What are you even talking about? You went off on some complete tangent from what the discussion was. I disagreed with just the sentence I quoted. Please don't put words in people's mouths.
You cannot say that he is not investing because of the PPS when he invests in things that don't even have a PPS. Have you even looked at the Patient Capital Trust prospectus before trying to give reasons he did or did not invest? Here are the limitations so you can have some type of information before talking about the subject:
The Company will be subject to the following investment restrictions:
l investment in unquoted companies will be limited to 60 per cent. of Net Asset Value at the time of investment; l investment in non-UK Companies will be limited to 30 per cent. of Net Asset Value at the time of investment; l once fully invested, the Company’s portfolio shall be invested in a minimum of 40 holdings; l the Company shall not invest more than 10 per cent. of its Net Asset Value at the time of investment in an investee company, save that the Portfolio Manager may make further investments into an investee company subject to an aggregate investment limit in any investee company of 15 per cent. of Net Asset Value at the time of investment; l the Company may invest in other investment funds, including listed closed-ended investment funds, to gain investment exposure but such investment will be unleveraged and (other than in relation to investment in money market funds for the purposes of cash management) limited, in aggregate, to 10 per cent. of Net Asset Value at the time of investment; and l in relation to cash management, the Company shall not have exposure of more than 10 per cent. of Net Asset Value, at the time of investment, to any one issuer.
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