Your questions answered Vol 2 - IM Private Clients

[Simpo Two]

supersport said:

I think more importantly from and investment perspective it seems more like a lottery ticket than and investment. I suspect you’d actually be better off with a lottery ticket.

Yep, you'd only lose £1...!

[soprano]

Morning IM

Any guide as to when the 2023/24 tax certificates will be available on the dashboard? I recall they were quite late last year. Not a problem in itself, but there will be people looking to file tax returns early which may impact (a) applying for a mortgage - the position I was in last year or (b) altering a payment on account to HMRC.

Thanks

[PM3]

soprano said:

Morning IM

Any guide as to when the 2023/24 tax certificates will be available on the dashboard? I recall they were quite late last year. Not a problem in itself, but there will be people looking to file tax returns early which may impact (a) applying for a mortgage - the position I was in last year or (b) altering a payment on account to HMRC.

Thanks

Bottom of the GIA page( as usual ) . This year available from 6th April ( least , that's when I downloaded mine )

[soprano]

PM3 said:

Bottom of the GIA page( as usual ) . This year available from 6th April ( least , that's when I downloaded mine )

Perfect - thanks for the heads up. I had tried but was working through a remote desktop which I think blocked the download. Tried outside and worked fine.

Keep up the good work IM!

Cheers

[AdamIM]

Vertex Pharmaceuticals (VRTX) reported fantastic earnings again and acquired Alpine Immune Sciences for $4.9B all cash, a strategic move to acquire its late stage Kidney disease therapy candidates. Vertex are so close to commercialising their non opiate pain relief drugs that they are assembling/hiring global sales teams and gearing up for production. This is a very exciting time for Vertex and the investment in them has paid off handsomely for all investors.

[Simpo Two]

AdamIM said:

Vertex Pharmaceuticals (VRTX)...

Generally speaking does pharmaceuticals come under 'technology' or 'pharmaceuticals? Or does tech always include pharma? We always seem to think of 'tech' as electronic gadgets and software.

[AdamIM]

Simpo Two said:

AdamIM said:

Vertex Pharmaceuticals (VRTX)...

Generally speaking does pharmaceuticals come under 'technology' or 'pharmaceuticals? Or does tech always include pharma? We always seem to think of 'tech' as electronic gadgets and software.

Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious and life-threatening diseases.

Technology is a broad category involving the application of science and scientific principles to develop new 'stuff'.

[AdamIM]

Why we Love Vertex.

88% Gross Margin (persisting). No Debt. Cash Pile. Strong revenue growth. Very strong patents. Very strong pipeline. Hiring the brightest minds. Run by exceptional management.

[Mr Pointy]

soprano said:

PM3 said:

Bottom of the GIA page( as usual ) . This year available from 6th April ( least , that's when I downloaded mine )

Perfect - thanks for the heads up. I had tried but was working through a remote desktop which I think blocked the download. Tried outside and worked fine.

Keep up the good work IM!

Just be aware that these can change so don't be surprised if you download the 2023/24 Tax Certificate in a few months time & the numbers are different.

[alscar]

Mr Pointy said:

Just be aware that these can change so don't be surprised if you download the 2023/24 Tax Certificate in a few months time & the numbers are different.

I’ve never checked them again after downloading as just assumed they were correct.
How do the numbers change ?

[Simpo Two]

AdamIM said:

Simpo Two said:

AdamIM said:

Vertex Pharmaceuticals (VRTX)...

Generally speaking does pharmaceuticals come under 'technology' or 'pharmaceuticals? Or does tech always include pharma? We always seem to think of 'tech' as electronic gadgets and software.

Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious and life-threatening diseases.

Technology is a broad category involving the application of science and scientific principles to develop new 'stuff'.

Thanks, but I wasn't referring to Vertex - by 'pharmaceuticals' I meant the big established companies like Astra Zeneca, GSK, Merck etc.

[Mr Pointy]

alscar said:

Mr Pointy said:

Just be aware that these can change so don't be surprised if you download the 2023/24 Tax Certificate in a few months time & the numbers are different.

I’ve never checked them again after downloading as just assumed they were correct.
How do the numbers change ?

I suspect it's due to the time it takes dividends & the like to be recieved - much like how you can sell up a fund & then have a few ££ turn up months later.

[alscar]

Mr Pointy said:

I suspect it's due to the time it takes dividends & the like to be recieved - much like how you can sell up a fund & then have a few ££ turn up months later.

Indeed - I probably expressed my question poorly though - Issuing tax certificates that are perhaps “ incorrect “ seems unusual - or is that IM are just very efficient ( too quick ) in getting them onto the portal ?

