Dear Investor
Since the last newsletter we completed three days of staff training and development in Germany and also managed to squeeze in a very enjoyable staff Christmas dinner on the River Mosel. The flight home was ‘interesting’ with a fire in one of the engines starting with a loud bang in the aircraft at 30,000 ft. The Captain coolly (although many of the passengers were far from “cool”) returned the plane to the airport and we continued our journey home on a different plane, minus a third of the passengers who didn’t want to fly again that night. I promised my staff a challenging few days and a challenging few days they got. Good character building stuff and something for the guys and girls to talk about with their relatives over Christmas!
Last week Henry, Karon, Rob and I were on the road in London and Dublin discussing a new investment concept with clients. The concept is entirely linked to the present credit crunch and is one of the best opportunities I have come across recently. We have been working hard on this over the past couple of months and will form a major part of our operations in 2009.
It is usual at this time of year to reflect on the past 12 months and also look forward to the New Year. So….
At the micro level, as a group of companies we have achieved all of our 2008 targets. The development company has surpassed even our most optimistic projections with The Grove Spa Resort effectively selling out with just a few remaining units, with buyers from all around the globe. The launch of the Palm Spa Resort in June was also a great success and our other new projects are all going through the planning stage and should be approved early next year and prepared for launch.
I predicted a couple of years ago that once a low cost carrier had proven the demand (and profitability) for flights to Cyprus, others would follow. Monarch originally proved the route and has since expanded its schedule and now easyJet have just announced an additional route to their Cyprus operation. From March 2009, easyJet will offer a service from London Gatwick to Larnaca. A quick look at their website confirms a return flight for £83 in June 2009. For those with rental properties which have a strong demand this is great news. I have recently moved house from the east coast to Larnaca and have since advertised my previous home for rental. In the past 8 weeks I have secured 16 weeks of bookings for next year with visitors from UK, France, Norway, Czech Republic and other European countries. I anticipate this will rise substantially as the main holiday booking period begins in earnest in the New Year.
Jet-to-Let Magazine is now delivered to 74 countries around the world and continues to attract interest from media sources and investors. Today’s registrants for instance have come from Yemen, Ukraine, UK and Ireland. Jet-to-Let Investments’ project in Marrakech is proving very popular with experienced investors and this company’s main effort for 2009 is now firmly fixed on this and our new investment concept, as well as progressing the Property Entrepreneur Programme and International Wealth Network we launched this year.
On 5th January 2009 we are launching a new product which will offer market leading information aimed at business owners, entrepreneurs, investors and professionals. This is not a property product and we are all very excited about its potential. Read more about this in the week commencing 5th January 2009.
At the macro level, 2008 will be remembered in history as the “Great Financial Crisis”. This has been a defining time in economic and political history which will be studied for years to come in universities and business schools around the globe. I think history will judge harshly those who created the crisis in the first place, particularly politicians and bankers whose lust for votes and bonuses lead to imprudent financial decision making.
Where does that leave us? For those in employment, an uncertain year ahead, even within the public sector. In Ireland for example, schools are closing and teachers are losing their jobs as government debt spirals. For those who own businesses, “innovation” is the key to survival and, in some cases, as competitors leave the market place the potential to increase market share albeit in a declining market is an opportunity.
History will judge favourably those who seek opportunities and make shrewd decisions in this present climate. I think 2009 will be an exceptional year for investors, which I know is a contrarian viewpoint and would have some (but not all) financial journalists laughing in the aisles. However, the majority is not necessarily always right. Sometimes, as the Army taught me so well, you have to go with the courage of your convictions and, armed with this, I am going to attack 2009 with gusto.
This is my final newsletter of 2009. We close for business from Friday 19th December to Monday 5th January 2009. For clients who have any urgent queries over the holiday period, then your account managers will be available on their mobile phones.
Finally, I would like to wish you all a very Happy Christmas and prosperous New Year. Whatever this holiday period means to you, I hope you and your family have a restful and joyful time.
See you next year!
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