Scottish Mortgage Invest... Share Discussion Threads

[quepassa] 18/7/2023 19:19

After a very long hiatus, ScoMo are again actively buying in their own shares and thereby pro-actively managing the discount again. That's good.

At a discount to NAV in excess of 20%, seems absolutely the right thing to do. These actions should clearly be supportive of the share price.

Ditto Edinburgh Worldwide also actively buying back at similar discount levels.


all imo. dyor.
qp

[quepassa] 18/7/2023 16:12

As a percentage of portfolio, Baillie Gifford's Edinburgh Worldwide IT has a larger holding in SpaceX than ScoMo

[quepassa] 18/7/2023 10:12

ASML posts results tomorrow for Q2 23.

one to watch.

[lord loads of lolly] 17/7/2023 15:20

steeplejack - interesting stats. And why most of my pension pot is invested in the US. Despite most "experts" claiming it was over-valued when I migrated to it - & away from European shares - almost a decade ago. I know you're meant to diversify (which I have to an extent). But when US markets consistently outperform most of their global competitors, there's only so much diversification makes financial sense.

[steeplejack] 17/7/2023 13:04

History would suggest buying a US orientated investment trust is a sensible choice over the long term.The AIM market has lost 26% of its value since inception (1995).It is 31% lower over the last five years and is 14% lower than last year.Over the same period since 1995,the FTSE 100 is up 83%,3% down over 5 years and up 4% on last year.The US market...the S&P 500 is up 535% since 1995,up 61% over 5 years and 19% on last year.

[uapatel] 13/7/2023 08:38

Interesting pop in Recursion following Nvidia buy in. Not going to impact the share price of SMT per se, but a 70% jump in Recursions price is worth noting on future progress and AI use.

[steeplejack] 13/7/2023 08:24

Sterling strength is a headwind for SMT.

[essentialinvestor] 13/7/2023 06:58

May have been mentioned here - Moderna currently recruiting for a Phase 3 NextCove
vaccine study that targets multiple variants. I volunteered for the early vaccine trials
during the pandemic and still get sent information from NIHR.

[nicyts2] 13/7/2023 06:31

Suspect good day upcoming.

[steeplejack] 06/7/2023 16:58

14:03 ET -- Moderna is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The Cambridge, Mass.-based vaccine maker plans to develop messenger RNA medicines in China. Moderna will set up China headquarters in Shanghai, build a plant and have research and sales operations in the country, according to Xinhua. Medicines produced under the agreement will be exclusively for China and won't be exported, the company said. In addition, Moderna has begun efforts to secure approval in the U.S., Europe and Australia for its mRNA-1345 investigational vaccine candidate for respiratory syncytial virus, or RSV. Dow Jones & Co. owns Factiva.([e-mail])

At a time when relations between the US and China are less than cordial,Moderna takes it on itself to forge new ties.Bold but perhaps foolhardy.

[steeplejack] 05/7/2023 15:54

10:47 AM EDT, 07/05/2023 (MT Newswires) -- Moderna (MRNA) is expected to announce an investment of up to $1 billion in China, marking the US drugmaker's first investment in the Asian country, Yicai Global reported Wednesday, citing unnamed sources.Moderna Chief Executive Stephane Bancel has arrived in Shanghai and will attend the signing ceremony for the planned investment on Wednesday, the unnamed sources told the news outlet.

[simmsc] 04/7/2023 01:23

Poor choice of words on my part - i meant the cost to the economy of going to net zero.

[lord loads of lolly] 03/7/2023 11:08

simmsc - thought renewable energy was meant to be cheaper to produce now. In which case, why would this prevent inflation from falling?

[simmsc] 03/7/2023 00:26

It will be very interesting to see how China deal with this situation. Knock on effects on us are virtually certain (dependent on what China does). Expensive renewable energy may prevent a big drop in headline inflation (but under the bonnet it will look very different). Uncharted territories for sure.

