Tuesday, October 25, 2005
Sold out... Again!
A few years ago, my ability to predict Stock Market risers was pretty good, with a bit of research, a few punts worked out pretty well. Of late, my talent has deserted me, I backed Railtrack, Friends Provident & Marconi.
Friend Provident haven't been swallowed up by a larger insurer as I predicted, and are still way below the £2.10+ price I got when floated.
Railtrack have in my humble opinion been "fucked up the arse" so to speak by Trade & Industry Secretary Stephen Byers. Leaving shareholders with the sum total of 18% of their original investment!
And today we hear that Marconi are selling off their prized asset - their telco business - to Ericsson! A couple of years ago Marconi had £3bn of assets, after a corporate shopping spree, the banks forced them to restructure their now debts of £5bn(!) in a share swap where the banks held all of the asset stock, the general shareholders being left with minority shares worth less than the paper they were printed on.
Let's hope the remaining interests I have in the likes of Vodafone don't go the same way.