On the face of it, another Glencore director has done the decent thing: following the example this week of fellow directors Tony Hayward and John Mack, Glencore non-exec William Macaulay has picked up a parcel of distressed Glencore stock.
And it looks substantial — 1.7m shares, purchased on Thursday at 90.91p — until you look at what Macaulay trousered barely three months ago… Read more
Back in July, Eros International, the Bollywood specialist that came across our radar just a week ago, issued the following muddling statement to the Bombay Stock Exchange:
Clarifies on News item Read more
Seems worth capturing the action in Glencore stock on Friday afternoon…
So, late last week word went round the equity short-seller community that Kerrisdale Capital, a New York-based hedge fund, was planning an attack on Allied Minds, the London-listed US-focused research IP group that has featured extensively in FTAV’s Markets Live discussions.
Publication of a critical report from Kerrisdale was slated for Tuesday. What did they have? Dodgy accounting? Boardroom misbehaviour? Outright fraud?
Well, now we’ve got the report. Spoiler alert: it’s crap. Read more
Just watching this with a sort of grim fascination…
Glencore stock was struggling (and failing) to hold above 108p at pixel, down 9.5 per cent. Read more
You might have heard the speculation. You might have seen it discussed in Markets Live, passim. (We were sceptical.) But SABMiller is now very much in play….
The Board of SABMiller notes the recent press speculation and confirms that Anheuser-Busch InBev SA/NV (“ABInBev”) has informed SABMiller that it intends to make a proposal to acquire SABMiller. No proposal has yet been received and the Board of SABMiller has no further details about the terms of any such proposal.
The SEC, the DoJ and the FBI are going hard after those who allegedly thought it was fun (and profitable) to manipulate the stock of Chinese entities reversing into US listed shell companies.
Benjamin Wey, chief executive of an entity called New York Global Group, was arrested in Manhattan on Thursday. Various family members and business associates are also in the frame, while Wey’s Switzerland-based banker/broker, Seref Dogan Erbek, apparently “remains at large” (which probably just means he’s in Geneva). Read more
This, apparently, is a favoured way to short Japanese equities, and trading in said ETF, the Nikkei Double Inverse, has been particularly brisk of late. Meaning a lot of speculative money was caught on the hop on Wednesday…
Oldham, Lancs, in the case of this correspondent. Read more
One of the many lessons from equity investing during Japan’s Lost Decade is that in a secular bear market hope is a killer. In a secular bear market hope should only be flirted with briefly during cyclical upturns, but it must be ruthlessly rejected as the cycle turns. In a secular bear market being wedded to hope destroys portfolios as the bear slashes to ribbons the hard-fought gains of the previous bull market. Gains that have taken years to accumulate are gone in months. One key measure we monitor informs us conclusively: we are now in a bear market.
The ‘key measure’ SocGen strategist Albert Edwards is referring to here is one of six models developed by his quant-ist colleague, Andrew Lapthorne. And, in chart form, it looks like this: Read more
No hints in advance. We’re still doing the checking calls.
But we are pretty sure we will have details of a rather sizeable US takeover during FT Alphaville’s regular Markets Live session on Thursday. Read more
Corr! It’s almost like Teun Draaisma, FTAV’s favourite quant during the proper crisis, was suddenly back in action.
Clock this from Morgan Stanley’s Graham Secker and Matthew Garman: Read more
A calming checklist from Citi’s Robert Buckland. Click to enlarge…
Footsie smacked; currencies are going loopy…
Click here. Read more
That’s the Danish financial regulator, of course, which has belatedly closed what had become a European scam-central for listed small-caps.
We should know better than to write about a company that currently ranks as the No1 topic of investor bulletin board discussion in the UK, but here goes…
First let’s start with a scatter chart, courtesy of Charles Robertson at Renaissance Capital. Click to enlarge…
Fascinating discussion here from the Bank of England’s Andy Haldane on the stresses and strains facing shareholder-controlled corporate entities pretty much everywhere.
A quick taste:
These criticisms have deep micro-economic roots and thick macro-economic branches. Some incremental change is occurring to trim these branches. But it may be time for a more fundamental re-rooting of company law if we are to tackle these problems at source. The stakes – for companies, the economy and wider society – could scarcely be higher.
So yes, we’re glutton for inter-planetary punishment. But step back and down for a moment from that dwarf sphere at the edge of our solar system that may or may not be pink, to a (relatively) pint-sized example of how those interested in the heavens seem to swallow any old crap.
Consider Comet 67P.
And consult the BBC… Read more
One day, someone might pen a musical farce, destined for a premier West End stage, featuring a geriatric lovie whose listed theatre production company is hijacked by mad Chinese investors intent on turning his corporate baby into some sort of escape hatch for businessmen fleeing the Peoples’ Republic.
In the meantime, Gate Ventures seems to have decided to go ahead and try this for real. Read more
In one chart. Click to enlarge.
Not all US tech IPOs head directly to the moon…
You can Google it yourself — “NASA Pluto – images” — or click below…
Not one of those Plutos is real. Every single image has been doctored. Here are the most recent real picture of Pluto from the New Horizons probe, which arrived at NASA HQ in black and white… Read more
It happened (allegedly) below the clock, atop the information booth at New York’s Grand Central Station…
Well, you won’t need your wellies. Here’s the forecast for Wednesday…
Despite having been shuttered, brutally, a month ago by the SEC, a Silicon Valley start-up that tried to offer trading in derivatives linked to private SV companies like Uber and Snapchat is suddenly back in business. But there’s a catch.
Sand Hill Exchange had wanted to be the new Wall Street; instead it will now settle for being the new fantasy Las Vegas. Read more