Reply With QuoteThanks Raffe - I read through the morningstar article - I understood a fair whack on first read, so it's written well! The compounding effect is alarming.Originally Posted by Raffe
We are certainly getting to live through some interesting times.
Last edited by Passenger; 31st March 2020 at 11:09.
Thanks Raffe - I read through the morningstar article - I understood a fair whack on first read, so it's written well! The compounding effect is alarming.
People will get used to shopping on line with High Street taking a big shake up
‘Top Investment Picks’!
What happened to the Morning Star being a reader-owned co-operative and unique as a lone socialist voice in a sea of corporate media?
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Just cashed out of a lot of BP shares at 340p
Yes, they where around 460p in January before CV, but they are a lot better than the 234p they traded only 13 days ago.
I decided to move given the 20-25% bounce in the stock market over the last few days, that the U.K. reported 381 deaths, the WHO reported that this is far from over and it I feel America is 2-3 weeks behind. All hell will break lose if it turns to rat sh1t right across America.
Coupled with a smallish pension I’ve now converted into a deposit fund (my main pension is a DB) from a high stock content, I’m now totally out of the stock market for the time being.
Have I made the correct choice. Only time will tell.
I also sold my small holding in Shell today
Still holding my BP ones and will hopefully recover in a number of years but have now requested all future dividend payments to be cash not more shares. I'm exposed to them enough as it is so this will hopefully help reduce my risk. So much for planning their dividend payments would contribute to my early retirement!
Indeed, oh for a DB pension. I wonder if any schemes will be forced to default.
Curious what your expectations are in terms of dividends for the next years?
I’m not talking about you here but people I know of..
I have mentioned on TZ before about car PCP being the new 110% mortgage, people borrow 95% mortgage and live with it for 6 months and get used to living with those bills, they realise they have some extra money in their pocket once settled, most are social media aware and they want the cars that friends have, for £500 a month you can put a serious car on your drive and look the part, all lovely to look at but generally it’s the gloss on a fake lifestyle.
Times like this will sort who can and who can’t afford the nice cars.
I expect to see lots of low mileage under 3 year old cars coming to the market soon..
Already read some comments on TZ about people thinking about returning their lease cars.
I think too many people have no idea about how this is going to change society at large. If global consumption drops by only a few percentage points, the whole house of cards will collapse and plenty of people will be caught swimming naked.
FTSE
the yo-yo continues
up yesterday - down this morning
no reason or rhyme to all this
HSBC drops 8pc
Banks are plunging as expected.
HSBC is leading the fall with an 8pc drop
StanChart is down 6.3pc
Lloyds is down 6.4pc
Barclays is down 5.7pc
RBS is down 2pc
are currency accounts, (non-sterling) held with UK Banks in the UK still covered by the £85k guarantee - i.e. a Euro Account held with HSBC?
Last edited by BillN; 1st April 2020 at 08:25.
How could there be rhyme or reason though, unprecedented events are happening at pace around the world at a time when we've never been more interdependently connected...No wonder really, all we have right now is uncertainty.
I'd sit it out for months, maybe even until next year until something like a 'level' emerges, but I'm not really that much into stocks, having pretty limited exposure overall and no urgent need to get at traditional 'pension'. Though if you're trying to make a quick buck it's different I can appreciate that, and no criticism implied.
Think you'd have the 85k coverage or just possibly the up to 75 K euro cover, more or less equivalent. For clarity check with HSBC.
Last edited by Passenger; 1st April 2020 at 08:37.
what I mean't was up yesterday down today - look at the major stocks - why were Shell and BP up yesterday but down today - same info known today as yesterday
HSBC - are not replying to my emails, (I emailed them 5 days ago and asked my "personal adviser" to call) and their phone queue is well............long
Last edited by BillN; 1st April 2020 at 08:40.
I didn’t lecture you, I was recently offered a position at RR so got an understanding of what products they make/repair and have friends who have worked there years..
At the moment almost any business that is linked with air travel will take a hammering, RR do supply and repair commercial aircraft engines but what I was saying is that a big part of what they do is military so that shouldn’t be affected too much in this slump.
I have been buying and selling their shares in this crash and have done quite well, long term I think they’ll be okay but I’m happy to make 5/10% and take my money and profits out.
Then I guess it sheds some light on the old question about whether the markets are effiicent or irrational though I stand by my point about markets hating uncertainty and right now thats;( the only thing we all appear to have plenty of.
Sorry to hear HSBC client comms are not delivering for you, though I believe you've likely got up to the 85 k 'protection'. Did you know though that even where you might have different accounts with the same institution, the total protection is only up to the first 85 k, might be worth bearing in mind.
Just wondering how safe are Pension Funds - clearly if in S & S the value will have fallen - but I have one in cash which I converted mid last year - reasonable size - what's the situation there - if the company goes pot is that limited to £85k or not even guaranteed.
I lost quite a lot in the Equitable Life fiasco, so I'm pretty sensitive in that respect
I think husband and wife are treated separately?? -
I realised that and yep I need to move some stuff around today
I don't think you "lectured" me????
Seems a valid question but pensions not products I've had much faith/ experience with as yet, I'd guess you've at least the first 85 k covered as fscs kinda comes as standard but that might be about it, what does your documentation have to say...
