Piyush Pant

Business Adviser, Technologist and Private Investor.

[Piyush Pant @piyushpant]

@TidefallCapital They dallied with a weird Snowflake IPO allocation a few years ago too.

[Piyush Pant @piyushpant]

@Finumus1 "Urgent meetings" will save the day obviously.

[Piyush Pant @piyushpant]

@richardwadams @Finumus1 Is there any evidence that complex tax rules to be applied within a tax free wrapper is an effective way to encourage investing vs saving ? A generous annual ISA allowance already encourages investing and people with different risk appetites can manage their own exposure.

[Piyush Pant @piyushpant]

@Finumus1 @StocksandDares Not really the realistic "worst case" though. That would only happen if it is taken in one shot as a lump sum. More realistic to draw out smaller sums over time to manage tax.

[Piyush Pant @piyushpant]

@Finumus1 During the height of the dotcom mania, there were live tickers being shown for the first time on domestic US flights.

[Piyush Pant @piyushpant]

@TheRealBirnbaum @DrewCohenMoney Agreed. The right benchmark for him would be a world quality index. If you compare his performance withthe london listed ETF IWFQ which is rules based, his performance is dire. This shows a stock picking and portfolio management flaw rather than an issue with strategy

[Piyush Pant @piyushpant]

@Invesquotes Good observations. In fact apart from the AUM bleed, his is clearly a stock picking and portfolio management issue. Compare the performance of his fund with the passive, world quality ETF which follows the same strategy yet has produced much better results(IWFq listed in london)

[Piyush Pant @piyushpant]

Fundsmith seems to be careering off the rails. Their method can work in private capital management but hard to be truly long term if redemptions can pressure you into short term/momentum based moves and chase short term performance.

[Andrew 🇺🇦 @moneyandmore72]

New Fundsmith Equity Fund semi-annual Letter out. H/T @long_equity. Have a read and share your views! It starts off talking about passive/index funds, which isn't a great approach IMO, i.e. blame poor performance on index funds! https://t.co/IslCJ424cu

[Piyush Pant @piyushpant]

@moneyandmore72 @long_equity Seems to be careering off the rails. His method can work in private capital management but hard to be truly long term if redemptions can pressure you into short term/momentum based moves to chase short term performance.

[Piyush Pant @piyushpant]

@Finumus1 @qcapital2020 Still compounded at 12.75% pa which is not too shabby. The expectation they try to set is usually in the 9-10% range.

[Piyush Pant @piyushpant]

@Finumus1 The ability to invest the full allowance for 20+ years is the higher bar in the UK.

[Piyush Pant @piyushpant]

@andrewcoye @ReneSellmann Yes and most people ignore the fact that these were positions as of 31 March and have zero relationship with current price moves

[Piyush Pant @piyushpant]

@brunello_m @ArneUlland That's exactly right.

[Piyush Pant @piyushpant]

@andrewcoye @ReneSellmann Plus the moves in the equity portfolio were already clear in the 10-Q released earlier. Nothing signficant has happened yesterday..they liquidated the Todd Combs portfolio ans added to the Alphabet position. Hardly a surprise.

[Piyush Pant @piyushpant]

@Jesse_Livermore Who is the interviewer?

[Piyush Pant @piyushpant]

@skglearning Has to be C. Simple hack from my IIT JEE days. It's the only option that gives a sensible result for the boundary case of theta = 0.

[Piyush Pant @piyushpant]

@PhysInHistory Resnick and Halliday

[Piyush Pant @piyushpant]

@Finumus1 Hannan's also going out speaking the king's

[Piyush Pant @piyushpant]

@CapitalPatient @dradammcleod @kejca have held both positions since 2011 with an irr of over 20%. Whether it was bought by a subpar Berkshire manager or not doesn't affect the intrinsic worth of the business. If they sell it because the prospects have deteriorated then fine but Ted's departure as a reason is silly