Dear rss free blog,
A
kiss on the hand may be quite Continental
A
kiss may be grand but it won’t pay the rental
So
diamonds are a girl’s best friend.
Such
bad timing of the Cullinan miners, to discover a 507 karat egg-sized
diamond in this market. Who are they going to sell it to?
The
last old-style Maharani, Princess Devi, died recently. Maharajas are investing in making
their palaces into 5-star hotels. Prince Charles wouldn’t dare.
Elizabeth Taylor is getting too old to shop for jewelry. Belinda Gates
is not into bling. Nor is Mme. Buffett. Prince Jefri of Brunai had to give back the $15 bn he spent on cars and jets and art, and
will not risk his brother’s ire and another exile for a mere diamond, however spectacular.
The
richest man in the world is Carlos Slim Helu, the Mexican magnate, according to Forbes. But I
cannot imagine he will want to be more of a target for the country’s
kidnap culture than he already is. Middle Easterners cannot buy a
diamond as big as the Ritz for one wife when they have three others.
Yesterday
was window-dressing day as the last of the month and I found a lulu
trade in American Depositary Receipts, almost certainly an
example of price manipulation.
Alto
Palermo, APSA, the Argentina shopping center real estate group, rose over
18% in the single day’s trading, thereby becoming the best performing
ADR of the day. But only 1845 shares traded. That means it cost
someone only $13,100, a mere pittance for a local millionaire. The
ADR, equal to 40 local shares, always trades on low volumes and is
very volatile. Its daily volume over the past quarter had been 77 to
483 shares/day.
I
suspect manipulation but of course I cannot prove it. My suspect is
Eduardo Elsztajn, chairman of IRSA, Cresud, (both of
which have ADRs) and Shopping Alto Palermo, as well as APSA and other
Argentine companies.
This
issue is late because of problems with my brokerage account, still
not settled, which has taken a lot of time. I am looking at some
other big stock moves in Sept. also, from our portfolio, for paid
subscribers.
