Tamarind’s risky strategy comes unstuck
The oil company has gambled with other people’s money in Taranaki.
Legendary investor Warren Buffett calls it the ‘cigar butt’ strategy – even businesses nobody else wants can still have some value left.
It’s like picking up a discarded cigar butt with one puff remaining in it, he wrote in a letter to shareholders in 2014.
“Though the stub might be
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