[Mr Pointy]

alscar said:

Mr Pointy said:

I suspect it's due to the time it takes dividends & the like to be recieved - much like how you can sell up a fund & then have a few ££ turn up months later.

Indeed - I probably expressed my question poorly though - Issuing tax certificates that are perhaps “ incorrect “ seems unusual - or is that IM are just very efficient ( too quick ) in getting them onto the portal ?

Possibly - other institutions I've had accounts with don't release certificates for a few months after the end of the tax year. They must have the data to produce the certificate on April 6th if they wanted to so there must be a reason why they hold off.

[alscar]

Mr Pointy said:

Possibly - other institutions I've had accounts with don't release certificates for a few months after the end of the tax year. They must have the data to produce the certificate on April 6th if they wanted to so there must be a reason why they hold off.

I’ve just had statements through from Columbia but iirc they are always pretty quick off the mark and all of those are also for fixed date dividends.
I guess I will just recheck / reprint the IM certificates in a couple of months time when I collate everything for the accountant.
Not sure I want to now recheck the previous few years though in case they are incorrect !

[Mr Pointy]

alscar said:

Mr Pointy said:

Possibly - other institutions I've had accounts with don't release certificates for a few months after the end of the tax year. They must have the data to produce the certificate on April 6th if they wanted to so there must be a reason why they hold off.

I’ve just had statements through from Columbia but iirc they are always pretty quick off the mark and all of those are also for fixed date dividends.
I guess I will just recheck / reprint the IM certificates in a couple of months time when I collate everything for the accountant.
Not sure I want to now recheck the previous few years though in case they are incorrect !

When I spotted it I had downloaded one report in June & one in November & there was a 20% difference.

[AdamIM]

Kingdom,

As a rule we don't comment on specific stocks(not held) because it may give the impression we endorse then. ALB was in fact looked at and we didn't go for it but it was seriously considered. Sky high lithium prices and supposed unlimited EV demand. ALB has a lot of fixed price contracts and small spot prices so their revenue was mostly 30-40% lower than the 80k/T spot price and what they did was run their capacity more spot market when they rolled off of fixed term. It's not hard to understand that to create the lithium may cost, say $20K/T. I don't know exactly but clearly with spot prices at 25k there is no money in it. They've have been better off holding long term contracts. Hindsight and all that!

EV demand is spluttering due to the cost and obvious impediments to wide scale adoption such as charging infrastructure and inability for most to charge at home. I was staggered to read recently that 'gas stations' are charging 60p/kw which makes it as costly as Diesel. Residual prices are very poor due to degradation perceived or reality and the speed of upgrades.

I hope that helps

[Sheepshanks]

AdamIM said:

........
EV demand is spluttering due to the cost and obvious impediments to wide scale adoption such as charging infrastructure and inability for most to charge at home. I was staggered to read recently that 'gas stations' are charging 60p/kw which makes it as costly as Diesel. Residual prices are very poor due to degradation perceived or reality and the speed of upgrades.

You'd be very welcome in the "EVs... no one wants them!" thread.

[Kingdom35]

AdamIM said:

Kingdom,

As a rule we don't comment on specific stocks(not held) because it may give the impression we endorse then. ALB was in fact looked at and we didn't go for it but it was seriously considered. Sky high lithium prices and supposed unlimited EV demand. ALB has a lot of fixed price contracts and small spot prices so their revenue was mostly 30-40% lower than the 80k/T spot price and what they did was run their capacity more spot market when they rolled off of fixed term. It's not hard to understand that to create the lithium may cost, say $20K/T. I don't know exactly but clearly with spot prices at 25k there is no money in it. They've have been better off holding long term contracts. Hindsight and all that!

EV demand is spluttering due to the cost and obvious impediments to wide scale adoption such as charging infrastructure and inability for most to charge at home. I was staggered to read recently that 'gas stations' are charging 60p/kw which makes it as costly as Diesel. Residual prices are very poor due to degradation perceived or reality and the speed of upgrades.

I hope that helps

Thanks Adam. I realised after i probably overstepped the mark a tad with putting ALB out there. But thanks for your insight too. Makes sense, EV sector is intriguing how its moving forward but "spluttering" is a good word.

Have a good day/weekend

Thanks again for all the insights and hard work from you and the other IM bods.

Dan

[Simpo Two]

Kingdom35 said:

EV sector is intriguing how its moving forward but "spluttering" is a good word.

I suppose you could say that EV stocks are either 'going flat' or 'on fire'