12:04 29/09/2016 Re: Digging Deep
Hopefully interest rates will start to move back uo to the 2% level before too long. I guess the US will lead the way in Nov/Dec... And the Brexit joke will hopefully see something positive and a move towards a more soundly based EU trade arrangement..
9:20 29/09/2016 Digging Deep
This is a very good, and a bit lengthy so get some coffee, article on the impact of long term low interest rates on the insurance industry. The focus is on the returns and the commitments life insurers and pension providers achieve and the ways that the insurer's are forced to diversify investments (infrastructure, property etc) in order to provide for the long term commitments :- http://www.ft.com/cms/s/0/6194f264-4dd2-11e6-8172-e39ecd3b86fc.html#axzz4Ld7jmDiX Games
14:35 28/09/2016 Re: The experts
A great illustration that the 'experts' haven't a clue!
9:17 28/09/2016 Re: Nigel Wilson
Cardinal, "Even the chairman (non exec) has over half a million of his spondoolies in LGEN shares." Rudy off of Unilever (passim) I mean, not the new slaphead brainiac chairman. Has the latter arrived yet? Anyone? LKH at the LK Wash & Valet
8:15 28/09/2016 Re: Nigel Wilson
Cardinal, Checking on directorsholdings.com, they report that Nige has over #12 million worth of LGEN shares and the chief abacus rattler has almost #11 million worth. Even the chairman (non exec) has over half a million of his spondoolies in LGEN shares. That seems enough to satisfy most people that the big bonobos are confident in LGEN's future prospects, assuming that all them shares are beneficially held and ain't chust options. LKH at the LK Wash & Valet
7:55 28/09/2016 The experts
September 2016 Panmure Gordon 27/09 Reiterates Buy 305.00p Exane BNP Paribas 22/09 Reiterates Neutral 230.00p Jefferies International 22/09 Reiterates Hold 212.00p Deutsche Bank 14/09 Reiterates Hold 225.00p RBC Capital Markets 14/09 Reiterates Outperform 300.00p HSBC 14/09 Reiterates Buy 270.00p Barclays Capital 14/09 Retains Equal weight 194.00p Macquarie 02/09 Reiterates Neutral 201.00p Games
7:39 28/09/2016 Re: Nigel Wilson
card - thx for checking, I wondered if that was the case, but couldn't be arxed to check. Are the options all grants from the company or out of his own pocket? Still if you get granted 8M options by the company and get paid handsomely as well, why risk your own money? Many of the other FTSE100 CEOs do seem to do so though! Games
22:27 27/09/2016 Re: Nigel Wilson
The only shares he sold were to cover the income tax on the options he exercised. He retained more than he sold and the numbers mentioned that he retains only relate to that particular type of option. The annual report shows he held around 8m options. That is not insignificant.
10:07 27/09/2016 Re: Retirement
""""More importantly this shows the demise of L&G has been greatly exaggerated""" Sound -- I want to share your confidence, but I have this nagging feeling because of :- 1. I don?t think any of the financial companies will escape what is happening to Deutsche Bank and the effective insolvency of Italian Banks. 2. Also I?m really concerned about this :- ????The rapid growth of the company?s Retirement business, which focuses on de-risking defined benefit pension schemes???? This reminds me of what happened to CDOs in the US housing market. I simply don?t believe that LGEN will "have the right expertise at managing these liabilities". The fact that companies are offloading them like hot potatoes is probably a good indicator. It seems like magic to consider longevity swap transactions as ways to hedge against these many billions of liabilities ? and magic they usually are not, failing to pay out when the merde hits the fan. It?s all about gut feel I suppose, but the guys who are piling up an impressive EPS and Divi growth, and collecting large bonuses, are rarely the ones that stay around long enough to deal with the fall out. Retirement plan deficits look like the next big financial disaster in the making ? a reason why I?m out of BT and BAE. Games -- need a decent market bounce again and I can gamble on a small profit here.
9:01 27/09/2016 Re: Nigel Wilson
"if paired with a portfolio " I should have said "if paired with a short portfolio". LKH etc
9:00 27/09/2016 Re: Nigel Wilson
Games, "he doesn't appear to be too convinced with his own wedge." I wish that, when LGEN issue RNSs about directors' and PDMRs' shareholding, they would declare what the latest change (whether a buy or a sell) means for each one's total beneficial holding. Some companies are good at disclosing such information. There have been a couple of RNSs recently which declare some noddy purchases as a result of DRIP programmes but there is no declaration of the total holding. It would be interesting to construct a long portfolio of shares where the big bonobos have the largest number of shares, relative to their annual screws, say, and compare the performance of that portfolio with the FTSE100. I suspect that such a portfolio, if paired with a portfolio where the big bonobos have the fewest number of shares relative to their annual screws, would show quite dramatic outperformance. LKH at the LK Wash & Valet
8:44 27/09/2016 Re: Retirement
Games, True, always good to see Chief execs getting their wallet out. More importantly this shows the demise of L&G has been greatly exaggerated. Its proving to be a nice little cash cow. A really good post brexit buy. M
8:22 27/09/2016 Retirement
"""Legal & General said its retirement arm was on track to double its new business sales in the full year, with customer demand unaffected by the introduction of Solvency II regulation, Brexit uncertainty or lower interest rates. The FTSE 100 group said revenues from the division would be around #5.4bn, up from #2.9bn last year."" So come on Nigel, get your wallet out and show some faith m8. Or are you looking to do what the title of this post states? Games
18:54 24/09/2016 Re: Nigel Wilson
Master, Can't explain a change in culture, but for a CEO with grandiose property schemes, he doesn't appear to be too convinced with his own wedge. Games
17:27 24/09/2016 Re: Nigel Wilson
When David Prosser left he had over #10M in shares. Can any one explain the change in culture?