08/05/2003
Sorry this is a bit late but I have been very busy counting my profit on HSBC and buying sun tan lotion. I just hope when I am on the beach tomorrow that Greenpeace don't drag me back into the water!
There were quite a few strong contenders.
First the US marine who fired on a RAF chinnok helicopter in yet another "friendly fire" incident. Why do they call it this, it seems about as unfriendly as you can get, firing on your own side. The RAF pilot put down his helicopter yards from the marine and leapt out shouting: " When was the last time you saw a f*****g Iraqi helicopter?" The two needed to be pulled apart after the British pilot threw punches at the marine.
Secondly I'm afraid I HAVE to put up Nigel "Rainbow" Roberts the CNBC financial markets commentator. The day after I berated him for saying that people were buying euro dollar for the yield he said it again.
Third on the list was CSFB who downgraded HSBC whilst we were almost simultaneously putting a buy on it. It has ofcourse gone straight up, outperforming all the other banking stocks and the market.
And lastly and the winner of the award for being the biggest Muppets for April: Charles Stanley stockbrokers. Certain stockbrokers at Charles Stanley have been using our research for a number of months. During the time they have been on we have made about 100% return. Yes 100% since the start of the year and we have it audited. They have asked us our view on a couple of stocks especially Cable and Wireless where they have a target of 27p. A few weeks ago when CW agreed a deal with the government which saw them receive over £1 billion pounds in cash we put CW as a buy at 71pence. Charles Stanley reaffirmed their 27p target and had a bet with us that within 3 weeks the shares would be at 55p.
I have no problem with people being wrong, I have lots of friends who are often wrong, they generally work at banks!. They do however receive the award for 2 reasons. Firstly the net cash received by CW after the deal was the equivalent to over 25pence per share. Whatever you think about the company in the long term of course the shares will go up, by that amount and as the news was not expected. It had an even larger effect rising from 52p to 85p a few days later. Secondly, and far more importantly if you have a bet PAY UP when you lose!
"One customer less" Harry