Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Nothing like a good half time team talk to get the best out of the lads.
Believe it or not Udey was the name of Saddam Hussein eldest son !! A horrible, monster of a man.
Amongst his many roles when he was alive was the presidency of the Iraqi football association. Amnesty International have reports that he was so desperate for a win that he would sometimes phone up the dressing room during half-time to threaten to cut off players' legs and throw them to ravenous dogs.
Have a good weekend everyone and good luck next week.
His name should be Odeous. He's not nice people.
Even I have been surprised by the speed this has recovered. Delighted to be in TLW as it flies away!
Never liked those hedge fund types, and although they won't be as exposed as some on here like to think, I hope they do lose their shorts eventually.
Enjoy your weekend. I will be toasting TLW this eve.
Nicely said Jaffacake. Though if Odey was a the master of all his fund wouldn’t have shrank from 5bn to where it is now. He now only trades his money, no sane investor trusts him with their money. He may have made cash at the back of TULLOW last year but now Defo he will burn like rest of the shorters.
Fair point Jaffa. However if they went long they wouldn’t be looking at losses. Our friends in OPEc have done them over. Frankly they didn’t see this coming.
Well said Jaffa... rarely would institutions play a naked short. But folk here don't seem to want to listen.
Regardless, good day for the LTH. Enjoy your weekend folks, fingers crossed the financials come out and we continue to see upward momentum.
Sarge
As long as the TLW convertible bonds have increased in value, the short losses are offset. if the convertible bonds have devalued, then they may be in for a kicking, but that would be unusual.
Great day for PI's & looking forward to next week already.
GLA, Jaffa
Still persisting with the shorter nonsense. Who says Odey or Pictet are not making a profit? There's more than one way to skin a hedge.
Example of Convertible Arbitrage
As an example, let's say a stock is trading at a price of $10.10 in the current market. It also has a convertible issue with a face value of $100 and is convertible into 10 shares at a conversion price of $10; the security continues to trade at par ($100).
Assuming there are no barriers to conversion, an arbitrageur would buy the convertible and simultaneously short the stock, for risk-less profits (excluding transaction costs) of $1 per $100 face value of the convertible.
The arbitrageur would receive $10.10 for each share sold short and would be able to cover the short position right away by converting the convertible security into 10 shares at $10 each.
As a result, the total gain per $100 face value of the convertible would be: ($10.10 – $10.00) x 10 shares = $1 in profit. Although one dollar may not appear to be a significant gain, a 1% risk-less profit on $100 million amounts to $1 million in profit.
Guys,
Just as we buy on the Dips, Shorters buy on the rises, and increase their positions in the belief that their gains will be bigger!
Positive reinforcement! Its better in the long term for us, what a great day! GLA LTH.
I'm considering taking another block on Monday, holding for the announcement.
Agree. He can keep averaging up but surely at some point he will realise he needs to cut his losses and move on.
Hopefully Odey and Pictet will continue to feel the pain - why they are still increasing the short is only going to make it worse they are swimming against the tide and will have to close at some point which will give us an even greater rise.
I look on the FCA website. That gets updated first.
Odey increase from 1.87% to 2.10%
Varde decrease from 2.53% to 2.37%
Runningman can’t see any increase in shorttracker
Odey increased his shorts yesterday.......