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Billionaire Gerry Harvey claims you can get rich like him by doing one simple thing, and it will only take you four years.
- Harvey Norman earnings and stock price plummet
- Gerry Harvey says stocks are undervalued
- It suggests that investing in it will make anyone rich.
Billionaire Gerry Harvey has outlined the surprisingly simple way to get rich like him and says it will only take four years to do it.
Harvey Norman’s boss, who is worth $1.7 billion, believes anyone could quit their day job if they invested all their assets in stock in his company.
He believes the Australian stock market undervalues Harvey Norman shares by as much as 50 per cent, but hopes the situation will correct itself.
As chief executive of Harvey Normal, he controls a huge portfolio of properties worth between $3.9 billion and $5 billion, which he says the market hasn’t accounted for in stock price value.
Billionaire Gerry Harvey has described the surprisingly simple way to get rich like him and says it will only take four years to do it (Harvey pictured with his second wife and Harvey Norman CEO Katie Page)
Although Harvey Norman’s profits have plummeted, Gerry Harvey believes that the shortage of real estate for major retailers and a return to brick-and-mortar stores will see his company grow again.
“My advice to you is sell your house, sell your boat, sell your car, put everything in Harvey Norman and then call me in three or four years, and you won’t need to be a journalist anymore,” he said. he AFR singer column.
After the company reported lower-than-expected earnings and sales for the six months to December 2022, down 10.4%, its share price fell 7.5% to $3.85.
The company’s reported earnings fell 15.1 percent to $365.9 million.
But Harvey believes the shares are worth “six to eight dollars.”
Is there some precedent that the company’s stock is undervalued. In February 2018, it was trading at $3.65, prompting Harvey to publicly declare that he was undervalued.
By March 2021, Harvey Norman shares were worth $6, before falling ever since.
Last week, Harvey said he doubted Australia was headed for a recession, as some experts predicted.
Harvey believes that the shortage of real estate for major retailers and the return to brick-and-mortar stores after the boom in online sales during the pandemic will see his business thrive again.
Last week, Harvey said he doubted Australia was headed for a recession, as some experts had predicted.
He said life will be “tougher” in Australia due to rising electricity prices and rising interest rates.
‘We don’t see how [a recession is] possible. Because if you’re going to have a recession, you’re going to have interest rates above 8 or 10 percent. And you are going to have unemployment above 8 or 10 percent. None of those things are happening,” Harvey said.