Woodford Concerns

fun4everyone

Hargreaves Lansdown now revealing some details

https://citywire.co.uk/funds-insider/news/hargreaves-we-challenged-woodford-over-unquoted-stocks-18-months-ago/a1241932

In a letter to Treasury committee chair Nicky Morgan, Hargreaves Lansdown chief executive Chris Hill said the online stockbroker first challenged Woodford over his exposure to unlisted companies in November 2017, securing a commitment from the manager that he would not make any fresh investments.

Lol, so HL were telling Neil what to do? Superstar contrarian fund manager! :rotfl:

Seems the connection between WIM and HL was very deep.

Reaper

bowlhead99 wrote: »

Some in the latter camp would go as far as reviewing some press articles out of morbid curiosity and concluding that there is definitely no value because that particular investment is definitely all a fraud and by extension all of the rest of the NAV is probably a fiction because Woodford is a gullible mug and all the holders of the trust are buying a fantasy. Maybe those posters will help to talk the price down so I can top up well below 50p in a few months' time.

lol, yes I don't think the whole NAV can be dismissed on the basis of 1 share we don't have much info on.

Personally I sold out at just over 80p and am now trying to work out what price to come back in.

AnotherJoe

Reaper wrote: »

I agree completely, which is why I was wondering what those other projects are. However as far as I can see IH don't have a web site and there is no information out there on what they are working on which makes it hard to know if there is any real value or not.

If IH was a company making perpetual motion machines, but no other info would that also "make it hard to know if there is any real value or not" ??


That is the level that IH's "product" is at.

Its. A. Scam. Its that simple.

Look up Theranos if you dont think thats credible. A very similar story except even higher value, and at least Theranos did some smoke and mirrors with fake machines & fake tests to convince outside investors it was real. IH haven't even done that.

The only value in it is the greater fools who may buy before the pack* of cards collapses and maybe Woodford has managed to offload it to someone meantime. Thats the only value in it, that they can get out before they are rumbled.


*because they haven't even built a house with it.

Reaper

AnotherJoe wrote: »

That is the level that IH's "product" is at.

Its. A. Scam. Its that simple.

I don't think it's that simple. Rossi is a fraud. However I think IH was genuinely trying to make the E-cat work and they are genuinely trying other technologies too. I just wish I knew what they were in case any of them do actually have a chance of working. I don't think they are a Theranos.

Personally I suspect the long term NAV of IH will end up at zero, but through gullibility rather than fraud.

MK62

fun4everyone wrote: »

Hargreaves Lansdown now revealing some details
https://citywire.co.uk/funds-insider/news/hargreaves-we-challenged-woodford-over-unquoted-stocks-18-months-ago/a1241932

Lol, so HL were telling Neil what to do? Superstar contrarian fund manager! :rotfl:

Seems the connection between WIM and HL was very deep.

And it seems that relationship is now sour, perhaps irretrievably.

Given that it appears almost half the ownership of WEIF is via HL, it's hard to see how WEIF can come back from this.....I hope the FCA keeps a much closer eye on WEIF than they have in the past, and does not allow the fund to stay closed longer than necessary, certainly while the fee pocketing on the captive money is still going on.

fun4everyone

MK62 wrote: »

I hope the FCA keeps a much closer eye on WEIF than they have in the past.

They knew fine well what was going on years ago but chose to do nothing about it. Not regulation - just jobs for the boys doing as little as possible.

Anything they do now is just trying to look good like they are actually regulating this stuff. Shutting the stable door after the horse has bolted.

Reaper

MK62 wrote: »

I hope the FCA keeps a much closer eye on WEIF than they have in the past, and does not allow the fund to stay closed longer than necessary, certainly while the fee pocketing on the captive money is still going on.

I suspect the FCA eye may fall more on HL. Towards the end it sounded like they had worries but did not stop recommending his fund to their customers for fear of precipitating the very thing that eventually happened, since their customers made up such a large proportion of the total.

fun4everyone

I predict minor slaps on the wrist and lots of tough sounding statements saying "lessons have been learned"

dividendhero

I suspect in a year or two they'll make a movie about this..who'll play Woodford now that Norman Wisdom is no longer alive?

dividendhero

Reaper wrote: »

I suspect the FCA eye may fall more on HL.

Suspect you're right..HL are a much softer target and have deep pockets