- Joined
- 1 October 2008
- Posts
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- 391
Nope, I'm only down 5% and I it's entering a support zone.
Watch what it does there.
Did you decide to jump today, notting, or are you hanging in there.
A loss of 24% in half as many days is bad.
gg
Nope, I'm only down 5% and I it's entering a support zone.
Watch what it does there.
Did you decide to jump today, notting, or are you hanging in there.
A chart does not bode well for the gents and ladies at IFL, all good Friends.
It looks as if a recent triangle is trending down with a pick up in volume.
Time to put a helmet on.
A loss of 24% in half as many days is bad.
gg
I became involved when they bought out Aust wealth management, sold them a couple of years ago, and kicked myself ever since.
The bruises are healing well at the moment, just shows, you never know what is around the corner.
The investigation by Fairfax Media has uncovered a trove of internal documents and whistleblower testimony that show IOOF has investigated misconduct by its staff on several occasions and in nearly every instance, including incidents of insider trading and suspected front running, dealt with the matter in-house rather than notifying the Australian Securities and Investments Commission.
The Australian Financial Review can also reveal IOOF's cash management trust division is plagued by regulatory breaches and unit pricing errors that have led to some clients receiving distributions that are too high, diluting the distributions to other customers in the division.
My best wishes for you.
Google "confirmation bias."
You originally went long at $8.94 and said you would get out if it went south. It is now at $8.38.
gg
Well I've dipped my toe back in at $8.50, the changes to the super rules, will result in a return to mainstream.IMO
That's a good point, but won't it also lead to a consolidation of smaller funds?The fund managers are getting hit, there is a big switch on to ultra low cost index ETF's etc, a lot of money moving out of high cost poorly performing managed funds into low cost index ETF's.
Industry consolidation to this point has certainly driven IFL's earnings growth. They've done a good job in integrating their previous acquisitions into their structure so far.That's a good point, but won't it also lead to a consolidation of smaller funds?
It's an interesting business model I think. I follow IFL a bit, but don't hold at this point. The best time to buy Fund managers (and other market linked businesses) seems to be during periods of big market declines because some investors invariably have a habit of extrapolating poor market returns too far into the future.
I haven't looked at PTM closely for a while, I actually meant to but inadvertently forgot.On this point - have you by any chance taken a look at PTM recently? Given they have a larger focus in Asian markets (where markets have not performed too well), it sort of correlates with what you said (bolded)
It's got my interest so far (enough to keep a watch on it at least).
I haven't looked at PTM closely for a while, I actually meant to but inadvertently forgot.
I did see that they announced a buy-back, which to me looks like Kerr Neilson is sending a message to the shorters. He's obviously got a pretty good record, which makes me think it deserves some attention in itself.
Thanks. Really good points.There's two parts to a FM business. Performance and distribution. PTM has the performance (although they've had a bit of flat spot lately) but they've never really invested in the distribution. They never paid advisor commissions, back when that was a thing and they've tended to go easy on the ad spend and their sales team is tiny (think of how many fund managers underperform consistently but manage to grow FUM...they're really marketing businesses). When they're posting industry leading returns cash will flow just because its chasing the highest returns. But in a period of sub-par returns the lack of a properly developed distribution/marketing arm can really exacerbate outflows.
There's two parts to a FM business. Performance and distribution. PTM has the performance (although they've had a bit of flat spot lately) but they've never really invested in the distribution. They never paid advisor commissions, back when that was a thing and they've tended to go easy on the ad spend and their sales team is tiny (think of how many fund managers underperform consistently but manage to grow FUM...they're really marketing businesses). When they're posting industry leading returns cash will flow just because its chasing the highest returns. But in a period of sub-par returns the lack of a properly developed distribution/marketing arm can really exacerbate outflows.
As a really crude value determinant a P/E of 15 and dividend somewhere above 6% (currently) probably isn't going to blow the lights out going forward IMO. Might still beat the market. But I'd still like heaps more blood on the streets (aka GFC or 2010/2011 kind of thing).
Agree.FWIW - there's almost $300m of cash and term deposits there with no significant debt, so might be worth adjusting accordingly.
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