The Evil Diaries: Lousey conditions

Evil discusses new highs, GLI Finance, Private & Commercial Tyratech, AO World and Sir Malcolm Rifkind…

New High: if one adjusts the previous FTSE high of c. 7,000, attained in 1999/2000, with an uplift for inflation of, say, 40%, the high to attain is closer to 10,000. This statement of the bleeding obvious is slightly different to the tone of today’s press.

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Money-lenders: GLI Finance (GLIF) yesterday placed 34m new shares at 58p. They lend to SME’s and may enjoy tnav of 80% of its current share price. However, I asked a money-lender what he thinks and he counsels that the bad debt problem cannot be reliably foreseen. He may be right but one has to remark that the clearing banks have completely given up lending to SME’s. So somebody has an opportunity. As to whether GLI is the answer I do not know. My chosen horse is Private and Commercial (PCF) since it has a store of profits to come in its loan book. Look at the accounts.

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Lousey conditions: Tyratech (TYR and TYRU) today declares that they are into Lloyds (chemists) and Day Lewis (poetic licence?) and, of course, is ensconced in Walmart. Where does all this lead? I have no idea but being listed with buyers is better than not being listed. TYR is now 6p offer. It might work.

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In a spin: online washing machine vendor AO World (AO.) got zonked this morning and some clever fellows bought at around 160p. But they only did that because they felt like closing a short to raise some lunch money (well, several lunches actually) and had noted that stop losses were being mechanically tripped. AO’s problems shareprice-wise remain.

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Finally, although I do not vote Conservative, I cannot praise Sir Malcolm Rifkind too highly. It is an act of petty insanity on the part of his erstwhile immediate colleagues in the Conservative party that he has been defenestrated.