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I agree that there are too few investable companies. But that is the fault of the financiers who only want to lend to people with big egos instead of more humble people....nor did they learn anything from "too big to fail in 2009. Business is all about knowing good ideas from bad ideas - but financiers seem to want to lend to bullies. Instead for society to be healthy they ought to be lending to people who come up with better ways of doing things, better services, or better products.
mytton as I have mentioned the valuation is done by an independent company. The guy has been found out. His strategies post success is flawed. Find the gems is in his portfolio that have been shorted... Though he has recently hidden his holdings there are ways.
The increased valuation of IH and resulting NAV increase to 99p of wpct in the 21 Sept 2018 RNS following the upward revaluation of its holding in IH by 357% is the torpedo which will sink Wpct.
Wpct was subsequently the most widely bought trust in July 2019 on the Interactive Investor platform.
Anyone buying wpct after the rns of 21.9.18 should claim compensation as the NAV is based partly on the spurious valuation of IH.
Mentioned I have been looking at this since IPO waiting for a buying opterunity. And right now it must be time to stop following this unless I short. I don't do short so I must walk away. Buying some more Lindsell Train on Tuesday, but if anyone is looking for a genuine reversal of a bomed out stock then possibly... possibly... then *risk* some money on The AA PLC to turn around and could provide 100 percent upside within 2 years... or not, nobody can predict with certainty but WPCT has even more pain to come.
The problem is that the NAV is not a true reflection and is being adjusted by Link reacting after events. A current pro active valuation would probably be too much of a shock and we may well see a gradual decline in the NAV as Link see fit.
I got out with a 30% loss and won't be rejoining this one with or without Woodford.
Maybe they are not all worthless but many are illiquid to say the least. Actual disposal price may be at significant discount.
Compare to overdraft repayable within one year - how much is that now? It was £149m in last accounts!!
They are not all worthless. Read my latest report.
How low can it go? Remember same question being ask at 60p with the same reason for a rise being given.
Horse trader: You may be correct, and Woodford was only guessing at the potential of some of his later purchases, rather than be patient and only buy those with very good potential. On the other hand perhaps these purchases do have potential which has not been realised yet. To be honest it is all a bit of a gamble , but those he bought recently, was it at a low price? what is their value now? with the SP so low and the estimated NAV is very high there is a range for error, which would at least give us back our investment at 41p. We either get out (which we should have been done when a stock falls 10%) or buy more to even out your average if you feel it is under-priced.
We buy a large range of investments and we know 50% will not be very good or just doddle along, unfortunately we do not know which 50% they are!!! some surprise some disappoint.
The blood is running in the gutters because Woodford has seemingly invested With a scattergun approach into a pile of worthless companies.
It beggars belief that so many of his investment decisions are so poor.
Regardless of the 3.4p reduction in NAV it is still about 75% above share price. We are looking to add to this when it has settled,. Possible just under 40p but expect to have to pay just over 40p once the panicking has stopped and the buyers return. We hold a big lump of FFWD another which it's SP is nearly half of its NAV and also adding to that. WPCT has only dropped because Woodfords problems in a separate fund. Once people realise this then it will begin to rise again. buying at this price could show a hefty profit in the end. After all just how low can this go.
Remember, BUY when the blood is running in the gutters and SELL when everyone is clambering to buy when a share is at its top.
PSDL, FFWD, SLS, ASL, WPCT, IIT, TRG, AFMC, along with a gamble in AAM to mention a few (yes we do hold them and buying more) will all hopefully pay dividends in the end, when they rise to their correct price. How many times have we looked at a share at its high and seen it has jumped 50% or more from its low and said "We really should have bought in then" Never buy at the top, buy only when a share is at a low SP and its value is high.