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shorts covering

February 10, 2017

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shorts float > 30 %

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average in

in the spirit of full disclosure government folly tends to be priced in after the headline. in this case it was not direct government folly, other than the notion the government should be in the banking business to begin with, but the age-old plan of a customer to co-opt a bank manager to extend credit without collateral or conscience and in this case the co option occurred at the level of the clerk responsible for simple ledger entry ultimately moving over $ 2 billion foir which the clerk is alleged to have made a risk free 2% but to the credit of seasoned actors in the price discovery of native capital markets by the time the headlines hit prices were in search of a bottom not a top in the authors' humble view being on the same side of the trade as the president of the country (the line item owner in the capital structure) is worthy of long-term rewards and aligned with the only management with a proper incentive for the solution further, it appears that th...

in the casino

mutiny

Two managers intimidated 200 employees to conduct unbecoming during the pandemic. The employee's pay was cut by 80%. Half were furloughed. The employees feared for livelihoods which in the best of times was $300 a month. The managers earned thirty times the local wage. The industry was hospitality, the brand was international. The manager's, expatriates, employees, local, who could have called an international hotline identified in the twenty-four-page ethics briefing that they did not receive. The owners arrived to ride out the pandemic in sun-baked climes. They had been gifted commercial real estate in the nation's capital thirty years earlier with $20 million a year in free cash flowing out of the pockets of tourists resting hindquarters on land reclaimed from the sea. Thinking about that number a little harder, $600 million as the crow flies, begs the question of the need to furlough employees at all. The run rate for the island properties was $1 million a month. T...

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