@Renmure-Jim said in Remaining ISA allowance bug in the system?: I’ve taken advantage of the flexible ISA a couple of times for significant purchases within a tax year and found the withdrawing and repaying to be pretty simple and intuitive. I'll second this. Most ISA providers don't offer flexible ISA's (my previous ISA provider didn't even know what one was.) This was a major factor in me moving my ISA to IM a few years ago.

It's interesting that Meta is working with Figure AI, a company which Nvidia along with MSFT and Amazons's Bezos invested in last year. Again Nvidia is providing the chips to train the models and the robot-brain, Jetson Thor (JT), the most powerful platform for AI vision and autonomy every created. Pre trained with Isaac-sim(simulation) on a wide number of tasks, the machine is deployment ready-launching mid 2025. It can also support level 4 FSD in cars and trucks and has already been adopted by most car manufacturers. Other companies developing robots are: Boston Dynamics-parent Hyundai Tesla Optimus bot APL Robotics PAL BMW Honda Foxconn Mercedes Jetson will be a significant new opportunity for the company in the years ahead. The common denominator-Nvidia. It doesn't matter who makes the machines, they will win the dominant share of hardware and software solutions to make it work.

Thanks for the replies and sorry I missed your call earlier Adam. I'll give you a bell in the morning. Cheers all, have a good evening.

A solid result from Vertex, meeting expectations and guiding higher for the current year. The main focus being their newly approved pain therapy. Here are some notes taken from the conference call. It's a very big market and this drug will be a 'Blockbuster'-revenue greater than $1B and annually, once it gets known/established. We have a holding cost of $256. The current price is $470, as such the IC is very pleased with the company performance. Vertex has a bright future ahead of itself-improving patients qualify of life and earning shareholders healthy profits along the way. A win-win as they say. JOURNAVX in acute pain as we are currently 10 days post the milestone approval of this first selective, oral, non-opioid pain signal inhibitor. The approval is so critical because JOURNAVX represents the first new class of pain medicine in over 20 years. It combines effective pain relief with a favourable safety profile. And based on its MOA(mechanism of action), it does not have addiction potential. It is indicated for use across all types of moderate-to-severe acute pain. For example, post-surgery, broken bones, sports injuries and has the potential to establish a new standard of care for the 80 million patients, who seek a prescription therapy to treat moderate-to-severe acute pain each year in the U.S. Half of those seeking help for their acute pain or approximately 40 million Americans each year are prescribed opioids, which although effective have significant safety and tolerability concerns and addictive potential. In fact, tragically, an estimated 85,000 people each year will develop opioid use disorder within the first year of being prescribed an opioid for acute pain. We believe we now have the opportunity to transform how acute pain is treated in the U.S. and to build another multi-billion dollar franchise for Vertex. We are launch ready and have now begun commercialisation of JOURNAVX. Our focus for 2025 is to engage with healthcare professionals, decision-makers and payers to establish the conditions for rapid patient access that will deliver long-term commercial success for our pain franchise. To that end, while still just a few days into the launch, we believe that the incredibly broad positive media coverage JOURNAVX has received since approval is one measure of the high unmet need and an indication of the societal importance of providing both physicians and patients with a new non-opioid option for the treatment of acute pain. We've already seen tremendous interest and requests for information from both doctors and patients, and we look forward to being able to serve them. Our 150 person sales force is actively engaging with healthcare providers and physicians on the compelling efficacy and safety data of JOURNAVX and its role in all types of moderate-to-severe acute pain. In the institutional setting, we are engaging with roughly 2,000 high-volume hospitals and approximately 150 related health systems. We have line of sight to accelerate the typical P&T (pharmacy & therapeutics) committee processes in many networks to support the use of JOURNAVX in this setting. We are advancing our discussions with national and regional payers and group purchasing organisations to provide access to JOURNAVX, building on our work pre-approval to accelerate formula reviews and limit inappropriate utilization management controls. And lastly, with retail pharmacies, we are working to secure broad stocking agreements at national retail pharmacies and regional chains to ensure availability of JOURNAVX for patients across the country. We have also now begun our non-personal promotional initiatives to physicians and patients to promote broad awareness of the first, oral, non-opioid pain signal inhibitor for moderate-to-severe acute pain, such as embedded content in relevant websites like Medscape for physicians and WebMD for consumers, along with point-of-care marketing.

Touche, I would expect the main focus to be 'Jensen Huang sporting a Tom Ford lizard skin effect jacket which retails at £8,000 and recently purchased two new G650 jets which retail at £60M each before options'

Over 50% of the value of the company is AWS-maybe 65% AWS generates approx 28.7b and earns 10.5(quarter) Azure generates about 24.5b(less than AWS) but also earns 10.5b Similar money makers similar growth. Msft earns significantly more money overall-circa 50%+ more.

The drug cost > $1B to develop so the price (in the US $3.1M) needs to recover this cost and make a profit. Sickle Cell disease is a terrible illness(genetic) often leading to poor quality of life and shortened life expectancy . Many who suffer from it have regular hospitalisation so you need to factor in the large cost over a number of years vs the upfront cost now coupled with the pain and suffering. The reality is, you've read the headline. They will probably only process a handful of patients a year-there will be a budget. Vertex is not like most drug companies. Their charter is to work in the field of transformative medicines. Medicines that improve healthcare outcomes through discovery and technology. The hard stuff.

Just to add to Adams description and detail, the name is an indicator of your intention for access to the funds. If you intend to take it all, or a big chunk at a given date in the future, you may choose withdrawal, as you intend to withdraw the funds, and so we progress to a defensive position to stabilise the funds ready for withdrawal. If you intend to access the funds in chunks over time or draw an income, then you may chose income. In this case we look to stabilise a proportion of the funds ready for you to draw as income while allowing the rest to continue to seek growth ready to be accessed at a later date

Thanks. I did yesterday. Will wait or try to call. Thanks

Thanks for the super quick response Adam

Thanks Nik. Seen your email and will wait for the other info. Jersey / off shore is a 2026 thing anyway so plenty of time to plan.

@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

Hi, Our MM product is very short duration, something like 30 days or less on average so yes. The choppy US market is due to their economy being too strong for the feds liking, as it relates to labour markets and the effect on inflation. We are not talking raging inflation either, just a bit higher than ideal. Corporate earnings have never been better. Interest rates are not even that high. We aren't going back to Covid rates nor have higher rates had any real impact on company earnings.

Hi-it was 45%

I'll second that - good video. Thanks for the link.

Email sent to Nik

Hi Alan Drop me a message at nik.burrows@cobensdirect.co.uk and we can take a look at your position and run through the considerations and options that are relevant to you. Cheers Nik

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.

We will publish something at the year end, given we are so close now. The file Nik refers to is model performance which will vary from actual portfolio performance because it is calculated month to month based on the model weights whereas in reality the daily real performance uses actual moving weights.. In a rising market it will understate the growth by 1-3%. Performance from the top is Tech, Lifestyle Growth, IM 100, Equity. The same applies to FX, month to month is not the same as daily because again, the compounding effect can either amplify or offset the overall monthly growth rate depending on the direction and magnitude on a daily basis. You also have what is called the 'Base Effect' where daily fx moves are relative to the prior day whilst monthly moves compare longer periods. When I state returns, they are actual portfolio returns. The Fact sheets use a point to point monthly performance. Hope that makes sense . The fact sheets(to November) are here near the bottom of the page https://www.cobensdirect.co.uk/literature-library