Member Info for TinkerT

We’re here! The pessimist in me tells me that there has to be something nasty coming up (like there was with DLG) but so far with AV I’ve had capital growth of 30% and am getting a yield (based on my own purchase price) of 8.5%. Expect many of you are in the same boat or better.

GLA

T

Suppose if we hadn’t had good results today then the oil price would have sent us down another 5-10p. As Happy and others have said, it’s as well SP stays lowish for a bit longer to get best value from buybacks.

T

Riolto,

Just to be clear, when I said “a complete about turn”, I wasn’t thinking of the profits levy, I was thinking of the promises that spending plans were fully costed and that growth would see us right.

T

Riolto,

The Tories closed down the economy for 18 months because of Covid. I don’t think that was a wise decision but Labour would have done the same. Now we’re paying for it. What narks me is Labour’s hypocrisy. It reminds me of Nick Clegg and the tuition fee thing in 2010. A complete about turn within a month of being elected.

T

Pleased with results but reminding myself that we’re 75p short of where we were as recently as mid-April. Heading in right direction.

T

Clued,

Agree wholeheartedly. Tories said during the campaign that Labour’s plans were unaffordable. Now that has been proved correct. The idea that Labour didn’t know what they were inheriting is laughable. Britain isn’t some kind of banana republic (am I even allowed to say that these days?) where the government’s accounts are kept secret. It is the cynicism that they think they can get away with this that really annoys me.

T

LTI,

I am not going to continue this. Others will have read my posts and understood the point I was making.

T

Sorry Bibbadbaz. think most people would realise that 264 was a typo. I meant 464p. Sorry for any confusion. Mind you, if I’d paid 264, I’d be quite happy!

T

Jeff,

Spare a thought for the guys who paid 264p this morning only to see an 11p drop within a couple of hours.

T

LTI,

You are right that dividends are money leaving the company but buybacks are money leaving the company too; the company is paying money to people who want to sell. Those of us who stay in are owners of a slightly bigger share of a slightly smaller company.

My point is that buybacks don’t make ANY difference in themselves. You certainly cannot say that the SP would have been “x” at any given time without them. “Simple maths” doesn’t apply when you have so many unquantifiable variables.

T

Meoryou,

Agreed.

T

LTI,

When you say that without buybacks the SP would be around 360p, you are probably correct but that is only if and only if the money spent on buybacks had been buried in a hole in the ground and forgotten about. If, however (as in the real world) the company had spent the money on giving a decent dividend or investment in o and g production or something else then perhaps it would have been a good bit better.

T

LTI,

Buybacks mean that money leaves the company and goes to people who don’t want to own BP shares anymore. It is a returning of their capital to them. In that sense it is very clearly a reduction in the size of the company. Of course, paying a dividend is also (in this sense) a reduction in size, the difference being that the money goes to shareholders who continue to be part of the BP “family”.

Please don’t assume that people are stupid just because you don’t understand the subtlety of the point they are making.

T

Just as well buybacks are continuing. If the company wasn’t buying its own shares then nobody else would want them. At the current rate, in 15 years the company will have bought back ALL its shares, will be producing nothing and will have achieved the ultimate in net zero.

Ok, a bit jaundiced, a bit of an exaggeration, a bit tired of life. BUT, does this board have nothing better to do with surplus cash than SHRINK the company?

T

Well, that didn’t last long, did it? Up to £2 then back to where we were on Tuesday.

Hi,

Can I just give a general big “Thankyou” to the sensible, articulate contributors to this board (you know who you are). Constructive comment is what it’s about, all in a spirit of amiable jocularity that keeps us all going. Sometimes we see an unwelcome bit of acrimony but there are stalwarts here who keep the banter going even when things (like yesterday) look less than rosy.

T

3%+ increase this morning. Has something good happened?

T

No rhyme or reason for the SP fall that I can see but that’s the stock market for you!

T

Off topic but... what a state Britain is in that the Prime Minister makes a really important announcement against a background of deliberately created noise (a breach of the peace in anybody’s book) and the police do nothing.

Clued, I agree. The consoling factor is that governing parties often don’t do what they promised/threatened when they were in opposition.

Still wish I’d got out north of £5.

T