Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Point taken. Very bad form to discuss another shares I thought he was referring to another poster.
Bruce - Odonnell's previous post was cross referencing a different security on this board - generally considered poor form I believe.
And absolutely no need to feel sorry for me - I'm entirely comfortable with my decision, just the timing was a little unfortunate. But whilst the impact on the share price of Woodford's announcement has been significant it has little relevance to the NAV and thus if the discount was attractive yesterday it is much more so today.
I would disagree with you though on a couple of points:
Unquoted stocks do not guard against long term harm. Also, Woodford does have a team but has been criticised for it's small size relative to AUM - I understand he is a bit of a control freak.
What on earth are you on about. This is a closed ended investment trust nothing to do with aim. The investments are largely unquoted so nothing to do with what you are complaining about. Are you on the right board?
AIM is pain and many companies go down the drain and never
recover for there are too many traders with insider information
playing the market. AIM is a GAME. A Casino for Fat Cats.
Traders fleece and investors live in hope . I lost again and again
not understanding that AIM is a GAME.
Are you on the right board? The price is 67p has never been anywhere near 13p' let alone 6.95. Hmmm I feel sorry for you. I presume Woodfords reputation has taken a hammering once the golden boy. But.... this is a closed fund largely unquoted stocks so long term harm should be avoided. woodford is not a one man band he has a team presumably well trained in the dark arts. i bought in at 79.6. lets hope the certain recovery is not long delayed. pity i put my daughters pension partly into the income fund open ended and of course redemptions suspended. that is very muchnot good.
You did take this out slightly of context Re FFWD, We have bought this all the way down from 13p. We felt that now against the odds it could still drop (6.95p at the time) until the big sellers finish, leaving a very over sold IT. That is why we have stopped at the moment, ("Throwing money" away was a niggle at some of the other posters who go round in circles. If it does go to 4-5 p then we will buy again regardless. Once it starts to rise for 2-3 days then we will also be coming back in. There were some big sellers which stopped others buying as well. Being a very small IT big transactions makes the SP move a lot. We hold in FFWD triple the amount of our other individual holdings , but still a small % of our total holdings. We do not put all our eggs in one basket, but have the odd gamble with something that looks (to us) very cheap. We have neglected to add recently to some of our other ITs that look good value but intend to rectify this, Among them are AAM and iiT plus now Woodford is also an add to at 61p. It is only our opinion based on the (FFWD) NAV and their holdings in some very interesting unquoted stocks. We have made money buying out of favour stocks and those well below NAV over the last 50 years. This stock (FFWD) is only for those who like to take a CHANCE (not a certainty) of a big gain.
We also hold a lot of ITs that are emerging countries, small companies, Woodford etc . It is not the way most do it we appreciate, that is why we state look for yourselves at the value, then decide. Because of the bickering in FFWD posts we tend to wind some of them up with our comments. There was some excellent research in some of the posts in FFWD but you do have to weed them out of the bickering posts. hope this clarifies our position. We have faith in FFWD as we do WOODFORD but like everything you can not go over board on one investment
There is bound to be some cross contamination - agreed - but WPCT is an IT therefore no issue with redemptions so no direct impact. It remains a question of your faith in the portfolio and the Manager’s abilities. At the current discount to the NAV it looks a lot better value today than yesterday. On the other hand - has Woodford lost his golden touch ??
Unfortunately I bought a significant (for me) chunk last week based on the discount then. I didn’t base that on Woodford reputation alone - I looked at his biggest shareholdings and the other significant investors - if he has lost it he has some quality names for company. I took the view that the discount here has been overdone. And if I took that view last week it should be an even greater incentive today ?? Sadly I put too much in last week and I don’t have the courage today......
I sold a while ago because it is difficult to put a value on unlisted companies and generally the sector with shares in unlisted companies (including Mercia and FFWD) has underperformed. My concern is the value placed on these investments by WPCT may be hypothetical and optimistic - current value of potential would be very different.
This is an extract from what O’Donnell posted on FFWD on Monday:
“We bought last week and we have now said NO MORE BUYS until 4-5P is reached as we are just throwing money away”
Probably needs a money transfusion from somewhere or else they will have to turn off the life support. Is today just a blip? I will continue to monitor the SP but the drop today has left me feeling a bit giddy!
We hold this and intend to add to the holding unless it shoots back up.
For those of you who like unquoted (we hold a number of IT investing in unquoted) look at FFWD NAV around 12p you can buy them for 7.5p they are invested in cannabis and the growing block chain world plus other companies. Only very small and invested in about 8 unquoted. We think greatly under priced, but as we hold them we are a little biased.
Have a look and judge for yourself. Some of the posts are very informative but you have to sort them out as they all argue with each other, even though they basically agree, which is a pain.
yes this is very bad news.bound to be some cross contamination I'm afraid.
Brutal redemption run. Suspension will only delay further exodus..
Woodford Equity Income fund has suspended dealing
excellent fund manager??
Tricky to time this. I already have loads of UK PLC that I bought this time last year thinking there is a chance of Brexit direction while the small amount of tech and global funds are doing well. I am going to hold buying WPCT until after the summer as I see a lot of sideways movement.
This is unlike most investment trusts holding many unquote stocks many of which will repay well when liquidated
I invested 2 or 3 weeks ago. Good value and an excellent fund manager. If you wait you could be lucky or miss the boat When I was a planner always advised getting on with it whether buying or selling
Added to holding as the discount to Nett Asset Value is way to high. Woodford has gone from hero to zero both distinctions being overdone. He did say in his defence that it was a PATIENT CAPITAL TRUST and as such I am prepared to trust him. Sooner or later his holdings will come good from ridiculously low ratings (see Allied Minds) and as the NAV increases the discount narrows to zero so fully expect this to be circa 140p by 2021. Best value unit trust by a country mile IMO. Good luck to the patient keep taking the medicine.
This wheezing donkey of a trust needs putting out of it’s misery-doubling up! Not a chance unless your name is Methusala
Bought in yesterday think it must be a good price at this level. Expecting to double up in the long run
Took the opportunity to add another 5000 yesterday. Time will tell methinks.
Feel for you all, its been a bit of a sink hole. Fortune favours the brave, so averaging down has been the game here with initial purchase at 82p along with purchases around 74p to 79p for myself. Am I happy - nope - to much tied up for little return. The negative news on Woodford is not helping.
Keep the faith and view it as just part of your overall portfolio.
Was thinking of buying into this sub 80p as seems good value now, but instinct stops me. Something not right with this many errors by Woodford
I could have written that post myself. I am in exactly the same situation. bought it at launch for £1 at no cost via HL. Watched it hit £1.25. Stupidly held on and have been stuck with it ever since.
20% down over 4 years. what absolute garbage.