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by OhNoNotimAgain
February 23rd, 2019, 9:17 am
Forum: High Yield Shares & Strategies - general
Topic: On the Dividend Letter's demise
Replies: 55
Views: 3461

Re: On the Dividend Letter's demise

But the Pyad of Capital Does Not Matter never advocated the High Yield Portfolio as a solution for such dilemmas. HYP was for the lifespan of a lump-sum investor. He explored running an open-ended fund on these lines but concluded that the sums did not work-- not enough churning to recompense manag...
by OhNoNotimAgain
February 23rd, 2019, 9:06 am
Forum: Portfolio Management & Review
Topic: Reversion to the Mean
Replies: 11
Views: 1489

Re: Reversion to the Mean

I haven’t given up entirely on the US market (still have £600k or so of exposure) but when everybody thinks it’s a great idea . I recall the last time that the US was a significant under-performer relative to the rest of the world. It was 30 years ago. At that time the US had been doing well. After...
by OhNoNotimAgain
February 23rd, 2019, 9:02 am
Forum: Investment Trusts and Unit Trusts
Topic: Woodford Patient Capital - Why?
Replies: 29
Views: 3079

Re: Woodford Patient Capital - Why?

Thankfully it hardly even touched the dial on the NAV as only 2.3% or so of its portfolio That's a huge position, the equivalent of BATS in FTAS tracker fund. It was massive headline news but the NAV is only down 0.44% off the back of it (and purplebricks bounced back 7% today). I really do not see...
by OhNoNotimAgain
February 22nd, 2019, 4:36 pm
Forum: Investment Trusts and Unit Trusts
Topic: Woodford Patient Capital - Why?
Replies: 29
Views: 3079

Re: Woodford Patient Capital - Why?

Woodford's even more Patient Capital https://www.fool.co.uk/investing/2019/02/21/is-it-game-over-for-neil-woodford-pick-purplebricks-after-todays-25-drop/ Thankfully it hardly even touched the dial on the NAV as only 2.3% or so of its portfolio That's a huge position, the equivalent of BATS in FTAS...
by OhNoNotimAgain
February 18th, 2019, 9:10 am
Forum: Passive Investing
Topic: Swap Based (synthetic) vs Full Replication
Replies: 8
Views: 751

Re: Swap Based (synthetic) vs Full Replication

The swing from £268m of net gains on financial instruments in one year to £113m the next surely deserves some explanation. Surely that's just realised and unrealised gains? If the assets are stated at market value, changes in market value will go through the revenue account. No, Net Increase (Decre...
by OhNoNotimAgain
February 17th, 2019, 12:51 pm
Forum: Passive Investing
Topic: Swap Based (synthetic) vs Full Replication
Replies: 8
Views: 751

Re: Swap Based (synthetic) vs Full Replication

Whenever you place money with someone else there is always the risk you won't get it back. But that risk varies which is why I gave three different cases. The question to ask about all ETFs is why is it better for someones else to seek to replicate the returns of an index on your behalf, by trading...
by OhNoNotimAgain
February 16th, 2019, 9:30 am
Forum: Passive Investing
Topic: Swap Based (synthetic) vs Full Replication
Replies: 8
Views: 751

Re: Swap Based (synthetic) vs Full Replication

I have avoided swap based ETFs originally as I didnt have time to understand them and I didnt like the sound of them "Synthetic" can mean that instead of investing directly in the shares underlying an index, they invest in derivatives (akin to spread betting) which have the same effect. C...
by OhNoNotimAgain
February 14th, 2019, 4:39 pm
Forum: Macro and Global Topics
Topic: German Manufacturing Index Signals Contraction
Replies: 18
Views: 1992

Re: German Manufacturing Index Signals Contraction

CommissarJones wrote:Germany managed to avoid entering a recession in Q4, but the economy recorded zero growth, so it's hardly an inspiring set of figures. Japan expanded by 0.3%, rebounding from a contraction in Q3.


