Member Info for PDS2023

Sep 23' options must have rolled off, 1.96% of total voting rights. But the total options position actually only fell be 1.53% which means he rolled some of that forward.

His view on the business remains the same.

How many times do you need to repeat that view, my neighbours know your view on Boo! I don't mind a view but just say it once per day maybe.

Thanks, weird that hasn't been updated across two platforms.

Check IG and HL bulletin, ASOS trading update is tomorrow alongside Ocado.

Like in many non-disruptive industries, the growth strategy can be quite similar, but the way I look at this is, we have seen a pretty structural change in retail since covid and the supply side inflation wave. The companies that have survived (I think Boohoo will be fine medium term given balance sheet etc) will be in a better place to grow, albeit at a slower pace (US market could be a kicker but prefer not to price that in until its validated). Ultimately, a company trading at 0.2x sales is as value as it can get, doesn't take a huge amount in the TU to show this is relatively cheap. But the numbers is what counts, not views (mine included) or predictions.

In your opinion, should always end with that.

Has it, since Sep 22' have we not seen 32p support? If we close below 30p that is a different story

It could just be a quick fire way to revalue the Boohoo/Asos brands to higher multiples. With c100mm revenue, if misguided is valued at anything more than 20mm, Boohoo/Asos are pretty undervalued (albeit only using price to sales multiple). This seems more likely reason to offload misguided, but just my take.

Bid/Offer has got very tight on the screens

JeremyP, seeing any interesting trading activity on L2 screens? I know you follow this keenly, if MA pattern is anything to go by (and he was the one adding on Tues), he could be looking to bolt on today.

Every news outlet will interpret this differently but CNBC did indeed say:

https://www.cnbc.com/2023/09/14/european-central-bank-hikes-rates-to-record-level.html

"In a market-moving statement, it also indicated that further hikes may be off the table for now." ~ 4th paragraph of the link

And MA who has all the supply chains, across the vertical business obviously can't? MA doesnt' need to pay for the info, he has it at any given moment. I am not saying MW is wrong, but what you are saying is that MA can't access the information MW can, which is again frankly a weird argument.

I agree with a lot of the post, but to say MW know what is about to happen and hence are short but to disregard MA adding (who is actually in the business and has way more information on retailers than a hedge fund would ever have) is a little weird. I get everyone has a view here, whether long or short (although i suspect negative views are not backed up by shorts in the market), but to say a hedge fund knows the "next news" is frankly a silly point. I like the way Kachrafilter articulates themselves though, its well put and even though I am long agree with the sentiment on the stock.

I think the term manipulation is very strong, doesn't mean it can't happen, Burford Capital have accused the MMs of this quite recently and i am sure they had evidence to back up such a public claim (they are a law firm after all). But the reality here seems to be large buy orders, most likely set at low prices or lower levels relative to the closing price, which eventually get filled as the MMs can force PI's to sell out seeing intraday swings and gather the required amount of shares. Short sellers might be a part of it but given the quantum added by MA that doesn't seem to be the driving froce. Ultimately, the free float of this stock is heading lower and based on what is priced in (vs more recent results from retailers), I think this is ready for a squeeze. Just have to be patient, its not going to materially change until the TU and beyond.

Lets see how large this UT is today, probably massive.

At some point the supply/demand imbalance will move it the right way. Let's see if there are more buys before the close or coming days.

How did the market move the wrong way given these buys, I am at a loss in trying to explain that.

Where do you see this? This filled?

Thanks, a very insightful conversation.

I've been a PM for many years, so have worked with buy side analysts, who have their comp driven by performance of their calls. Sell side analysts are the problem here. So yes I have worked with many analysts on the buy side. They also get paid less than sell side analysts, even though they are helping to manage risk. Go figure.