Cettire has been progressively revealed to have one or two accounting irregularities, to say the least. It’s shares have dropped around 90% over the time Phil King at Regal Funds management has been a substantial holder.  Currently Regal holds around 14% of Cettire.  For Regal this resembles a likely permanent loss of around $200m.

In March of this year Opthea (ASX:OPT) revealed the drug they were developing for macular degeneration failed at Phase 3.    Regal bet heavily OPT and ended up losing around $220m.   

1992 was a notable year of self-inflicted calamity for the British Royal Family.  Prince Charles and Diana separated, Prince Andrew separated from Sarah Ferguson and daughter Anne divorced. And Windsor Castle was ripped by fire. Plus, that year all the usual royal family scuttlebutt was particularly amped up in the media.

Come the end of the year the Queen was feeling at the end of her rope, and in her New Years message referred to 1992 as her “Annus Horribilis”.  Latin for “a year of misfortune”.  For Phil the 2025 financial year must be just anus.