Member Info for JohnLewis79

Over the Goodwood meeting in the pub competition I selected 8/14 (I thought 9) winners and finished out of the money but luckily had a share in Mrs B selections).. (3rd). The winner selected ret faves through the card on the last day and nicked it (£340). So a money back job. No complaints.

Of little interest I know but as I started on this weekly 'look back' I'll finish. Stock opened at 10.25 and closed out at 10 on vol of 437k (one buy trade of 200k at 10.375) & 9 total bargains. There was no co specific news.

Nothing to write home about this week, just 10 bargains on 219K traded. The stock inched up 1/4. Seems the mm's are not interested in taking on stock and deals and vols suffer as a consequence. Until outstanding issues are resolved we will plod along with the occasional up or down move until investors see a clear path ahead. At the moment buying stock in Sphere can hardly be called investing, more one of speculation as it's impossible to value or seek value at least sufficient to justify the amount one pays for a share. Still we have to start somewhere and Sphere's attractions were truly in the eye of this beholder! As was Buffetts early forays into bank stocks (Wells Fargo & Salomon) the 'street' saying he was crazy. Those two cost him many millions before they righted themselves years later. Both those companies were plagued by bad management and in WF's case also by the housing crash in California in 2008/9 when any Tom, Dick or Harry could get a mortgage. No doubt the bashing meted out to Sphere is unnerving for investors and calls for one to be steadfast in the face of such negativity. I take some comfort from WB who didn't throw in the towel when WF & Sal were being trashed by Wall St. He saw through the fog and still holds 10% of WF today worth some $28BN. The least i can do is follow his example and start praying more often!

Afternoon cellis/all..must say EME is a new one on me, so had a 5 second butchers and noted an AIM stock in the O&G expo business...oh dear...not for me. I have had my fill of blue sky mining prospects! On an aside do you know that in the USA 60 million people earn less than $20k a year in the richest country in the world! Their tax system favours those on middle incomes but I read this is changing rapidly. But how one gets the super rich to divest themselves of their fortunes is an on going problem... outside of WB & Bill Gates.

Remember all those nuclear time bombs hidden in the financial system of 2008. Those credit default stops, collaterised debt obligations etc which blew apart when a French Bank admitted they had no idea how to value the complex mortgaged backed securities that were on its books. This precipitated the 2008 recession when Banks pulled up the drawbridges closing the money markets. Excessive leverage, debt and regulators staying too long in the pub ( ie sloping off the job) were the major causes of the crisis. That was 10 years ago this month. Some of those problems have been addressed but the elephant in the room 'public debt' has reached record levels as people gorged themselves on free money and leveraged themselves to invest in possible 'bubbles' and asset price booms. I know if I had a substantial portfolio of stocks I'd be at least 70% in cash as debt & credit winds from China blow Westwards. If there is a Black Swan event waiting to explode id want to be in cash ready to pick up distressed assets on the cheap.

Woodford remarkably chipper about WCAP trusts 8% increase on Nav and the prospects at the H/Y stage.

Sporadic selling takes the sp lower with no sign of buyers who are looking at 10..ish as an entry/re- point. I cannot see an imperative reason to buy atm. Whatever the fundamentals/prospects may be those will always be trumped by short-termisim. The idea of holding on to a stock longer than a month is anathema to 90% of pis imo. Any holding in Zam and the like needs 'bottom drawing' for a min of 3-5 years. On that basis I have c 2.5 years left to realise a gain. Will it happen? Absolutely no idea. Cashing out now at a small loss would be hopelessly unproductive not only in losing money but having £6k tied up in 'lost opportunity cost' which annoys me intensely. I must consider that I made a bad decision to invest here..... for now anyways. How this pans out and where the bottom of the stock is, will decide for me.

On the question of new orders we must remember the 9-12 month time frame (UK). Does this apply on the continent? So any hospital requesting data etc on P in Jan may not consider purchasing till the year end so I would not expect much in the sales news till year end nos. Trouble is I'm pushing back sales figs every month or so it seems. As I said before Sphere won't announce any new orders for P unless it's a first from a new territory so for all we know further up takes are ongoing. I cannot see investors deliberately withholding funding as they know we are running out of cash and besides Woodford & Evans are the two bigest holders so they would only be damaging their investment in the Co. On a best case scenario the funding has been agreed and will be reported in Sept. On a worst case nothing has of yet been arranged but time marches on. I'm staying as positive as I can, I have little choice but to do so. If a simpleton like myself in medical matters can see the benefits of using P over the b/tops, surely the medics can! Then again the likes of Siemens, Bayer & Radiometer are not going to roll over and die are they? Mind you I've said it time and time again just buy Sphere and mothball the entire project. Job done.

New video on the above presented by Dr GT runs 15 mins on Sphere site.

Radiometer a blood gas analyser tests on average 500k blood samples on their analysers every day! Worldwide of course.....

For the squiggly line theorists the Williams R % is a momentum indicator that measures OVB and OVS situations. Points range from 0 to -100 and a reading between 0 and -20 indicates an overbought position and a reading of -80 to -100 an oversold position. Sphere's no is -93 indicating a strong oversold number. The DMA points confirm this. The 200 DMA is 8.55 the 50 DMA is 7.18 and the 7 DMA is 6 so trending lower. Probably too late to sell now unless you are desperate to rescue something from the wreckage of the SS sphere!

Still no news on financing! Bod discussions have been ongoing with interested parties since Feb'17...if not before. Goodness knows what is taking so long so let's hope they come up with an equitable deal which looks very unlikely to include pis. If so, any raise should be much easier and cheaper to achieve. Need a hurry up!!

