PYAD HYP 2019_04 DRAWDOWN – Year 2 Commentary

[Wizard]

You're not missing much by way of a review, don't worry.

Appreciate that it can’t be cut and pasted, but is anyone able to provide a pithy summary?

Company Name, Income, Capital Value.

Comments such as income is down x% on last year.

Will be higher next year as companies are now restarting paying.

At the risk of the pun it is simply a short bland summary and nothing that hasn't been said (better) here already.

That is disappointing in two respects. First, you would expect a somewhat better job of analysing the impact and looking for learning points from the author. Second, it is disappointing that, even if the author did not want to provide more, Stockopedia did not insist on a more substantive piece of work.

Hopefully nobody who reads Stockopedia followed the portfolio to the letter if they were dependent on that income without having the benefit of the lengthy discussions here about safety margins, etc.

[Wizard]

Company Name, Income, Capital Value.

Comments such as income is down x% on last year.

Will be higher next year as companies are now restarting paying.

At the risk of the pun it is simply a short bland summary and nothing that hasn't been said (better) here already.

That is disappointing in two respects. First, you would expect a somewhat better job of analysing the impact and looking for learning points from the author. Second, it is disappointing that, even if the author did not want to provide more, Stockopedia did not insist on a more substantive piece of work.

Hopefully nobody who reads Stockopedia followed the portfolio to the letter if they were dependent on that income without having the benefit of the lengthy discussions here about safety margins, etc.

(My bold) Cripes! Do you really reckon anyone would be stupid/naive enough to actually do that?

RVF

Like I say, I hope not. But you only have to listen to programmes like R4’s MoneyBox to realise some people are very naive.

[IanTHughes]

Hopefully nobody who reads Stockopedia followed the portfolio to the letter if they were dependent on that income without having the benefit of the lengthy discussions here about safety margins, etc.

9.00% income over a two year period may not have been the best, but it is not to be sneezed at. Or can you point to an investment, one that was broadcast and set up two years ago, that has done better?


Ian

[IanTHughes]

Like I say, I hope not. But you only have to listen to programmes like R4’s MoneyBox to realise some people are very naive.

One does not have to listen to MoneyBox to hear the thoughts of naive investors


Ian

[Wizard]

Hopefully nobody who reads Stockopedia followed the portfolio to the letter if they were dependent on that income without having the benefit of the lengthy discussions here about safety margins, etc.

9.00% income over a two year period may not have been the best, but it is not to be sneezed at. Or can you point to an investment, one that was broadcast and set up two years ago, that has done better?


Ian

Why does the investment have to have been set up two years ago? That seems like a strawman attempt to restrict comparison.

My reference to an an investor needing an income with little safety margin very much reflects your own assessment...

What a disaster! Income has decreased by 36.86%!

But that number was wrong and you later agreed the drop was more like 42%.

[IanTHughes]

Hopefully nobody who reads Stockopedia followed the portfolio to the letter if they were dependent on that income without having the benefit of the lengthy discussions here about safety margins, etc.

9.00% income over a two year period may not have been the best, but it is not to be sneezed at. Or can you point to an investment, one that was broadcast and set up two years ago, that has done better?

Why does the investment have to have been set up two years ago?

Simply because this HYP was set up two years ago. In order to make a serious comparison with another possible investment scenario, such a scenario would have to have been set up at the same time. If you are having difficulty finding such a scenario you are reduced to using hindsight, which as we all know does make it somewhat easier to find a winner!

My reference to an an investor needing an income with little safety margin very much reflects your own assessment...

What a disaster! Income has decreased by 36.86%!

But that number was wrong and you later agreed the drop was more like 42%.

The fact remains that with its income over two years of 9.00% of the original investment, this HYP may not have given the best income return available, but it has so far been superior to that which might have been achieved if the same funds had been invested in various professionally managed Investment Trusts.


Ian

[Wizard]

9.00% income over a two year period may not have been the best, but it is not to be sneezed at. Or can you point to an investment, one that was broadcast and set up two years ago, that has done better?

Why does the investment have to have been set up two years ago?

Simply because this HYP was set up two years ago. In order to make a serious comparison with another possible investment scenario, such a scenario would have to have been set up at the same time. If you are having difficulty finding such a scenario you are reduced to using hindsight, which as we all know does make it somewhat easier to find a winner!

My reference to an an investor needing an income with little safety margin very much reflects your own assessment...

What a disaster! Income has decreased by 36.86%!

But that number was wrong and you later agreed the drop was more like 42%.

The fact remains that with its income over two years of 9.00% of the original investment, this HYP may not have given the best income return available, but it has so far been superior to that which might have been achieved if the same funds had been invested in various professionally managed Investment Trusts.


Ian

It seems that while you object to using hindsight to find winners, you are fine using it to find losers. Priceless

[IanTHughes]

Why does the investment have to have been set up two years ago?

Simply because this HYP was set up two years ago. In order to make a serious comparison with another possible investment scenario, such a scenario would have to have been set up at the same time. If you are having difficulty finding such a scenario you are reduced to using hindsight, which as we all know does make it somewhat easier to find a winner!

My reference to an an investor needing an income with little safety margin very much reflects your own assessment...
But that number was wrong and you later agreed the drop was more like 42%.

The fact remains that with its income over two years of 9.00% of the original investment, this HYP may not have given the best income return available, but it has so far been superior to that which might have been achieved if the same funds had been invested in various professionally managed Investment Trusts.

It seems that while you object to using hindsight to find winners, you are fine using it to find losers. Priceless

Only because finding winners is proving rather difficult


Ian