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LLOYDS is going to FLY

lse:lloy

#1237

( SVS … brokers )
I have never meet this guy, he was there man they put me with after the previous man left I didn’t do anything with that one as his predecessor who was promoted to “investment committee” had advised me into some right stinkers glbo and jwq.two off top of head.
This guy been to uni, loads of qualifications persuaded me he must be a much better picker then me.
What a mistake I made there.
I’m uneducated and just picked it up but it does not seem to make a difference.
This new guy said he was different so I monoterd
His suggestions .
Little better but no better then my choices.
What I do know and you comments seem to imply is that you can not rely on what these white collar educated types say at all.
No better morals then the boys in the gangs in south London were I live.
Worse I’d suggest as the pretend to be something they are not .


#1238

Hi prefiinvestor.
I made you first point yesterday. Someone answered that would not be the case.
Maybe you missed that reply.


#1239

Yes, that certainly helps. It won’t stop simple greed, fraud and criminal behaviour however. MF Global are no longer around due to that and they were not a small outfit.

The common factor in all the recent cases of Brokers going into admin are key staff getting involved in criminal behaviour. That can happen at a large outfit just as a small.

I’d add that having a listing, being domiciled in the UK and FCA authorised are better options. Diversifying your brokers is even better to mitigate potential loss for same reason you do it with your investments.

But nothing can help if the worst comes to it… hence me mentioning the £85k from FSCS… cos after that, you are on your own… or rather it’s between the administrators and you.


#1240

Diversifying your brokers is even better to mitigate potential loss for same reason you do it with your
How many you with J_Westlock.

Why is being domiciled in UK better them Germany, Holland ect.
Above FCA regulated to operate here… Plus there own regulater better ?
I wonder how the morals of employees compare ?


#1241

Enough for me to be happy that I won’t be wiped out in the event of any single broker failure.

I’m not sure that it is (better).
However, if the firm you are using isn’t FCA registered (and UK domiciled) then you’d better be sure you are covered by whatever regulators do regulate it’s activities… and that they have the equivalent of the FSCS pot.

I’d doubt if there’s much difference. Wherever you go there are plenty of people more than happy to relieve you of your hard-earned money.


#1242

If memory serves me right, those ten investors weren’t UK nationals or weren’t based in the UK, so fell outside the normal protection under the compensation rules


#1243

Well Bernie.
Bit by bit we might get there , a poster here contradicted a Beaufort broker who said not one of his clients lost money.
A statement from FCA was posted saying 10 .
I thought bet the top ten were big.
You have informed us of something else .
Conclusion top ten were not UK nationals ?


#1244

As i have said before J_W …can only go by what they tell you over the phone .

The euro one cover for 50k euro .
Plus they claim same UK cover as FCA registered .
Wonder if that will be a brexit issue ?
( they have referred to those issues ( makes no difference ) but not to this particular issue.
Lets all learn more .


#1245

Hi Again @Ripley94, I appreciate that you are desperately looking for certainty in respect of your position but I fear that the truth of the matter is that you have probably learnt all you are going to from reading posts on bulletin boards such as this one.

I see that an administrator has now been appointed and there is an announcement in place at the companies old web address. Looks to me from a a casual reading that it might take till the end of September ? before you really know much more but I see that there is a contact phone number there that you can call to find out more. Guessing you’ve done that already.

Seems they had roughly 13,500 clients. Not very many really IMHO.

Best of luck anyway.

ATB

Pref


#1246

PrefInvestor1
I do not mean to be rude to anyone here but yes i agree i have not learnt much on this bulletin board .
In fact i think my understanding has been better then most .
( bit like the brokers i have come across lol )
But just looked over at Masonic posts again , he is such a fine batsman hits all the questions with such logic / common sense.
Look at the ones 6.18, 6.32* 6.58 last night .
I have always loved learning all sorts of things , but i fell others might get offended somehow if someone seems to know or do something in a better way.
I used to see it as a Plumber when i worked with other ones .
Id love it if shown a better way , others got really offended .
Its me who is different maybe .
I like this Masonisc … if he is one i might look into joining .


#1247

Does he have a dodgy handshake and rolled up trousers too?

PS. Re: Brexit… yes, another minefield to wade through in the event of a No Deal Brexit.


#1248

Maybe they got paid out of the firm’s “living will” you mentioned.


#1249

J W
I can not take credit for that just passed on what the fella you say has a a dodgy handshake informed us.
I heared there’s a dodgy kiss involved at induction !
Might be some sort of wisdom in it not sure I’d get the invite.


#1250

One of the reasons I only use US brokerages is that after the MF Global scandal, the SEC had to tighten up all regulations associated with clearing houses and brokerages. They knew if everyone wasn’t compensated there would be a mass exodus of cash from client accounts.

