The Evil Diaries: “Good on Mr Sarao”
The secret of announcing losses is to describe them as “non-cash”, which means that they do not count. As if. However, should one knock off intangibles from Tesco (TSCO)‘s balance sheet, one is left with £3.3bn tnav. This contrasts with a market valuation of the order of £19bn. This is quite alright provided one reckons…