I have held the unlisted equivalent since inception and moved some of the very significant gains, well over 1000% (through moderately buying dips and selling peaks). It is now pretty big money for what that is worth. Not rocket science, just a little patience a little discipline and a lot of time. That's what I have learned investing was about in my 5 decades of actively do it.
I just love it when patience runs thin and recent investors are gnawing at their bones on short term under-performance. There is no question that since Kerr Nielson departed as an active manager, Platinum have misread markets badly. So has Buffet, Druckenmiller and many other value seeking investors. The mangers did not become stupid over night, it is their risk/return bias that has been on the wrong side of the distortions created by unbelievable global monetisation, debt and risk appetite. Post COVID-19 may see deliver the normal conditions they expect, ugly as that may end up being.
For me, PMC is an extremely low risk asset play and currently far more attractive than the unlisted fund, now that the market based share price is at a discount to actual NTA of around 15% (and a couple of months ago 25%). I will accumulate as much as I can over the next 6-18 months when the NTA discount hits extreme levels. Like most diversified investors, I have plenty of other listed, unlisted and psychical precious metal assets that are providing a sugar hit for today. PMC will be in my back pocket for 2022 or 2023.
To all those who are whinging, please sell your shares and move on to something new. You have failed to understand the nature of the PMC business/investment model.
PMC/Platinum has never been a one way ticket or a short term ride. In fact, it creates wealth for investors by being belligerently true to its founding principles of seeking mis-priced assets. It has underperformed overpriced markets before, as now, and eventually delivered. If you are not thinking 10 years ahead and seeing today as an opportunity, you are not a true Platinum investor.
Just sayin'.
My thoughts only, DYOR. Sure as hell I am a buyer at current prices, happy to wait for my heirs to cast judgment on my investment skills (or otherwise).
GLTALTSH
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