Yes re husband and wife, at least the last time I checked. Though can't quite recall how a joint account might be handled, if for example one partner had also a single account with 85 k, seem to think there was a bit of an 'issue' with getting the full 85k coverage on the joint...
Last edited by Passenger; 1st April 2020 at 09:13.
Sorry Bill, quote system confused me, it was Raffe who I lectured
I thought pension funds were held in separate segregated accounts and therefore protected from the fund manager going bust.
no worries - but I am worried about RR, friends are connected with the company and I've been involved with the sector in the pastSorry Bill, quote system confused me, it was Raffe who I lectured
Monday I bought in at 3.19 and sold yesterday at 3.40, I’m tempted to go in again but they are taking a hammering at the moment, they often react when the DJ opens too??
Hopefully this can be clarified ........where's Raffe?
This might shed some light,
https://www.fscs.org.uk/what-we-cover/pensions/
Absolute coverage seems to hinge on 'contracts of long term insurance' but that appears to be for an annuity, obviously I don't know if Bill bought an annuity or the cash is held in some kind of a fund or account on his behalf, won't just the 85 k limit apply...
Last edited by Passenger; 1st April 2020 at 09:25.
85k per person per banking license.
Some banks are owned by the same license holder so do your checks. Note it is per license not per account.
Assets are held in client accounts so are not part of the 85k.
Big spike in USA cases
https://www.worldometers.info/coronavirus/country/us/
So the virus continues to rampage through the worlds biggest economy
Plus dire Q1 figures starting to flow, and announcements on slashing dividends.
I don’t see any good news ... or the prospect of any.
Last edited by Montello; 1st April 2020 at 09:32.
But for those assets held in client accounts, are they guaranteed without limit I think is the question...what if the entity where that account is lodged goes bust...
Trump announced yesterday a further 30 day social distancing.
An extra month of factories shut down all requiring oil/ fuels, reduction in transportation fuels demand as nobody is driving/flying, no advance of Saudi/Russia oil price spat etc. etc.
All for the largest oil consuming nation in the world. So, I’m not surprised by oil company shares falling after Trump’s statement.
Here, working hard to keep my daughter entertained.
Someone who lies about the little things will lie about the big things too.
Those stick people are standing too close together
Most major platforms follow the same set up, here are HL details.
>>How is cash held https://www.hl.co.uk/about-us/cash
>>How safe is your investment https://www.hl.co.uk/security-centre...our-investment
You will have to check your own provider.
You right. Trying again.
My blue/blue choice of clothes this morning doesn't help making me look attractive, does it?
Someone who lies about the little things will lie about the big things too.
Thea seems to suggest I am somewhat overweight. I think that's extremely unfair considering my last year's weight loss, 85kg for 1.90 meter?
Someone who lies about the little things will lie about the big things too.
Thanks, so even with cash, in the event you've too much of it concentrated in one place, there is still potential for risk.
Agreed, get onto your provider is the best advice.
and legless Raffe.
Always wondered what you look like Raffe, now I know..You right. Trying again.
My blue/blue choice of clothes this morning doesn't help making me look attractive, does it?
Last edited by murkeywaters; 1st April 2020 at 10:18.
They know they need to provide the dividend which so many investors rely upon as if they do not then a free fall is imminent. I see the balance books being strong enough to weather the current storm for ~18months, then after that who knows what will happen. Oil is a declining market but the dividends are to enticing still for many.
Dream on.
Already last year, BP paid out twice as much in dividends than what they earned. This year they won't earn anything but make a loss.
Ow, sorry. At least you didn't buy them cum dividend... Not too heavy I hope - if it is any consolation, I had just topped up LLOY at 32p.
LLoyds are tempting, but they are trying so hard to stay in the 30's, I think we'll see them in the 20's soon but should rebound back in the next few months - should!
Bangin', but I prefer to watch this version, for some reason.
I'm sitting very happy with my decision last week to sell out most of my oil (bp) and banking stock (mostly hsbc) - what has happen thus far, has not surprised me.
Note - Shell is borrowing $12 billion and is also trying to shave $9 odd billion from 2020 spending. Both are needed to facilitate dividend. Madness.
Reality will catch up quickly, nothing more stupid than paying a dividend when your cash flow is challenged. They already had to cancel the dividend when oil crashed after the GFC, they will do it again this time.
The problem is their gearing is still manageable and so in theory doable. Playing with fire.
It's a global issue really - the reliance on cheap money to fuel growth. Take some of that away and we have some serious, serious issues.
Yes I know it’s the Sun, but this article I found articulates the potential massive issues ahead of the majority of the worlds economies. Anyone playing in the markets is very brave, I think a FTSE at 4,000 is very realistic. The world is not going to be back to normal for a very long time and if you think we had austerity before, think again.
https://www.thesun.co.uk/news/113006...re-four-weeks/
which is the age old problem with the system we have. In a crisis those that have, make money. When there isnt a crisis, those that have, make money...
And ultimately, it is the average or lower paid worker who cops the bill via taxes which they can't reduce by utilising schemes or methods that Are available for those that "have"
Call me a socialist if you like but remember that as we live in societies we should all be socialists...
Another problem with the western world is the interest in Growth. Its not possible to continue growing for ever without some very wild scenarios
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