The idiot UK government has done nothing to reassure investors. I would not hold funds in most U.K. Brokerages. I think 85,000 GBP is ridiculously low.


#1251

That’s interesting Macbonzo,
Can a UK resident have an account with a US broker?


#1252

Agreed @macbonzo. It’s almost scandalous how low the guaranteed protection levels are.

The Securities Investor Protection Corporation (SIPC) will also cover non-US clients… although you need to ensure they are an SIPC member… apparently not all are(?). Seems like as you referred to that they cover you up to $500,000 for securities (and cash to $250,000)… seems way more sensible to me than UK.

Have you any recommendations for a US broker that allows trading on international markets?
I assume trading costs are low too?

Won’t work for SIPPs and ISAs of course but other than that… can’t see a downside.


#1253

Well the downside is having to pay income tax on your dividends and potentially CGT on any gains if you exceed your annual allowance. That’s a big enough snag to make it a non starter as far as I am concerned.

Probably also good for holding USD and I believe that trading costs are low from what I’ve heard. But as I try very hard NOT to buy or sell my holdings that isn’t of great interest to me, But for a frequent trader that would be attractive. I think I’ve only done about 10 trades this calendar year so far so I dint qualify for that title…

ATB

Pref


#1254

Well the ISA allowance is £20k each year… and people may have reasons for not contributing to a SIPP… so for those who want to invest more than £20k… paying income tax on divis is just something you have to do.


#1255

101% - 709% as of this morning. I hope FTSE comes back in similar manner.

The extremes of those ranges are represented by BABA and FB. There are others inbetween but I haven’t posted them live so sorry to keep repeating the same examples, but I wont leave myself open to disbelieving challenges where I can’t refer people to live trades posted.

I don’t know if I quite answered your question, @PrefInvestor1. My main point was that with so much profit and original investment already taken back then I don’t need to panic on a pullback, or even a 10% correction. I have time to decide what to do.

In most cases this time around I decided to hold on, except Tencent Holdings as described, but that was an entry less than 1 year old which then had set backs for several months over a spat with the Chinese government and regulation of parts of its business. Even so, the GBP has dropped so much in that time that a 4% profit on the books was actually closer to 9%.

Obviously if there is a 10% correction we’d all like to sell and then re-buy those companies that we wish to keep, but that means a supernatural gift of hitting the top AND bottom. Given that there is a lot of fx profit built into my growth stocks with all of them currently priced in US dollars (unless you count funds making 15% p.a. which I would judge as being on the edge of that description) I chose to wait 3 days to see if the latest correction was in fact a ‘V shaped’ 3 day pullback.

That remains to be seen. I have bought stocks (and FTSE 100 index longs) based on that assumption, but I might still be wrong. As you can see from the two examples above they both finished UP over the last 24 hours.

Something that I hated about yesterday given the following global risks …
India/Pakistan facing off over Kashmir again
USA/China trade war hotting up
Japan/S. Korea trade war hotting up
Hong Kong protests
Brexit - No Deal manipulators bragging about by-passing democracy.
N. Korean Missiles (4th test since last Trump/Jong meeting)
Iranian sanctions and split between USA/EU

… was that after 3 or 4 days of falls there should have been some high yielding bargains in safety stocks. Typically Utilities and non-cyclicals like ULVR, but there is so little (except the latter) that I dare touch in the FTSE right now due to Brexit and Labour nationalisation policy.

Alternatively there could be oilers and miners but they are all under pressure too because of global weakness. Also, remember GBP came back a little yesterday so their foreign earnings weren’t supporting them so much. I did buy more GLENcore, who pay 0.1 USD per share with ex-div in less than 1 month and am prepared to hold them right through a recession if necessary. I can’t say that about very many others.

So, little sanctuary to be had in the FTSE, so you start to look abroad and of course 1 GBP buying 1.21 USD just about kills any ambitions in that area. It is high risk. No Deal and we probably lose another 10% on the GBP, but if there IS a deal, we might jump back 15%. Very tough times.

So, I’m hoping we have a great FTSE100 day today and I can cash in my third long tranche, taken out with FTSE approx 7217, 2 others at approx 7327 and 7427, but I may well have bet the wrong way there if USA goes bad again today, in which case I may just swallow the loss on those positions and start seriously positioning for a 20% correction AND a bear market following, with maybe another 20% to follow.

Good luck!


#1256

Morning J_W

Although you asked macbonzo, a little info for you.
My brother has used Interactive Brokers US for approx 6 maybe 7 years.
He a long term investor rather than trader.
Commission on US listed stock he said about $2 US then stated he had made some trades at just 1$.

For UK listed stocks he said around 5 or 6 GBP.
You can hold different currencies in your account.
If you deposit in GBP to buy US stock, they convert the cash, at very tight spreads, same as an FX GBP/USD spread.
Seems happy enough with them.

Hope that helps a bit.