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In his book Authenticity, author David Boyle introduces readers to a Japanese theme park called Ocean Dome, part of the Sheraton Seagaia Resort. While researching the book, he visited some of “the most artificial places” on earth then singled out for special mention the 340ha project with its artificial beach, manufactured waves and the world’s biggest simulated pool and retractable roof.
___STEADY_PAYWALL___Boyle concluded after his own visit to the $1.8bn complex that those predicting humanity was heading for a virtual future are missing something. At Ocean Dome he found staff significantly outnumbered the handful of Friday afternoon visitors – presumably other would-be swimmers preferred the Pacific Ocean a few hundred metres away.
What strikes one about the story was although Ocean Dome was an obvious dog, after it went into bankruptcy in 2001, New York-based private equity fund Ripplewood (est: 1995, assets $10bn) paid $150m for the complex. That was around the same time Boyle visited. After injecting another $32m on renovations, Ocean Dome finally went bust in 2007.
It’s a reminder that something which looks cheap relative to what it originally cost can often turn out to be really expensive at today’s “bargain”. Also, with investing it’s easier to spot a loser than a potential turnaround (or which among a bunch of contenders will win). Plus, the undeniable superiority of authenticity over fake. Always worth repeating nowadays.
More for you to read today:
- The Best Ways to Jump Into Dividend Stocks. Lured by the prospect of steady income, investors are pouring billions into these inflation hedges without always understanding how they work.
- Apple’s iPhone Satellite Service Kicks Off Smartphone Space Race. Years of preparation helped tech giant, but other phone makers, wireless carriers and aerospace companies have similar ambitions.
- Russian Corporate Mercenaries Move Into Africa. Regimes on the continent depend on the Wagner Group for power, which has helped the company expand into purely commercial operations.
- Zero-Based Budgeting Gains Clout as a Way for Companies to Find Savings. Facing high inflation and an uncertain outlook, finance chiefs are using the tool to lower expenses in areas including operations, real estate, logistics, sales and marketing.
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