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Credit deflation and the reflation cycle to come.


DurhamBorn

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29 minutes ago, Cattle Prod said:

Per heating oil, would you not change the system? A good Norwegian woodburning stove is very efficient. 

Or a modern day clay type oven, with silicate blocks.  I'll check the Norwegian one out though. 

Spent 18 months looking at alternatives after buying my place, complete with storage heaters!  Can't beat oil for my type of house and dodged a bullet with heat pumps (no surprise how the suppliers are now being more cautious with their claims).  I know of many non-performing heat pump and solar installs and some crap business cases.  Same with rain water harvesting.

LPG is a bit of a con and full bio needs a lot of space and kit and supply.  A stove or two and/or wood rayburn type combined with oil and a cheap air source heat pump seems optimal. Just felled over a years supply of ash this week to add to about another three years store.

Talking to someone this week and bio based micro generation in partnership with say three houses seems the knees bees.  Even single properties once the latest tech (currently more gas based) and demand is there.

As you said about SP, it's brill working the markets at the same time as doing the micro stuff.  Nothing quite like a broad line of attack.

Bore hole next!  Still watching the vehicle market, especially electric motor bikes and buggies.  That'll sort out the pub and weekly shop.  

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34 minutes ago, Cattle Prod said:

Planted a few hundred trees last year!

No mucking around.  Used a JCB plus weed control and now have some amazing growth! 

Researched the optimal species for calorific value versus growth rate plus I need to retain some as a shelter belt which further reduces house heating requirements.

The more I talk about this stuff, the more I realise my last few years without a "proper job' haven't been wasted!

It's a strategic point I've been making for a while now - people need to see the bigger picture and appreciate the broadest possible implications of this deflationary thread.  Not as a survivalist "nutter" but as an out the box thinker. 

Assume nothing!

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31 minutes ago, Harley said:

Or a modern day clay type oven, with silicate blocks.  I'll check the Norwegian one out though. 

Spent 18 months looking at alternatives after buying my place, complete with storage heaters!  Can't beat oil for my type of house and dodged a bullet with heat pumps (no surprise how the suppliers are now being more cautious with their claims).  I know of many non-performing heat pump and solar installs and some crap business cases.  Same with rain water harvesting.

LPG is a bit of a con and full bio needs a lot of space and kit and supply.  A stove or two and/or wood rayburn type combined with oil and a cheap air source heat pump seems optimal. Just felled over a years supply of ash this week to add to about another three years store.

Talking to someone this week and bio based micro generation in partnership with say three houses seems the knees bees.  Even single properties once the latest tech (currently more gas based) and demand is there.

As you said about SP, it's brill working the markets at the same time as doing the micro stuff.  Nothing quite like a broad line of attack.

Bore hole next!  Still watching the vehicle market, especially electric motor bikes and buggies.  That'll sort out the pub and weekly shop.  

IMO there's a sweet spot where an ASHP is used for hot water most of the year and heating for the marginal cold, and where oil takes over for the deeper cold periods where the heat pump economics (and capability) breaks down.    I also think that electricity supplies (and costs) would be protected harder and for longer were there to be a oil price surge -- too few voters with oil, but everyone has electricity...

[Note that ASHPs are really cheap -- I put in a supplementary ASHP 10+ years ago for about £500, and it's still going strong.  It is only the stupid government subsidy systems/installers that leads to the super-expensive costs of heat pumps]

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Quote

“Central Bank arrogance is one of the main reasons why we should still be scared. As a former official at the NY Fed, Peter Fisher, recently noted, the Fed has acknowledged no failures.

All the experiments have been successful, every one: no failures, no negative side-effects, no perverse consequences, only diminishing returns.”

– Albert Edwards

https://www.zerohedge.com/news/2018-11-10/nightmare-scenario-beijing-50-million-chinese-apartments-are-empty

This is Xi's problem, if you bail the little fuckers out they will build more and there will be 100 million empty houses.  The entire Chinese economy is a friggin ponzi scheme which has just had the dollar inflow money cut off.

China%20vs%20US%20Real%20Estate.jpg?itok

Wow.....

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55 minutes ago, dgul said:

IMO there's a sweet spot where an ASHP is used for hot water most of the year and heating for the marginal cold, and where oil takes over for the deeper cold periods where the heat pump economics (and capability) breaks down.    I also think that electricity supplies (and costs) would be protected harder and for longer were there to be a oil price surge -- too few voters with oil, but everyone has electricity...

