Who is happy around here?

Blimey, where to begin, hor?

your figures and your claims do not add up.

1. Firstly, to claim you are achieving 12% and higher returns with lower risk is completely baloney, as it would suggest you have found the investment equivalent of the holy grail or perpetual motion machine. I assume you are familiar with basic concepts such as risk/return trade off? To suggest you can achieve orders of magnitude returns higher than risk free rates and somehow reduce your risk is simply delusional.

2. You claim your fc net returns are 9.3% aer, yet just over a week ago you said "...total default which is 31.45% of my total earnings. "
...
Hmmm.... that would imply a return before bad debt of either 12.5% (if you're expressing your defaults as a percentage of your net earnings) or 14% if expressed as a percentage of gross. Which further implies you were simply concentrating on D and E loans (since until recently only D and E loans would achieve such returns)

3. But even then, that suggests your bad debt rate is about 3-4% of capital invested... so despite your "careful" due diligence you achieved the same level of bad debts as just randomly diversifying across FC's portfolio... why did you bother with all that effort?

4. But despite all that, you claim to be highly disappointed with a net return of 9.3% ..... even though FC clearly state that average net returns will be around 7%. And even where FC clearly show the spread of returns between their 5th percentile and 95th percentile ((about 6% and 8% respectively).  Did you not understand the returns on offer at fc when you started?

in short, you appear to be making up these claims 

True, Mr T, but those could only really be taken if you were lucky enough to grab them early enough and the borrower closed the auction early. When I look back at those times, there was no real opportunity to do ones own due diligence ... I simply blatted a spread of bids at 15,14,13 and 12%, and "some" would strike lucky. I could then sell on as necessary...
To achieve an overall rate that exceeded the average so comfortably would have involved a degree of flipping, which I personally have no problem with, but I could swear Mr Hor was somewhat against (like so many other things)

The old times! I remember when FC would launch a tasty A+ loan for £250k, the biggest the system could swallow, perhaps for 14 days of bidding. Immediately Autobid would be in for it's suckers clients at 4% and upwards, and the big flippers would start at 15% in £20 bites, hoping the borrower would take the loan as soon as it was filled. Then, when it was filled and not taken - fairly soon - the big flippers would start slowly circling one another gradually reducing the top rate in 0.1% steps as it crept down very slowly at first. While the smaller fish placed opportunistic bids, maybe daily, at 1 or 2% less than the top rate and came back a day later to see if they had been knocked out.

As the top rate came down after a week or so to 12-14%, if not taken by the borrower at the average rate improved by Autobid mugs customers, then flippers would reduce in number and size. There would be an sort of calm before that last day, when the smaller fish would put in their last bids, guessing the final rate, and go off to work. In the last hours the pace would increase as the serious players, and those retired, would take their places for the final frenzy. The last 15 mins or so would be ferocious with vast sums moving the rate down in 0.1% steps until, first, the beta trial of auto update would fail as the number of bids in processing could not be handled and communicated. Resulting in guessing the final rate and bidding blind. Then, a few minutes from the end, the system became incapable of handling new bids. Nothing could be done until the end came and the system took a few minutes to process the accepted pile of bids and calculate the final rates and allocations. Then you could see in my bids how much you had received at what rate, and then back to the auction page to see how that related to the top rate and the generality of bids. Top rate was euphoria, 0.1% down was happy, 0,2% down was unhappy, and anything lower was a complaint to FC about their useless system. Maybe you had your A+ at 10-12% compared with an average rate of 8-9%.

Those were the days, when you fought in the FC bidding wars. Life so boring afterwards. 

Yes, that was the last nail in the coffin. I am thinking about the time before the fist nail, before June 2013. Minimum bids were introduced without notice, previously 4% on A+,A,B,C. To 6, - 10.5%, rates which were above the going average rates at that time, due to oversupply of cash. For two weeks any new loan went in a flash (I plead guilty) and furious flippers were left with unsaleable stock. After a survey, FC reversed the changes and slowly increased the minimum bids. Real excitement we had in those days. see:

forum.fundingcircle.com/discussion/424/introducing-new-minimum-bid-rates-for-new-loans/p1

There is no independent FC forum for that time because in November 2013 FC purchased it and closed it down, under threat of legal action against the owner.

Quite right hor, there were always ways for the smart lender to make some extra return from FC as it grew, and so 12%+ net a couple of years ago is credible - I did the same and really hiked up the return through cash back on property. The basic rule was always to keep your net earnings above gross interest. FC has grown up now - a £1bn loan book and nearly £2bn lent - and they will be concentrating on their cost structure rather a new significant number. No scope for opportunists in future - the past is just that.

Hor, when I see your posts end with an ellipsis I imagine you are interrupted by a call from Donald Trump's press secretary, increasing the pay for the job offer. I did try to lighten the thread, but not very successfully. The law of diminishing returns is setting in here.

Am I the only one to notice that Mr Hor1997 is so careful to maintain good rates that even his ellipsis is at a 25% premium?

Bugger! 33% it is! Serve me right for trying to be a instant smartarse!