The Evil Diaries: “head for the funny farm”

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The Evil Diaries: “head for the funny farm”

Apparently the miners capitulated on Friday evening. If so, punters should write Glencore (GLEN) puts (that is what the chairman has been hard at) and hoover up miners at a discount – Polo (POL) springs to mind – OK, yawn if you wish. Another highlighted last week was GRIT – OK, hold your nose as you do so and overlook the low quality of the portfolio. But it is undoubtedly action time. Do not delay. Incidentally, do read the August edition of Mellon on the Markets (out very soon!).

I this morning bought GLEN at 211p.

Foxtons (FOXT) might make 12p in 2015 and disclose tnav of 30p. Just how 235p is justified is completely beyond me. I understand housing markets are slower. There may be no debt but, by Golly, this business is operationally geared.

Finally, GATE today declares (remember: it is no longer quoted) that they have issued a further 1.5m shares at 600p apiece. This is so obviously untrue that the only probable explanation is that GATE’s fraudulent developers in Hong Kong are trying to get rid of existing stock to London shorts. The idea is to suggest that the cash to hand is now c. £12m over 35m shares. Or tnav of 35p per share. If you believe that, head for the Funny Farm.

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