LK Hyman
10 Sep 2016
Re: DTelegraph Steve,"only 2.9% of your pile in RIT - from your waxing lyrical so much about RIT I could have guessed it might have been 50% or more."I dictate my pearls of wisdom into a mic on the Raymarine screen which transcribes 'em into text, hence my ability to pump out a huge pile of lyrical drivel even when only a small proportion of the wad is invested in the relevant company.LKH on the flybridge tracking steadily south
LK Hyman
10 Sep 2016
Re: Pertinent Evening Standard article? Steve,I don't know why but I always tend to sneer at "family offices" (it's probably just out of jealousy!) rather as I sneer at the Patek Philippe watch ads that have the strapline "You never actually own a Patek Philippe ... you just look after it for the next generation" and show a floppy haired young prep school type interacting with his trustafarian Dad.If I were a billionaire I wouldn't trust a bunch of losers who couldn't get a job in a proper company to look after MY money ... I'm not even sure I'd trust 'em to walk my dog, which is the sort of thing they probably spend most of their time doing.But I do like Lord Jake's attitude to investments. I imagine he's a pretty hard taskmaster and he's certainly a downy old bird.So he can continue to run 2.8% of the shrunken wad ofLKH on the flybridge so long as he continues to perfor
steveggiles
10 Sep 2016
Pertinent Evening Standard article? Those of you that are familiar with RIT's background / familial involvements / philosophy (that means you LKH) may find the following article from the London Evening Standard of interest:[link]
steveggiles
30 Aug 2016
Re: DTelegraph LKH,"though I don't place much value on the directors' ability to assign a meaningful NAV to some of their private, hedge fund, and real estate assets" - I don't disagree - but it is the best yardstick that we have.Compounding that with the infrequency of NAV updates, makes it even more difficult to ascertain "current" NAVs, but one can make a stab (using general market moves and even currency fluctuations). But it is very crude. However we can see that, historically, the RIT NAV tends to rise less than and fall less than the markets. On that basis, the NAV of 1651p at 31-July won't have changed dramatically (e.g. US markets up around 0.5%, Europe up around 2-3%. Which (on my crude estimation) might mean a premium of 10% or so might well have been reached."No-one ever got poor investing on Jake Rothschild's coattails ... unlike those of the boy Nat LOL. If I could of shorted the latter's investment ideas to bu$$ery I'd be a rich man today" - I thought you were a rich man 
BTW, only 2.9% of your pile in RIT - from your waxing lyrical so much about RIT I could have guessed it might have been 50% or more.
LK Hyman
30 Aug 2016
Re: DTelegraph Steve,"The SP got way way ahead of itself."It's regularly oscillated between around a 5-6% premium to NAV and a 2% discount. I don't think it ever went to a bigger premium, did it?But I tend to agree that one should save one's buys for when the premium is nil or there is a discount, though I don't place much value on the directors' ability to assign a meaningful NAV to some of their private, hedge fund, and real estate assets.This is a banker in my book. No-one ever got poor investing on Jake Rothschild's coattails ... unlike those of the boy Nat LOL. If I could of shorted the latter's investment ideas to bu$$ery I'd be a rich man today.LKH on the flybridge 2.9% of wad in RCP
steveggiles
30 Aug 2016
Re: DTelegraph The SP got way way ahead of itself. I can only guess that ignorant punters (e.g. ignorant of the [true] SP / NAV relationship) carried on buying regardless and have got their fingers burnt.This is a good solid IT (and core holding) with a clearly stated strategy. However that does not mean one should buy in at any price. I'd say it has now moved back in to buy territory, but then that's only my opinion.
