{"id":16183,"date":"2018-04-16T05:54:33","date_gmt":"2018-04-16T05:54:33","guid":{"rendered":"http:\/\/thepatientinvestor.com\/?p=16183"},"modified":"2018-04-16T06:47:13","modified_gmt":"2018-04-16T06:47:13","slug":"avoiding-the-hubris-trap","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/","title":{"rendered":"Avoiding the hubris trap"},"content":{"rendered":"

Great example of how even the most professional management teams can fall into the hubris trap.<\/p>\n

Michael Chaney describes to The Age<\/a> how Wesfarmers burnt a billion dollars on the highly successful Bunnings hardware chain’s expansion into the UK market:<\/p>\n

\"S&P<\/p>\n

\nBunnings Warehouse by Bidgee<\/a> – Own work, CC BY-SA 3.0<\/a>, Link<\/a><\/p>\n

Chaney was the chairman that signed off and despite everything contends he had never seen a more thorough investment analysis than had been undertaken on Bunnings UK.<\/p>\n

They had a base case set of projections and a downside case and it all looked very positive at the time according to Chaney. <\/p>\n

But a couple of fundamental mistakes were made subsequently after acquisition of Homebase home improvement network of stores including the removal of 150 senior managers.<\/p>\n

“One was moving out the senior management and replacing it with our Australian experts and the second was getting rid of a lot of the products and the franchises because they didn\u2019t suit the Bunnings model,” says Chaney.<\/p>\n

By way of example the Australian interlopers jettisoned Laura Ashley from the home decorator product line up – and British women voted with their purses.<\/p>\n

It was the success of the Australian model and its management that blinded the higher ups inside Wesfarmers to the fact that these guys didn\u2019t know better what the UK customers wanted. Wesfarmers got caught in the hubris trap.<\/p><\/blockquote>\n

Some years earlier hardware giant Lowes fell into a similar trap in the US. Number-crunchers at head office worked out that they could save a bundle by replacing senior salespeople with more junior, inexperienced staff. The knowledge base of experienced floor staff was decimated. Customer service and sales plummeted. As one manager described it: “we became find-it-yourself<\/em> instead of do-it-yourself<\/em>.” Fortunately Lowes were able to correct their mistake and should have learned a valuable lesson but it seems they did not<\/a>.<\/p>\n

Investors should always be on the lookout for the hubris trap. The more successful the company, the more vulnerable they are. Expanding operations away from the home country or state is often a high risk venture, where management may be blind to cultural differences, regulatory pitfalls and an array of new competitors. Expanding into new product lines or services that are outside management’s traditional core expertise may also present traps for the unwary. <\/p>\n

Ask Woolworths (Australia) about their Masters hardware venture, Commonwealth Bank about their expansion into financial advice, NAB about their expansion into UK markets, Centro Properties (now Vicinity) and Westfield about their foray into US shopping centers,….. I could go on. It’s a long list.<\/p>\n","protected":false},"excerpt":{"rendered":"

Great example of how even the most professional management teams can fall into the hubris trap. Michael Chaney describes to The Age how Wesfarmers burnt a billion dollars on the highly successful Bunnings hardware chain’s expansion into the UK market: Bunnings Warehouse by Bidgee – Own work, CC BY-SA 3.0, Link Chaney was the chairman … <\/p>\n

