Category Archives: Money

Pounded By The Pound: Sports Direct’s Hedges and the Cable Flash Crash

Introduction Just after midnight London time on October 7th, 2016, GBPUSD (henceforth “cable”, henceforth “betty”1) abruptly plunged from 1.2620 to 1.1841 1.1938 1.1378 1.1500 1.14912 in the space of about three minutes, then just as quickly bounced back to the … Continue reading

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What’s mine is yours; what’s yours is mined

(I was going to turn this into a tweetstorm, but it’s a bit over the line for what would be a reasonable-length tweetstorm and also I am an old fart who thinks tweetstorming is unwieldy. Am I the only one … Continue reading

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A staggering failure of Economics 101

It’s not often that you find out about developments in the Aussie housing market from Canadian ex-finance-ministers, but Garth Turner ran an interesting piece yesterday about Senator Nick Xenophon’s proposals to make housing “more affordable”. In short, he says “we … Continue reading

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Blast you Chris Hayes why must you be so reasonable

When I found out Chris Hayes was interviewing Michael Lewis on his show tonight, and they were going to talk about Lewis’s controversial new book Flash Boys, I was jazzed – I was ready to unleash hell on them for peddling … Continue reading

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Trading while insolvent is apparently fine if you’re a bitcoin exchange

Amid the fiasco of MtGox’s apparent collapse last night (acquisition? rebranding? god knows), some kind person leaked MtGox’s “Crisis Strategy Draft”. It’s an internal Powerpoint that appears to describe a plan for shutting down MtGox and relaunching it as “Gox” … Continue reading

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Bad Ideas: “Be A Stockbroker!”, Sez SGX

The SGX wants Singaporeans to quit their jobs and become stockbrokers.  Singapore Exchange (SGX) is partnering NTUC’s e2i (Employment and Employability Institute) to draw more Singaporeans to the stockbroking profession and equip new joiners with the necessary skills. “A career … Continue reading

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This is what we call idiosyncratic risk

So despite having been away from Disneyland-with-the-death-penalty for more than a year, I can’t resist keeping up with the news from Singapore’s spectacularly dodgy S-chip stocks – the Chinese small-caps that infest the lower reaches of the SGX because it’s … Continue reading

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The Million-Dollar Pizza

In 2010, a Florida man parted with 10,000 units of a new-fangled anarcho-currency thing called “bitcoins” in return for two hot, fresh, tasty pizzas.  At the time, that was about $40 worth of these “buttcoins” (NSFW), so that was already … Continue reading

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Guilt-edged investments: Singapore’s latest ponzi scheme explosion

I like to think that all of JRE’s readers would be smart enough to run a mile if they saw an investment advertising returns of “20-25% per year guaranteed!”.  Unfortunately, a phenomenally large number of Singaporeans and Malaysians weren’t:  KUALA … Continue reading

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The canary in the coal mine

Aussie non-bank lender Banksia Securities (S&P: unrated; Moodys: unrated; Fitch: unrated; Dagong: AAA+++++ WOULD BUY DEBENTURES AGAIN) has abruptly shut down and called in the receivers as of late last week.  it looks like the rural finance company’s mortgage book … Continue reading

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