Gina Rinehart: "spend less time drinking or smoking and socialising"

[white_goodman]

She was left tenements which were worth $75m in 1992 and now because of where iron ore prices and demand are have increased in value to $20b.

The assets did most of the heavy lifting not her.

She's obviously a smart operator but she got a pretty big helping hand from the changing demand for iron ore.

thats an interesting world view

 

[banco]

thats an interesting world view

Which part of what he said is incorrect? The great bulk of her wealth comes from the mine leases she inherited from daddy. Which are worth vastly more than when she inherited them because of the mining boom.

 

[young-gun]

Which part of what he said is incorrect? The great bulk of her wealth comes from the mine leases she inherited from daddy. Which are worth vastly more than when she inherited them because of the mining boom.

She did not simply 'inherit' the money from daddy. She actually spent 14 odd years in a bitter court battle fighting off her step mother, which in itself would have required alot of cash, determination, and most likely alot of risk on her part. Perhaps do some research.

 

[Julia]

True. Whereas Gina would rather i "work hard" for her instead of for myself

I can't see where she said or implied that. I took her remark to mean people should understand that we get nothing for nothing, i.e. make a damned effort instead of sitting around whining.

It's perhaps a measure of how politically correct and precious we have become that she can't use some pretty blunt language without being howled down.

I wasn't a big fan of Jobs either. She is saying people should work harder, when imo, they should work smarter.

I agree with what i think are her overall thoughts, just her delivery and expression are off, as always seems to be the way with Gina

True. But perhaps because we are over sensitive as above. It's impossible to disagree with her basic message that working harder/smarter is going to reap more rewards than lying around whining, drinking and smoking.

Whoever said she walked into a vast fortune, it take someone special to turn what she received into a multi-billion dollar empire, there is simply no point in trying to discredit what she has achieved, as it is more than a thousand will achieve in their lifetimes combined.

+1.

 

[banco]

She did not simply 'inherit' the money from daddy. She actually spent 14 odd years in a bitter court battle fighting off her step mother, which in itself would have required alot of cash, determination, and most likely alot of risk on her part. Perhaps do some research.

Oh, she had to hire a top law firm and top flight barristers to fight off Daddy's trophy wife. The horror.

 

[Tyler Durden]

Another Wayne Swan supportive hate Gina Rinehart thread.

I didn't start the thread with the aim of starting hate against Rinehart. In fact, you'll see I agreed with her basic premise.

 

[Tyler Durden]

What she's saying is right, but she's the wrong person to be saying it.

Very true. Funny how people address/attack the author rather than the actual statement.

 

[Muschu]

I certainly would not to change places with Gina but wish her well and would particularly hope the family issues are resolved at an emotional, not financial, level.

 

[Junior]

Perhaps this will put it into perspective.

Your old man gives you $75
You go and turn it into $27,000

That is perspective, but with $75 you're only sitting on a couple of days worth of living expenses, whereas with $75 mill you don't really have that issue. With $75mill you have access to a completely different set of investment opportunities compared with the other 99.9% of the population.

 

[tech/a]

Yes see your point

 

[McLovin]

Yeh that's why we see so many wannabe miners who have tenements and can't turn a profit.
It's so simple anyone can do it!

She-- is ruthless.

She owns the land, she inherited it from her father and before that the family had been farming on the same land for a few generations, well before they were even looking for iron ore in that part of Australia. Someone else mines it and she takes a cut. She's never operated a mine. Not really comparable to your average mining company.

Like I said, she's clearly a smart operator but she's been blessed with above average luck.

 

[RandR]

Drastically extended lunch breaks, slumping around sites at snails pace, very few seem to be interested in putting in a good days work. No wonder productivity is slipping, I can only assume that if it is the attitude of some in one industry it is no doubt the same in others.

Lol.

What a collection of crap. Pray tell me what is your actual relevant experience within the construction industry to come to such a conclusion ?

Gina makes some decent but poorly communicated points.

I agree with Mclovins assesment. She has done well for herself indeed, it cant be disputed that she has a ruthless talent in business and mining.

But nobody could honestly suggest she would be in the position she is now without inheriting the base from daddy. With iron ore prices in decline her wealth is more then likely quickly retreating too. She inherited an iron ore deposit when prices were $10 or less and after prices boom to $150+ shes seen as some sort of capital genius ?

