-
Originally Posted by KW
Anyone else noticed they just sent out their October newsletter announcing how they have just taken a big stake in REF because its such a bargain "deep value investment" - then on the 1st of Oct a SSH notice appears detailing a 1% sell down of the stake (which followed from an earlier sell down of the stock in late August). They must be taking lessons from HotCopper in pumping while dumping!
Yea had a look , isnt that a bit dodgy pumping a stock while they are selling on the other hand?
also read on the asx page they hold ttn so be interested to know what they did with there stake considering it fell 70% yesterday.
one step ahead of the herd
-
Originally Posted by KW
Volume was up massively today on REF, so wonder if everyone who got the newsletter rushed out to buy it. As for their TTN stake, they will let unit holders know in November. Probably crossing their fingers and hoping for a miracle recovery between now and then, so they dont have to explain how their indepth analysis and all those meetings with management meant they didnt see that result coming!
I was at a PIE investor meeting and someone quizzed him on that holding ( about 18 months ago ) bearing in mind the mining scene was done and dusted then .... he said pretty much - we are comfortable with the investment
and in contact or regular contact with the management .... sounds like been led up the garden path by the Aussies ... but KW as you have alluded to mining services been in the too hard basket for a while now . I see AMP dumped a million shares yesterday, be ugly for PIE ( and I am in a few of the funds ) if they are still in , or in fact if they only pulled the trigger today . Who knows maybe they will see this as " deep value " and Double Up , ...brings to mind
that great quote " ballsiest move I ever saw Maverick "
Bottom line is you can't win em all and I am not bagging him , have a great deal of respect for what he and the whole team at PIE have achieved so far .
-
Funds down from yesterdays unit prices by....
ADF -2.99%
AECF -5.08%%
Don't have info for AGF.
-
So if you are in ADF on a $40k investment then down $1196
If you are n AECF on a $40K investment then down $2032
As PIE probably include TTN in their Global fund within the AU component and a smaller % invested so less impact
-
It's nice to know that even the best make mistakes. I benchmark my performance against them. Of course, I have a big advantage as I can liquidate relatively easily if I make a mistake.
I went to the piefunds conference in Feb where Jim Sturgess (CEO of Titan) spoke. He gave a very compelling investment case. I spoke to him personally afterwards. Perhaps I'm not a good read, but he certainly spoke confidently about future profits.
It is refreshing to see a fund manager be so open about their trading. They spend a good deal of time explaining their investment decisions and give that info away for free.
This month, they are donating their new entry fees to charity. Nice guys!
DISC:I do not own any pie funds, but do hope to get invited back to their conference next year!
No advice here. Just banter. DYOR
-
Fortunately PIE had halved their investment in TTN before the hit. Im still happy having funds with them.
Not sure about the phone call message today though wishing me happy birthday!!!. Luckily i wasn't answering or acknowledging hitting 60. The Gin and frozen raspberries is being a bit kinder atm tho lol.
-
I see my Doctor is on the investment committee.
He did mention something about this to me a year or so ago.
I would point out that the funds are all very recent and, with the possible exception of one, only short term results are available - all drawn from a bull market.
For clarity, nothing I say is advice....
-
Originally Posted by peat
I see my Doctor is on the investment committee.
He did mention something about this to me a year or so ago.
I would point out that the funds are all very recent and, with the possible exception of one, only short term results are available - all drawn from a bull market.
What's " all very recent " the Aust Growth was established Dec 2007, 100k now 350 K ....
from memory 2008 wasn't a bull market .........
-
We all make investment mistakes its part of the game
one step ahead of the herd
-
Originally Posted by KW
Indeed we do all make mistakes. But one would expect that someone who is managing other people's money would have learnt not to make the most basic mistakes by now. Its quite different being hammered by a company whose downgrade comes out of the blue (eg. McMillan Shakespeare), and another to be buying a small company trading in one of the most difficult industry environments in decades. Ditto for cutting your losses quickly. Titan had been in an obvious downtrend since December last year (they had six months to exit around $2.20).
One of the supposed benefits of this type of fund is that the managers are in "constant contact with company management", and they have done "rigorous due diligence" on their investments. Things that I as, as a retail investor, am unable to do. Thats why you pay them lots of fees (far higher than an equivalent small cap index fund). But if these benefits are merely illusory, and the manager is unable to see the writing on the wall that me, blind freddy, can see simply by looking at a chart, then what is the point of their existence and what value are they providing?
As the old wall street adage goes "if you want to get rich, invest other people's money not your own". Its far easier to make money from fees than from picking stocks.
Yes I do find it very hard to disagree with you.
Good markets since end 2008 make most of us look like gurus, when the party ends we will see the real gurus! quote by bull
one step ahead of the herd
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|
|
Bookmarks