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  1. #421
    ShareTrader Legend Beagle's Avatar
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    Thanks folks for your kind words.
    Welcome to the forum exwesty. You are very well positioned
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  2. #422
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    Keeping in view the current trend of SP of KFL , MLN , BRM ...all Fisher funds managed companies doing identical services but in different markets ...like KFL is only NZ stocks , BRM is only Australia market and MLN is rest of the world minus NZ and Oz . All give quarterly PIE returns of 2 % of the average NAV of the quarter . Not to be confused with company dividends which comes from profits and free cash flows of the company . These PIE returns come from mostly capital returns as they have only about 25% as actual dividend income from their investments .

    But it seems many investors are confusing these PIE quarterly returns as general company dividends . To make it more clear ...in a stagnant or slight down market with no further capital appreciation of their investment portfolio this will result in capital investment in these funds going down in value as every quarterly PIE return will result in faster NAV erosion thus capital depreciation

    Thats why premium to NAV being paid by investors is directly related its SP and not anything else ...BRM at 22% premium to NAV , MLN at 14 % premium and KFL at 9% premium .

    BRM SP = 0.99 MLN SP = 1.29 KFL SP = 2.01

    It seems many investors do not fully understand this quarterly PIE returns concept ...ie 2% NAV returned as dividend .

    This works very well in a rising market as u dont get to know your original investment depreciation but in other case this will result in capital loss !

    Now paying 22 % over NAV can mean your original capital may not rise for next 2 years even when markets go up 15 % each year or even more

    IMHO this trend is not going to end well for many many ....

  3. #423
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    So what to attribute Carmel Fisher's buying of BRM and MLN over the last few weeks?.
    I don't disagree with you...beats me..

  4. #424
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    Quote Originally Posted by SPC View Post
    So what to attribute Carmel Fisher's buying of BRM and MLN over the last few weeks?.
    I don't disagree with you...beats me..
    Carmel is a high earner ...going on high tax bracket from next year for all her direct company investments ...She needs to pay 39 % tax on direct company dividends ..ie extra 6 % after 28 % + 5% DRWT .

    So for her it still makes sense to convert her other personal company shares to PIE income funds .

    To her it doesn't matter small pittance extra ...but to small investors like us even paying 5 cents extra pinches ...

  5. #425
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    I have been thinking along the same lines as alokdhir for a while now regarding how it will end for all their funds.
    I invested in their KS & listed funds in the early days but switched a few years ago.

    For a portfolio for someone approaching retirement with little savings(not me) I split a third of the funds into 5 listed shares in 2007 at $10,000/share

    2007 $10,000 MLN value now $9520.It has received quarterly dividends of around
    8.5 c/year https://marlin.co.nz/assets/Uploads/...nd-History.pdf
    Adds about $10,400 ?
    Total value $19920 slightly more if dividends were reinvested
    According to the investor center value would be around $33000 now
    https://marlin.co.nz/investor-centre...o-performance/
    2007 $10,000 IFT value now with DRP $46,367 plus a few other dividends
    As it turns out 2007 was a good time to invest in IFT
    https://infratil.com/for-investors/
    2007 $10,000 FPH value now with DRP $136,360

    It would be interesting to have done the same with MFT & EBO in hindsight
    Last edited by kiora; 27-11-2020 at 03:53 PM.

  6. #426
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    Quote Originally Posted by kiora View Post
    I have been thinking along the same lines as alokdhir for a while now regarding how it will end for all their funds.
    I invested in their KS & listed funds in the early days but switched a few years ago.

    For a portfolio for someone approaching retirement with little savings(not me) I split a third of the funds into 5 listed shares in 2007 at $10,000/share

    2007 $10,000 MLN value now $9520.It has received quarterly dividends of around
    8.5 c/year https://marlin.co.nz/assets/Uploads/...nd-History.pdf
    Adds about $10,400 ?
    Total value $19920 slightly more if dividends were reinvested
    According to the investor center value would be around $33000 now
    https://marlin.co.nz/investor-centre...o-performance/
    2007 $10,000 IFT value now with DRP $46,367 plus a few other dividends
    As it turns out 2007 was a good time to invest in IFT
    https://infratil.com/for-investors/
    2007 $10,000 FPH value now with DRP $136,360

    It would be interesting to have done the same with MFT & EBO in hindsight
    Great post of actual experience and figures ...as I also invested my original funds 1/3 each in BRM / MLN / KFL

    Out of frustration because of poor returns moved all to KFL

    Still I would have done 5 times better by investing direct in their own main stocks like FPH / MFT .

    So I agree with you fully ...lure of 2% PIE returns of NAV quarterly can lead to silly investments

    DYOR ....Cant follow anyone ...including Ms Carmel Fisher !!

  7. #427
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    Quote Originally Posted by kiora View Post
    I have been thinking along the same lines as alokdhir for a while now regarding how it will end for all their funds.
    I invested in their KS & listed funds in the early days but switched a few years ago.

    For a portfolio for someone approaching retirement with little savings(not me) I split a third of the funds into 5 listed shares in 2007 at $10,000/share

    2007 $10,000 MLN value now $9520.It has received quarterly dividends of around
    8.5 c/year https://marlin.co.nz/assets/Uploads/...nd-History.pdf
    Adds about $10,400 ?
    Total value $19920 slightly more if dividends were reinvested
    According to the investor center value would be around $33000 now
    https://marlin.co.nz/investor-centre...o-performance/
    2007 $10,000 IFT value now with DRP $46,367 plus a few other dividends
    As it turns out 2007 was a good time to invest in IFT
    https://infratil.com/for-investors/
    2007 $10,000 FPH value now with DRP $136,360

    It would be interesting to have done the same with MFT & EBO in hindsight
    Hindsight is always 20/20 and often as useless as a fortune cookie in predicting the future. All funds have well and truly beaten their respective indices after all expenses, fees and taxes over the last few years. You can't realistically ask for more than that.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  8. #428
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    When will the warrants exercise price be announced? Will it be before​ the exercise date?

  9. #429
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    Quote Originally Posted by justakiwi View Post
    When will the warrants exercise price be announced? Will it be before​ the exercise date?
    Well before as the paperwork will be sent out showing it. Would expect it to be $1.51.

    The last lot with exercise date of 12/7/19 was announced on 17/6/19.
    Last edited by 777; 08-01-2021 at 12:23 PM.

  10. #430
    Guru justakiwi's Avatar
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    Thanks!

    Quote Originally Posted by 777 View Post
    Well before as the paperwork will be sent out showing it. Would expect it to be $1.51.

    The last lot with exercise date of 12/7/19 was announced on 17/6/19.

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