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Morning all,

Hurricane Sandy is expected to make landfall very soon…as it is it has already reaped havoc in its path claiming HMS Bounty as well..In NYC Mayor Bloomberg has stated that they had to issue fines for people trying to surf….reminds me of Apocalypse Now…’when I say it’s safe to surf it’s safe to surf!’

If you thought yesterday was quiet..today will be worse..’Zombieland’ volumes were down 40% due to the US being closed and it looks like we have another night of no US markets so expect our marlet to go nowhere..Option holders would be unhappy bunnies as time value erodes by the day!!

A nothing day today with another =5/-5 type of day…

Idea of the Day;

Last week I asked a question in these rants about what is FXJ worth…well a good friend sent me this yesterday, putting some more flesh on the bones..

Launched dedicated Apps for The Age and SMH in May of last year – but take-up rates have been astonishing.
The apps offered by these two mastheads have been downloaded onto almost 900,000 tablet devices, with more than 96,000 readers accessing the apps on an average day.
Online names RSVP, Stayz and Domain – reach more than 4.5 million consumers a month, producing more than 1.1 million transactions.
Domain is winning market share – it is #1 in Sydney and doing well in Victoria.

 

Bottoming?

 

 

Now this one is not without risk but its shareholding in Trade Me is worth 700m bucks ..net debt around 1bn and market cap around 900m….surely the digital business is a good bet…the issue with FXJ is not that their product is in decline…it is they need to find a way for all those eyeballs to pay for it…I think this one is a buy at 40cents…risk adverse investors are not required but think about the number of people that access their sites everyday..that’s the key..just need to get rid of that pesky physical business of printing newspapers and then charge for the web content..volia..Bob is your father’s brother.

 

Things to make me go all Crossfire Hurricane!

1.Big Nath is trying to put Whitehaven Coal “in play” by asking the $3 billion miner’s board to lift a standstill agreement that prevents him from making a hostile bid or lobbying shareholders to have directors removed. Separately, it is also expected that Mr. Tinkler is in discussions about refinancing his personal loans,

2.In Spain: Retail sales fell 11 percent in September from a year ago, the National Statistics Institute said today. Figures on public finances, consumer prices, and gross domestic product tomorrow may confirm a deteriorating economy and debt profile amid the toughest austerity in its democratic history. The Bank of Spain estimated last week that GDP fell for a fifth quarter.

3.A UBS banker accused of gambling away $US2.3 billion (1.78 billion euros) told a London court on Monday he did not believe he was a rogue trader.

Kweku Adoboli, 32, told Southwark Crown Court that if what he was doing amounted to gambling, then so did the entire investment banking industry.

4.Apple announces Scott Forstall, senior VP of iOS Software, is leaving the company next year….there is trouble at Mill…

5.Excerpt from a great article from Ambrose Evans –Pritchard on the renaissance of the US economy based on Shale…take note Australia!!!

“The wonders of US shale gas continue to amaze. We receive fresh evidence by the day that swathes of America’s industry have acquired a massive and lasting advantage in energy costs over global rivals, demolishing assumptions about US economic decline.”Click here for full article

6.At least with Sandy playing havoc in the US, the focus has shifted from Greece and Spain..both should file for Chapter 11…Spain is now looking pretty bad…

  • *RESTOY SAYS BAD BANK AIMS TO BE PROFITABLE
  • *SPAIN BAD BANK TO DISCOUNT LOANS AVG 46%; FORECLOSED ASSETS 63%
  • *SPAIN AIMS FOR BAD BANK NOT TO COUNT TOWARDS PUBLIC ACCOUNTS
  • *SPAIN TO DISCUSS BAD BANK WITH INVESTORS IN COMING DAYS
  • *SPAIN BAD BANK TO INCLUDE FORECLOSED ASSETS, LOANS, STAKES

In summary Spain wants its banks to default on its assets, without actually defaulting, have the liability be transferred to a third party, and then not have this third party’s debt be counted against the debt of the country.

7.The New James Bond Movie has its best opening weekend in the history of Bond films!!! 20m quid for its first weekend ..go Daniel…

8. Crane collapses on NY skyscraper…

 

 

Says it all!!!

And finally…

. A cowboy walks into a bar and orders a whiskey. As the barman’s pouring it the cowboy looks about him. ‘Where is everybody?’ he says. ‘Gone to the hanging,’ says the barman. ‘Hanging?’ says the cowboy.’Who they hanging?’
‘Brownpaper Pete,’ replies the barman.
‘Brownpaper Pete? Why do they call him that?’
‘Well,’ says the barman. ‘His hat’s made of brown paper, his shirt’s made of brown paper, his jacket’s made of brown paper and his trousers are made of brown paper.’ ‘Really?’ says the cowboy. ‘What they hanging him for?’
‘Rustling.’

Have a safe Tuesday 

 

Clarence

 

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Any financial product advice contained in this email is general financial product advice only and does not take into account any one person’s objectives, financial situation or needs. Therefore, before acting on any financial product advice in this email, you should consider, with or without the assistance of an independent adviser, the appropriateness of the advice, having regard to your objectives, financial situation and needs.