Dewman
30 Aug 2016
Re: DTelegraph Hi, saw that too, but wondered if it is now late in that the share price has already fallen from £18 to £17 in the last week or so and now represents only about a 3% premium (max) to NAV of £16.51 at end July (and probably a bit higher since in August??). RIT has often traded at a premium to its NAV so I do wish I'd sold at £18.00 but have concluded it now probably isn't worth the effort as I have found these a great overall hold. Clearly you should make your own judgement. Cheers.
deadcatbounce0nce
27 Aug 2016
DTelegraph Saturday money page not very complimentary !! Suggests sell .Any thoughts
LK Hyman
18 Aug 2016
Tamar Energy Although RCP's investment in anaerobic digester company Tamar Energy is not shown in detail in the latest numbers it is clearly continuing to perform poorly as the value of "Other private investments" has continued to decline since the last annual report when Tamar's underperformance was mentioned.Tamar was one of the reasons I upped my stake in RCP some time ago (though it is but a tiny proportion of RCP's assets). Clearly, government support for the technology is waning and this is having a negative impact on the value of the investment. This is a shame.LKH on the flybridge
II Editor
17 Aug 2016
NEW ARTICLE: Lord Rothschild buys gold and sells shares "Lord Rothschild, chairman of LSE:RCP:RIT Capital Partners, is pessimistic on the outlook for financial markets and has moved to reduce the trust's exposure to quoted equities from 55% to 44% since the start of the year.Some of the proceeds have ..."[link]
II Editor
04 Aug 2016
NEW ARTICLE: Where to put your cash as rates keep falling "Savings rates are already at record lows, and the bad news is that things are only going to get even worse, with the Bank of England today moving to cut interest rates to a record low of 0.25%.The one saving grace is that inflation is at low ..."[link]
LK Hyman
27 Jul 2016
Re: I wonder......... Steve,I don't pay much attention to the NAV mesen, as a fair proportion of the assets are invested in companies/organisations/real estate where the estimated Asset Value is whatever the directors want it to be! However I have no reason to believe that their estimates are over optimistic.Given that Jake Rothschild has what must be a reasonable chunk of even his massive wad invested in this puppy I'm happy to cling on to his coattails. No-one ever got poor by investing alongside a Rothschild ... just so long as the boy Nat is kept well away from the levers of power.LKH at the LK Wash & Valet remembers Bumi and Genel, both Grade One munters created by Nat
steveggiles
27 Jul 2016
Re: I wonder......... LKH,In my mind it is quite straightforward and a combination of several factors (and more to do with ignorance of NAV rather than expectation).Firstly, RIT has been positively mentioned in a number of articles recently (often not mentioning discount / premium considerations) possibly prompting PIs to take the plunge.Secondly, PIs (and others) taking the plunge without regard to (or any knowledge at all of) underlying NAV.Thirdly, PIs (and others, again) having a tendency to buy at the top of the market on the upward momentum (e.g. due to FOMO) and creating a bubble.Fourthly, when the NAV is published (like today) there is a (sudden?) realisation by some (speculators?) that the share is overpriced (relative to NAV).In fact it would not surprise me at all if there are some speculators that have monitored shares like RIT and see the same pattern playing out time and time again and making a killing each time (possibly also with a hedge against the markets as a whole moving against them) and so making a play on the way the share tends to move vis-a-vis the markets.I have to admit that my first investment in RIT (at 189.5p in 1995) was possibly made without full understanding of the NAV, although I trusted my IFAs recommendation. I took a further plunge into RIT (at 293p) after the market falls of the Russian crisis in 1998. In that case I probably took even less notice of the NAV, reckoning that the market falls were overdone (and they sure were).Of course, there have been discussions here about RIT publishing the NAV more frequently (and I'd guess you have been a party to those discussions), but it ain't going to happen!Regards.
LK Hyman
27 Jul 2016
Re: I wonder......... Steve,I find it slightly surprising that a NAV rise of almost 4% over the last month is promptly greeted by a fall of almost 2% in the share price. perhaps Mr Market was expecting a larger rise in NAV.Whatever. This is a banker.LKH at the LK Wash & Valet
steveggiles
27 Jul 2016
Re: I wonder......... Well, we've just had the 30-6-16 figures today: 1613pps, hardly surprising that the SP has fallen back today. I'd estimate still at quite a "healthy" premium even allowing for market movements since end of June.
