chiangmai
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Post by chiangmai on Jul 11, 2022 16:36:14 GMT 7
This is not yet another "evaluate my portfolio" thread, it's more of a, "this is where I am" thread. Why? Because I know there are others like myself who want to understand what other investors are doing and what they are thinking. In line with my risk averse nature I have recently bought Ruffer (RICS so today my holdings now look like this: Personal Assets Trust (PNL) 23% Capital Gearing (CGT) 16% Ruffer (RICS) 13% Mid Wynd 13% FSSA Asia Focus 4% Baillie Gifford International 4% Cash 27% 75% of what I'm holding is Risk Level 3 or below, Medium Low Risk. 40% of my holdings are in equities, the rest is in bonds and "other". I still have broadly the same geographic split as I've always had, US = 44%, UK = 15%, Japan = 9%, EU = 14%, Dev Asia = 6% and EM = 13% (depending on how you view these things). I shall need to put my 27% Cash holding to work soon so I'm going to explore two areas, one is a combined hedge fund investment fund, probably around 5 to 7%, and, a fixed income fund of a similar size. I'm currently down 4.2% from the peak but I noticed I am up 32% since I started playing with this a couple of years ago. I'm still not drawing down this pension and probably never will, it's more fun trying to grow it, safely. On a separate but related point: I have finally resolved with HL that I am entitled to a second SIPP that I opened when I wasn't UK resident or present on UK soil and I am entitled to two years of tax refunds from HMRC, into that SIPP. Well known tax consultants had told me I wasn't and this saw funds deposited, refunded to HMRC and now refunded to me once again. This means I've made money on my portfolio without even doing anything! The message here is, don't believe everything well known firms tell you. Kudos to HL who have said they will indemnify me against HMRC action in this matter.
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Post by rgs2001uk on Jul 11, 2022 20:56:55 GMT 7
Same as last year, down 30%. BG Europe continues to be a drag.
As for putting cash holdings to work, I adopt a different strategy, I will transfer x from my UK bank account in the next couple of weeks, I dont give a toss about Wise or any of that, HSBC, 4 quid for online transfer. I wont be sweating about squeezing out an extra 20 satang on exchange rates, cash in Thai bank for next x years is all I want, sleep easy in bed at night and screw the exchange rate.
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chiangmai
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Post by chiangmai on Jul 12, 2022 15:56:20 GMT 7
Same as last year, down 30%. BG Europe continues to be a drag. As for putting cash holdings to work, I adopt a different strategy, I will transfer x from my UK bank account in the next couple of weeks, I dont give a toss about Wise or any of that, HSBC, 4 quid for online transfer. I wont be sweating about squeezing out an extra 20 satang on exchange rates, cash in Thai bank for next x years is all I want, sleep easy in bed at night and screw the exchange rate. Yes I agree as far as GBP cash in banks in concerned and I do the same but GBP cash held inside a SIPP is a different story. Leave it sat there doing nothing and it will lose 10% in value in a year, ergo, it has to be put to work. I'm considering Troy Trojan Class X and/or Pyrford, I don't see much on the hedge fund side that is tempting or interesting.
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AyG
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Post by AyG on Jul 12, 2022 17:21:35 GMT 7
I'm considering Troy Trojan Class X I trust you are aware that Troy Trojan is managed by the same permabear that manages PNL, Sebastian Lyon. You'd simply be doubling up with another investment with virtually identical style and very limited upside growth.
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chiangmai
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Post by chiangmai on Jul 12, 2022 20:24:39 GMT 7
I'm considering Troy Trojan Class X I trust you are aware that Troy Trojan is managed by the same permabear that manages PNL, Sebastian Lyon. You'd simply be doubling up with another investment with virtually identical style and very limited upside growth. I'm aware of commonalities but not the full extent, I still have a lot more research to do yet. And I'm OK with limited upside because that means there is limited downside also. In x months time I can always switch into something with better upside, unlike those who are still waiting the long wait to get back to par.
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AyG
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Post by AyG on Jul 12, 2022 20:46:12 GMT 7
In x months time I can always switch into something with better upside And you still haven't learnt that you can't time the market. Sad.
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chiangmai
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Post by chiangmai on Jul 13, 2022 1:13:28 GMT 7
In x months time I can always switch into something with better upside And you still haven't learnt that you can't time the market. Sad. In no way is that timing the market and you know it! It's simply a statement that investors can change their holdings from time to time and shelter more completely during bear markets and switch into more aggressive assets in very clear bull markets, that's a cycle that could take years. At some point in the future I may indeed add more aggressive assets because circumstances dictate that's a viable thing to do, that doesn't mean I might ditch all my risk level 3's and trade them for 7's! Of course, if you're a purist and you take everything literally you couldn't do that....rubbish! Just because investors hold certain assets today doesn't mean they are obliged to hold them forever. I wrote the word "can", it doesn't mean I will. I also wrote the words "x months" , I was going to write "x years", investors needs change, so do markets. A person goes for a walk wearing a raincoat because it's raining, later the sun comes out so they take it off. If anyone's sad it's you that you can't see that sensible. But of course, you do know that it's sensible, it's just that you want to seize any opportunity for yet another of your superiority driven put downs.
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AyG
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Post by AyG on Jul 13, 2022 7:22:22 GMT 7
^^^ So, not only do you seem not to know that you can't time the market, you don't even know what timing the market is.
