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  #281  
Old 22.02.2017, 17:06
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Re: Investment fund

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what's your opinion on entering now vs waiting ~6months to see how things evolve on the markets?
That is if you didn't have any investments yet.
if prices go up in 6 months, you should invest now. if they go down in 6 months, you should wait.
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  #282  
Old 22.02.2017, 17:07
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Re: Investment fund

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How do you decide what's good value?
basically if the price is a lot lower than it is going to be in the future
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  #283  
Old 22.02.2017, 17:16
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Re: Investment fund

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what's your opinion on entering now vs waiting ~6months to see how things evolve on the markets?
That is if you didn't have any investments yet.
When FS first started people would not invest as it was considered to be a bad time to invest, 2 years later the price had risen 49% & people did not want to invest because the price had risen 49%. Had the price fallen 49% I don't think people would have wanted to invest either.

I have no idea what the price will be in 6 months or even tomorrow, what I know if I own good companies they will do well & be worth more in the future. 6 months is an irrelevant investment period, 1 year is only of relevance to farming business's & very little else. Performance over 1, 2 or more economic cycles are whats important & where my interest is.
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  #284  
Old 22.02.2017, 18:20
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Re: Investment fund

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You do realise you pay HL 0.45% a year charged monthly for the platform, making HL 0.35% more expensive than dealing direct. FYI I also use HL
Yeh but I don't pay that, for now anyway.
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  #285  
Old 22.02.2017, 18:22
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Re: Investment fund

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what's your opinion on entering now vs waiting ~6months to see how things evolve on the markets?
That is if you didn't have any investments yet.
http://awealthofcommonsense.com/2014...-market-timer/
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  #286  
Old 23.02.2017, 11:16
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Re: Investment fund

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I will tell you one thing. Withdrawing from Fundsmit is a PITA. Put the request in on the 31st of January. Endless forms and proofs required which they don't tell you are required until you phone and ask where your money is.

Sold at 297 and it's at 304 now. I wouldn't normally care. But the money isn't in my personal account and it isn't in my ISA. It's sitting in the ether and Fundsmith seem to think that's ok.

Terry Smith sues Barclays for £220,000 over money transfer

Well clearly Terry doesn't think it's ok...he just fails to practice what he preaches!
Well not only withdrawing, but investing is also a pain. For example FS only accept bank transactions over 10'000GBP, so unless you invest 120k in a year, forget monthly subscription.
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Old 23.02.2017, 11:20
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Re: Investment fund

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Well not only withdrawing, but investing is also a pain. For example FS only accept bank transactions over 10'000GBP, so unless you invest 120k in a year, forget monthly subscription.
They accept a direct debit of £100 per month in the UK.

I did finally get my money and an apology
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  #288  
Old 23.02.2017, 11:21
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Re: Investment fund

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They accept a direct debit of £100 per month in the UK.

I did finally get my money and an apology
in the UK, can one open an account from the uk website while living in CH?
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  #289  
Old 23.02.2017, 11:21
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Re: Investment fund

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They accept a direct debit of £100 per month in the UK.

I did finally get my money and an apology
Cool. What was the delay?
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  #290  
Old 23.02.2017, 13:08
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Re: Investment fund

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They accept a direct debit of £100 per month in the UK.

I did finally get my money and an apology
only from a UK bank account :-(
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  #291  
Old 23.02.2017, 13:46
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Re: Investment fund

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Well not only withdrawing, but investing is also a pain. For example FS only accept bank transactions over 10'000GBP, so unless you invest 120k in a year, forget monthly subscription.
signing up was a pain from what i remember due to an administrative mix up.

but getting money out wasn't a problem. i'd already filled in the relevant forms beforehand for redemption into the same account i paid in so it was pretty much hassle-free.
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  #292  
Old 23.02.2017, 14:13
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Re: Investment fund

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do you think it's still a good moment to enter in Fundsmith?

Since most of my cash is in CHF, to avoid conversion fees, I was wondering what's the difference between CHF I ACC and T ACC.


How does the procedure of investing in them works? Is it easy to invest money from time to time?

Those are institutional accounts, 6000000 CHF minimum investment. I just make SEPA trransfers to the EUR account in DE and then buy from that. T Acc or Inc your choice.
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  #293  
Old 23.02.2017, 14:15
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Re: Investment fund

So, signing up is hard, he takes only GBP and converting CHF to GBP is your own responsibility (or you pay a cut to a third party for it) and fees are much higher than ETFs. Performance is similar to S&P total return (ok, it should be better in a bear market). Why the hell would you still want to invest with FS?

His stock picks are well known, strategy is very simple and reproducible: buy and hold and do nothing. You can just buy the stocks directly with any low cost broker and save yourself bulk of the fees. You'd probably even beat his performance a little by not buying the most outright overpriced companies in his portfolio. He's
not really buying any more of them either (except when you force him by putting more money into fund), just holding
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  #294  
Old 23.02.2017, 14:42
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Re: Investment fund

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So, signing up is hard, he takes only GBP and converting CHF to GBP is your own responsibility (or you pay a cut to a third party for it) and fees are much higher than ETFs. Performance is similar to S&P total return (ok, it should be better in a bear market). Why the hell would you still want to invest with FS?

