The Evil Diaries: Foxtons, Ocado and Petroceltic

Chris Blackhurst has come up trumps with his article in yesterday’s Evening Standard covering the curious position in which Tom Hayes, languishing in jail, convicted of conspiracy, has no identifiable conspirators. I would have thought that the time has come for the authorities entirely to review this affair:

http://www.standard.co.uk/business/chris-blackhurst-did-jailed-libor-fixer-tom-hayes-really-conspire-with-himself-a3172076.html

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Foxtons (FOXT) yesterday reported surprisingly good figures. But I put this down to a QE hangover. So I stay short, now at 160p.

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Similarly Ocado (OCDO) reported earlier in the week. The profits are barely worth noting and, of course, there is the total absence of a deal. OCDO is now 235p. Still far far too high.

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Apparently, the debt of Petroceltic (PCI) trades at 35 cents in the $1. Since there is about $150m of such debt it is hard to imagine how the equity can have any value. I again found it hard to borrow yesterday but sold a token 30,000 at 17p.

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Finally, the Chinese peer-to-peer lender/investor scam, Ezubao, burst open earlier this week. It is a massive Ponzi. It is silly to say that what goes on in China will go on in the UK. But it can. Online financial involvement curiously anaesthetises the scepticism of smaller investors.