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Morning sports fans,

Is it just me or is all the insto carping in the media ,about how the price they paid for Medifloat was too high, seem a little unedifying!!…given that it is now below where they bought it..I mean really, they were the ones that bid it up after all and they had plenty of time on the first day to get out at a small profit(unlike the poor old Mums and Dads!!!) I have little sympathy for the devil in this one I am afraid!

Another night though where the currency wars were in evidence as the US Dollar continues to push higher sucking in money from every nook and cranny…Aussie Dollar loos stuffed..is only a matter of time before it slips beneath 80 cents ..this once was a good thing as it ensured our manufacturers are competitive…trouble is we don’t have any nowadays..so the lower dollar will help cushion the Iron Ore miners and the coal guys but it is inflationary which is why I believe the RBA will still not cut…especially as others around the world are talking about tightening in 2015..I am looking at you Uncle Sam especially.

We had a huge day yesterday with a massive rally from nowhere really..my theory is that the players have been shorting Aussie stocks as they are all long Medifloat Public..and as they have taken the money and ran then they are buying back their shorts in the ASX200 except Wooolies which looks as friendless as the defence minister!!So what today…back to drfit I thionk..US thanksgiving looming larger than a Bush Turkey in Byron and volumes over there are 30% below a normal day ..suspect the market may start to drift a little as the banks come back into the spotlight on the impending Murray report..probably a bit like the Henry report…

“It’s clear that the Committee has agreed that your new policy is really an excellent plan. But in view of some of the doubts being expressed, may I propose that I recall that after careful consideration, the considered view of the Committee was that, while they considered that the proposal met with broad approval in principle, that some of the principles were sufficiently fundamental in principle, and some of the considerations so complex and finely balanced in practice that in principle it was proposed that the sensible and prudent practice would be to submit the proposal for more detailed consideration, laying stress on the essential continuity of the new proposal with existing principles, the principle of the principal arguments which the proposal proposes and propounds for their approval. In principle.”

Sums it up perfectly…Sir Humphrey would indeed be pleased..

SirHumphrey

Idea of the Day

 

WOW make or break AGM today….I have obviously been a little too optimistic about this one …the stock which is a bell weather of Mum and Dad portfolios has fallen 14% this month as the Masters debacle continues to suck money at an alarming rate…maybe it is not just them…don’t see too many Gen Y ‘s buying crap on a Saturday from middle aged blokes in red aprons…could be a more demographic issue than just masters being rubbish…anyway Woolies have always done pretty well in the past so I am looking beyond their current problems and consider them in buying territory…could be completely wrong and todays comments will seal my fate ..but buying quality businesses with a huge barroer to entry when they are having some issues is a Buffet lesson…not sure if its Jimmy or warren..will know today!!!

Things to make me go mmmmmm!!!

Nice to see the SMH this morning running with this story that I talked a few weeks ago!!I mentioned in a post about the crisis that could affect the ‘Great Shale Revolution’..it does seem that OPEC and Saudi in particular are happy to see the oil price lower..they want the shale guys out of business let’s face it…the problem for the world that cheap energy is not always a good thing..one of the issues is the US Shale companies have issued a bunch of junk bonds tof und the drilling that has to take place..I bet the saudis would be happy to see a whole load go to the wall…the real danger though is this becomes the next sub-prime disaster and things unravel pretty quickly..a lot of the US growth in the economy and jobs is from a low dollar and a low energy price for domestic users…well things are moving quickly so maybe not so rosy in the future..

Forgive me but didn’t god invent the futures markets so producers could hedge…much like the gold companies it seems that Oil companies have yet to learn what futrures and hedging are all about…it never ceases to amaze me that these companies spend so much time controlling their costs of drilling etc but leave it to chance what they receive for their product a t the other end..seems really dumb..or greddy to me…maybe cos everyone is doing it that way…herd mentality…

You wouldn’t hear of a car company investing the money to build a new model and then the price of the finished product is determined by a hedge fund manager in Rhode Island!!Don’t they teach them anything in MBA school…

This is what one of the drillers did last night in the US after announcing no dividend!!!And things worse than during the Lehman crisis!!!This from the world’s largest rig operator!!!Seadrill.

sealink

Abbott abandons his GP co-payment scheme…next….the MYEFO will be a shocker and will reveal that he budget is slipping further into a disaster..no amount of spin will change that..the issue is not so much spending although haven’t seen too many razor gangs going through the $100m it cost to host a weekend meeting in Brisbane…the real issue is the lack of revenue!!!!Iron Ore and Coal revenue must be taking a horrible whacking…of course they will blame the other guys..don’t they always but a year and a bit in, it is down to you!!

Good to see that the Zombies in the Euro land are trying to get real with the “New Plan” proposed by NKOTB Juncker…his plan to spend 315bn Euros on project various is all well and good but the actual cash that the Brussels geniuses are putting in is around 21bn Euros….they are hoping that Private enterprise and punters will fund the rest and gear their 21 into 315!!Fat chance…are these guys utterly deluded?..talk about fiddling while Rome Burns!!or Barcelona or Paris or Athens !!Of course that is if Juncker isn’t investigated for setting up all the dodgy tax avoidance schemes that Luxembourg put in place during his tenure…I mean once again if corporates paid then this would help kick start some activity in Zombieland…but hey lets punish the people with austerity instead!!!

Good to see the Defence Minister making a name for himself..never knew who he was until yesterday..suspect he may be up the creek without a canoe!!

This is from the head of JP Morgans daughter!!!!

twits

Here’s a tip…ask your Dad!

Yet another mining services company issued a warning yesterday!!!MND below 9.70…really…

And finally….

 

A cabbie picks up a Nun.

She gets into the cab, and notices that the VERY handsome cab driver won’t stop staring at her.

She asks him why he is staring.

He replies: “I have a question to ask you but I don’t want to offend you.”

She answers, “My son, you cannot offend me. When you’re as old as I am and have been a nun as long as I have, you get a chance to see and hear just about everything. I’m sure that there’s nothing you could say or ask that I would find offensive.”

“Well, I’ve always had a fantasy to have a nun kiss me.”

She responds, “Well, let’s see what we can do about that: #1, you have to be single, and #2, you must be Catholic.”

The cab driver is very excited and says, “Yes, I’m single and Catholic!”

“OK,” the nun says. “Pull into the next alley.”

The nun fulfils his fantasy, with a kiss that would make a hooker blush.

But when they get back on the road, the cab driver starts crying.

“My dear child,” says the nun, “why are you crying?”

“Forgive me but I’ve sinned. I lied and I must confess, I’m married and I’m Jewish.”

The nun says, “That’s OK. My name is Kevin and I’m going to a Halloween party.”

Have a great Thursday

 Clarence

XXX

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