Snotklap is an Afrikaans word meaning a really heavy blow to the nose. The Snot is clearly the same as our snout and the Klap is the same as in our thunderclap. Well, I got a snotklap last Saturday when, having won day after day on betting, I got zonked for £30,000 when opposing, inter alia, Santiago in the Irish Derby. It happens with hubris. When will I ever learn?
There would be grounds for sacking Jenrick if it were the case that he gave a £40m advantage to Richard Desmond and charged just £12,000 he would surely have to go through commercial incompetence. But since the £12,000 had nothing to do with the £40m deal Jenrick should surely stay. No questions whatsoever.
Told to short Metro (LON:MTRO) I took a look at the balance sheet as at 31st December 2019. Theoretically, there is a long way to go before losses absorb net equity. But the arguments against this bank surviving are strong and therefore MTRO is a short. The trouble is that I was quoted 28% p.a. on borrow and advised that that was the rate on an intraday basis. This is not a working proposition. But banks should not have shareholders who are so reluctant to hold and lend stock. This confirms the soundness of the advice to short.
Finally, Archbishop Welby has gone mad and needs to be sacked forthwith.