Continue reading “Avoiding the hubris trap”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,3784,33,34],"tags":[3785,3786,3787,3788,2395,3789,3790],"class_list":["post-16183","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-management","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-bunnings","tag-centro-properties","tag-hubris-trap","tag-lowes","tag-nab","tag-wesfarmers","tag-westfield"],"yoast_head":"\nAvoiding the hubris trap - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avoiding the hubris trap - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Great example of how even the most professional management teams can fall into the hubris trap. Michael Chaney describes to The Age how Wesfarmers burnt a billion dollars on the highly successful Bunnings hardware chain’s expansion into the UK market: Bunnings Warehouse by Bidgee – Own work, CC BY-SA 3.0, Link Chaney was the chairman … Continue reading "Avoiding the hubris trap"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-16T05:54:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-04-16T06:47:13+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2018\/bunnings-wagga-wagga.jpg\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Avoiding the hubris trap\",\"datePublished\":\"2018-04-16T05:54:33+00:00\",\"dateModified\":\"2018-04-16T06:47:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/\"},\"wordCount\":431,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/bunnings-wagga-wagga.jpg\",\"keywords\":[\"Bunnings\",\"Centro Properties\",\"hubris trap\",\"Lowes\",\"NAB\",\"Wesfarmers\",\"Westfield\"],\"articleSection\":[\"Australia & NZ\",\"Management\",\"UK & Europe\",\"US & Canada\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/\",\"name\":\"Avoiding the hubris trap - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/bunnings-wagga-wagga.jpg\",\"datePublished\":\"2018-04-16T05:54:33+00:00\",\"dateModified\":\"2018-04-16T06:47:13+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/bunnings-wagga-wagga.jpg\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/bunnings-wagga-wagga.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2018\/04\/16\/avoiding-the-hubris-trap\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Avoiding the hubris trap\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-4d1","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":17928,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/02\/26\/wesfarmers-ltd-wes-2\/","url_meta":{"origin":16183,"position":0},"title":"Wesfarmers Ltd (WES)","author":"Colin Twiggs","date":"February 26, 2019","format":false,"excerpt":"Stock: Wesfarmers Ltd Exchange: ASX Symbol: WES Date: February 26, 2019 Latest price: $32.70 Market Cap: $36.957 bn Fair Value Estimate: $28.25 Forward P\/E: 16.4 Fair Value Payback: N\/A Financial Y\/E: June 30 Rating: Sell Sector: Consumer Cyclical Industry: Home Improvement Stores Investment Theme: Growth & Dividends Structural Trends: N\/A\u2026","rel":"","context":"In "Australian Growth"","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17003,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/12\/wesfarmers-ltd-wes\/","url_meta":{"origin":16183,"position":1},"title":"Wesfarmers Ltd (WES)","author":"Colin Twiggs","date":"September 12, 2018","format":false,"excerpt":"Stock: Wesfarmers Ltd Symbol: WES Exchange: ASX Financial Year-end: 30 June Latest price: $51.34 Market cap: $58.1 billion AUD Date: 11 September 2018 Sector: Consumer Staples Industry: Food & Staples Retailing Investment Theme: Dividends & Growth Company Profile From its origin in 1914 as a Western Australian farmers' cooperative, Wesfarmers\u2026","rel":"","context":"In "Australian Growth"","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17050,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/14\/bwp-trust-bwp\/","url_meta":{"origin":16183,"position":2},"title":"BWP Trust (BWP)","author":"Colin Twiggs","date":"September 14, 2018","format":false,"excerpt":"Stock: BWP Trust Symbol: BWP Exchange: ASX Financial Year-end: 30 June Latest price: $3.39 Market cap: $2.17 billion AUD Date: 13 September 2018 Sector: Real Estate Industry: Retail REIT Investment Theme: Dividends & Growth Company Profile BWP Trust is a real estate investment trust (REIT) established in 1998 that invests\u2026","rel":"","context":"In "Australian Growth"","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20102,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/24\/bwp-trust-bwp-2\/","url_meta":{"origin":16183,"position":3},"title":"BWP Trust (BWP)","author":"Colin Twiggs","date":"March 24, 2020","format":false,"excerpt":"Stock: BWP Trust Exchange: ASX Symbol: BWP Date: March 24, 2020 Latest price: $3.25 AUD Market Cap: $1.754 billion Fair Value Estimate: $2.59 Forward P\/E: 14.8 Payback Period: 13 years Financial Y\/E: June 30th Recommendation: HOLD Sector: REITs Industry: Industrial REITs Investment Theme: Dividends & Growth Structural Trends: none Summary\u2026","rel":"","context":"In "Australian Growth"","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17466,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/11\/22\/wesfarmers-coles-demerger\/","url_meta":{"origin":16183,"position":4},"title":"Wesfarmers – Coles Demerger","author":"Colin Twiggs","date":"November 22, 2018","format":false,"excerpt":"Wesfarmers announced their intention to demerge Coles, along with senior leadership changes, on 16 March 2018. Wesfarmers will retain 15 per cent of Coles and 50 per cent of flybuys. Eligible shareholders will receive one Coles share for every Wesfarmers share that they hold. \"Demerging Coles enhances Wesfarmers\u2019 prospects of\u2026","rel":"","context":"In "Australian Growth"","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8602,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/10\/10\/uk-bear-trap\/","url_meta":{"origin":16183,"position":5},"title":"UK bear trap","author":"ColinTwiggs","date":"October 10, 2013","format":false,"excerpt":"Dow Jones UK index reversed above the former primary support level at 282, warning of a bear trap.","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"Dow Jones UK index","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-10-11-uk.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-10-11-uk.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2013\/2013-10-11-uk.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=16183"}],"version-history":[{"count":5,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16183\/revisions"}],"predecessor-version":[{"id":16188,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16183\/revisions\/16188"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=16183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=16183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=16183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}