We will be making two changes to the portfolios next week(2 new stocks)-not sure of exact timing. Treat this as aheads up of an impending rebalance across Lifestyle/Tech

Earlier week at the Open AI summit, OpenAI's CEO Sam Altman said their next advancement(Model) released in 2025 will be more disruptive than most people expect. 'The industry will see the first examples of AGI in 2025 and will use different tools to achieve complete it. Alman added that initially the impact on humanity will be minimal but in time will become intense. 'In 2025 we will have systems that people will say 'wow, this changes what I expected'. Altman added that in time AGI will bring significant human job displacement. It will be transformative to economies.

Nice pop for vertex today Vertex’s appearance at the Citi Healthcare Conference hit the right notes for investors, and the market reaction reflects it. The company reiterated the strength of its core cystic-fibrosis portfolio, which continues to deliver dependable, expanding revenue and remains the backbone of its multi-billion-dollar quarterly performance. Management reinforced that recent growth trends are holding up well, with momentum expected to persist. A major positive was the emphasis on financial capacity. Vertex sits on roughly USD 12 billion in cash and marketable securities, giving it the freedom to progress late-stage programmes without taking on debt or issuing shares. That level of balance-sheet strength is uncommon in biotech and signals stability as well as optionality for future deals or accelerated development plans. Pipeline updates also contributed to the upbeat tone. Programmes in kidney disease, gene editing and other high-value therapeutic areas were highlighted as near- and medium-term opportunities with significant commercial potential. Analysts have already argued that Vertex may be priced below its long-term fair value, and today’s messaging essentially validated that view by showing that both innovation and execution remain firmly on track. Overall, the presentation delivered a clear story: robust revenue today, meaningful breakthroughs underway and the financial muscle to drive both without compromise.

Thanks for the super quick response Adam

Thank you Nik and Adam for the clarifications on this subject which hopefully will be helpful to others as well. I have funds in GIA which, between my OH and myself, we may not spend all in our lifetime so would look to leave this to our son in the future. It's a fine balancing act between whether to annually make withdrawals to fund the £20,000 ISA allowance or just withdraw up to the piddly £3000 annual gains allowance (e.g. £15,000 withdrawal if gains are 25% - £12,000 capital + £3000 gain). This saves the hassle of doing a tax return since my pension is PAYE so HMRC adjusts my allowance for interest income annually. Who knows, the govt may change this in future but it would seem harsh to pay gains tax followed by IHT.

Here is the compute comparison. One rack = the entire DC. The DC cost 3b usd to build and 150m annually to operate excluding the land/lease The single rack costs 30m and 12m to operate annually. Could live in a broom closet [image: 1742381904418-screen-shot-2025-03-19-at-10.52.08.png]

FYI: PNL changes for yesterday: Equity +2% Tech +0.18% Lifestyle +0.67%

No fees other than the 0.35% annual management fee, applied monthly

FWIW, it seems to me that in the world of investing then taking our hands off the wheel is often the route to the best results. On that basis then a slight hiatus is perhaps no bad thing, presuming that we all remain invested in the things that we thought worthwhile in the first place.

Thanks again Adam - email sent.

@Nik-Burrows Thanks Nik. Son 2 needs one soon so will look and see what exists

Sorry I meant 20% not 25%

@Adam-Kay Thanks, the immediate problem (in my mind) has been resolved. It's now a different problem, which I trust that Nik is resolving off line. Thanks for lowering my blood pressure with the reassurances about the legitimacy of the e-mail. That was my main concern. G

Yeah I'm currently not paying anything into my ISA each year, but that's sat at around £110k, with my pension pots amounting to around £225k. Wanted to get a chunk more into my pension until that is on track to grow comfortably with just my workplace contributions, then look to focus a bit more on the ISA to bridge any potential gap and leave some flexibility if I decide to change careers as I begin to wind down.

Adam, Nik You both have urgent emails on this

@n5tew Good morning, to answer your questions, yes there are a handful of lenders that still offer offset mortgages, though they’re relatively niche now. With these, you only pay interest on your mortgage minus what’s in a linked savings account, which can significantly reduce your interest costs if you hold a large savings balance. There are indeed fixed rate products although they will tend to be notably higher than your conventional fixed rate products. If you would like to discuss this in further detail, please let me know, my email is michael.searle@cobens.co.uk, or we can arrange a meeting to dive into specifics.

@pete_esp Hi Pete Drop me a message and we can set a call up. Let me know when you're in the Valley and we can get a couple of laps in. Cheers Nik

@Ducati996R Hi Clive drop me a message nik.burrows@cobensdirect.co.uk Cheers

Which is what I said over on PH. Discussed with Nik and it was something outside of IM control. Processes of the Custodians I think, maybe it can be fixed now

@dingg said in Micron report and general tech news: Thanks Adam Wondered why klac was looking a bit perky on the premarket. As are some others, could be a bit of a good day if it carries through to the close Ah well, another kick in the balls, smci potential dodgy dealings pulling the rug on semis, this time next year Rodney