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Bulldog Drummond
Posted: 14 January 2022 14:06:01(UTC)
#1059

Joined: 03/10/2017(UTC)
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Matt Renegade;203085 wrote:


I’m sure they’re devastated.

Meanwhile, as a black lgbt person with ADHD working in IB, who’s never sold ice cream in Israel, I’m glad my existence upsets you so much. Jesus Christ, this board is toxic sometimes.

Speaking as a transgender, I find some comments here hurtful but I try and rise above it.
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Guest on 14/01/2022(UTC), Guest on 14/01/2022(UTC)
Jesse M
Posted: 14 January 2022 14:40:49(UTC)
#1063

Joined: 30/12/2020(UTC)
Posts: 1,471
Citywire seven take aways from Smiths annual letter

https://citywire.com/fun...e-money-latest-news-list
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Blunt Instrument
Posted: 14 January 2022 14:56:02(UTC)
#1061

Joined: 21/03/2020(UTC)
Posts: 354

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Bulldog Drummond;203091 wrote:
I remember that when I first went to Malaysia you could buy a popular brand of Colgate toothpaste called Darkie, complete with a picture of a very dark chap in top hat and tails and a very white set of perfect teeth displayed to full advantage in a huge grin. I believe that they have now changed the name and lost the picture.

https://www.liverpoolmuseums.org.../darkie-toothpaste-box-0



How about an earlier time when European Renaissance aristocracy ​had amused themselves by taking dwarfs as their toys to be displayed, with some attempting to breed them akin to the breeding of speciality livestock and pets?

https://vaudeville.libra...f-midgets-1945-edition/

Attempting (poorly...) to "put myself into the other fellow's shoes", as best I'm able to as a 6' 4" geezer, if I had dwarfism I might well be getting rather tired of short people like me having been seen by society throughout the ages - and still - largely as sources of mirth rather than as individuals.

=> If in response to representations made to it some business chooses to make a minor change to the name of one of its products because it thinks that's the sensible thing to do then it doesn't immediately strike me as "WOKEISM GONE MAD!!!" but pretty reasonable. Other views are valid also.

What I cannot accept, and never will, is Marathons becoming Snickers. NEVER!
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Aminatidi on 14/01/2022(UTC), Guest on 14/01/2022(UTC), Guest on 14/01/2022(UTC), Zach F on 15/01/2022(UTC)
Kraftwerk
Posted: 14 January 2022 15:00:29(UTC)
#1062

Joined: 07/02/2021(UTC)
Posts: 115
Bulldog Drummond;203091 wrote:
I remember that when I first went to Malaysia you could buy a popular brand of Colgate toothpaste called Darkie, complete with a picture of a very dark chap in top hat and tails and a very white set of perfect teeth displayed to full advantage in a huge grin. I believe that they have now changed the name and lost the picture.

https://www.liverpoolmuseums.org.../darkie-toothpaste-box-0


Talking of Unilever, this is one product they quite comfortable selling in India till mid-2020:
https://www.bbc.co.uk/news/business-53178088
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bédé
Posted: 14 January 2022 15:10:10(UTC)
#1058

Joined: 26/09/2018(UTC)
Posts: 7,895
Matt Renegade;203085 wrote:
Meanwhile, as a black lgbt person with ADHD working in IB, who’s never sold ice cream in Israel, I’m glad my existence upsets you so much. Jesus Christ, this board is toxic sometimes.

To some the JC reference will be distressing.

"Black" that's clear it's a colour (although some deny that it is a colour). Are you L, G, B or T? or something else? ADHD I understand, though it is a wide spectrum.
And what work does one do in "IB"? (a genuine question). Is it a good environment for you? or diffficult?

