Woodford Patient Capital Share Discussion Threads

[solonic] 19/6/2018 09:59

Where did he admit to not having a team of technology specialists?

A duff link from your bosom pal shareprophet jonwiggy is not evidence at all. Quite the opposite, in fact.

[ltcm1] 19/6/2018 09:49

TW the chickens have come home to roost :).

I really hope Woodford pulls WPCT around, would be a great story if he could rout the naysayers, doubters and detractors.

However, he has admitted there is no team of technology specialists at WPCT and perhaps that is the reason many of his highly specialised picks are struggling to date. Something tells me Goldman Sachs are unlikely to be taking the same approach.

It does remain a nagging doubt to me at least that Benelovent AI and Oxford Nanopore could turn out to be no more than 'air'.

[trollwatch] 19/6/2018 09:07

If they get henny-penny flu they've got the major veterinarian on the premises.

I assume that topvet is thus qualified!

Not qualified in much else though.

[solonic] 19/6/2018 08:58

Can't get anything right can you, winnie. Not even your crowing!

Just like your bosom pal topvet/dafty

LOL LOL

[ltcm1] 19/6/2018 08:54

Morning all - we are down again I see.

Re the Stobart case I think Stobart will be lucky to avoid paying compensation to Neil Woodford. For one thing why would a guy who controls 10 billion risk his career on a tiny deal like Flybe??? It just seems too silly for words.

Edit: We are now back up!

[chuckol] 19/6/2018 08:50

It's a shame that Minerve has funked those interesting questions that were asked of him,i.e what happened to those shares he claimed to have bought in January 2016.

[daffyjones] 19/6/2018 08:49

It was Woody's "people skills" that saw him get completely swindled by the Capita board in November, convincing him that all was well and that he should add to his investment, right before they announced a profits warning, dividend suspension and rights issue leading to a collapse in the share price.
If he spent more time looking at the fundamentals and less on his hunches from speaking to board members with vested interests, maybe he'd make better decisions.
Terry Smith from Fundsmith makes a point of not bothering to meet with boards. He gets his information from the actual financial documents, not the spin offered by an exec

[jonwig] 19/6/2018 06:52

Stobart stuff:

[jonwig] 18/6/2018 16:52

I'm surprised there's been no comment about the AGM. It seems only two resolutions had any meaningful votes against, and those just 8% and 10%. If it had been at all eventful that would have been mentioned in the press.

The link in post #3420 is from a 12/06 meeting, but was it the AGM or another one? This quote is interesting:

Asked how he chooses investments for the portfolio, Mr Woodford said it was about “good old human relationships” rather than having a team of technology specialists at his disposal.
He added: “We do a lot of due diligence. It is the same as when we invest in any company – we are finding world-class people and world-class technologies.”

So he trusts his "people skills" - we'll see how that works out re Mr Tinkler, and all the other entrepreneurs who've talked him sweet.

[topvest] 18/6/2018 16:35

This Board gets much better if you put them on filter, Minerve.

Woodford is obviously under severe pressure and that is clouding his judgement in my view. He is stuck with the 30% stakes he's taken and so all he can do is support the mavericks he invested with, because he couldn't get out even if he wanted to!

Interesting article. Due diligence over a beer!

[ltcm1] 18/6/2018 15:33

It's from a decent source TW!

hxxps://www.ftadviser.com/investments/2018/06/13/woodford-blasts-investor-leper-colony-view-of-young-firms/

[chucko1] 18/6/2018 15:28

" ... world class people and world class technologies ...". What more do you want? A business case as well?

Generally, he has been right, but the businesses he has invested in have been pretty diversified when considered over the entire portfolio. In the case of WPCT, that has become far less clear.

Hence the risk, hence the discount.

[trollwatch] 18/6/2018 15:25

BTW is that a direct quote from Woodford? "rather than having a team of technology specialists at his disposal."


Just checking: you have real bad habit of misquoting people when it suits your book, shareprophet.

[trollwatch] 18/6/2018 15:16

Goodness gracious me, just "alarming" Tom? Bloody cataclysmic I would say. Horrific. Probably the end of the world!

One consolation though, we shall then know if any of "topvest's" prophecies will have come true.

Probably not. LOL

[ltcm1] 18/6/2018 15:09

Why I think the Stobart case has relevence is because Woodford himself explained his approach to investing just last week:

Asked how he chooses investments for the portfolio, Mr Woodford said it was about “good old human relationships” rather than having a team of technology specialists at his disposal.

