so economic crashes to some talk about an economic crash and about property prices crashing and
a repetition of what happened in 2008 when the Celtic type Celtic Tiger Property Market
came to a crashing halt I don't believe that myself don't think it'll happen but obviously
there is a certain amount of uncertainty with the worldwide economy at the moment
there's difficulties with inflation does the carry on there with the markets in the UK and
the lack of confidence in the these choices prime minister and so on and a complete about turn there
but whether there's an economic crash or not there are lessons that I can share with you
arising from two economic crashes the first one was the one that I started off in business in in
1986 around 82 83 84 85 86 that period of time was an absolute disaster for the Irish economy
the public finances were an absolute bits we had three general elections in 15 months you
had interest rates at 20 or their votes you had immigration running at 20 percent you had to talk
about the IMF coming in and being put in place at the central bank and uh you had upheavals against
Charlie Hardy in the final four party and in the government and so on that was an appalling time
1985 86 84. very high immigration High interest rates I started off in business in 1986 still and
the first lesson from that economic crash was every economic crash throws up opportunities I
took advantage of an opportunity that was there that I identified and did really well I made an
investment got a few Bob the capital um bought a property did well out of it and the reason was
because it was a shop property with the powerful overhead it had closed down from trading at the
economic conditions were so tight but it was a good opportunity for somebody who's willing to
work really really hard and long hours and myself my brother were prepared to do that and we did
that and we did really well that was the 1986 well that was 1986 December 86. I'm not a great man for
dates etc etc but I mean I do remember well the appalling situation around that time and leading
up to that time because I was actually going to go to England myself but thankfully I got a job and
one thing led to another and then this opportunity came up and I took it that was 86 December 86.
fast forward down to 2008 2008 the Celtic property uh Marcus the Celtic Tiger Property Market came to
a halt in I think around about 2008. I was well invested embedded in the property Market at that
stage I had a site with Longford and I basically lost everything that it made over the previous
20 years or 15 years or whatever period of time it was the lesson from that particular one and they
put it in context at the time in 2008 where there are about Dr AJF O'Reilly Anthony Riley and Sean
Quinn were the two wealthiest men in Ireland the lesson from that time is when the market
goes against you when the tide goes out you're stranded more often than not I was stranded I
got absolutely shafted but O'Reilly and Quinn Port went bankrupt and they went bankrupt as
a consequence direct consequence or indirect consequence of the property Market crashing
because Quinn had gambled on the anglo-ary shares he had taken cfds but at the anglo-aries bank was
very much tied up with the property market and the crash in the property Market had a
knock-on consequence on the value of the shares and Quinn then was left holding a pile of paper
and he went bankrupt he declared bankruptcy Dr AJF or Riley declared bankruptcy they were two
of the wealthiest men if not the wealthiest man in the country at the time so the lesson
from that particular crash is When the tide goes out the tide goes out there's nothing you can do
um you really need to formulate a plan b or a plan C or a plan D you need to take it on the
chin pick yourself up and get out but there's no point in whinging and crying and whining
and saying why me and why did the banks give me the money and why did the property market crash
and why did the economy must get it wrong and whether the politicians get it wrong
and so on there's no point no Feud no future in that it is completely counterproductive
so two lessons two crises two property or economic crashes opportunity on the one hand the other
lesson obviously if you're completely invested 100 in the market you bet the farm on in that
market and it goes against you then there's no talking to it ask Sean Quinn ask Dr AJF O'Reilly
so they're the lessons that I have to share with you from two economic crashes I don't think we'll
have an economic crash now I think the economy is in good shape but what do I know you know
um bottom line is you have economists and you'll have solicitors you'll have accountants and you'll
have pundits and you'll have commentators all sorts of individuals business persons and so
on and so forth we all have an opinion but opinions are just that opinions nobody knows
with a great degree of certainty how interest rates are going to go etc etc hope you find this
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