To sum up....I prefer to concentrate on the future of the business, in so far as I can calculate it which is very very difficult with no nos to work off and not knowing the appetite for Proxima. TD have 2018 rev's at £1.7m or c £141k pm around 325% jump in '17 rev's. That won't be sustained so perhaps a more conservative 20% -40% pa? That would see rev's at c £5m by 2022 using the lower rate which does not look great, at 40 were at c £9m pa much better which might translate to a net of £2-2.5m or c 1p (eps) on 242m issued. Pure guesswork but gives me something to work on.

Late June the sp was on a 'random' walk at 8.24p by this I mean the future progress of the stock would depend on new as yet unknowable information and thus was said to be on a random walk. This obviously can go north or south and as we wait for funding news the market attached a negative sending us 33% south on no news. Investing under these conditions is more a game of chance than one where a skilled investor can prosper through reasoned analysis, else how does one explain the collapse of the sp? If as they say everything worth knowing about a stock is 'in the price' then the price was correct, the (Efficient Market Theory) and became the stock analysis used by analysts and Money Managers. Many thought EMT was bunkum and seriously flawed for one reason that value can never be precise as one might view Sphere at 15 another 5 showing investors to be irrational at times or under the spell of crowd psychology and secondly EMT might be efficient but not always efficient! There is a big difference between the two. How is Sphere valued? Having no cash flow to talk of and no method of discounting future cash flows other than 'guesstimation' we rely on the randomness of the mrkt. Is it riskier to buy Sphere at 6 than 16? I cannot see why given what we know. As ever your appetite for risk and the fear of what other investors are doing will be the guiding factor. To sum up I prefer to concentrate on the future of the business and not on the day to day. Tune in and then out.....if you can?

Well cellis you have had a very personal experience in your upbringing, one I completely escaped so feel unqualified to expand upon. But I believe you 100% not through anything personal but through being aware via the press and other media outlets that there is a two if not three class structure in this country and woe betide you if you fall into the lower section. I admire anyone who made it from a tough start to life. We are not alone in that, the US has it but more money orientated as opposed to one of upbringing and whether you went to Eton. I'm all for equality for everyone but realise even in this day and age it does not work as opportunities are Oxbridge leant. Perhaps the 'old boy' network is a thing of the past and one is judged purely on achievments? I should hope so but would need some convincing. Suffice to say I consider myself lucky to have been born from the right vagina if i may be so crude and so started life with a length advantage over many others, nevertheless I'm only too aware that many in life suffer intolerable injustices through no fault of their own be it through sheer bad luck, the wrong colour or the system acting against them.

I have said it for years that we are the most corrupt country in the world covered by the veneer of respectability, the aristocracy, ie not you or me would never stoop so low as to ainsay the system. Do you need any examples? How about our elected MP's and the expenses scandal? The police fitting up innocents? The corrupt SM full of charlatans and downright thieves. The scandalous Libor skullduggery? The massive cover ups of local councils in the...well take your pick from Rochdale to Grendale. The clergy and paedophile rings swept under the ****et. The shocking hounding of people innocent until proven guilty (C.Richard) unlike a certain J.Saville who had a free pass to do as he pleased. Bribery and corruption endemic in business particularly in the awarding of Govt contracts. I could go on but you know all this anyway. Finally my word is my bond?....My aser!!

Well of course everything is geared to keeping the financial system alive and well....mostly at the expense of mug punters seeking salvation in o...lies and Aim back waters..and anybody else seeking redress from the corrupt lse who always look after No 1. On balance from my cynical point of view probably fair enough, I mean who expects a fair shake from the FCA etc...? Not a legion of disillusioned investors thats for sure who have the added cross to bear of managements who don't.. give sots! If you venture down those dark alley-ways be prepared to be royally mub uckfed! Hate to say it but it's a license to print money..... and most assuredly yours will be in someone else's pocket before you can snap your wallet closed.

On the 'mug punter' strategy I note that the bod still have their hands in the 'short arms deep pockets' category of non investing. This should be worrying however we have become used to the bod opting for the nil cost options route as opposed to putting their hands in their pockets...that who cares anymore. I don't. Do the iis? I doubt it. One thing is certain they have until the H/Y 2018 to get this company moving, after that all bets are off!

As the ask seems on a downward path to 5 I may have to revise my 'masterly inactivity' stance. For...I. ask myself what has changed since a week, a month, a year ago that would cause this spell of negative sentiment surrounding Sphere to take the sp ever lower? Woodford & Co are still supportive.....we hope and outside of esspid off pis who have largely deserted the stock....and who can blame them, the change has been positive for P. So with one eye on the clock I'm waiting for 5 or a touch over for my 33/4/5th purchase thus continuing my mug punter strategy.

The backdrop may mean little to us here....for now or in the future. That's a risk all investors face, here or in Glaxo. Previously.....I sat through the '87 & '08 turbulent times. But I was a lot younger with hopefully time on my side. Now time is defo not on my side so I'm prone to irrational decisions, fearing catch up will pass me by I force myself to keep my head down hoping for the best and putting off selling out of here. Loathe as i am to take a substantial loss on unfounded fears and let's face it no one can predict what will happen in Oct, incidentally the 30th anniversary of the '87 crash, what is one to do? If the sp had reacted to all the good news in an upward direction as we mostly expected, the choice would be easy. So as the reverse occured should one short the ftse, take out CFD's? I dunno burying ones head in the sand does not appeal, buying more does not appeal....today! Guess a bit of masterly inactivity is on the Doc's menu for us 'undecideds'. Whatever my pronounced facial tic will be more apparant in the coming months.