 

[IFocus]

She owns the land, she inherited it from her father and before that the family had been farming on the same land for a few generations, well before they were even looking for iron ore in that part of Australia. Someone else mines it and she takes a cut. She's never operated a mine. Not really comparable to your average mining company.

Like I said, she's clearly a smart operator but she's been blessed with above average luck.

Beyond the inheritance of the mining leases through Hancock Mining or Lang's holding company (didn't Gina turn up when Lang was on his death bed).

Gina also inherited the vast network of Lang's contacts (thats where you make the money) as before she married Rinehart she was heavily involved in the socializing of business contacts.

And didn't it all start with a blue asbestos mine?

Gina's comments show sheer arrogance and the continued dis-functional behaviour as displayed towards her own children.

 

[young-gun]

Lol.

What a collection of crap. Pray tell me what is your actual relevant experience within the construction industry to come to such a conclusion ?

I've been on site in high rise construction for 6 years. Would love to hear what you think you know. Workers want all the rights and entitlements in the world and to not have to work hard for them. Productivity is slipping, wages go up, and technological advancements and innovation can only be taken so far at a time to quicken processes. People are lazy.

But nobody could honestly suggest she would be in the position she is now without inheriting the base from daddy. With iron ore prices in decline her wealth is more then likely quickly retreating too. She inherited an iron ore deposit when prices were $10 or less and after prices boom to $150+ shes seen as some sort of capital genius ?

This may be the stupidest thing I've read on here. By your logic Buffett isn't a genius either. I mean, all he did was buy stocks, and then they went up in value later. In fact, anyone who has ever bought any asset and then had it boom and increase in value clearly has just gotten lucky. How do you know Gina didn't see the boom coming and prepare herself for it? I look forward to seeing u on the rich list, its oh so easy.

 

[Calliope]

I didn't start the thread with the aim of starting hate against Rinehart. In fact, you'll see I agreed with her basic premise.

Well I suppose that if it serves one purpose it is as a hate sink for the left leaning, class envious people who think like Wayne Swan. That idiot thought it opportune to try to smear Tony Abbott;

The Treasurer said the comments were an insult to the millions of Australian workers who "go to work and slog it out to feed the kids and pay the bills . . . The big question is whether Tony Abbott will endorse Gina Rinehart's social policies as he's endorsed her tax, industrial relations and environmental policies."

The usual suspects like Rudd, Pilbersek and Katter and building union chief Bill Maher also joined the chorus. The Rinehart haters on this thread are in good company.

http://www.theaustralian.com.au/bus...call-to-cut-wage/story-e6frg8zx-1226462008845

 

[McLovin]

This may be the stupidest thing I've read on here. By your logic Buffett isn't a genius either. I mean, all he did was buy stocks, and then they went up in value later. In fact, anyone who has ever bought any asset and then had it boom and increase in value clearly has just gotten lucky. How do you know Gina didn't see the boom coming and prepare herself for it? I look forward to seeing u on the rich list, its oh so easy.

But that's the point, Rinehart hasn't bought anything. What she inherited has gone up in value. In all likelihood, it would have gone up regardless of who owned the assets.

 

[banco]

Rinehart is no more a business genius than the Saudi king who was lucky enough to find out in the early 20th century that his country sat on a sea of oil.

 

[RandR]

I've been on site in high rise construction for 6 years. Would love to hear what you think you know. Workers want all the rights and entitlements in the world and to not have to work hard for them. Productivity is slipping, wages go up, and technological advancements and innovation can only be taken so far at a time to quicken processes. People are lazy.

Ok. My experience is that we work 9 hour days and receive 1 20 minute break. I guess your right ... totally unreasonable. We should be able to eat lunch in 15minutes.

The last time I was on a construction site that was shut down was the result of having no access to amenities. Do you judge this to be an unreasonable entitlement ?

If you feel productivity in your workplace is slipping, perhaps you should be more proactive and do something about it. Or maybe consider moving to a company that better matches your ambition. If youve spent alot of time in high rise developments, no doubt you've spent the majority of time on EBA Union Sites, which might shape your opinion of the industry at large in a certain way.

