Evil Knievil: What a palaver
The trouble with religious adherents is that one never knows when their fanaticism will come to an end. For instance, I decided yesterday to short Tesla (NASAQ:TSLA) at $934, only to see it rise to close at $988. Even the head priest, Elon Musk, thinks the share price is too high. Yet the madness rolls on. TSLA has cost me a lot of money this last few years and seems set to do so again.
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A middle-aged lady known to me has put aside £50,000 in a SIPP with one of the online non-advisory brokers. I most certainly do not wish to give her advice on what she should buy. All that happens is that should things go wrong I will be criticised and if they go right I will not be rewarded. But I want to see that she gets first class advice on, say, two at most investment trusts that can be left alone for years. This is where first class knowledge and expertise is called for and I do not have it.
Further, she does not have an account with any advisory broker who might be able to assist. So this means that a special fee needs to be paid to an individual at an advisory broker and the order given by her through her online non-advisory broker. What a palava.
Be it also noted that I have only here covered the going in and not even touched upon the getting out.
In the Daily Mail on Sat April 11, 2020, Anne Ashworth listed ‘The Most Reliable Players’ which are ‘trusts that have put aside money for rainy days.’ Trusts are allowed to withhold 15% of their dividend income as a reserve. The Trusts recommended are:
Aberdeen Standard Equity Income
City of London Investment Trust
Merchants Trust
Diverse Income
75 % city of London for income and 25% polar capital technology for hope.
That’s my free idea but she should do her own research.
As you say if it goes well, nothing.
If it goes wrong then it was your fault.
Invest the income from city of London into a third fund a global income fund, though what I have no current idea.