Most Recent Commentary
Date: Tue 02 Oct 2018
 Company: Debenhams plc
Ticker: DEB
Title: Debenhams – Is it as dead as the share price suggests?
This is not a recommendation just something to think about.

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Disclaimers And Regulatory Notes

This site is not providing any form of advice and it is not encouraging share investing or trading, it is a personal view on strategy that some people may find interesting. For further clarification on what Advice Is you may wish to read the FCA document that makes it clear that information on this site is not financial advice.

MiFiD (Market In Financial Instruments Directive) - Personal Advice?

There is a specific exclusion in MiFiD38 for a recommendation given through a distribution channel (such as a newspaper or other media, including the Internet), where information is, or is likely to become publicly available. By its nature, a recommendation given through these distribution channels will not normally be a personal recommendation.......... The CESR Q&A39 made clear that, in deciding whether a personal recommendation was being given, one criterion was whether it would be reasonable to think that a personal recommendation is being made.

RAO (Regulated Activities Order) - Article 53(1) or not?

For advice to be regulated at all, it must relate to a specific investment.

The FCA clarification does not explicitly discuss strategy but it does make the following statement.

Advice to buy shares in the oil sector or shares with exposure to a particular country is generic advice because it does not relate to a specific investment and is not regulated.

Beginners Share Dealing / Beginners Share Trading

The internet is full of information on share trading and when I started I took a lot of it to heart.

After trading for a while I began to question a lot of what I was reading as it sounded sensible but did not relate to the reality that I was seeing.

So I created this web site as a place to publish my experiences and the views that I have formed as a private individual actually buying and selling shares with my own money.

Having traded since the early 2000's I hope that they are at least thought provoking even if you disagree with them.

One of the reasons for the dearth of relevant information is surprisingly obvious, before on-line share dealing there were very few private share traders. So there has been a very short period of time for anyone to gain and publish their experience.

Pre about the year 2000 there were dentists, solicitors, headmasters etc with shares but they were bought via brokers, generally taking the broker's advice on what to buy and then holding those shares until they retired.

The two biggest issues that I found with the information readily available are
  • Most of the information seems to relate to trading by professional fund managers who have much more money to invest than I have and for a much longer timescale, they can afford to wait 50 years.

  • Almost none of the information that is more relevant to the private investor is backed up by the author having used their own money to do whatever it was that they were recommending.

What is really telling about all the advice available is that I have yet to see a financial advisor or wealth management company offer to reimburse some or all of your losses.

Clearly there would need to be caveats on any such guarantee but why are there no such offers?

This is of course a rhetorical question.

There are two "Golden Rules" that everyone knows even before they start trading, yet if they were so clearly valid then it should be possible to offer the above guarantee.
  • Shares should be bought for the medium or long term.

  • Dividends should be reinvested in the company.
Both of these views are very seriously questioned within this site and my personal opinion is that both are inappropriate for the typical private trader.

I have been share trading for over 10 years and I still regard myself as a beginner, so there may be useful information here for people who have been trading for a while as well!

This site does not have an open forum, as I have yet to see a free for all forum or comments section that doesn't descend into name calling, poorly thought out posts and blatant lies.