[Note that ASHPs are really cheap -- I put in a supplementary ASHP 10+ years ago for about £500, and it's still going strong.  It is only the stupid government subsidy systems/installers that leads to the super-expensive costs of heat pumps]

Spot on.  100% agree with every word!  Although I intend using ASHP for heating only as I have an oil combi (and the internal tank is plenty enough for hit water).  Plus for my old house ASHP purifies and dehumidifies the air.  Drier air also heats quicker.  I have to install it but will when the refurb is better finished.

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2 hours ago, Harley said:

100% agree with every word! 

When I said dodged a bullet I meant any type of ground pump, and an air pump as the only source, for my house.  Maybe fine for a well built house with ufh but not the proposed oversized rads in my retrofit which was not always occupied.  The ashps offer similar cop for a lot less cost and I would use the emitters rather than wet rad system.  

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Bus Stop Boxer
4 hours ago, Majorpain said:

https://www.zerohedge.com/news/2018-11-10/nightmare-scenario-beijing-50-million-chinese-apartments-are-empty

This is Xi's problem, if you bail the little fuckers out they will build more and there will be 100 million empty houses.  The entire Chinese economy is a friggin ponzi scheme which has just had the dollar inflow money cut off.

China%20vs%20US%20Real%20Estate.jpg?itok

Wow.....

Fucking Ada.

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6 hours ago, Harley said:

Or a modern day clay type oven, with silicate blocks.  I'll check the Norwegian one out though. 

A multi-fuel stove might be worth considering. I've got an 8 kW Evergreen Poplar which is pretty good.. overkill for my boat really.  It'll burn wood or coal / smokeless fuel, and you can add an optional back boiler to run a couple of radiators. I sometimes cook on it too. 

Solid fuel kicks out a more controllable steadier heat for longer. Logs burn very hot for a short time but quickly burn out.  One load of solid fuel will keep it nice all evening. I'm using about £1 worth of Supertherm smokeless fuel for an evening at the moment.  During the very cold snap last March when I was running it morning till night I was using maybe £4-5 worth a day.  And I can still run it on logs/gathered wood/old pallets if that's all I have.

Plus solid fuel is easy to store safely, so if you have the space you can get a few tonnes when you see a bargain, which might negate the need for hedging. If prepping for a real long-haul SHTF scenario, you could even bury a few years worth in an inconspicuous looking embankment/garden feature and have your own "coal mine". :)

poplar.jpg.25a44f07c9ae5ecd572f3b11f418d40a.jpg

http://www.evergreenstoves.co.uk/poplar.html

 

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2 hours ago, MvR said:

A multi-fuel stove.........

I have a Charnwood multi fuel burner.  Could have got a subsidy if I had got a wood only one but multi fuel is worth having.  Not used coal yet though but that was a good prompt to look at that.  Feeding low calorific  logs can be a pain.  Wood is ideal for batch burning in a furnace where it turns to gas but then you need a thermal store.  Mines in a fireplace which is a bit of a no-no (even with fan) and bet yours puts out more heat where it is needed.  Really jealous about the boat!!  Maybe we have enough of a subject for a preppers thread?

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10 hours ago, Majorpain said:

https://www.zerohedge.com/news/2018-11-10/nightmare-scenario-beijing-50-million-chinese-apartments-are-empty

This is Xi's problem, if you bail the little fuckers out they will build more and there will be 100 million empty houses.  The entire Chinese economy is a friggin ponzi scheme which has just had the dollar inflow money cut off.

China%20vs%20US%20Real%20Estate.jpg?itok

Wow.....

This will be an apocalyptic demise. Gambling is illegal in China for a reason (except Hong Kong and Macau) and the real estate has taken this mentality to the next level. Look in every casino and you’ll see why.

Fuelled by an economy and expansion in overdrive from the last couple of decades, with poorly built, wave upon wave of hopelessly expensive ponzi property, will rock China massively in a financial downturn. 

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Talking Monkey
9 hours ago, stokiescum said:

think i will keep makeing overpayments on my morgage until things go realy tits up not that i will have much to invest then but its the takeing part bit thats fun to me.

