General disclaimer
The content contained in this blog represents the opinions of Mr. Hempton. You should assume Mr. Hempton and his affiliates have positions in the securities discussed in this blog, and such beneficial ownership can create a conflict of interest regarding the objectivity of this blog. Statements in the blog are not guarantees of future performance and are subject to certain risks, uncertainties and other factors. Certain information in this blog concerning economic trends and performance is based on or derived from information provided by third-party sources. Mr. Hempton does not guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. Such information may change after it is posted and Mr. Hempton is not obligated to, and may not, update it. The commentary in this blog in no way constitutes a solicitation of business, an offer of a security or a solicitation to purchase a security, or investment advice. In fact, it should not be relied upon in making investment decisions, ever. It is intended solely for the entertainment of the reader, and the author. In particular this blog is not directed for investment purposes at US Persons.
6 comments:
You can use a more neutral source. Here are tidbits from FT Alphaville's live coverage of the call. ("Noise on the line" = death ray.) Note RBS is the only broker maintaining its buy rating, so perhaps the death ray really was inadvertent.
JM
Nomura on now
JM
From Nomura
JM
Q: “is the company in compliance with all the planting regs in China?”
JM
A: Yes
JM
Q: can you put the docs online?
JM
A: if we’d done things wrong, they’d have already informed us
JM
Q: what is the current cash level of the company?
JM
A: 1.1bn end of March
JM
“some of the cash has been used in normal operations”
JM
but no major acquisitions or purchses
TA
Oooh
TA
They just shutdown the Nomura lady
JM
will disclose the rest at end of June
JM
yup
TA
Only three questions allowed
JM
smack down
JM
Back to RBS
TA
Again?
TA
External funding again
JM
“What are your banks telling you now?”
JM
And then lot’s of noise on the line.
TA
(A Reader – sadly I am listening to the webcast, am not on the call)
TA
Uh oh
TA
RBS has been silenced
The Globe & Mail has just written a surreal editorial: "Carson S. Block of Muddy Waters' relentlessly hyperbolic comparisons of Sino-Forest to Bernard Madoff and Ponzi schemes, and his relentless repetition of the word 'fraud,' undermine his own credibility, even if he eventually turns out to be right."
So basically, if you find a Ponzi scheme and a fraud, then using those terms will undermine your credibility. Even if those companies are later demonstrated to be Ponzi schemes and frauds. Huh?
Talk about rallying around the Maple Leaf ...
In honour of Sino-Forest's spiritual ancestor, how about we rename it TRE-X?
@Robert
Here is a much better transcript of the RBS portion of the TRE-X call:
Operator: Your next question comes from the line of [indiscernible] (1:02:46) from RBC - or I'm sorry, RBS. Your line is open.
Q: Thank you very much. I just have one question. Given the external funding has always been a very important component for your business historically, can you just give us a sense of your banking relationships now?
What are - what are banks telling you now, are they expressing concerns if any banks [indiscernible] (1:03:12) any of the credit line? And also on the [Inaudible] (1:03:22)?
A - Louisa Wong: Well, I think it probably got cut actually. The line was quite bad. So maybe operator, can you pick the next one please?
Hey here it is - http://www.theglobeandmail.com/globe-investor/key-partner-casts-doubt-on-sino-forest-claim/article2066110/
$35billion Hedge fund guy(Read as John Paulson) lost to 2 room guy Muddy Water. This is the beauty of investing due diligence.
A scaled down version of the Sino Forest story
MK.
Post a Comment