Thanks for posting that reference to Fung -missed it myself!
The "updated" short position was in today's Financial Post:
Feb 13 - 1,197,700
Jan 30 - 1,066,200
Increase: 131,500 (this is bad)
Average daily volume: 525,098
And this was supposed to be the period with excessive short covering???
The person who said that was wrong.
But price still went up with all that artificial selling! (positive spin)
So this is the TSE, anyone have the AMEX?
My two cents on valuation:
Brokers are quite stupid, analysts less so, but a few at Nesbitt and DS whose reports I have seen (fairly easy to get) know what they're talking about.
However, if you're a broker and your bloomberg alarm goes off and if you just found out that kry won, how would you value the stock -- get out your non-scientfic calculator (can't perform PV analysis) and do this: $25*11.8M/37M = 7.97
then X 1.43 USD FX rate = 11.40 Voila!
This is the base case -- conservative estimates, and crude math and leaving out all of kry's other properties, plans and Albino.
I place some value on this this awful, bad, bad, bad analysis because if kry wins, there will be no time to do but that for all those brokers, etc. who have no idea what's going on.
Use US$50 an ounce? adn 15M ounces?
Perhaps, i hope, (but boy do i ever hate that word hope)
Vince |
