Evil Knievil: Dealing with morons

Many years ago, I heard some clot of a CA (Chartered Accountant) wondering aloud whether accounting standards should be capable of being understood by the public. He toyed with the idea that a CA is not concerned to serve the public but to develop a hieratical order. Another such idiot popped up on the audit of Clear Leisure (LON:CLP) earlier this month and proposed that the accounts for the last four years be rewritten since some footling adjustment was in order. CLP is an investment company and all that matters is that it is solvent. There is no earnings record from which useful conclusions can be drawn. I hope CLP’s management vehemently refuse to pay the auditors’ bill.

CLP will shortly publish its interim accounts as well. By then we should have a better idea of net asset value. I am still optimistic since I trust the CEO, Francesco Gardin.

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Meanwhile I am tied up on a major deal but am hitting blockage after blockage. I need to speak to the Minister. But he does not take calls from me on Wednesdays. We’ll see what a Thursday brings.

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Andy Brough of Schroders points out to me that the Mashley’s Frasers (LON:FRAS) may well be cheap. I can see his argument. FRAS is currently circa 364p.

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Inspired by the IC’s Simon Thompson I bought Allied Minds (LON:ALM) at 40p. I admire his style and love his argument.

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Finally, I sold 1.2m Orosur (LON:OMI) all told at an average of 30p. The surge took me by surprise, but I thought it wise to put some folding in the tin. It could come in handy.