Grounds for optimism

I had always assumed that Watchstone (LON:WTG) had an unassailable claim to the £50m in escrow. However, this morning’s update shows that WTG has entirely written off any expectation of holding onto this money. I really do not know what to make of this.

The rest of the statement is very flat and certainly not a basis of starting to cheer. That said, I cannot bring myself to sell at 150p. There are grounds for optimism at this point.

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I have bought Caribbean IHL (LON:CIHL) again – this time at 12p. Short of a fraud this is ridiculously cheap.

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I am motoring along with my short of the Euro. Certainly, I cannot see how the emergence of President Macron can have any beneficial effect upon the value of the Euro. Marine Le Pen merely promises its extinction. Now 84.3p.

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Since it is general election time promises are a-plenty. One of them is to cap prices of this and that. Here energy is in the spotlight. However, the only effect is to cause managers of such concerns to up prices so to build a reserve for what they very reasonably see as the consequences of political intervention. Put another way, it’s the poor what gets the blame.

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Finally, I had a bit of a chat with Nick Hayes, Tom Hayes’s father, this morning. Here there is relatively encouraging news: Tom’s case is now with the CCRC and is clearly being taken seriously. As a matter of discretion I am not free to comment here on the extremely disturbing features of this case. But the notion that Tom has been justly treated is quite absurd.