Good on you Stokie

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13 hours ago, Banned said:

Indeed,and almost all of it fixed at coupons that will look crazy low in a reflation.2%,1.5%,3% etc.The key to them is when the debt comes due.They will have to re-finance into a much higher rate picture.The big amounts come due around 2025+ etc.I would expect free cash flow to be hitting around £10 billion by then and them to be financing most of the bond repayments through free cash.They might end up re-financing around half the debt only.

The bond holders will get fleeced of course,they have in affect funded the network for equity holders for almost free.I dont expect the dividend to do much and might even be cut,but as debt is repaid id expect the equity price to move up strongly.These type of stocks are the type that do very well in a reflation,as long as they use the quickly growing cash flow to repay debt and not fund dividend increases.They dont want to get to 2025 and be re-financing all debt because rates will be sky high.As ever a stair case in as part of a balanced portfolio as there will be failures along the way.It should be noted Vodafone dont have legacy issues like massive pension deficits,and the stink the other telcos are kicking up about the Liberty deal says Vodafone have outflanked them.Its them that will have to fund a massive optical fibre network during a reflation and paying rates 3 times higher on the debt than Vodafone.

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On 09/11/2018 at 23:45, Cattle Prod said:

$100 oil is guaranteed, and $200 is probable, in the reflation. I still expect c.$90, maybe over $100 oil early next year, most likely pricking a blow off top in equities and other bubbles.

I've opened a long Brent position today, and will be holding till next year, I'm delighted to have this opportunity. I thought I was out. I'll staircase down as necessary.

The fundamentals of supply and demand have not changed. Paper oil is exiting the market, as it needed to. It was too unbalanced. They have bought the oversupply narrative, and are running for the exits. It has shocked me how stupid and reactive these people are. But people are people, and are like a herd of cattle.

Oversupply. What we have just seen is the world, ie Saudi Arabia and OPEC, pumping at full capacity. Its never happened before. There is no spare capacity, currently. One bomb in KSA and you'll have $100 oil tomorrow. Trump/US has pressured KSA to pump along with selling SPR oil and effectively lifting sanctions on Iran to engineer this. Just look at the decline curve! It's nigh on perfect.

In the meantine, Permian depletion rates are approaching new production. When those lines cross, you get a plateau, then irreversible decline.  As I ssid before, the price of oil is perception of supply (and to a lesser extent, demand). Traders currently perceive US oil production to be jumping 400kbpd per month (it will be revised down retrospectively), Saudi turning on the taps and Trump reversing on Iran. For the US as the new limitless supply, perceptiom is driven by the Permian. A single play in crap rock in West Texas, that has never made any money. Markets...

No one has even mentioned that the Saudi minister has openly admitted, for the first time ever, that they have no spare capacity. When that is perceived by all those yahoos in clown suits in Chicago, New York and London, you will have triple digits.

Technicals are turning (e.g oil behaves well with RSI), so I'm in. As DB says, its become hated again. 

DYODD, I'm just stating what I'm doing as I've commented on this before.

 

On 09/11/2018 at 23:45, Cattle Prod said:

$100 oil is guaranteed, and $200 is probable, in the reflation. I still expect c.$90, maybe over $100 oil early next year, most likely pricking a blow off top in equities and other bubbles.

I've opened a long Brent position today, and will be holding till next year, I'm delighted to have this opportunity. I thought I was out. I'll staircase down as necessary.

The fundamentals of supply and demand have not changed. Paper oil is exiting the market, as it needed to. It was too unbalanced. They have bought the oversupply narrative, and are running for the exits. It has shocked me how stupid and reactive these people are. But people are people, and are like a herd of cattle.

Oversupply. What we have just seen is the world, ie Saudi Arabia and OPEC, pumping at full capacity. Its never happened before. There is no spare capacity, currently. One bomb in KSA and you'll have $100 oil tomorrow. Trump/US has pressured KSA to pump along with selling SPR oil and effectively lifting sanctions on Iran to engineer this. Just look at the decline curve! It's nigh on perfect.

In the meantine, Permian depletion rates are approaching new production. When those lines cross, you get a plateau, then irreversible decline.  As I ssid before, the price of oil is perception of supply (and to a lesser extent, demand). Traders currently perceive US oil production to be jumping 400kbpd per month (it will be revised down retrospectively), Saudi turning on the taps and Trump reversing on Iran. For the US as the new limitless supply, perceptiom is driven by the Permian. A single play in crap rock in West Texas, that has never made any money. Markets...

