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Zebra,
I think you and HTB and Androcles might be among a quite small band who yearn for a return of the "great days" of Gordon Brown.
Which is fine - of course, everyone is entitled to their own view. But managing the currency is best one lever in a Chancellor's arsenal. Having an actual, functioning economy that is growing and energised is actually a rather more important factor than currency strength.
I would further observe that currency strength is not always an accurate reflection of economic health. The US economy is arguably in the worst condition it has been since the disaster days of that Democrat/Communist (same thing) Carter in the late 70's - yet the Dollar is stronger than ever??
So, currency strength is not always a reflection of national economic health.
Dissipline,
I agree with you very much. The house of card s is currently very unstable. And I totally agree that it might only need one small domino to fall (Kaupthing's collapse in Iceland set off a tsunami that hit the UK) to see systemic damage (one only need look at the statistics around immunology and virus infection patterns to get a sense of how dangerous this stuff is - Fauci and various other ludicrous buffoons notwithstanding).
Here the situation may be much more dangerous, given that Deutsche Bank is at the core of the pyramid. Their links to Russia and the increasing tendency of executives to feel the need to jump from tall buildings should not be underestimated.
All of which may be interesting or otherwise, as the reader may perceive.
Fact is, that whether there is a major collapse in the western financial systems or not, people and businesses will still need power. Power from stable sources in stable places.
PRD is beautifully situated on that VALUE creation matrix.
I am very glad I found this stock and this team, PG and LB. I have long believed this company to be a stratospheric winner and I have backed that belief with my wallet.
This, I believe, is a very good ship and I feel very happy to be aboard and look forward to berthing at the VALUE destination in due course.
HTB,
I am sure Gordon Brown must be very grateful to know that you are still pumping air in his trumpet, despite his being probably even worse a Chancellor than the farcical Norman Lamont (and that is quite some bar of sheer ineptitude).
On top of which, Brown had a personality which would make Redbox or little Nige seem veritably charming by comparison.
The only way to handle a car that has gone into a slide is to accelerate out of that slide (counter-intuitive though that may be).
I think Kwarteng's statement was a brilliantly encouraging statement in the face of significant headwinds and I think he has every possibility of being the greatest Chancellor since Nigel Lawson (and is certainly infinitely better than that ludicrous buffoon, Sunak, who is now thankfully well away from the levers of power).
The impact on Sterling may be short term negative. That is irrelevant in the context of saving the country's economy.
I may currently live in the (former) Colonies but I am deeply invested, financially and emotionally, in Great Britain and I think that Kwarteng is absolutely what we need right now.
He may indeed turn out to be Churchillian.
Great post, Wacky (as always),
Between Ryan (Ireland), Gwede Mantashe (South Africa) and Gavin Newsom (California), it would be hard to think of a greater collection of monumental stupidity on the planet.
Little Nige,
You really are a most unpleasant chap.
I personally find your postings to be unhelpful and uninformative but some appear at least to have some modicum of actual surrounding them.
The rest is just poisonous, spiteful bile.
I am not an expert in these matters but I suggest that a visit to a therapist - or, indeed, a vet - may be in order. Maybe if you take along your little friends, Redbox, Barnyards and PastaBelly, you could get a group discount?
I have not been a great fan of PRD's IR strategy over the years I have been invested in PRD (and I have a decent sized holding - because I believe it to be the greatest VALUE arbitrage, I have seen in a 30 year investment career).
However, I took some time this morning to re-watch that PG video interview on the Flasgtaff TV channel.
PG was absolutely brilliant. Extraordinarily so.
So, well done PG - bloody awesome! - and very well done, Flagstaff, for putting that together.
Great job, all round.
Delighted to be on the great ship PRD.
Very good stuff, MEM.
Delighted to see the oxygen supply problem has been fixed.
You have and, hopefully, will continue to add, much value to the BB.
A fantastic BB which is, generally, a very (maybe extraordinarily) interesting collection of opinions and views, mainly expressed in very civil terms (even little Nige seems to be learning of late).
Have a great weekend, all.
MEM,
No-one sane would want to block you.
You write much good stuff.
And you have exhibited some wonderfully human touches in your concern about human issues (the young girl drowning in Swaziland, the Ukraine thing).
Just let go the (what appears to me unhealthy) obsession with GRH.
It is a great BB, even when the Klingons appear (and even little Nige seems to have become slightly more coherent of late), so my suggestion is that you do not diminish your contributions by engaging in silly warfare with GRH, who is clearly highly regarded on here by many (including me - that is hardly a secret).
And check that oxygen supply....
MEM,
You have posted some interesting stuff here over the years. Which has been appreciated, certainly by me.
But you seem to have developed an unfortunate vendetta against GRH, the net result of which has been that we (the board) do not necessarily get as much of his insights (agree with them or not) as we could have, had you not stuck your personalised paddle in.
Since you do often write sense, I remain of the view that you need to check that oxygen supply to your pilot seat because I fear that there are times when it may not be working properly.
Some of those with an interest in the history of investing in smaller stocks, may care to take note of a guy called David Hardy and his wife, Debbie. They own a small West Midland building firm and, somewhere around 2015, spent £1m or so building up an 11% stake in a (then) minnow O&G company called Serica Energy (SQZ).
That stake is now worth north of £100m, which is a fairly decent return on investment.
KeithOz,
A brilliant analysis. Very tightly assembled, totally logical and structured.
My view on PRD's VALUE is somewhat to the north of your valuation but as a master-case in how to evaluate a company, your post is truly excellent.
Have a good weekend all.
Dissipline,
Second that commendation.
Was not able to attend myself (out in Africa) but really appreciated those that took time to post their views on the presentation.
Have always been very confident in this company (and I have been in quite a while). Even more so now.
So, thanks to those that posted reports on the evening and well done PG and Lonny.
I think sentiment may be partially responsible for this morning's uplift but I think it is more likely driven by more substance in this case - namely real information and analysis. And, therefore, likely more sustainable than being solely sentiment-driven.
The quality of information and analysis shared over the weekend was fantastic and we all benefit from that sheer quality. So, thanks.
Sorry, my post went on the wrong thread, so apologies for repeat here:
I did not have any of any great insight myself to contribute to this most excellent discussion thread but read it avidly and was most interested (and both comforted and excited).
The enormity of the asset base this small company has assembled with minimal capital and a tiny team is first order brilliant!
I am looking forward to the weeks and months ahead and applaud all those posters who contributed so much value to the discussion.
I did not have any of any great insight myself to contribute to this most excellent discussion thread but read it avidly and was most interested (and both comforted and excited).
The enormity of the asset base this small company has assembled with minimal capital and a tiny team is first order brilliant!
I am looking forward to the weeks and months ahead and applaud all those posters who contributed so much value to the discussion.
Thanks, GRH.
Sometimes the market is slower to "get" things than they should be. That provides great opportunity - provided one can have the patience to what until the SP-VALUE disconnect narrows.
When it does, and I am confident it will in the case of PRD, the returns can be very substantial.
I like that.