Amazing how much damage Brexit has done to other economies, even before it has happened.
by OhNoNotimAgain
February 14th, 2019, 9:31 am
Forum: Investment Strategies
Topic: Active funds take more risk in vain search of higher returns
Replies: 19
Views: 1803

Active funds take more risk in vain search of higher returns

One possible explanation for the underperformance of active managers involves their typical bias towards high beta, more volatile stocks.

http://www.indexologyblog.com/2019/02/1 ... anagement/
by OhNoNotimAgain
February 12th, 2019, 5:03 pm
Forum: High Yield Portfolios (HYP) - Practical
Topic: SLA share purchases
Replies: 105
Views: 5453

Re: SLA share purchases

A return which none of us here have ever seen. Everyone who measures their investment success by market value and total return will have seen their net wealth increased if the effect of the share buyback is to increase the market price of SLA shares. That's a monster "if" upon which one c...
by OhNoNotimAgain
February 8th, 2019, 9:07 am
Forum: High Yield Shares & Strategies - general
Topic: On the Dividend Letter's demise
Replies: 55
Views: 3461

Re: On the Dividend Letter's demise

What happened to the period from 2008 to 2010? Many companies paused or held their dividends static in that period. Recovery took a long time. As I wrote, in the 2010 annus horribilis 27% of companies cut, passed or remained dividendless compared with 2009. For 2000-16 percentages of companies decl...
by OhNoNotimAgain
February 7th, 2019, 3:35 pm
Forum: How Do I Invest
Topic: Books on Investment
Replies: 26
Views: 4388

Re: Books on Investment

by OhNoNotimAgain
February 6th, 2019, 3:38 pm
Forum: Investment Trusts and Unit Trusts
Topic: Benchmarking - what's the best measure of success?
Replies: 19
Views: 1449

Re: Benchmarking - what's the best measure of success?

Yes, you are probably correct but I am not aware of one that calculates (for example) CPI plus 3% (or whatever the above inflation rate you want) for 1,3,5,10 years. But my main point is that (as in my original post), not the lack of indexes but the misuse of indexes and the justification of a fund...
by OhNoNotimAgain
February 6th, 2019, 1:16 pm
Forum: Investment Trusts and Unit Trusts
Topic: Benchmarking - what's the best measure of success?
Replies: 19
Views: 1449

Re: Benchmarking - what's the best measure of success?

I think that's my point, it may well be better to use a comparitor of ones own choice or even design (inflation + x for example) without simply accepting the index against which the fund is measured. HL has 2237 indices on its site and that does not include any from this company http://thefreedomin...
by OhNoNotimAgain
February 6th, 2019, 8:44 am
Forum: Investment Trusts and Unit Trusts
Topic: Benchmarking - what's the best measure of success?
Replies: 19
Views: 1449

Re: Benchmarking - what's the best measure of success?

................. you can certainly use their returns as a comparator for your own investments. I think that's my point, it may well be better to use a comparitor of ones own choice or even design (inflation + x for example) without simply accepting the index against which the fund is measured. HL ...
by OhNoNotimAgain
February 5th, 2019, 10:47 am
Forum: Investment Trusts and Unit Trusts
Topic: Benchmarking - what's the best measure of success?
Replies: 19
Views: 1449

Re: Benchmarking - what's the best measure of success?

Then even when the benchmark has been negative for the period in question, performance that is in line with that benchmark seems to be lauded as a good thing, "well, we lost you money, but we beat the benchmark by 3%". So what? Professional fund managers are paid handsomely to beat the in...
by OhNoNotimAgain
February 4th, 2019, 4:53 pm
Forum: Passive Investing
Topic: Low-cost tracker - how best to buy?
Replies: 18
Views: 1764

Re: Low-cost tracker - how best to buy?

Just look on the fund providers' web site for an application form for individuals. You need to tell us which fund providers offer these services for free. I know a couple as already posted that do charge. Finding those that don't is a complete shot in the dark. There aren't that many providers http...
by OhNoNotimAgain
February 4th, 2019, 11:23 am
Forum: Macro and Global Topics
Topic: Rise in FTSEs despite Brexit uncertainty
Replies: 50
Views: 2287

Re: Rise in FTSEs despite Brexit uncertainty

Some money could come from the mechanisms you suggest, but the big money has always come from growth. Carrying forward policies like you suggest as did Osborne and Cameron is almost guaranteed to lead to a back lash and put some business unfriendly guy in charge who believes in nationalisation etc....
by OhNoNotimAgain
February 4th, 2019, 11:17 am
Forum: Passive Investing
Topic: Low-cost tracker - how best to buy?
Replies: 18
Views: 1764

Re: Low-cost tracker - how best to buy?

nmdhqbc wrote:
OhNoNotimAgain wrote:You can buy an OEIC with no commission, no platform fee and, in some cases, no stamp duty.


Where can I find this? I'd like to look into it fully.


Just look on the fund providers' web site for an application form for individuals.

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