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Looking at US volumes, yesterday it was under 4k on a good day it might be 40k so how do they manage to buy over 5m without the price moving?

I wondered the same thing amones, perhaps they are better informed of Chinese markets being on the ground so to speak..

I looked at the fund data sheet which has a fair number of smaller Chinese funds invested, and/or trading.

Jupiter Merian Glb Eq AbsRet I USD purchased 5,115,000 in Dec with no selling according to data sheets, maybe it is just the short brigade keeping a lid on things ?

https://www.morningstar.com/stocks/xlon/hcm/ownership

But you need calories to to burn for energy, but yep, take your point it might be on the high side for fat content.

Ploughman lunch was always popular, big 'ol slab of cheese keeps you going for hours..

Excellent article on new whey processing coming to market, well worth bookmarking..

Whey protein suppliers race to expand capacity amid tight markets

https://www.dairyreporter.com/Article/2026/01/16/whey-protein-shortage-drives-major-global-investments/

Having followed this whey thing for a while, often wondered why people don't eat cheese to add protein or muscle build out.

Some varieties are packed with whey protein but its doesn't seem to be on anyone's radar, the actual protein content per 100mg looks to be higher than powders (assuming per serving is 100mg).

Similar commentary on whey pricing, bear in mind Glanbia are part of whey processing with US plant.

There are however some green shoots popping up like this one:

"Whey has transformed from what was once considered just a by-product of cheese making into one of the most valuable and versatile nutritional ingredients in the world.''

The new facility, which will be water neutral and carbon efficient, is expected to be operational by mid-2027.

Tirlán and its 100% farmer-owned cooperative network generated €5.5 billion in economic activity in 2022, supporting over 19,200 direct and indirect jobs across rural Ireland, with more than €2 billion paid to over 5,000 farm families, according to the company.

https://www.agriland.ie/farming-news/tirlan-announces-plan-for-e126m-whey-processing-facility-at-ballyragget/

That's a lot of shares, looking at funds list there isn't a single holder with that amount plus we would have seen the trade reported.

My guess its been worked over a period post the update, so a little over 5 weeks..either way, it helps absorb the ebb and flow from trackers/etfs.

Makes no difference who buys them as long as they go to sticky hands, too many with the etf/tracker brigade to hold the line imo.

Lost nearly a third from recent highs, thats one retrace..

I think an acquisition is more likely as eluded to in recent updates, ATTC news I think was due in March at earliest so maybe in time for results or possibly a bit later.

Surely the big holders such as Carlyle are putting on some pressure for some sort of turnaround, its not like they have just listed with over 20 years under their belt..

"The stock market is a device for transferring money from the impatient to the patient,"

Warren Buffett

You lot complain when management don't buy shares, then when they do complain even more ..lol

Any take over has to be done at fair value, stop all of this hand wringing noise.

Ai summary

Under the UK City Code on Takeovers and Mergers, any person (or group acting in concert) who acquires shares carrying 30% or more of the voting rights in a target company is required to make a mandatory cash offer for all remaining shares. This 30% threshold triggers a mandatory bid, which must be at the highest price paid by the bidder in the 12 months preceding the offer.

Nice one Matt, great show of support during times of well..bedlam..

30% threshold usually requires a mandatory offer unless set aside..

Bedlam out there, Blue Owl main story on CNBC..what a hoot..

The upside to the bitcoin demise is they have some massive data centre structures throughout the globe, that in itself may ease CAPEX.

CEO of THG has just bought £8.5m of shares, take note SMS please..

I think the concern with private equity companies like Blue Owl is the domino effect, no one really knows to what degree all of these business are connected.

Headline companies in both Bitcoin and Ai are closely linked by many backers, if one sector starts to fail it may take the other with it, the relationship is even closer than some might think, for example:

Ai data centres have pushed up the price of electricity making it uneconomical to mine Bitcoin, as a result Bitcoin miners are now selling up and offering their existing data centres to Ai companies, however there is one catch (and perhaps a healthy dose of irony)..

Miners are a big part of keeping the Bitcoin plates spinning, without these operators the price of Bitcoin falls leading to credit risk and potential defaults to those same backers ..

