The sometimes eccentric views of John Hempton
Wednesday, January 28, 2015
Bill Ackman is the Sabrina Rubin Erderly of anti-MLM campaigners
There is plenty of nasty stuff that happens on university campuses - so Sabrina Rubin Erderly wrote a story about a rape at University of V...
Friday, January 23, 2015
Herbalife after options expiry - Part III: What is UBS's game?
We now know one of the the new shareholders that Herbalife has after option expiry. My count is that there are more new and large shareholde...
Thursday, January 22, 2015
Herbalife after option expiry - Part II: counting shorts and longs
With Herbalife at $31 then any puts that Ackman has (and we know the prices of them) are in the money so far that their delta is almost one...
Tuesday, January 20, 2015
Vale Saxo Bank
If this story in the Danish press is correct Saxo Bank is not long for this world. Good riddance. Hope the gamblers (ahem: customers) get ...
Sunday, January 18, 2015
Herbalife after the January option expiry: Part 1
I have deliberately refrained from writing about Herbalife until the 17 January 2015 option expiry. We know from public disclosures that P...
Friday, January 16, 2015
It is time to close Saxo Bank down
Saxo Bank is a retail foreign exchange trading bank. The idea of forex trading as a retail product is mildly offensive any way. [I simply ca...
Tuesday, January 13, 2015
The return of cookie-jar earnings: United Technologies edition
I was just listening to a November presentation made by United Technologies - a large and very fine American company. Mostly I was listening...
Monday, January 5, 2015
A comment on current Chinese vs Second World War Iron Ore demand
China uses roughly 700 million tonnes of steel per year (or at least used that much before recent declines). Really good iron ore 62 perc...
Saturday, January 3, 2015
A shameless plug for the Southern Investigative Reporting Foundation
I have agreed with and disagreed with Roddy Boyd more than once in the past year. Sometimes I have agreed with him on the analysis but not o...
Monday, December 15, 2014
Oil and helicopters
I am reading the annual report from United Technologies - which owns, amongst other things, a helicopter company. To quote: On the com...
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