[steeplejack] 02/7/2023 22:28

China can be expected to ameliorate domestic economic problems by aggressively exporting.I don't think the West's inflationary ills will persist for long,we could be heading for a deflationary spiral with all the scary social consequences.

[simmsc] 02/7/2023 15:01

With there being more and more talk of China entering a balance sheet recession (see link below )... We need to be mindful of the fact that world growth may not be that certain. I was very lucky to have worked with Koo, and when he starts to talk about balance sheet recessions, they almost always happen, and last a very long time. How damaging a Chinese balance sheet recession is to the rest of the world is the big question for me. https://www.google.com/search?q=Richard+Koo&client=ms-android-samsung-gs-rev1&tbm=nws&prmd=nvi&sxsrf=ALeKk02fgB6__Uw5hZN2wR8tgeDKHkYOUA:1625389994702&source=lnt&tbs=sbd:1&sa=X&ved=2ahUKEwj8oIXKicnxAhUHWsAKHcgHDcA4HhCnBXoECAcQEw&biw=412&bih=722&dpr=2.63

[steeplejack] 02/7/2023 11:26

Perhaps....except "bright traders" aren't encouraged in the UK nowadays.Proprietary desks that traded aggressively in years gone by have been downsized and regulated in some cases into extinction.Uk pension funds have on average a minimal single digit percentage of their portfolios in equities.In a very real way,the UK government has corralled UK pension funds into funding excessive public spend and i don't see a Labour government altering course.So a "bright trader" might find himself strangely and inexplicably alone in seizing the opportunity to purchase SMT on this 20% discount.I suppose he could have just bought the likes of Apple and Nvidia a few months back and enjoyed the ride.

[harry_david] 01/7/2023 22:30

The discount was down to nearly 10% and in a few days its back up to 20%. If we assume the World of high growth is hear to stay then a 20% discount means the shares are a bargain. Management costs are better than nearly all others, so what's the risk. They might even appeal to a trader, at least a bright one.

[steeplejack] 30/6/2023 22:10

Moderna continues to significantly underperform.You can argue the long term attractions of the investment but the fact remains that SMTs timing in purchasing its holding was far from canny.It might of started well enough but it chased the price thereafter to ill effect.Its no longer SMTs flagship holding primarily because it has been such an abysmal performer especially compared to the US tech majors.Does it matter?Not really but it doesn't help SMTs credibility in the short term.Anderson has gone and and in the year or so since maybe there's been increased scrutiny of the managements track record.A 20% discount to asset value doesn't smack of unqualified investor confidence.Never fear,at this rate Moderna won't figure in SMTs largest five holdings soon.All things pass.

[simmsc] 28/6/2023 21:20

I was part of a team that created and placed the first ever private equity backed bond. The bond was cut into multiple tranches (aaa, aa, a, bbb, etc). I remember the aaa tranche was the hardest one to sell (aaa bond investors are typically not comfortable with private equity risk because it sits on the complete opposite side of the risk scale). To satisfy the aaa buyers schroders (who arranged the private equity side of the transaction) did a big research piece on private equity (which was the first long term study on private equity that had ever been done. We all had to sign NDA's to read it). It revealed that private equity was the best performing asset class when measured over a long period of time. On the back of that i sold the whole aaa tranche. This was in about 2000 and the research piece went back as far as records go. i would love to know if this is still the case (that private equity is still the best performing asset class). What time periods you look at will of course heavily influence the outcome of such research. It was a very long term study.

[quepassa] 28/6/2023 16:47

JOBY

UP by an astonishing 36% today.

gets flying permit.

[uapatel] 28/6/2023 13:44

Re bought in earlier this year sub £7 and will be adding steadily for the longer term. Think it’s a case of having other options aswell, so not going to worry too much about this one while building my position up again. Happen to like the Private Equity side which I don’t have else where and discount to NAV all helps.