Woodford Patient Capital Share Discussion Threads

[tartshagger] 16/10/2019 13:55

Priusquam circumvallaret plebe pecuniam, sapiens relinquere cocainum domi

[essentialinvestor] 16/10/2019 13:54

Woodsters reasoning on unquoted stocks was the rigerous processes employed
helped ensure he was buying value and risk mitigation. The reality turned
out a little differently.

0-60 in 3.6 seconds on that Audi he drives, perhaps he's gone for a spin today,
or may be a gallop.

Not much left to say here.

[careful] 16/10/2019 13:30

I do not believe the quoted NAV.
Method is obviously flawed.

'NAV calculated in accordance with the recommendations of the Association of Investment Companies.'

Why is there such a huge variance between the asset valuation and the price that a buyer might pay?

I suppose the assets of all companies are subject to interpretation. But quoting these numbers daily is a farce and always has been.
What purpose do they serve?

[rcturner2] 16/10/2019 13:27

at least spell lose right

[bluetooth] 16/10/2019 13:20

Investments - you win some, you loose some. Or in Woody's case you loose some, you loose everything.

[andy] 16/10/2019 13:18

careful,


Doesn't it concern you that apart from yourself nobody else believes the NAV?


Generally the market gets it right.

[pugugly] 16/10/2019 13:10

careful - NAV not valid = based on laast investment round for each unquoted not the realistic price that a buyer might pay for the holding today - Look at pre IPO valuation claimed for WeWork and what potential investors were prepared to pay before planned IPO was pulled - now possibility - according to soem that WeWork might go bust/ .

[careful] 16/10/2019 12:58

63.3p net asset valuation today.
with about £112m of debt that implies £700m+ of investments.

numbers seem odd, don't they read the financial press.

[chucko1] 16/10/2019 12:56

Funny that - I was thinking of having him at 12.

[Edit] did not consider him adequately stupid, though.

[ltcm1] 16/10/2019 12:52

13. Researchanalystman - We rattled the WIM mouthpiece :)

[chucko1] 16/10/2019 12:31

That DM reporter is more incompetent even than NW. You think about it, these NW funds have fermented an entire industry in stupidity:


1. NW
2. Daily Mail
3. All other reporters
4. FCA
5. Trolls on this board
6. WPCT board of directors
7. The goon who moderates the WIM write-a-thon
8. Everyone who believes anything positive about IH
9. Careful (he's not a troll, but ...)
10. Mark Barnett (buying NRR off him at 249p or so when he must have figured out the rest was likely to be on the block.)
11. Those who don't understand risk management. You were told, repeatedly, on this board that the suggested WPCT rewards in no way compensated the extraordinary risks that had become apparent.
12. Special mention for Trollwatch - he watched the wrong trolls.

[montyhedge] 16/10/2019 12:29

Daily Mail going to town on Woodford today online edition.

[empathy101] 16/10/2019 12:20

Strikes me that there are some serious questions to ask from MR Woodford with respect to his £1 mio sale of WPCT shares ...he is legally not allowed to trade with “insider information” - and considering where the NAV has gone and the sequence of events I would argue he has traded on market sensitive privileged (ie insider info)...

[essentialinvestor] 16/10/2019 12:17

Yup Dr, think he's got away very lightly indeed.


Have to be honest and say I was considering the Income Focus Fund
for a small investment at one stage. Thought it would give some
cyclical UK exposure. Thought better of it.

[1oughton] 16/10/2019 12:16

and about £2,000 of this was invested in Equity Income in 2010, on the recommendation of his then-financial adviser.



wasnt around then

[williamcooper104] 16/10/2019 11:42

Not sure if it will be suspended But any new manager is going to massively kitchen sink the NAV value to get a better incentive fee and to reflect the actual near sellable value rather than DCF of dreams Of that I am certain Not buying back in yet Might after the revaluation

[pugugly] 16/10/2019 11:38

Possibly one of the better articles the Mail has published - The section on diversification should be compulsory reading for all - both newbies and to refesh the memories of old hands

[biggest bill] 16/10/2019 11:21

I think that there is a good chance that wpct will be suspended pending a revaluation of the nav.

[porsche1945] 16/10/2019 10:58

With Income Focus now frozen too this has got to be on the verge of being liquidated, amazed its still over .30.