His stock picks are well known, strategy is very simple and reproducible: buy and hold and do nothing. You can just buy the stocks directly with any low cost broker and save yourself bulk of the fees. You'd probably even beat his performance a little by not buying the most outright overpriced companies in his portfolio. He's
not really buying any more of them either (except when you force him by putting more money into fund), just holding
Doing better in a bear market is a good reason to invest in FS. Did you learn nothing from the financial crisis? A fund that does OK in good times but out performs in bad times must be a huge winner & why I invest.
Non UK investors will find the Euro option in Luxembourg the easiest way to access the fund.
The fund has inflows of about £5,000,000 a day on average, so he is buying on a daily basis.
I did buy about 20 of his stocks 18 months ago, but have under-performed his performance with that portfolio v his fund over the period so the 1% is money well spent.
His biggest mistake was sell his most overpriced stock in the portfolio last year, Domino Pizza, it was up 45% since he sold, the info an investor has is always out of date.
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  #295  
Old 23.02.2017, 15:20
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Re: Investment fund

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So, signing up is hard, he takes only GBP and converting CHF to GBP is your own responsibility (or you pay a cut to a third party for it) and fees are much higher than ETFs. Performance is similar to S&P total return (ok, it should be better in a bear market). Why the hell would you still want to invest with FS?

His stock picks are well known, strategy is very simple and reproducible: buy and hold and do nothing. You can just buy the stocks directly with any low cost broker and save yourself bulk of the fees. You'd probably even beat his performance a little by not buying the most outright overpriced companies in his portfolio. He's
not really buying any more of them either (except when you force him by putting more money into fund), just holding
I compare my own investments against 2 benchmarks (in addition to the usual indices):

1. Fundsmith
2. An equal mix of FB, GOOG and AMZN ("MCR_fund")

YTD, in constant currencies:

MCR_fund up 13%
FS up 5%

Since measuring around mid-2016:

MCR_fund up 23% since 2 May 2016
FS up 2% since 1 June 2016 (in USD terms)
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  #296  
Old 23.02.2017, 15:24
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Re: Investment fund

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Doing better in a bear market is a good reason to invest in FS.
It's just a property of the type of companies he buys - non cyclical, defensive, consumer goods companies


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Non UK investors will find the Euro option in Luxembourg the easiest way to access the fund
It charges a premium to convert your EURs into GBPs for fundsmith

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i did buy about 20 of his stocks 18 months ago, but have under-performed his performance with that portfolio v his fund over the period so the 1% is money well spent.
Maybe you bought them a little too high. It shouldn't matter too much in the long term though I think. And have you considered dividends in your performance calculation?

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His biggest mistake was sell his most overpriced stock in the portfolio last year, Domino Pizza, it was up 45% since he sold, the info an investor has is always out of date.
At current EV/EBITDA of 23x, it is pretty crazy overpriced. It's going down first thing when a big sell off starts. If you keep holding it at this valuation, you must be very optimistic about the market at the least. I think fundsmith did the right thing, holding it longer would be a big risk
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  #297  
Old 23.02.2017, 16:08
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Re: Investment fund

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I compare my own investments against 2 benchmarks (in addition to the usual indices):

1. Fundsmith
2. An equal mix of FB, GOOG and AMZN ("MCR_fund")

YTD, in constant currencies:

MCR_fund up 13%
FS up 5%

Since measuring around mid-2016:

MCR_fund up 23% since 2 May 2016
FS up 2% since 1 June 2016 (in USD terms)
Do you mean your own investments are only FB; GOOG; AMZN? Or that is the benchmark you measure against?
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  #298  
Old 23.02.2017, 16:20
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Re: Investment fund

I've got my SIPP invested in S&P 500, vanguard LS 100%, FS, FTSE All share.

FS has returned roughly double the other in the last month despite the 0.97% OCF

FTSE All share (0.07%), Vanguard (0.24%), S&P 500 (0.09%)

It's only over a month but I'm happy so far.
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  #299  
Old 23.02.2017, 16:34
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Re: Investment fund

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Do you mean your own investments are only FB; GOOG; AMZN? Or that is the benchmark you measure against?
No that's the benchmark I measure against, although they were the shares I held at one point. You can see what I hold now in this thread:

Stock investment poll

YTD, I'm underperforming MCR_fund, but outperforming FS.
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Old 24.02.2017, 09:06
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Re: Investment fund

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There is no reason why it should have ever followed the S&P 500. It's investments are very different.
...
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There is no reason it should follow S&P500, yet it did, for 5 years. Anyway, my argument isn't that it followed the S&P500, but that it is not outperforming it by a lot.
And in addition, reading now the 2017 letter to shareholders, Terrry himself makes several comparisons of his fund with s&p500, so Meadow's comparison is justified.

Another aspect besides performance (which is slighly in favour of FS), is safety. The S&P 500 index has been around for quite a while and we know that it recovers after a crash. With FS: nobody knows. And with an actively managed fund you always have some risk it is going bust (Maddof...).
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