Diane Abbott is terrific

Mitie (LON:MTO) reports today on the outcome of a board meeting held yesterday at which KPMG’s enquiry into MTO’s accounting policies in practice were considered. There are substantial write downs and, interestingly, the clear declaration that there are further unquantified write downs to come. Strangely, the shares are up 18p at 229p on these disclosures. I put this down to the short position giving up. A mistake, I reckon. After all, the banks are going to be asked to agree a relaxation of covenants and one very reasonably asks as to why they should.

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Diane Abbott is terrific. The Conservatives surely can’t believe their luck in Labour’s coming up with a putative Home secretary who has not got the slightest idea as to what she is proposing. And, on top of that, she lies. And she lies completely incompetently.

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The USD/JPY trade has been a real whizzer. Unfortunately, I took my profit far too early – at 111.85. It’s now 112.22. The chairman advises me that he thinks a target of 113 is in point.

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Finally, I am adrift on my long gold but cannot bring myself to cut it. The underlying theory of inflation on the way is surely intact.