Member Info for MattTheBrave

Agreed. ADR trading at over £7 equivalent today. Hit my £40 short-term target before July at this rate!!

Pretty good. Current market cap would make it the 96th biggest Company in the index.

Thanks Dave. Fine thanks - same for you I trust.

It's a mess to be sure. The Pebble Beach asset is a good one, but the atrocious management (now gone) managed to destroy the balance sheet to the extent that current size of the business will struggle to survive in its current form. I suspect the Company is trying to find a suitor, but whether this will result in anything for shareholders is very debatable. Might be worth hanging on now for a punt, but that's all it would be. Good luck!

Based on what Chaz? Not saying I disagree, but interested what behind your price target?

Dar - I have never considered myself the """"expert"""" on any short-term drivers of stock prices. I'm a long-term fundamental stock picker, who, thankfully seems to get it right more often than not (which is all you can ask for as an investor). Any questions of a fundamental nature I'd be happy to try and address.

...you got the £100 in there..... ;-))

Thanks Dave, but on the basis that your price target is £36 by end 2018 versus £35 now you should really be a seller, no? After all, there must be something else you can invest in which will give you 3% over the next 18 months, and then switch back in for the huge growth in 2019...;-) I'd be a seller at £40 if this happens in the next 3 months, and look to buy back in the low 30s again. It's what I did when it hit £25 (bgt back in £17-18 range) and worked extremely well!! GLA

GS - What performance - absolute, or relative to a benchmark?

BTW, £ equivalent of current ADR is ~£36!

Yep, the US quote does drive the price, and so it should - it averages higher volumes on a Like-for-like basis. The UK quote averages about 8,000 shares per day, whilst the US is nearly 24,000, which is 12,000 on a comparable basis. You also have the fact that the US investors tend to know the biotech industry a bit better, and are a bit more active I guess. Anyway, Happy days!! I'd ask you for a price target but I'm guessing you'll say £100 or something....;-))

...on a rocky day for the markets!

Actually, I agree with the skill point GS - however, a couple of things: Firstly, what you've quoted below is the absolute returns of the funds (I think?) - these will be largely (90-95%) driven by the asset class, not skill of the manager - I prefer cheaper asset classes, which often means after they've fallen). You would need to compare them with the relevant benchmarks over each period to ascertain the relative performance, supposedly driven by skill. However, even the most skillful managers tend to see cyclical relative returns due to the fact that they tend to follow a certain stock picking style (eg growth or value) which some times will work, and sometimes won't depending on the market environment. Hence, if you find what you believe to be a skillful manager, you probably want to appoint him at the bottom of his cycle rather than the top (though the asset class is actually more important than the manager in most cases). Unfortunately, for a variety of reasons, historical relative performance is not a great guide to skill except over the very long term (10 yrs) with no change in team or approach (very rare in institutional products). Sorry, enough lecturing from me - I spent about 10 years researching asset managers earlier in my career, so do have some experience in this area.

Isn't that a kind of 'buy high, sell low' type of strategy GS? if anything, I tend to be biased the other way...But I am more of a value investor!

second one should be 'iShares physical Gold'

Hi Optimus - I have a few for you, depending on your risk or asset allocation preferences - Alliance Trust PLC - shares Physical Gold (If you fear market falls and want a hedge) - threadneedle UK property Fund - Invesco Japan Smaller Company - Investec EM Mkts Local - CF Woodford equity Income - Invesco Diversified Growth Fund (if you want a diversified One-stop-shop) Good luck.

...keeps the banana bills down as well...

Optimus - he's related to the one I use (cousin I think), and he's always gossiping....;-))

What we should do at the end of the year is calculate the return on a portfolio which allocates an equal percentage to each stock, and then compare this with the FTSE All Share and/or a global equity benchmark (eg FTSE World) - I have access to these so can supply. That way w can work our whether the Cave dwellers in aggregate are actually smarter than a monkey (sorry to bring up monkeys again), or not......??

Thanks GS - Quite a spread that!!