Resignation

Discussion of the proposed Cashback Investment Club

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Derbiean
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Resignation

Post by Derbiean » Sun Nov 25, 2018 10:49 am

I've been unhappy for some time about how the club operates and frankly, I don't see this improving and it is my belief money will continue to be lost through indecision. So please action my resignation asap and good luck for the future.

parchedpeas
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Re: Resignation

Post by parchedpeas » Sun Nov 25, 2018 10:58 am

Very sad if you do leave. I agree we need a discussion on reform and a more transparent plan for investment, maybe on a more regular basis. Richard identified a plan and I think it is worth revisiting the idea because there is an element of stagnation within the club at the moment.

Will you consider holding on till the New Year if we can get enough of a debate going? The imutual AGM is just around the corner and it's a great time to bring things like this up.

Whatever you decide, thanks for being a member and best of luck with whatever happens next.
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Re: Resignation

Post by kevinchess1 » Sun Nov 25, 2018 11:02 am

As y former member I understand your frustration
It’s one of the reasons I left
We all like to see change But I can’t see it happening anytime soon
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AAAlphaThunder
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Re: Resignation

Post by AAAlphaThunder » Wed Nov 28, 2018 9:54 pm

I, personally thank you for your membership over the years and respect your choice.

I wish you every success in the future.

(PS. I would have bought ALL of your units in cash today, before midnight except we voted that units can't be bought. Sorry about that but you'll still get your money just not before midnight tonight.)
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garindan
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Re: Resignation

Post by garindan » Thu Nov 29, 2018 12:31 pm

Just in case you are wondering - I did respond to this post but on the "old" site and since the post has gone. I'm awaiting Rich's response for me asking if it is retrievable first, as I didn't want to have to write it again....!
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garindan
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Re: Resignation

Post by garindan » Fri Nov 30, 2018 2:10 pm

Thanks to Rich I have managed to retrieve my original post from the old server! :thumbup:

===

Sorry to hear you wish to leave.

I think the majority of indecision as you call it is more down to the differing views within members of the Club, which can then make approaching any vote awkward. In our history we have:

- started as a low risk investment club
- did reasonably OK for a few years and was about 15% up
- got burnt by Carillion, which wiped out all gains and more
- caused a stir and change of heart by many
- calls for parameters to prevent such a loss again
- want to go for some riskier shares
- set parameters for them
- Medica did well and then dropped back and was sold at a loss
- calls not to have parameters any longer as we sold a share that had lost what we had agreed as being too much to accept (remember Carillion?)
- Cineworld did well and has now fallen back and is in danger of being sold due to parameters set
- calls to change parameters that were agreed only a few months previous to sell rather than track

As the chairman of the club I did try and drive the club and move it in a way we could get investments made and sold when the returns were evident. However, after criticism by some members of the club being led too much by officers I decided I would step back and let others put their options forward. It is reasonable to say there weren't many put forward - pretty much only from Rich, which was then voted against by members. I then fashioned a compromise which was accepted by members. There is only so much I can do as chairman without being accused of being too leading and then when there isn't much leading going on members want more leading and action. You see the problem?

We can't keep having fleeting changes of mind and angst that we are following what was voted for. If we had opted for selling a share for an agreed profit rather than tracking then we might have sold something. BUT we might also have incurred a big loss if Medica had fallen further, for instance, without some limit in place. Now we have Medica again but have no limits on it, risking loss, and no tracker and sell point set as we are "letting it ride", so no idea when we want to sell. Additionally, if Cineworld breaches the tracker we agreed and is sold for what might be a small loss no doubt there will be displeasure once again as things didn't go our way in the end.

We do not have a crystal ball. It is a catch 22 and much a poisoned chalice for me no matter what happens and all I get is the fallout from things. However, we are all big boys and girls, and as such if anyone knows the way forward - please propose it - help deliver the change and lets discuss. Like some of the Tory Brexiteers said - it is better to be in the Cabinet and working for change than to resign. Let's just remember - it is not about me, Rich or anyone else running the club - it is OUR club and everyone should be happy enough to contribute, throw out ideas, take criticism and develop things so we can prosper. If we take offense to remarks or don't pipe up in discussions we will continue to struggle in forging forward. As it is, without much suggestion for actual approaches we can take I will have to go back on my word and start taking the lead again. Not until after Christmas though, as I have no time :crazy:

That's my view anyway. Please, please, please don't take any offense to what I have written as none is intended - I'm just saying how I see it.
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pabenny
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Re: Resignation

Post by pabenny » Fri Nov 30, 2018 2:26 pm

In view of your resignation, you might want to change your signature.

William Joseph1
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Re: Resignation

Post by William Joseph1 » Fri Nov 30, 2018 2:29 pm

Derbiean does not have a signature that I can see?
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pabenny
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Re: Resignation

Post by pabenny » Fri Nov 30, 2018 2:58 pm

You're right. I was reading Garindan's post as being from Derbian.
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cccashbacklover
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Re: Resignation

Post by cccashbacklover » Fri Nov 30, 2018 3:31 pm

pabenny wrote:
Fri Nov 30, 2018 2:58 pm
You're right. I was reading Garindan's post as being from Derbian.
When I saw (without reading) Garindans post I imagined was a resignation post :lol:

Brutal reality is Cashback Investment Club was not so much about attracting new members, it was everything about trying to re-create R-Points forum here and making those who spent a lot of their time their feel at home/comfortable here. :)
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