Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
pf construction, humility, sizing ...and before that asset allocation/market timing ...active fund management is a mixed bag in my experience..simple maths / ex ante logic dictates that on average they lose..and i am only persuaded by a v few "winners" that they are more than lucky monkeys...so I agree with yr point about pros/PIs comp ..private equity was my focus, and while there are plenty of duffers in PE, the disciplines of company assessment/dd and oversight are much tougher than fund management..not least cos you are stuck with the baby and cannot trade and forget mistakes ...my challenges include the fashion/fickleness of markets, lack of dd and control over management and appreciating the dark arts of chartists etc.. ..but it is all part of the fun learning lol
Good post JS - you're absolutely right. I was also an institutional fund manager for a period of years, and am still in the investment industry. For me, it's about retaining the right mix of conviction and humility. For PIs, it's not so much about stock selection, they're often as good as many pros - it's about portfolio construction ie understanding the risks in each position, and correlation of risks between positions, and then sizing bets by stock, sector, and exposure appropriately. Even the best investors only get 2/3 of their decisions right - that's still a lot of wrong decisions, so don't bet the house on one stock!!
was having dig at folk/generals who talked a brilliant game, but tended to lose and blame ill fortune ...if you trade hundreds of times, the luck element is steadily eliminated to reveal the "Truth"...but even beating the market is not that great when the market performance (AIM) is pants: look at the 20 year history..it is staggeringly bad...as bad as any except those that have been wiped out by catastrophic in country politics (cf Russia 1917 lol) ..what is truly amazing is the appetite of so many PIs to come back again and again to lose money (but in illiquid AIM they are hugely helpful lol)...what do they reckon they know? what do they think their edge is?? ...I worked as a pro investor for years, but am still often wrong footed by management's capacity to obscure in their own interests, by the complexity of markets/competitive position, by random stuff ..what hope for folk who cannot read/understand financials, have never "done" a comprehensive multi week dd/quizzed management etc etc, assessed markets/competitive position or worked up countless valuations ..Jolly irritating pov ...but still salutary for those PIs relentlessly bashing their skulls against the brick wall of reality
Well Gerry, skill, or lack thereof, tends to show over the long term.....
if consistently beating the market...with similar/lower risk profile..are you??
So I was just unlucky but remain a brilliant investor, my wallet wants me to find a four leaf clover
I'm rather heartened that the stock has stood still today. Let's see what tomorrow brings!!
after waiting for the non-existent re-trace.
is exact opposite of what traders claim: process (good) more important than outcome (luck) ...perhaps what napoleon had in mind is that trader processes are useless in battle cos it is a single shot game?? ..as for golf, I reckon lefty was deluded...in a repeated process better to play percentages/be good than hope for the best
Yes, I suppose he might have given Lefty the idea.......
“I know he's a good general, but is he lucky?” ― Napoléon Bonaparte
preferred lucky generals over good ones
Never heard of him until now and what a famous player he was, certainly for 6 consecutive years from '33 to '39 By owning/following VLK I just can't believe the info I collect!!!
Definitely true on the golf course, but on that front, I'm neither!! Actual quote from a professional baseball pitcher named Lefty Gomez. Expecting a pull back on VLK tomorrow but we'll see.
Like most things, it's generally better to be lucky than good. That sounds like a lovely quote from My Golfing experiences. Stay lucky.
Nearly 13p actually! We've been very lucky so far, but only time will tell whether we've actually been right/skillful! Like most things, it's generally better to be lucky than good.
Up at 11p today, so fingers crossed.... Currently 20% you must have toes crossed too. Oh for a clear crystal ball.
Yes - they do describe themselves as pretty 'active' in terms of working with management, so they certainly should be!
doing...i'd be asking searching q of ceo and perhaps organising some major event (t/o, coup or whatever)
Thanks. Probably won't...:(
...on huge volume now. Could we have an interested corporate buyer here......There might be a few companies out there who'd like to get their hands on Pebble beach on the cheap?
well done..long may it cont
JS, interesting day for me as the other stock you and I discuss came out with a trading statement today......
On Technicals alone - 20p taget. GLA
Ha! Yep, through 12p this morning. Early days of course (and by days, I mean hours...)