The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Gents it’s been a long time since I gazed out at you from the podium. As you know I refuse to bet on myself to lose money so my FC entries have few of late.
The theme of this speech is targets. One of the most common mistakes made by us amateurs is our failure to stick to targets. Of this fact I am painfully reminded daily when I see the sp so far below my £3 target which was hit last summer albeit only for a few hours. So now escape to Torrebenalmaidinos is out of reach. Things though appear to be looking up. £2sp held at today’s close, regular payments, Sarta starter next year, no war, Taq Taq not tanking, Peshkabir gushing and cash growing. One day we’ll wake up to the BB news and I’ll be off. In the meantime, anyone got a spare ticket for Bunks’s crimbo knees-up?
This will stifle talks of a rapprochement in USA-Iran relations for a while. It should allay fears of further over supply of the black stuff.
If only I had a drone to drop a cash filled brown envelope into the MRI’s office to assist with the Bina Bawi FDP decision. At this rate though, Sarta’s the first starter.
https://www.iraqoilreport.com/news/despite-security-efforts-insurgents-pose-new-threats-42099
Seen worse.
There’s no value in moaning about the performance of G’s b.o.d., they’re not responsible for
the double spectre of over supply and weakening demand, or the danger of M.E. tensions possibly escalating to all-out war and local sabre rattling from the Iraqi govt directed at the KRG’s failure to honour it’s 250,000 boepd commitment. All of which combine to produce an understandable fear that the KRG will one day stop payments to the IOCs, as previously and ruinously happened.
In the long term we will probably be ok but The Market’s aversion to uncertainty is built on it’s preservation of capital. Anyway it looks like I won’t be running off to Spain with the 3 quid sp before crimbo this year so I’ll probably turn up to Bunks’s party with Mrs Klassic’s life savings in a very small tin.
It’s ok bunks. Progress stalled perhaps by end of the buy-back window. Are we now facing another backward slide as Boyo predicts? I think so too, therefore will not enter FC comp next week, I won’t bet on myself to lose money. Growing cash receipts and production figures will however, in the long term produce the desired result—-a happy Xmas G party.
I agree with all of you except the idea that G will be seen overnight as a solid dividend payer. Let’s face it RDSA/B hasn’t lowered it’s divi for 100 years and it pays 5.5% now. G’s sp bounces up and down 5% like a *****’s drawers. If you were a professional investor (not a get rich quick dreamer) would you invest? It’s going to take time gents.
How long can the slump continue? Will we be pressed down to a capitulation point? We need some good news from the company on production figures, BB, Taq Taq, a turn in poo and a cooling in ME tensions. Is that all? Oh yeah and scratch the ground gushers in Morocco and Somaliland.
Bunks great speech and thanks for the honourable mention. Maybe the tide of effluent has turned for now with Mr T’s change of tone on the Speedy Gonzalez crew, OPEC solidarity and rock bottom price on our cash hoarding Frankenstein, the beloved G. So I’m having a flutter next week 186.
I refuse to bet on myself to lose money, although it seems inevitable due to o.p. crash, trade wars and Iran. I’ve sold a few G and other co.’s for a cash pile in the vain hope of buying back at the bottom. Nursing very heavy losses from the strong position I was in. GLA especially those predicting an sp rise. Interesting that G now will consider all options, even a buy-back, after categorically ruling it out previously.
Boyobach——hence why I described it as a miscalculation rather than outright mistake. However funding the GLA’s was never going to be easy even before the Taq Taq implosion and civil war. People were scratching their heads as to how the estimated $2.5b costs of processing plants and pipelines could be funded, despite the rosy picture which was paraded by Hayward and his share capital destroying cohorts. The GLA’s cost G over $1b but the market (rightly) foresaw the folly of the grandiose scheme. That’s why investors saw the sp fall from over 10 quid to under 60p. Luckily I wasn’t one of them. Anyway the future now looks genuinely encouraging.