SIPPS - Not for people like me who like watching paint dry !

edinburgher

AnotherJoe wrote: »

Here we go .... from June.
http://boards.fool.co.uk/the-end-is-nigh-13383301.aspx

Congratulations to OP for being honest and candid, but seriously, the comments on that board were asinine and gave you far more credit than you deserved.

Basically you treated your pension as a big puggy and the wheels didn't line up, it wasn't a failure of strategy :rotfl:

ukpoker

edinburgher wrote: »

Basically you treated your pension as a big puggy and the wheels didn't line up, it wasn't a failure of strategy :rotfl:

You're correct to a point. Having control of your own money MAKES you want to play around with it. Even Warren Buffet buys and sells to some degree.

The post was really meant as a reminder to all people that choose to invest in a SIPP that having FULL control of your funds is not an easy option to make yourself rich.

Other posters here have stated, quite rightly, that if I'd have put my money into a bog standard fund and left it to 'perform' then I'd be considerably better off but I chose to self invest because I wanted to buy & sell. I wanted to see where my cash was on a daily basis and not be bothered to get a statement, once a year, from a designated fund saying that my money was now worth x having risen by 4% in the past 12 months. Pooey!!

My other pensions perform that scenario.

Having said that I've been investing £100 a month since 1988 into my Norwich Union (now Aviva) pension and have NO clue as to its value as they won't give me one until I eventually do retire at 60.

Thrugelmir

ukpoker wrote: »

Even Warren Buffet buys and sells to some degree.

Warren Buffet is the public face of a very large organisation with immense resources at it's disposal. Berkshire Hathaway can control a market simply by dealing in the volumes it does.

edinburgher

You're correct to a point. Having control of your own money MAKES you want to play around with it. Even Warren Buffet buys and sells to some degree.

I have a SIPP, I use it to purchase a single fund, it's really not that hard to avoid playing with it.

I think having contol of your own money (you as an individual) was the issue.

Hey ho, cautionary tale and thanks again for sharing.

DesG

Thanks for sharing!

Here is a link to the planning thread from 2009:- http://boards.fool.co.uk/trading-my-way-to-a-million-11622090.aspx?sort=whole#11622090

edinburgher

DesG wrote: »

Thanks for sharing!

Here is a link to the planning thread from 2009:- http://boards.fool.co.uk/trading-my-way-to-a-million-11622090.aspx?sort=whole#11622090

I like post 4

"Is this a wind up?"

As expected, your strategy was no strategy and many people warned you against taking it any further.

dunstonh

Thrugelmir wrote: »

Warren Buffet is the public face of a very large organisation with immense resources at it's disposal. Berkshire Hathaway can control a market simply by dealing in the volumes it does.

And their investment strategy is to search out value buys. Which is totally different to what Warren Buffet tells US consumers to do with their investments.

atush

ukpoker wrote: »

You're correct to a point. Having control of your own money MAKES you want to play around with it. Even Warren Buffet buys and sells to some degree.

The post was really meant as a reminder to all people that choose to invest in a SIPP that having FULL control of your funds is not an easy option to make yourself rich.

Other posters here have stated, quite rightly, that if I'd have put my money into a bog standard fund and left it to 'perform' then I'd be considerably better off but I chose to self invest because I wanted to buy & sell. I wanted to see where my cash was on a daily basis and not be bothered to get a statement, once a year, from a designated fund saying that my money was now worth x having risen by 4% in the past 12 months. Pooey!!

My other pensions perform that scenario.

Having said that I've been investing £100 a month since 1988 into my Norwich Union (now Aviva) pension and have NO clue as to its value as they won't give me one until I eventually do retire at 60.

The thing is, you can get the gambling buzz if you like- just use an unwrapped account (and less money).

I have one I used to use to play around with buying and selling. Still have it but do more buy and hold now. but it isnt a pension and I only invested 10K or so (over time). Worth more now, made some losses (incl total) and a lot of gains too. Was an education.

But I wouldnt do it with a large amount or a pension.

Crystal_Pixie

No expert but in the 3 years I have managed my own SIPP I have realised the following:


1. Only sell when you absolutely have to - we all make mistakes when picking what looks like a good fund/share but then it sinks like a stone.
2. If a fund/share is going down leave it at least 18 months before taking action. Its tempting to react and sell but by giving yourself a time buffer many shares recover.
3. Don't try and time the market but buy when you feel comfortable. I am all for the drip feed method.
4. Don't forget dividends and loyalty bonuses.


I haven't done too badly in the last 3 years. I started with £22k in my SIPP as a transfer of lots of little pensions as of today I have £29k and I pay in £100 a month.

pafpcg

ukpoker wrote: »

Having control of your own money MAKES you want to play around with it.

That may be true for you (ukpoker) but isn't true for me (pafpcg)!

In nearly 25 years of being able to buy-and-sell equities, almost everything has been buy-and-hold. I've only ever done two sell-and-buy speculative transactions - one to sell a tiny holding in Lloyds shares (converted Halifax demutualisation shares following the Lloyds takeover) driven primarily by the disproportionate platform charges for small holdings; and secondly to sell some Scottish Mortgage to purchase higher-yielding equities to gain a greater dividend income, but even that has proved premature as I haven't needed the extra income!

Perhaps you should look at the behavioural psychology research on "delayed gratification" before you make such sweeping generalisations again?

PS: I'm puzzled by your claim regarding your Aviva pension that you "have NO clue as to its value" when you stated in your earlier post (#3 yesterday at 3:21pm): "I have a Section 228 policy with AVIVA ....... and will receive approx £12-£15k a year from".