Really?! AIB shares were E23 in 2008 and were 34c in 2010 and are now E1. If they were "heavily" vested in bank shares that dropped 98% of their value at one point, recovering 40% of the overall portfolio is probably good going and a testament to the non-bank stocks they had.they were heavily in Irish and UK bank shares...................I don't see how it would recover.
They haven't drawn down any money at any stage from the investment?the portfolio as a whole wouldn't have recovered by now.
Depending on the proportion of bank shares, it would not have recovered.
A lot of people thought that holding AIB, BoI, permanent tsb and Anglo was diversification.
Brendan
The reason you hire a professional fund manager is to make impartial decisions for you with a level of knowledge and expertise that you don't have.
so you have to think whether this guy has gone rogue.
In other words he probably had a nice south Dublin accent, looked the part and was in the couple's social set, I'd say that's the demographic they come from since they had 7million to invest in the first place. But on the other hand the couple are not bitching and blaming others for their financial mis step they are taking responsibility for it themselves and have basically moved on. I just hope this guy hasn't bailed out of banks after all that to invest in technology stocks at this stage.Those are the skills a successful investment manager needs. Knowing too much about markets is a little vulgar, (though of course no-one actually knows much about the future of markets).
In other words he probably had a nice south Dublin accent, looked the part and was in the couple's social set, I'd say that's the demographic they come from since they had 7million to invest in the first place.
I'm guessing being retired with the remaining 3 million helps soften the blow......
Really?! AIB shares were E23 in 2008 and were 34c in 2010 and are now E1. If they were "heavily" vested in bank shares that dropped 98% of their value at one point, recovering 40% of the overall portfolio is probably good going and a testament to the non-bank stocks they had.
I'm trying to make sense of this but can't understand it - surely the investment house failed to diversify adequately to protect them against such a huge loss and surely the portfolio as a whole should have recovered by now? What am I missing here? I'm a nervous investor at the best of times and stories like this give me the heebyjeebies!
Yes I'm sure he did look the part (in fairness, you wouldn't expect a senior wealth manager to turn up in a tracksuit and hoodie) but was also in a very senior position in one of the big, long-established Irish firms, and had a lot of experience, that alone would have inspired confidence.he probably had a nice south Dublin accent, looked the part and was in the couple's social set
I'd say they're taking a bit too much responsibility for it themselves!they are taking responsibility for it themselves
Yes but it's their money so ultimately it's their responsibility even if the investment manager invested it badly, they could have withdrawn it and invested elsewhere in the last decade. When you invest you are always warned that your investments can fall as well as rise, they are still down 3 million but they have 4 million they were not wiped out . Lots of people were completely wiped out in the financial crash, in any case the iseq is still down 40percent from its 2007 high , even the ftse is still oscillating around the year 2000 levels.I'd say they're taking a bit too much responsibility for it themselves!
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