No one has even mentioned that the Saudi minister has openly admitted, for the first time ever, that they have no spare capacity. When that is perceived by all those yahoos in clown suits in Chicago, New York and London, you will have triple digits.

Technicals are turning (e.g oil behaves well with RSI), so I'm in. As DB says, its become hated again. 

DYODD, I'm just stating what I'm doing as I've commented on this before.

Fascinating insight CP thank you.Paul Hodges has been on about the paper market bearing no relation to supply and demand issues for some time.Can you reccomend any good reads on the energy markets?for the layman natch...

On 10/11/2018 at 08:13, onlyme said:

50/200 day MA about as reliable as it gets, best book ever read on markets was by Sam Weinstein. Profiting in Bull and Bear markets. 

 

I like using long term averages are timing markers.Even my shorts are used against a background of taking the direction of travel from them.I generally prefer to trade with the momo

23 hours ago, DurhamBorn said:

 

By late spring id guess.A lot depends on if the Fed give out less hawkish vibes and that spurs things up and then the Fed tighten again into that.I fully expect the PM miners to run very hot through the last stages of the equity bull and as it moves through the early stages of the bear.Usually the industrial and semi conductor sectors experience a final blow out run.I think thats likely along with the PMs.

The UK market is interesting as we have already been smashed down (huge falls in sterling terms in many stocks) so we might see some sectors do ok (having already fallen hard over several years) while others tank.

Stair case in to decent quality companies with good free cash flow is how im doing things at the moment.Most of what im slowly buying is down 50%+ from highs.Outside of the PM miners id be happy if i ended up under water 15% when things turned back around at some point.

As discussed,some sectors are already beat up badly.The hot retail money in the UK is in leveraged BTL not stocks really.We've had little of the US markets strength.There are so many blue chip ten baggers from 2009 in the US it's hard to sift them and picka couple.

18 hours ago, Majorpain said:

https://www.zerohedge.com/news/2018-11-10/nightmare-scenario-beijing-50-million-chinese-apartments-are-empty

This is Xi's problem, if you bail the little fuckers out they will build more and there will be 100 million empty houses.  The entire Chinese economy is a friggin ponzi scheme which has just had the dollar inflow money cut off.

China%20vs%20US%20Real%20Estate.jpg?itok

Wow.....

Intersting that the US has both a housing bubble and a stock bubble which may reflect that the hot retail cash in CHina is mainly in housing.That stat-if accurate-could unwind quite viciously if their shadow banking system is as leveraged as it's reputed to be

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1 hour ago, DurhamBorn said:

Indeed,and almost all of it fixed at coupons that will look crazy low in a reflation.2%,1.5%,3% etc.The key to them is when the debt comes due.They will have to re-finance into a much higher rate picture.The big amounts come due around 2025+ etc.I would expect free cash flow to be hitting around £10 billion by then and them to be financing most of the bond repayments through free cash.They might end up re-financing around half the debt only.

The bond holders will get fleeced of course,they have in affect funded the network for equity holders for almost free.I dont expect the dividend to do much and might even be cut,but as debt is repaid id expect the equity price to move up strongly.These type of stocks are the type that do very well in a reflation,as long as they use the quickly growing cash flow to repay debt and not fund dividend increases.They dont want to get to 2025 and be re-financing all debt because rates will be sky high.As ever a stair case in as part of a balanced portfolio as there will be failures along the way.It should be noted Vodafone dont have legacy issues like massive pension deficits,and the stink the other telcos are kicking up about the Liberty deal says Vodafone have outflanked them.Its them that will have to fund a massive optical fibre network during a reflation and paying rates 3 times higher on the debt than Vodafone.

I got a few grands worth at 2 and 1.8 ... think will leave that do for now .. learning experience for me!

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10 hours ago, Sideysid said:

This will be an apocalyptic demise. Gambling is illegal in China for a reason (except Hong Kong and Macau) and the real estate has taken this mentality to the next level. Look in every casino and you’ll see why.

Fuelled by an economy and expansion in overdrive from the last couple of decades, with poorly built, wave upon wave of hopelessly expensive ponzi property, will rock China massively in a financial downturn. 

One Chinese takeaway in Birtley where me uncle goes has changed hands around 6 times in ten years,each time lost in gambling to each other.The one near me makes around £3k a week profit,i know the daughter,the dad is still running it aged 70,reason being over 40 years he has lost all the profits in the casino.

