Going
against the crowd?
Peter Wu
3 June
2011
Well
the subject of food doctoring came up the other hand when I chanced upon an old
customer who is also ex-Hong Kong.
His
personal view is that businesses in China have no choice. If you don’t do what everyone is doing,
you business will soon go to the wall. People buy on prices and
with thousands people can choose from, you will be left out if you don’t match
the prices of your competitors.
All
the banks in Kiwiland are going through a rough patch because of lending
against assets (mainly apartments) which has yet to prove their history. The thing is, if one bank doesn’t lend
against an apartment, other will so everyone ended up jumping onto the
bandwagon. Their bottom line is hurting now.
How
many dare to row against the tide like Warren Buffet’s did when he refused to
buy into the dot com companies during their hey days?