This may be the stupidest thing I've read on here. By your logic Buffett isn't a genius either. I mean, all he did was buy stocks, and then they went up in value later. In fact, anyone who has ever bought any asset and then had it boom and increase in value clearly has just gotten lucky. How do you know Gina didn't see the boom coming and prepare herself for it? I look forward to seeing u on the rich list, its oh so easy

How could you possibly draw that conclusion to link my comments re Rinehart to Buffet ?

Perhaps that assertation would be true if Warren inherited The Washington Post from his father ...

Or Warren Buffets uncle was Colonel Sanders ?

 

[young-gun]

Ok. My experience is that we work 9 hour days and receive 1 20 minute break. I guess your right ... totally unreasonable. We should be able to eat lunch in 15minutes.

I apologise, I haven't been quite clear. I am talking about HIGH RISE construction. I am not referring to smaller sites where there is small subbies and one man bands running around. These guys are able to keep track of their employees and are hard workers, and ensure their staff are.

Obviously if you stick to your correct break times, and putting in each day, you are not someone I am talking about. I too work 60 hour weeks and stick to break schedules, the problem is too many people are of the "I don't care I'm paid by the hour" mentality now. They seem to forget that if profits disappear, they won't be paid at all other than a doll cheque.

The last time I was on a construction site that was shut down was the result of having no access to amenities. Do you judge this to be an unreasonable entitlement ?

Obviously not, you know exactly what I'm talking about. I'm in a union, they have become a joke. They strike at the drop of a hat, largely because they get a majority vote from the LAZY 70% on site, that want to go home whether they get paid or not. I go to work to work, unless there is such things as real safety issues, or problems with lack of amenities and things of this nature, then there is simply no grounds for it imo.

Same with sham contracting, if everyone pulled their finger out the builders wouldn't need to bring in these cheap chinese blokes. Make yourself invaluable to a company if you wish to keep your job. Laboring is a different story.

The beauty of a union, I get paid the same as the guy who is useless and lazy.

If you feel productivity in your workplace is slipping, perhaps you should be more proactive and do something about it. Or maybe consider moving to a company that better matches your ambition. If youve spent alot of time in high rise developments, no doubt you've spent the majority of time on EBA Union Sites, which might shape your opinion of the industry at large in a certain way.

How do you propose I raise such a topic with 40% of guys I work with? "Hey bill, I know your 54, and you've been doing this way longer than me, but you're useless and need to start pulling your weight." Every site I am on is an EBA site. Guys are so protected it wouldn't matter if you sat down for 5 hours of a 9 hour day, you still couldn't get sacked.

I enjoy high rise as it's interesting, I like my job, I get along with the guys I currently work with, and there is stupid amounts of money to be made at our age. I am highly over-paid, there's no doubt about it.

How could you possibly draw that conclusion to link my comments re Rinehart to Buffet ?

Perhaps that assertation would be true if Warren inherited The Washington Post from his father ...

Or Warren Buffets uncle was Colonel Sanders ?

I fail to see how the how that's relevant. The fact is if someone is destined for greatness and vast accumulations of wealth, they will get there regardless of how they start out. It requires a certain mindset, desire, persistence, and determination to achieve these things, Gina obviously has all. So I really don't see how she started out to be an issue. Do you honestly believe anyone given 75 mill back in the day would now be worth around 30 bill??

The conclusion drawn from buffett, gina, and your comment was quite obvious.

 

[young-gun]

But that's the point, Rinehart hasn't bought anything. What she inherited has gone up in value. In all likelihood, it would have gone up regardless of who owned the assets.

Right, I'm sure that all she has done is sat there all these years, and everything just 'happened'. I'm surprised at such a comment from you McLovin. Seems everyone needs to put their hatred for Rinehart aside and acknowledge what she has achieved.

Rinehart is no more a business genius than the Saudi king who was lucky enough to find out in the early 20th century that his country sat on a sea of oil.

First of all he didn't find it. The yanks were all over it from early 1930's until 1950 when he threatened to nationalise it. Secondly, why wouldn't he want a piece of the action when the country wasn't benefiting from it? No one said to him, hey you're getting ripped off here, do you want a piece of the pie? He would of had to fight for it.

Just as Rinehart wasn't simply given her fortune.