Evil Knievil: Zonked for a bar
It was quite a mark to market loss on Amigo (LON:AMGO) when the Court told AMGO to go away and think again. But, leaving aside the delay and expense now confronting AMGO, I think it is fair to say that AMGO will survive since were the judge’s decision prove to be the prelude to an insolvency there would be no end of a rumpus. So I bought another 1.3m at 11p. I am now showing a loss all told of the order of £100,000 as against a profit at one time of the order of £1m. Talk about being zonked.
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I summoned up the courage to short Bitcoin at $35,400. This was bad timing – I dealt right at the bottom. But it looks cooked to me since it ceases to be politically correct to assist adverse climate change through mining Bitcoins and, more importantly, central banks around the world have had enough of this astonishing nonsense and are taking practical steps to bring it under control.
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In the same macro vein, I sold the long gilt again at £128.45. Interest rates are bound to go up and I reckon the moves could be fast and material.
Message to Evil,
I have been a follower of your insights and tips over the years and have profited significantly. By way of return, please take my one and only piece of advice. ‘Unwind that Bitcoin short as quickly as you are able’. Bitcoin is here to stay and will form a valuable store of value together with gold. However, as always do your own research. Check out the views and actions of Michael Saylor.
10 years on and still no one knows anyone that has used bitcoin for any purpose other than speculation. Bitcoin will deflate, as its been disproven by its greatest cheer leader ‘Elon’ just as another crypto will inflate….its quite a wonderful game that’s got going. The behaviour is the same over and over again but the players have changed. Your welcome.
It is refreshing to read Evil’s blog as it talks about losses as well as gains which is real life in action. All too often you read about experts priding themselves about their successes as investment experts which is akin to the lucky got story that Del Boy mentions from time to time. It would be great if Evil’s blogs were a little longer in narrative.
Keep up the good work Evil
More, we need more of these postings, I look forward to hearing evils thoughts but sadly they are too short and too infrequent
Are you still of the view… “AMGO will survive”?
As always wonderful/profitable insights all topped with generous helping of good humour.
Thank you for sharing !