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How Boards Should Operate

This article reflects the opinions of its author, Cliff Weight, and not necessarily those of ShareSoc.  ShareSoc member Barry Gamble’s letter to the FT  Black Box thinking and bad boards is a theme I return to again and again and which I first highlighted in a blog in March 2018 https://www.sharesoc.org/blog/corporate-governance/black-box-governance-thinking/ .  Woodford and Link are two other boards which failed woefully. Another case is the Post Office, about which the FT published the following letter from ShareSoc Member Barry Gamble (subscription required to ...

Portfolio Review 2023 – Mark Bentley

This article reflects the opinions of its author and not necessarily those of ShareSoc. Introduction This is now my fourth annual comprehensive portfolio review. See my 2020 review for an explanation of my investment objectives, strategy, "asset types" and investment accounts. My 2022 review can be found here. 2023 was again a difficult and disappointing rollercoaster year. For the second consecutive year my results underperformed my FTSE All-share total return benchmark. See "Results Breakdown" below for the gory details. At least this year my aggregate ...

Too good to be true investment returns – Another SIPP provider collapses

This article reflects the opinions of its author and not necessarily those of ShareSoc. Need for name on register further evidenced as high costs of administration seem likely I have been to Cape Verde and seen some of The Resort Group “investments”, many of which are half built following a boom. So, I was not that surprised when I read this story. The Financial Services Compensation Scheme has declared SIPP operator Rowanmoor Personal Pensions in default after receiving 1,464 claims against the firm. Rowanmoor ...

Random Thoughts from the Secret Auditor

This article reflects the opinions of its author and not necessarily those of ShareSoc. Nirvana. Investing nirvana is being as indifferent to losses as to winners. Having been investing for about 20 years I have yet to reach that nirvana, I am never indifferent if the portfolio has had a good day or a bad day, the angst of a bad day outweighs the pleasure of a good day. Which begs the question of whether I would be better off investing in a ...

When is an Investment Trust not an Investment Trust?

This article reflects the opinions of its author and not necessarily those of ShareSoc. Opaque Accounts of Alternative Asset Trusts Traditionally, investment trusts invested in highly liquid, listed, operating businesses. The accounts for such trusts are straightforward. The balance sheet simply reflects the market value of the trust’s investments and profit/loss is determined by the change in valuation of assets and liabilities plus any income generated by the investments. In recent years, however (and some not so recently), a number of “alternative” investment trusts ...