TransTasman risks, page-52

Just came across this gem from the man who has IPH in his sights and won't let go. Your comments are ignorant and hard to hear from someone who has worked in the investment industry for 20 years.

If the leading company in any sector in the market, whether it be building materials, media, healthcare, intellectual property, is under pressure then the whole sector will struggle. They move together. Their Pe multiples might be different but they always move together even when they shouldn't.

IPH had a massive stock overhang which placed it under significant sell pressure. There was no buying because people deferred their purchases or just walked away completely. Even after the event of the placement so much demand has been filled the post placement market was always going to be weak.

In addition, XIP has done a substantial acquisition which more than doubles its size. It had to raise capital and like any acquisition this was done at a discount to market to get the deal done. Many observers thought the discount was too big in this case. That explains the more material component of the fall in the latter part of the year which had already moved down a fair bit in concert with IPH.

There has also been a mass rush out of small-mid caps in the latter part of the year which has continued into January. The perception is larger caps plus cyclicals will do better in the new Trump world. The feeling also has been smaller stocks have had their time in the sun after a strong couple of years. There has been no shortage of big corrections in this end of the market particularly the higher Pe stocks. IPH has probably done relatively well but has still fallen. It needs to meet expectations this half.

The thing that worries me about your posts is (a) you are obviously biased (b) you rely on hearsay which even I know can't be relied upon as evidence (c) you consistently overestimate the progress of the technology which is going to ruin the industry when you have no idea how progressed it is (d) then you have it both ways - somehow even when the industry is doomed miraculously the small players will still thrive and wipe out what is left of their listed counterparts even though the latter has an obvious advantage and that's the whole reason for them adopting this consolidation and expansion strategy.

Do yourself a favour. At the upcoming results ask (if possible) as many of the 3 about your concerns. I would really love to hear their answer. Maybe that will put an end to all of this posting.