It's all good Theharbinger, no one on HC need concern themselves with me, my strategies or my outcomes.
Presently enjoying an exceptionally stong recovery in one of my biotech holdings and it has taken all of 4 trading days to double after enduring the scars of an 18 month bear. To say I am relieved to be vindicated, doesn't quite equal the nominal value of the financial gain in value. My next step there is to lighten into strength as penny dreadful price runs alway run out of steam.
Now that I am "off the hook" with that one, just playing my usual waiting game with PTM, a beast of an entirely different nature.
The October FUM report was neither good nor bad. The manager's stock positioning is yet to be vindicated and I am certain they are just as frustrated with resilient markets than any of us. Running a public fund is so much harder than running an individual portfolio, that is why I invest in their funds.
There needs to be disciplined execution of global thematics over an extended period of time. I don't possess the macro skills for that, and will admit to less than the required discipline needed to limit losses on my bets. Platinum International Fund has been one of my core investments since it was founded, and using my overlays has generated well over 20x my capital. Not my best investment, but nowhere near my worst.
I was waiting for the release of FUM before redeploying more capital. I am now happy to do so. Quietly my goal is to get this baby's average cost to below $1.40, where I expect a forward 8c p.a. fully franked dividend will comfortably beat a 10 year bond, all while the world and PTM sorts itself out.
The flagship fund is over 30% cash/shorts. That really helps me not to worry about my fund investment, but not so much the fund manager which is in the cross hairs of an unforgiving market with no memory at all of the 1970s destruction of share indices and investor capital.
I don't look or want for a repeat of the 1968- 1982 bear, but I also don't eliminate the possibility.
I hope to leave posting on PTM at that, and will do what I do for a few months - in private. Others of course, can do as they please. I wish none harm, unlike the anonymous savages that take delight out of the losses of retail investors.
GLTASH
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