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chiangmai
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Post by chiangmai on Jul 13, 2022 7:52:18 GMT 7
^^^ So, not only do you seem not to know that you can't time the market, you don't even know what timing the market is. You can't help yourself, can you! According to you, timing the market involves any change in holdings, no matter how small, as a result of changing conditions or needs, even conditions or needs over the long term. By definition this must mean that at least 50% of Fund Managers attempt to time the market. According to you, an increase in equities holdings from 40% to 50% at the expense of less risky bonds, is timing the market. It couldn't possibly be tweaking the strategy because once declared the strategy must never be adjusted because real men investors don't do that. Instead, they just grit their teeth and hold onto the rail as markets dive and afterwards they can tell everyone how they kept their nerve and years later be proved they were right to do so. oooo, brave they will say, a hero! You must be one of the dorks we see strolling around city center's in the pouring rain wearing only a cotton shirt and slacks! I define market timing as being closer to day trading type activity, ooo, that looks good, markets look buoyant, I'm in, (or the opposite). I further define it as investors who commit wholesale to a new approach based on changing market conditions and trade large portions, if not all of their holdings, as a result. Given your inflexibility on most things and your desire to see everything in a literal black and white sense, I understand why you think any change in holdings must fit your definition of market timing. I accept that's the way you are, it doesn't however make you correct, just that you have narrow vision. Now, where's that ignore button!
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siampolee
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Post by siampolee on Jul 13, 2022 9:20:06 GMT 7
On the left in English blue ''chiangmai. In Welsh red on the right AyG. Both parties are in dispute regarding ''investment tactic.
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chiangmai
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Post by chiangmai on Jul 13, 2022 9:23:48 GMT 7
AyG's Welsh, really, why didn't somebody tell me? That explains matters fully, there's nothing more to be said.
Per Oldie's link to FB:
"The Welsh are the descendents of the original inhabitants of the British Isles that the Romans couldn’t be buggered conquering. These oppressively polite natives have returned the favour by greeting visitors with the sort of unstinting hospitality that almost certainly serves to obscure some dire goings-on. It’s unclear what they are up to, but it almost certainly involves interfering with animals and probably a bit of cannibalism. Fond of rugby, romancing sheep and speaking with an accent that makes them sound like they’ve recently taken a knock to the head, the Welsh are very much the New Zealanders of the north.
Wales’ capital is #Cardiff, a soggy bore that offers all the dreary atmosphere of Huddersfield combined with the stultifying dullness of Sunderland. The city’s premier attractions are a selection of grey things, such as crumbling castles and guano-coated statues. One of the most popular is the Animal Wall, a sculptured fortification outside Cardiff Castle featuring 15 animals rendered in 3D for the sexual arousal of local residents.
Aside from rugby, Wales’ other national sport is problem drinking, something that can be either witnessed or indulged in anywhere in Cardiff at any time. Most street signs feature the Welsh language - which famously looks like what would happen if you randomly smashed your head into a bag of Scrabble tiles - making it difficult to figure out if you are intoxicated at the best of times.
Cardiff is also famous as the filming location of Dr. Who, so if you happen to see a nattily dressed hobo being chased down the street by some angry mailboxes, then you haven’t had a stroke but likely just stumbled across filming for the latest season.
With all the glamour of a gumboot full of diarrhoea, Cardiff has everything you need for a shit holiday. At least it has the minor consolation of not being Swansea, Llanelli or, God forbid, Neath".
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siampolee
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Post by siampolee on Jul 13, 2022 9:33:06 GMT 7
''Wales'' Isn't that where they play,'' Splott the ball''?
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chiangmai
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Post by chiangmai on Jul 13, 2022 9:37:00 GMT 7
''Wales'' Isn't that where they play,'' Splott the ball''? Apparently, Splott is an area of Cardiff, how embarrassing must it be to say you live in Splott........but some do.
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Post by rgs2001uk on Jul 13, 2022 21:06:00 GMT 7
^^^ So, not only do you seem not to know that you can't time the market, you don't even know what timing the market is. You can't help yourself, can you! According to you, timing the market involves any change in holdings, no matter how small, as a result of changing conditions or needs, even conditions or needs over the long term. By definition this must mean that at least 50% of Fund Managers attempt to time the market. According to you, an increase in equities holdings from 40% to 50% at the expense of less risky bonds, is timing the market. It couldn't possibly be tweaking the strategy because once declared the strategy must never be adjusted because real men investors don't do that. Instead, they just grit their teeth and hold onto the rail as markets dive and afterwards they can tell everyone how they kept their nerve and years later be proved they were right to do so. oooo, brave they will say, a hero! You must be one of the dorks we see strolling around city center's in the pouring rain wearing only a cotton shirt and slacks! I define market timing as being closer to day trading type activity, ooo, that looks good, markets look buoyant, I'm in, (or the opposite). I further define it as investors who commit wholesale to a new approach based on changing market conditions and trade large portions, if not all of their holdings, as a result. Given your inflexibility on most things and your desire to see everything in a literal black and white sense, I understand why you think any change in holdings must fit your definition of market timing. I accept that's the way you are, it doesn't however make you correct, just that you have narrow vision. Now, where's that ignore button! If you are in the markets for the long term, what does the above approach actually achieve? Dont get me wrong, I understand the need for financial prudence, I understand that somcahis college funds should probably be invested elsewhere, I fully understand that widows and orphans probably shouldnt be in the markets. Are there any links you can provide that shows your approach actually works financially in the long term?
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chiangmai
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Post by chiangmai on Jul 14, 2022 0:59:49 GMT 7
It's probably best if you read the preceding exchange again rgs.
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