Scottish Mortgage Invest... Share Discussion Threads

[jonwig] 18/3/2023 07:56

arja - a good article, but it shifts the blame to BG, whose SMT team lacked expertise in PE and VC. The BoD were failing in their duty to call them to account.

[arja] 17/3/2023 20:14

as i once mentioned and was scolded for it on this thread :) .

hxxps://citywire.com/investment-trust-insider/news/scottish-mortgage-director-questions-trust-s-expertise-in-unquoteds/a2412063?re=106938&refea=1707291

[jonwig] 17/3/2023 16:12

Bhidé leaked a story to the FT that he's been sacked, and why. Now he hasn't, seemingly. (The FT hasn't yet updated their story.)

Has an arrangement been made? Are we in the BBC/Lineker dimension? Whatever, it's lack of control of the narrative as far as the BoD is concerned.

[hohum1] 17/3/2023 15:57

RNS now out - nothing to see here, honest

[mwj1959] 17/3/2023 14:54

Just looking at the board's CVs and its pretty obvious they have no experience in the unquoted space.

[hohum1] 17/3/2023 10:28

Probably some panicky calls to lawyers / advisors going on. I’m surprised the shares are not off more…

[jonwig] 17/3/2023 09:34

Odd that SMT hasn't RNS'd this yet. If you google the headline you can sometimes by-pass the FT paywall:

Scottish Mortgage non-exec removed after boardroom clash

Comments to FT articles are generally worth teading - lots of people close to the action. In this case the consensus is that the chair Fiona McBain is a lightweight. The sacked director Amar Bhidé leaked the story to the FT and accuses the board of having no expertise in managing unquoted investments.

EDIT, his key quote:

“In my opinion they do not have the capabilities and governance clout to be able to monitor the illiquid investments on which there is little audited information in the public sphere. The fact that you’ve pulled it off for the last 10 years has been due to an utterly aberrant period in financial history. Don’t delude yourself that you can keep playing this game.”

[Not a holder.]

[scrabster1] 17/3/2023 09:13

Illiquid assets has been the undoing of a few entities over the last couple of weeks..

[hohum1] 17/3/2023 09:06

I’m intrigued that a director can resign and question the strategy / manager’s capabilities without the company saying anything…

[scrabster1] 17/3/2023 08:16

Not looking good for smt this morning after ft article.

[lord loads of lolly] 15/3/2023 15:14

shavian - I'm afraid the facts simply don't bear that out, as the following link shows:

[quepassa] 14/3/2023 16:01

Moderna UP another 3.5%
Tesla UP 4%

ScoMo UP 2.2%

[steeplejack] 14/3/2023 14:26

Any 'long term' perspective suggests you're right to be adding.

[shavian] 14/3/2023 11:37

But the only significant unlisted holding is Space X which is cornering the market for NASA contracts, spewing out Starlink satellites and generally hoovering up cash. The top 10 holdings including Tesla, Illumina and Modena account for over half the NAV, so the unlisted holding issue has been totally overblown out of all proportion. I'm adding to take advantage of the discount

[steeplejack] 14/3/2023 10:56

Yes unquestionably the unlisted securities question is weighing on the price.After the Woodford affair,it's a conundrum.

[caternia] 14/3/2023 10:30

Thanks loads of lolly - your end positive note makes me feel better than people saying they will end up as a Penny share!

[lord loads of lolly] 14/3/2023 10:11

And SMT Down. Because it doesn't just hold Illumina & Moderna. And investors are likely to demand an increased risk premium before buying into a trust with a high level of unlisted securities. Which is, I suspect, largely why the current discount to NAV is where it is. But I think things will settle down again - probably within the next year or so - so all is not lost IMHO.

[quepassa] 13/3/2023 15:53

Illumina

Up 22%


Moderna

Up 6%


(Pfizer buys Seagen for $43bn)

[quepassa] 13/3/2023 11:54

The HSBC purchase of SVB UK is potentially very positive for the UK tech sector.

Amidst a plethora of highly supportive announcements from various regulatory authorities, the statement from HSBC itself is very interesting:-

hXXps://www.hsbc.com/news-and-media/media-releases/2023/hsbc-acquires-silicon-valley-bank-uk-limited

One cannot ignore the clear emphasis, support and national importance which has been pronounced from all corners of the UK government for the sector.


ALL IMO. DYOR.
QP

[aishah] 12/3/2023 23:44

If the FED puts a brake on rate rises post SVB bust, then tech co's might come back into favour. I'm keeping a close eye here now. Am well aware of their overweight exposure in private companies. But the worm may turn now imo. Dyor

[steve3sandal] 12/3/2023 22:59

hxxps://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm

[careful] 12/3/2023 19:50

Will SMT be affected by SVB problem ?

[quepassa] 11/3/2023 20:17

we'll start learning soon which tech companies and other entities had monies on deposit at svb

[hohum1] 10/3/2023 21:48

Not looked at SMT for a while and so have only just noticed that they haven’t bought any back since 28 Feb. Oh dear, oh dear…not a good sign

[itchycrack] 10/3/2023 21:10

This is on a fast track to becoming a penny stock!
Get out now while you still can or you'll end up with next to nothing left!