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39 minutes ago, DurhamBorn said:

One Chinese takeaway in Birtley where me uncle goes has changed hands around 6 times in ten years,each time lost in gambling to each other.The one near me makes around £3k a week profit,i know the daughter,the dad is still running it aged 70,reason being over 40 years he has lost all the profits in the casino.

yep, all i see in casinos is chinese people, and they aint going with the 50 quid im playing with. Madness i tell you, reminds me of that father ted priest whp bets and loses on anything.

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On 10/11/2018 at 20:02, Majorpain said:

https://www.zerohedge.com/news/2018-11-10/nightmare-scenario-beijing-50-million-chinese-apartments-are-empty

This is Xi's problem, if you bail the little fuckers out they will build more and there will be 100 million empty houses.  The entire Chinese economy is a friggin ponzi scheme which has just had the dollar inflow money cut off.

China%20vs%20US%20Real%20Estate.jpg?itok

Wow.....

https://moneymaven.io/mishtalk/economics/50-million-empty-homes-in-china-third-home-purchases-soar-lS5d_aUZB0uFWUQDrKN73Q/

50 Million Empty Homes In China, Third-Home Purchases Soar

https%3A%2F%2Fs3-us-west-2.amazonaws.com
 

There are more than 50 million vacant homes in China. An amazing 69% of recent purchases are second or third homes.

Home-buying speculation is rampant in China. Over a fifth of China’s homes are empty. That’s 50 Million Empty Apartments.

Soon-to-be-published research will show roughly 22 percent of China’s urban housing stock is unoccupied, according to Professor Gan Li, who runs the main nationwide study. That adds up to more than 50 million empty homes, he said.

The nightmare scenario for policy makers is that owners of unoccupied dwellings rush to sell if cracks start appearing in the property market, causing prices to spiral. The latest data, from a survey in 2017, also suggests Beijing’s efforts to curb property speculation -- considered by leaders a key threat to financial and social stability -- are coming up short.

Shop Till You Drop

https%3A%2F%2Fs3-us-west-2.amazonaws.com
 

Pure Speculation

An amazing 69% of recent home purchases have been second or third homes.

A housing bust is coming and it will hit China hard.

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@Majorpain just realised the above post links to the same piece in the ZH article.My apologies.

 

@DurhamBorn something about the market hurting the most people.Interesting GE post on Wolf St

 

https://wolfstreet.com/2018/11/09/ge-plunges-what-retail-investors-did-with-general-electric/

This is What Retail Investors Did with GE This Year as it Plunged

Lured by the siren song of a “buying opportunity” and a fat yield.

GE shares plunged another 10% this morning to a low of $8.15 before recovering a little. They’re now a big step closer to the Financial Criss low of $6.66, which had been the lowest since the early 1990s. And for most of the year, retail investors – as measured by clients of TD Ameritrade – were net buyers of GE and bought the dips, lured by the Wall Street siren song of a “buying opportunity” and a fat dividend yield.

US-General-Electric-shares-2018-11-09.pn

But that sacred dividend was unceremoniously slashed a second time while people were distracted by Halloween, to a penny this time, and the fat dividend yield suddenly is near-nothing. GE, which lost $23 billion in the third quarter based on a huge write-off, is in the process of dismantling itself to deal with its debts and stay alive, after “unlocking value” by blowing and wasting $152 billion in mostly borrowed cash since 2013 on buying back its own shares.

It now is buckling under $263 billion in liabilities, not counting any off-balance-sheet liabilities. Its accounting is being scrutinized by federal authorities, GE disclosed. And there are fears that some unknown unknowns might emerge. GE has been shedding divisions and assets to shrink itself to health, and as it is dismantling itself, there are fewer business units available to generate cashflow to pay for this debt.

These liabilities are so huge in comparison to its remaining assets that when the $79 billion in “goodwill” and “other intangible assets” are excluded from its assets, GE is left with what we call “tangible equity” of negative $31 billion. In other words, this former icon of American industrial innovation and strength has been gutted by share buybacks. GE would be OK-ish today, if it had not wasted $152 billion on monstrous share buybacks to “unlock value” to please activist shareholders and Wall Street.

