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LGEN

For discussion of the practicalities of setting up and operating income-portfolios which follow the HYP Group Guidelines. READ Guidelines before posting
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monabri
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LGEN

#432078

Postby monabri » August 2nd, 2021, 4:47 pm

Half year results on Wednesday 4th August.

Dod101
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Re: LGEN

#432360

Postby Dod101 » August 3rd, 2021, 11:31 pm

Hi monabri. Sorry you have had no response to your helpful post. Not long to go now. I have (for me) a big position in L & G. They have never let me down.

Dod

idpickering
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Re: LGEN

#432372

Postby idpickering » August 4th, 2021, 6:29 am

Dod101 wrote:Hi monabri. Sorry you have had no response to your helpful post. Not long to go now. I have (for me) a big position in L & G. They have never let me down.

Dod


As I stated in my recent HYP update here, viewtopic.php?f=15&t=30244 LGEN are my largest holding in capital value terms. I topped up my holdings just after COVID19 raised its' head last year. I consider them a mainstay in my HYP, providing what imho is a solid base to my HYP. Nothing's a certainty though, and my faith in the company might yet turn out to be folly on my part. Who knows?

Ian.

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Re: LGEN

#432432

Postby tjh290633 » August 4th, 2021, 10:08 am

The date of the announcement seemed to have been missed by the press earlier in the week.

Thanks to Monabri for pointing out the date.

TJH

monabri
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Re: LGEN

#436536

Postby monabri » August 21st, 2021, 7:10 pm

https://www.telegraph.co.uk/business/20 ... ew-savers/

Probably behind a paywall but at least one is aware of the moves.

"Legal & General, the UK’s biggest pensions manager, is plotting an expansion into China as the Communist regime attempts to lure Western money managers to help modernise its financial system. Chief executive Nigel Wilson said the FTSE 100 firm is exploring opportunities in China due to the country’s “compelling demographics”, adding that a pension management partnership is the most likely route for L&G to enter the Chinese market."

"BlackRock, Goldman Sachs, Schroders and Amundi have all announced plans to expand their wealth businesses into the communist state in the last year. In each case, they have launched joint ventures with Chinese banks. Mr Wilson suggested L&G could employ a similar strategy."


Quite a long article in the Telegraph.

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Re: LGEN

#436547

Postby scrumpyjack » August 21st, 2021, 8:49 pm

ReallyVeryFoolish wrote:Hmmmm. China. Just because every one else is doing it, is not a good enough reason to do so yourself. I thought L&G were a smarter than average company. I think the venture in China will not be their finest hour.

RVF


Quite agree. China wants know how from the West and once they've got it, it will be thanks and goodbye LGEN (well probably no thanks!). The start up losses will belong to Lgen and the continuing business to the Chinese.

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Re: LGEN

#436549

Postby moorfield » August 21st, 2021, 9:09 pm

ReallyVeryFoolish wrote:Hmmmm. China. Just because every one else is doing it, is not a good enough reason to do so yourself. I thought L&G were a smarter than average company. I think the venture in China will not be their finest hour.

RVF


Provided they keep churning out the divis, which is what we are all here for, I'm not going to lose too much sleep over it. I'm sure Dod will be along soon enough to give us a perspective on the "cultural" aspect of this initiative from LGEN (a drum which he beats frequently iirc).

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Re: LGEN

#436554

Postby Dod101 » August 21st, 2021, 9:59 pm

If Legal & General get it wrong they will be in good company. But the demographics are compelling which is why the aforementioned managers are planning to be in China and for that matter Baillie Gifford, where anyone holding Scottish Mortgage has done very well from China. This may be a relatively short term opportunity and I do not know how much will be involved in terms of investment but I certainly will not be fretting over their plans. Culture? I am not sure it is relevant one way or the other in this case.

I am not as sceptical as some about this, especially if it is a joint venture with the Chinese banks.

Dod

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Re: LGEN

#436779

Postby Arborbridge » August 23rd, 2021, 8:12 am

Dod101 wrote:If Legal & General get it wrong they will be in good company. But the demographics are compelling which is why the aforementioned managers are planning to be in China and for that matter Baillie Gifford, where anyone holding Scottish Mortgage has done very well from China. This may be a relatively short term opportunity and I do not know how much will be involved in terms of investment but I certainly will not be fretting over their plans. Culture? I am not sure it is relevant one way or the other in this case.

I am not as sceptical as some about this, especially if it is a joint venture with the Chinese banks.

Dod


Culture can't suddenly stop being relevant and in this case there are two cultures: the company one and the Chineses government one. Probably what you mean is that the effect of a failure would not be catastrophic for LGEN, but that would only be true in the company culture remains prudent. ergo company culture will still be crucual.

Another company which has a good culture (maybe still does, since we are told that factor is hard to change) is HSBC. I noticed with interest that according to my broker my longer term holding is now 38% underwater - almost as much as Lloyds at 45%. Maybe culture isn't so important after all: sometimes it's just the slings and arrows of misfortune.


Arb.

Dod101
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Re: LGEN

#436788

Postby Dod101 » August 23rd, 2021, 9:10 am

I I have no doubt that culture remains as relevant as it ever was but what I mean is that it is an internal matter in the sense that the best culture in the world cannot change the external business environment. It is the way a company sees and deals with the world internally and externally but if it is in a hostile environment the best culture in the world is not going to make its business any better.

So I think culture is almost irrelevant to any L & G adventures into China. They are likely to be damned whether they get it right or not. On the one hand, consorting with such a regime is far too risky and on the other, if others do well and they do not even try they will be accused of missing the boat.

Dod


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