Master Investor

At last a glimmer of good news!

At last a glimmer of good news!

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Japan’s Q1 GDP has come in ahead of expectations at 1%, compared with 0.1% in the fourth quarter of 2011. The growth was partly driven by infrastructure spending relating to the reconstruction efforts in the Tsunami area and consumer incentives to buy fuel efficient cars. In contrast, the Bank of England downgraded UK growth from…

Oil and gold hit 2012 lows

Oil and gold hit 2012 lows

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WTI crude oil went below $93 a barrel yesterday and Brent crude oil dropped to $110 a barrel. In early February, WTI crude was trading above $110 a barrel, so the price has dropped an astonishing 15% in the last 3 months or so.  Gold is trading at $1536, compared with $1612 at the beginning…

It’s certainly a Greek tragedy!

It’s certainly a Greek tragedy!

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The fallout from the Greek election result continues unabated,with riskier assets continuing to be sold off and safe havens such as US Treasury bonds, UK gilts and the US dollar in demand. The euro continues its decline as an exit for Greece from the eurozone seems more likely than ever. With Greek politicians unable to…

“Rogue trader” hall of fame

“Rogue trader” hall of fame

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Jerome Kerviel, Societe Generale, $7 billion loss Bruno Michel Iksil, JP Morgan, $2.3 billion loss Kweku Adoboli UBS, $2.2 billion loss Nick Leeson, Barings, $1.4 billion loss Contrarian Investor UK

“London Whale” loses JP Morgan at least $2 billion

“London Whale” loses JP Morgan at least $2 billion

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JP Morgan Chase shares were last night down some 7% at $38 in after hours trading after a rather uncomfortable conference call between Jamie Dimon and analysts declaring a completely unexpected $2 billion trading losses in synthetic investment vehicles. The culprit was part of the Banks so called proprietary trading desk. The losses were caused…

Borders and Southern Leiv Eiriksson rig arrives at Stebbing prospect

Borders and Southern Leiv Eiriksson rig arrives at Stebbing prospect

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After months of activity at the Borders and Southern Darwin East well, the Leiv Eiriksson deep water rig has arrived at the Stebbing prospect. The Darwin well was actually spudded on 31st January 2012, but technical issues with the rig meant that the gas condensate discovery was not announced until 23rd April 2012. Stebbing is in…