The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
But hasn't the FDA already approved the tech (RNS of 30/6/23)? That's the worry, where are the sales? although it's still early days I appreciate...
Have a good weekend.
The market will do what it does regardless of how many times links to the same news gets posted.
...and I've added. It's another bad day at the end of a bad week for markets generally... but probably not a bad time to make a selective purchase or two, if one takes a 1-2 year view.
SB, the jadedness (is that a word?) of your view comes across clearly in those words. You sum up the current position well and I can't disagree with any of it. Yet you are still here, still holding shares I presume, and that must mean something. I don't think I'll ever get my original purchase in RENX of 396p, but I might recover one or more of my subsequent top-ups at lower levels. In the meantime, I'll continue trading a few, because there are strong push and pull factors (esp in RENX and VRCI,) which provide the opportunities. So far I've recovered about a third of the historic cost of my VRCI shares and about the same of my much larger holding in RENX. Weirdly, the one I'm most bearish on is the one that is the more conservative, cash-generative one, i.e. EKF. Such poor use of that cash by the management. That share is also less volatile, so I've not managed to trade either. Anyway, I'm hanging on grimly. Always enjoy reading your thoughts (and those of Hawker). Good luck however you approach it.
I looked at this share a few days ago when it was priced around 17p, for a punt, but didn't have any money. Now I've just paid 21.65p - having sold something else - and yet it feels less of a punt. Can't ignore the positive news flow.
It is grim. I see that biotech stablemates VRCI and TRLS had good days today and yesterday respectively. At the start of the week I'd actually considered a small top-up in VRCI and a small 1st purchase in TLRS - small punts - because both had been so beaten up... but, in the end, I didn't go ahead (sigh). Still, it reinforces my belief that while we wait for fundamental improvements, we can trade the high volatility in these shares. It's not what I wanted to do and I don't think I'm v good at it, but if I can get them mostly right I can at least make back some of the losses from my long-term position(s). That's the 'theory'!
Ok, I found the salient bit. Tucked away, several pages down, after all the "Significantly improved", "We were incredibly pleased" and "We remain excited" hyperbole, I find this (which I copy for anyone else who like me struggled to find it):
"Full year 2023 Contribution ex-TAC in a range of approximately $320 - $330 million compared to previous expectations for approximately $400 million.
Full year 2023 Adjusted EBITDA in a range of approximately $85 - $90 million compared to previous expectations for a range of approximately $140 - $145 million".
Amongst the many opaque RNSs I've read, this one stands out... so already a red flag against management and I won't waste any more of my time on this company. Swipe left.
Thanks Scorpion.... good name.
Sorry if you're losing here.
*can anyone help
Reading the RNS and it appears they are making good progress. Yet the sp has dived 30%, so clearly I've missed some 'bombs'. I'll have to go back and look for them, an anyone help?
Is this how TRMR usually report their Results - so opaquely, hiding things away?
I thought CPI had nearly completed their "recovery strategy"... yet the share price is below where it was when the strategy was announced 3 or 4 years ago. In fact my chart says the share price is now at 10-year lows. Does that mean the strategy hasn't worked?
A bargain yesterday, a bigger bargain today and an even bigger one tomorrow... that's the way it is.
Who would want to invest in UK companies? Not many, it seems.
Catalysts? I can't see any. Certainly there'll be no PE takeout with the company's indebtedness.
Pedro doesn't need defending from me, but it's hard to ignore the hypocrisy here. Since when was humour supposed to be saccharine? Some of the best humour is acerbic & cutting. It's what many love (and the freedom to express it) about Britain and the Brits. Monty Python ridiculed Christ. Spitting Image (of the 80's) mercilessly and cruelly sent up the great & good. You guys want to ban those? I decided to go back and find this post of Pedro's. I read it. It was funny. Happy to say this. I also looked at the context. Totally obvious he was jesting, no way being serious. And yet so many of you are ganging up and bullying him about it - all in the name of stopping bullying. Come on! Many have resorted to unpleasantness on this board. I'm sure I'm not the only one to see through the fake 'woke-ism' (aka rank hypocrisy) of some of you.
Yup, nothing to moan about here... other than the teeny weeny matter of a 75% sp decline in 2023...
Absolutely, the current situation is 'healthy' and the BOD are to be congratulated...
No need to apologise for your positivity BigSlick, just give us the address of your planet 'cos I want to live there.
I'd just add that sometimes the market can be (seemingly) random in how it moves. As rational creatures we naturally look for patterns to explain things, but we must also allow for the possibility that these patterns sometimes break down for no obvious or rational reason... I say that's the market!
Maybe it's just a reflection of the differences between people in how they see these things. I'm naturally indisposed towards conspiracy theories, whereas I have quite a few friends, by no means stupid, who are naturally predisposed to them - they love and they genuinely believe in them! Where I might see a breakdown in a previous pattern as a random, unexplained thing (and all patterns based on empirical evidence do break down eventually) and leave it at that, others need to find some sort of reason - often a hard to prove and therefore conspiratorial reason - to explain (what I consider) the unexplainable. It's an interesting debate though - very on topic, what with social media and A.I. and all.
T4G, agree it depends how you define 'long term'. But if you accept that over the long term (however you define it) the share price is determined by company trading performance, then it follows that you are also accepting that you cannot for years and forever blame manipulation for the low sp.
About your specific Asos example, as I say, I haven't looked at it, but from what you've said here, it occurs to me, couldn't this be a simple case of bad news getting excessively punished and good news not getting credited rather than any great conspiracy? Hasn't this happened with a lot of other shares in the present investment climate?