GE’s difficulties, which have been going on in public view for years, were papered over with hoopla about its stupendous share buybacks. Once the hoopla dissipated, the problems came to the front pages. But retail investors couldn’t resist the fat dividend yield (now reduced to near zero) and the lure of buying the dip.

We can get a feel for how retail investors dealt with the stock. TD Ameritrade publishes a monthly Investor Movement Index (IMX) with a comment on what TDA clients have bought on a net basis (buys minus sells). These are the comments concerning GE:

In January, GE plunged 10% from $17.98 to $16.17: “Net buying activity favored the Technology and Industrial sectors, as Facebook Inc. (FB), Amazon Inc. (AMZN) and General Electric Inc. (GE) were net buys during the period,” the IMX report noted on February 5.

In February, GE dropped 12.7% from $16.17 to $14.11: “TD Ameritrade clients appeared to use the pullback in equities markets as a buying opportunity, and were net buyers of equities during the February IMX period. General Electric Inc. (GE) and Ford (F) both neared multi-year lows, and were net buys,” noted the IMX report on March 5.

In March, GE fell 4.5% from $14.11 to $13.48: “General Electric Inc. (GE) was a net buy as shares fell below $13 for the first time since 2009, with a slight rebound late in the month amid reports Warren Buffet may be considering a stake in the company” – April 9.

In April, GE rose 4.3% from $13.48 to $14.07: “TD Ameritrade clients continued to find General Electric (GE) intriguing, and the stock was net bought after the company announced it would merge its transportation unit with Wabtec” – May 7.

In May, GE remained flat, closing at $14.08: “Additional popular names bought include General Electric (GE)” – June 4.

In June, GE fell 3.3% from $14.08 to $13.61: “Additional popular names bought include General Electric (GE)” – July 9.

In July, GE remained flat, ending at $13.63. The IMX was silent on whether clients were net buyers of GE – August 6.

In August, GE fell 5% from $13.63 to $12.94: “Net buying, coupled with increasing relative volatility among some widely held names, including Apple Inc. (AAPL), Facebook Inc. (FB), and General Electric Inc. (GE), helped push the score above 6.0 for the first time since January” – September 10.

Since then, GE shares have plunged another 35%. One “buying opportunity” after another crushed retail investors who still believed in the fat dividend yield and in the American icon that was “oversold” and would surely surge again. And all along, GE shares took the hard-earned money of retail investors with them.

However, TDA’s IMX reports for the months of September and October (released yesterday) was silent on GE and whether TDA clients were net buyers of GE. Perhaps finally, after a plunge of over 50% so far this year, they have turned with impeccable timing into net sellers.

The hail of two-notch downgrades didn’t help. Read… What General Electric Is Doing to Dodge the Question: “When Will GE File for Bankruptcy?”  

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9 hours ago, sancho panza said:

This is What Retail Investors Did with GE This Year as it Plunged

A great share there SP thanks.  Or should I say "awesome"!  Clearly not just computer based robotic trading - "buy the dip" hypnosis with the "key" word supplied by the talking heads.  A lesson for us all, FTSE included.  And those who thought they could be consoled over a falling share price (loss) with a high dividend yield were sorely dissapointed.  Maybe no VOD, but that thinking is currently mainstream.  Or Greene King (especially versus Weatherspoons) and several others.  And on and on.  The GE story seems to have it all: share buy backs (apparently via debt), lack of cash flow, debt, dividend trap, talking heads, buy the news, sell the dips, maybe some accounting isues......  No doubt a few more of these as a sign of a market "turn", just like every time before.  Time to be extra careful out there!   

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this of course could never happen to a great british company, like say northern rock building society, the great british government would never be so fickle as to let a bank/bs go to the wall.

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https://www.bloomberg.com/news/articles/2018-11-04/big-short-s-eisman-is-betting-against-two-u-k-banks-on-brexit

Quote

“I’m shorting two stocks in the U.K., but I’ve got a screen of about 50, and I might short all 50 if I think Jeremy Corbyn is going to be prime minister,” Eisman said. “Corbyn’s a Trotskyite. Now I know my Trotskyites well and I know you don’t want to be invested in the U.K. if a Trotskyite is prime minister.”

While Eisman didn’t give any clues as to which lenders he’s targeting, Metro Bank Plc and CYBG Plc are the most shorted financials in the FTSE 350 Index, according to data from Markit. Metro has 7.9 percent of its outstanding shares shorted, double the ratio at CYBG.

 

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