Australian billionaire Gerry Harvey claims you can become rich just like him by doing one simple act – and it will only take you four years
- Harvey Norman earnings and share price declines
- Gerry Harvey claims the stock value is undervalued
- He suggests investing in it to make everyone rich
Billionaire Gerry Harvey has outlined the surprisingly easy way to become rich just like him and he says it will only take four years to do it.
The boss of Harvey Norman, who is worth $1.7 billion, thinks anyone could quit their job if he put all his assets in his company’s stock.
He believes the Australian stock market is undervaluing Harvey Norman shares by up to 50 percent, but expects the situation to correct itself.
As Harvey Normal’s executive chairman, he manages a massive real estate portfolio valued between $3.9 billion and $5 billion, which he says the market has not taken into account the value of the share price.
Billionaire Gerry Harvey has outlined the surprisingly easy way to get rich like him and he says it will only take four years to do (pictured Harvey with second wife and Harvey Norman CEO Katie Page)
While Harvey Norman’s profits fell, Gerry Harvey believes the scarcity of real estate for major retailers and a return to face-to-face shopping will help his business grow again
“My advice to you is to sell your house, sell your boat, sell your car, put the lot on Harvey Norman and then call me in three or four years, and you don’t have to be a journalist anymore,” he said. the Chanticleer of the AFR column.
After the company reported lower-than-expected earnings and sales for the six months to December 2022 at 10.4 percent, the stock price fell 7.5 percent to $3.85.
The company’s reported profit fell 15.1 percent to $365.9 million.
But Harvey believes the stock is worth “six to eight dollars.”
There is precedent that the company’s stock is undervalued. In February 2018, it was trading at $3.65, leading to public statements from Harvey that it was undervalued.
In March 2021, Harvey Norman shares were worth $6 before falling since then.
Last week Harvey said he doubted Australia was headed for a recession as some experts have predicted
Harvey believes the scarcity of real estate for major retailers and a return to face-to-face shopping after online sales boomed during the pandemic will boost his business again.
Last week Harvey said he doubted Australia was headed for a recession as some experts have predicted.
He said life in Australia will be “tougher” due to rising electricity prices and rising interest rates.
“We don’t see how (a recession is) possible. Because when you get into a recession, you get interest rates above 8 or 10 percent. And you get unemployment over 8 or 10 percent. None of those things happen,” Harvey said.