It's not often that I agree with Michael O'Leary but in a recent Sunday Times article on the economic gloom in Ireland (yes folks, it's worse than here) he is quoted as saying:
"This recession is fantastic. After 10 years of lunacy in this country it's absolutely necessary. Now we can start again and do things properly. There's never been more opportunity. Interest rates have never been lower. Oil is cheap. There's no pressure on wages. This is the time when good businesses start up, grow up and gear up for the next 5 or 6 years of growth."
Whilst some aspects of his words might grate the truth is that a recession can indeed be a fertile time. The sainted Warren Buffet phrased it well when he said "Be fearful when others are greedy. Be greedy when others are fearful". But then again he's had a bit of a haircut recently.
The challenge is to know which businesses will prosper and which sectors will grow. In the world of DM this can translate in to businesses that use DM or businesses that propser from supplying services. Rememeber, what we now know as Proximity, but was then Barraclough Hall Woolston Gray, was founded in 1991. At the same time that Norman Lamont claimed to see "green shoots of recovery". Lamont might have been misguided and didn't last the course but Simon Hall et al clearly weren't.
That's with the benefit of hindsight Charles but I'm not sure that the staff being axed from DM agencies (OgilvyOne and most of the other DM agencies owned by holding companies) would agree with you right now.
Charles Ping
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Member since: 18 Jun 2008
Last login: 07 Sep 2009
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