Bull's Eye: Yes, we do practise what we preach

Last week's column expressed the innocuous opinion that there is at least as much to be learnt from personal experience as there is from other people's analysis.

I quoted Professor Nick Binedell, who was head of Wits Business School in the 1990s. Binedell never laid claim to the term MBWA (Management by Walking Around), but he was surely entitled to invoke the words coined a decade earlier by a boss at Hewlett Packard.

However, "davidniven" on bdlive.co.za got all hot and bothered about it, going so far as to accuse Binedell of plagiarism. "He leaves me cold and without any respect for his utterances." Oh, for goodness' sake.

And, via letters@businesstimes.co.za, Roger Barry took great exception to Binedell's presumed "misrepresentation and posturing". I really don't know what all the fuss is about, guys. Binedell is a good guy and not a crook. That is that.

I do agree with Barry on one point, though: "Regarding your article, 'Get out and see for yourself', perhaps this injunction is something you should consider yourself."

Funny you should say that, old chap. The reason I mentioned the MBWA mnemonic in the first place is because of late, I have been doing precisely that - walking around, having a look at different industries, chatting to bosses and workers.

I realised very quickly that the world of research reports, which so admirably crunch the numbers for us, falls far short of providing that all-important "feel" for a company and its prospects. You will grasp that intangible sense only by doing your own "soft analysis" on the ground.

On this basis, I have had cause to doubt my initial feel-good reaction to the amazing amount of new property development in Johannesburg and Pretoria. On paper, it looks fabulous for developers, retailers and constructors, but what do those in the know say about the risks involved?

For the income-seeking investor, what are the alternatives to high-profile A-grade office, retail and industrial real estate?

And what do garment producers and store owners say about shopping centres - who visits them, and what do those people do once they're in there? The answers from players in the rag trade might give some of those blue-chip property companies grey hairs.

As for the fashion industry itself, surprising names emerge among the winners and losers in the eternal war against low-cost imports and big-name international brands.

In coming weeks, I will have a look at such issues - raised by the simple act of getting up and walking around.