It’s taken a while but latish last night Chemours (CC on NYSE) collapsed 25% as a result of one litigant’s testicular cancer derived from Teflon chemical which, somehow, has found itself in waters in Ohio and West Virginia. The adverse judgement is of the order of $5m and will be multiplied since the judge reckons that malice has occurred which in turn leads to punitive loading of damages. There are now hundreds of similar cases to follow and these will bankrupt CC. This means that CC is obviously still a sell at $6.
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Tesla (TSLA)‘s short position is so great that, despite the flood of adverse publicity, the stock stands at $215. Do not hesitate. Keep selling.
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William Hill plc owe me £50,000 (and a bit more as it happens). I asked them to send me the £50,000 and they so agreed on Saturday evening. It was at this point that they invented the need for me to prove who I am. They cited the authority of the Gambling Commission. This is just a lie since their purpose is not to pay. I have provided ID as required and, at each turn, they invent the need for more. I should mention that I am 69 and first had a bet with William Hill when I was 16. I frequently bet with them.
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The total of suspended illiquid property unit trusts comes to c. £15bn so far. There is a ready cure through making a market in these funds. But that could easily cut 20% from the valuation of the funds – and possibly considerably more. That would mean reduced fees to the managers. As a result the unitholders are denied their money.
The economic background to this state of affairs is Quantitative Easing. This had to come home to roost. And now it has. There are much greater falls yet to emerge.
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Blair has finally been unmasked for what he always was, an actor and a liar. I remind readers that we voted him in. No end of a lesson.
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Finally, on Radio 4 yesterday morning I encountered one Alma Deutscher, now eleven years old, who not only plays her violin exquisitely but even composes her own music. Asked by John Humphrys as to whether she considered herself a “young Mozart” she countered with the claim that she prefers to consider a herself “a young Alma”. Beat that if you will.