Yes, any anonymous social medium can be toxic, but I was taught to handle poisons without ingesting them.
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Bulldog Drummond
Posted: 14 January 2022 15:24:51(UTC)
#1064

Joined: 03/10/2017(UTC)
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But Napoleon loved midgets, a evidenced in The Time Bandits

https://youtu.be/KI5zd9eNSlc
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bédé
Posted: 14 January 2022 15:29:37(UTC)
#1065

Joined: 26/09/2018(UTC)
Posts: 7,895
I once worked on a massive petrochemicals plant. If a valve was adjusted just a little, the verb used was "to midge". An abbreviation of midgy's dick. ie very small amount. I wonder if the phrase is still used; in a thick NE accent or not.

BTW, I thought we were still on the woke thread. I'm glad we've done all the FS business.
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Harland Kearney
Posted: 14 January 2022 16:03:58(UTC)
#1066

Joined: 23/03/2018(UTC)
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Thanks for the great debate to everyone on the board, least those who are keeping on the actual topic.
Well, back to the actual thread I still hold a considerable amount in Fundsmith & don't have any desire of selling. My main concern for 2022 is the actions of the FED more than any fund manager's decisions. I think we are in for some market weakness & are already seeing that reaction to overinflated stocks in the US over the past 2 weeks.

I, however still believe in the Funds direction & the previous shareholder meetings & recent letter still tell me there isn't any management drift, underlying holdings are cushioned against inflation shielding due to high-profit margins. (although doesn't mean the share prices will initially hold up to scrutiny in that all so beautiful 1-3 quarters we keep talking about here). I believed in the fundamentals of the fund for the past 6 years & I haven't seen anything that has changed my mind now. Now my view on the future of equities is more debatable & I don't think anybody knows where we are heading in the next 1-3 years, but I can see in the longer term the answer is likely up, at least one would hope!

If the price of the market continues on its way South, I do have some cash ready & will be happy to top up more, but I think we still have a little further to go. Not trying to time anything, I swear!
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smg8
Posted: 14 January 2022 17:25:29(UTC)
#1046

Joined: 26/04/2020(UTC)
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Nickc;202867 wrote:
Curious that for a 'defensive fund' Fundsmith had the biggest drawdown of all my equity holdings last week!


I think the valuation of the FS investable universe has potential to make it less of a defensive fund than it used to be, a drum I've banged for a little while and part of my reason for selling it.

It has been defensive in past sell offs since it's existence, falling far less than the market and/or bouncing back far quicker. But when the market is having a hissy fit about interest rates specifically it's the higher PE ratio stocks that fall further than the market and "quality growth" is expensive.

The difficulty with active funds is we have to question ourselves - is what we are seeing here and now the start of a long term trend, or is it just a blip?

It's quite conceivable that in 5 years time the top performers over the past 5 years are Schroder Global Recovery and Ninety One Global Special Situations whilst the funds everyone points fingers at to say "who the hell would buy that" are the likes of forum favourites (SMT, Fundsmith, TRP Global Focus etc).

The flip side is that this is what happened in Q1 2021, and come the end of 21 normal service was resumed, growth and quality funds were up 20% and value funds were back to being a figure of fun.

Just treated myself to a read of TS's annual letter and he doesn't half have a way with words. Great read....
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4 users thanked smg8 for this post.
Sheerman on 14/01/2022(UTC), Harland Kearney on 14/01/2022(UTC), kim shillinglaw on 14/01/2022(UTC), Jesse M on 15/01/2022(UTC)
Jesse M
Posted: 15 January 2022 09:52:53(UTC)
#1067

Joined: 30/12/2020(UTC)
Posts: 1,471
Just to be fair to Fundsmith, I hold Royal London Sustainable World and Heriot Global and both are about the same amount down ytd as Fundsmith (7-8%), about half of SMT. SSON is not far off SMT.
I don't think there is any hiding place if you have a fund with US exposure in a small number of stocks.

My fund that has held up the best (excl. CGAR) is Vanguard US Equity Index (total market) tracker at -3.7% which was also last years stand out performer.
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4 users thanked Jesse M for this post.
Sheerman on 15/01/2022(UTC), smg8 on 15/01/2022(UTC), Robin on 15/01/2022(UTC), Phil 2 on 22/01/2022(UTC)
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