KEY POINTS:
One of my favourite hobbies when stuck in boring business presentations is to count the number of times the speaker uses the phrase 'going forward'.
And by the looks of an article penned by Sydney Morning Herald writer Ian Verrender I'm not the only journalist with such a weird pastime.
In his sarcastic take on the language of the modern business, Verrender says "Rule No. 1" of the factory-standard MBA " is to use the phrase 'going forward' at every opportunity".
"'Going forward' is extremely versatile, can be used several times each sentence," he writes.
But the phrase could be on the way out. The New Zealand Superannuation Fund (NZSF), for instance, did not use it once in the press release announcing its results to November 2008.
That's because the NZSF was down almost 25% in the five months since July last year. It is going backwards.
Understandably, media reported this in screaming headlines as a "dive" as the fund "sheds $400m". And while true, the stories didn't make enough of the fact the NZSF, won't have to crystallise any losses for some time to come. The NZSF, which was set up to part-fund future pension payments, will not be obliged to begin drawing down money until at least 2020. Time enough, perhaps, for the world to sort itself out.
The monthly fluctuations in the NZSF value are naturally fascinating but more interesting is the ongoing intellectual debate about where and how it should invest the gathering billions of taxpayer money. Read all about it in the NZSF annual reports and statements of intent on the website (it's a particularly transparent organisation).
The NZSF is also due for its five-yearly performance review in 2009, which is sure to spark up some colourful debate, going forward, given the NZSF former chief investment officer is now advising the minister in charge of the fund, Bill English
David Chaplin
Pictured above: Super Fund chief executive Adrian Orr. Photo by Paul Estcourt.
