these groups of people have their own selfish reasons for participating in the forums and one must not assume that they are doing it from the kindness of their hearts. Here is a list of some of these groups of people who frequent stock market forums:
1. The scalper team. Here, a group of people join the forum to promote the same stocks. They usually highlight the successes of the other members of the team and pat each other on the shoulders. When they have bought enough shares in a company, one of them will highlight a stock in the forum and the others will then agree that this is a good stock to buy. There may be many members in the same team each saying good things about the stock. When they have created enough excitement in all the forums and the share price is running upwards, you can bet that they may be the ones selling the stock to the unsuspecting novice investor.
The novice investor may think that these guys, who are usually very knowledgeable in stocks and shares, are just being nice to share their knowledge and stock picks but the reality is that this is how they make their money. Investors must always be alert as there really is no free lunch in this world, especially in the finance world. If a group of forummers are always discussing the same stocks among themselves, just be extra careful. Warren Buffett famously said, 'If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy."
2. The Marketeers. These are folks who have products or services to sell and they use the forums to try to market their products or services. These folks may even be brokers or fund managers trying to encourage others to buy the shares that they are promoting or trying to convince investors that they have the knowledge to manage money for them. Or they may be insurance or mortgage agents trying to get new clients. Good thing is that their objectives are usually very clear for all to see. They are simply doing their jobs marketing to all of us.
3. Genuine Investors. I must complete the list by stating that most folks who join the community forums are usually there for the sheer fun of sharing and comradeship. There are some who are really knowledgeable but they do not have deep pockets and by sharing, they hope that others will follow them and buy up the stocks. I like reading these comments as there are gems scattered around in these postings. Some of my best stock picks came originally from these stock postings.
It is good for everyone to know that there are all kinds of personalities in all community forums and some may have their own agenda. We should not trust anyone that readily, especially in the online world. Always remember that trust needs to be earned and not be given straight away. It is best to always remain skeptical, ask the right questions and investigate if necessary. We are all born to be kind but remember that everyone will look after their own interests first and they make take advantage of our kind instincts.