He added: “We do a lot of due diligence. It is the same as when we invest in any company – we are finding world-class people and world-class technologies.”


So it will be somewhat alarming if Woodford finds himself on the wrong side of the Stobart dispute.

[minerve] 18/6/2018 15:08

WOW. He is now a stalker.

I must be doing something right in order for him to go to great lengths to try and discredit me! LOL

Maybe later, after the match, I will read his little stalk mail and fill the gaps in.

14/15%, yeah, sure. I am not going to waste my time fetching the correct figures. Lots of water under the bridge since then old boy.

Take it or leave it. Trust me or don't trust me. Who cares? I make money whether you believe me or not. My success is not dependent on others here and certainly not in:

THE MORONS' DEN THAT IS ADVFN! LOL!

[trollwatch] 18/6/2018 14:59

Talking about probity and Minerve, we all know that, way back, he sold his original WPCT for a profit of 15% (a figure that has varied somewhat in the telling) because he has boasted about it many, many times. Here’s an example:

Minerve - 16 Nov 2015 - 12:14:20 - 452 of 3398 ::: WOODFORD PATIENT CAPITAL TRUST ::: - WPCT
I sold at just under 1.15. Looking to buy back in.




That’s the main very profitable transaction that Minerve boasts about, complete by the end of 2015, repeat, end of 2015


Then again earlier this year, 2018, a quick reverse ferret. He did not really explain how he did not accrue some loss in that transaction - his usual magic touch, I suppose. Here are 3 pertinent posts in quick succession.

Minerve - 06 Feb 2018 - 10:07:41 - 1699 of 3399 ::: WOODFORD PATIENT CAPITAL TRUST ::: - WPCT
….Remember, I am 14% up on this baby so I am certainly one of the top performers on this stock so far.

Minerve - 07 Feb 2018 - 16:03:21 - 1758 of 3399 ::: WOODFORD PATIENT CAPITAL TRUST ::: - WPCT
I bought WPCT today. Good luck fellow holders.

Minerve - 12 Feb 2018 - 12:41:08 - 1858 of 3399 ::: WOODFORD PATIENT CAPITAL TRUST ::: - WPCT
I decided to take a quick U-turn here and exited WPCT.


There is however an abiding mystery. After selling his original investment so well, in January 2016 here are two forgotten posts:

Minerve - 15 Jan 2016 - 15:00:29 - 622 of 3398 ::: WOODFORD PATIENT CAPITAL TRUST ::: - WPCT
I've bought back in.


Minerve - 18 Jan 2016 - 15:06:55 - 630 of 3398 ::: WOODFORD PATIENT CAPITAL TRUST ::: - WPCT
You either trust in Woodford or you don't. I originally sold out at 114-115p because I suspected the premium wouldn't last, particularly given the back-drop that Woodford was issuing more equity and killing off surplus demand. I didn't agree with his decision to do this, or the board's decision, it wasn't just Woodford's own.

Now, pricing is more realistic and they are considering asking for more money. You have to take Woodford's view on this at face value or you might as well find somewhere else for your money. I always have concerns of size and whether it can be managed appropriately, but Woodford doesn't seem to have concerns, so, on reflection, neither do I.

This is a long-term investment with the best manager in the UK investing mainly in UK business start-ups etc. If you can't invest in that you may as well forget investing all together - seriously! Go and join the Chinese or Americans who can't run capitalism without it being a circus or a casino!

I have bought a tranche, and will be buying more!




We have never heard what happened to those 2 tranches of WPCT. They would, judging from the date, have been bought at around 93 or 94p.

Were they sold at a vast profit of say 67% or 84% or something? (LOL) Or are they still sitting quietly in the Minerve vaults having accrued rather a nasty loss? Or was there even ANOTHER quick reverse ferret?

Remember we are talking about “certainly one of the top performers on this stock so far”.

[tu00] 18/6/2018 13:32

Why hasn't price gone up, after the big buy?

[topvest] 18/6/2018 12:51

IQ151 - please don't accuse me of lying, which is untrue. You are filtered.

[minerve] 18/6/2018 12:29

Invesco are showing pedigree and class. Others? Maybe you should decide!

[minerve] 18/6/2018 12:28

How could you support the nomination of a chairman with no previous experience based in Dubai?

It is becoming laughable.