It wasn't that long ago we had a run on Silicone Valley bank, that was triggered by folks wanting their cash out and the whole lot came tumbling down, that's why I think companies like Blue Owl (down c4% today) are stopping some withdrawals.

Ai summary:

Silicon Valley Bank (SVB) collapsed on March 10, 2023, due to a massive bank run driven by interest rate-related losses on its bond portfolio, becoming the second-largest bank failure in U.S. history.

What would be interesting to know is how many times an appeal of an appeal has been granted, or to put it another simpler way the two previous judgements overturned?

I suspect those with an interest already know hence why many are not charging VAT, so on that basis the outcome seems favourable..

It could happen anytime of course.

Nice one Jatw, we need some news..

Talking of news, that's some premium for Arcellx stock price.

'Gilead will pay $115 per share in cash at the deal’s closing, which is at a premium of 79% ‌to the stock’s last close'

Liquidity is drying up fast, Blue Owl already stopping withdrawals from some funds, same with many bitcoin funds especially the"HODL" type based on Strategy's approach..

What happens now that OpenAi has dramatically cut expenditure by $800b ?

Whilst none of this has much if anything to do with S4 it does play a big part in sentiment driving sell offs, LSEG, RELX and so on, even software companies like Softcat which should be a beneficiary to Ai have been sold down.

Tesla is another potential domino in this whole thing, huge valuation based on future expectations..

Economy of scale, in other words huge bulk buying to ensure higher margins going forward.

Euro looking good..

Whey Protein Concentrate (WPC) Market Overview, Key Trends, and Major Player Analysis

Emerging Innovations Transforming the Whey Protein Market

Leading companies in the whey protein sector are focusing on launching innovative formats like whey protein isolate (WPI) to enhance the taste, convenience, and overall user experience. WPI is a highly refined form of whey protein with most fats and lactose removed, making it rapidly digestible and rich in essential amino acids. This format supports muscle building and repair, accelerates post-exercise recovery, boosts immune function, aids weight management by promoting feelings of fullness, and strengthens overall protein intake for improved health and performance.

For example, in July 2025, UK-based sports nutrition brand Myprotein introduced Clear Whey Protein, a ready-to-mix drink delivering 20 grams of premium protein per serving in various fruit flavors. Designed for fitness enthusiasts and wellness seekers, this product offers a refreshing and convenient way to enhance protein consumption while supporting daily nutrition and muscle recovery goals.

https://www.openpr.com/news/4397276/whey-protein-concentrate-wpc-market-overview-key-trends

Taken from the call transcript, included a bit about whey also to keep in focus..

'And so I think I did a LinkedIn post, and I didn’t even mention it on a call to put things into perspective for people. I think the math we did around Q3 was GBP 65 million of annual profitability has been temporarily taken from us since the IPO date just because of whey pricing.

It will come back down because that’s what happens with commodities over time. But the market has seen explosive growth, which is a good factor as we see it. On the one hand, we are seeing demand for protein across the globe reaching new highs. Supply is struggling to catch up, but it will catch up. But that does mean we’ve got a far, far bigger market in which to play into now as well.

Andrew Waite, Analyst, Jefferies: Yeah, absolutely. Okay. Well, it sounds like you’re well set up for next year with that additional marketing investment as well. So my last one was on the HMRC VAT side of things. Any update on progress there?

Matthew Moulding, CEO/Founder, THG PLC: Yeah, sure. So in terms of, for those as a recap, the HMRC lost the case. They made an application to appeal for the case and were denied, and so they’ve now, albeit somewhat late, made another appeal to a higher court for the opportunity to appeal.

So there’s a lot of appealing of appeals going on, but we’ll find out in due course whether that’s in a few weeks or a few months. We’ll find out whether they’ve been denied on that. For now, what we’ve chosen to do is to not change our position on the VAT. So we’re still paying over the VAT to HMRC, even though some of our competitors aren’t doing so, and so that makes an unfair sort of market position. But it’s a prudent way to take this, and we get that money back in the future anyways.'