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FMG

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THANK-YOU for all the advice and information farmboy I hesitate...

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DropBear

468 Posts.

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20/11/14

16:31

Post #: 14324131
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Originally posted by farmboy ↑

I always wondered what people thought of Rene Rivkin, good guy bad guy?

Ha! Personally I thought of him as a lovable rogue. There is no equivalent today. He stirred, was cheeky, and flaunted his success which enthused many to seek their fortune on the market. He had a common touch, which sort of implied than anybody could make a fortune in the market. I suspect his success came down to having the right people on his team. I never detected any real hostility towards him. Unlike today where successful people are hated by many.

Frankly I find it hilarious that the shorters got caught out so badly. I wonder if they went broke trying to service a %5500 debt, and would have to pay dividends to the lender as well!
They got caught because there was no regulation of shorting then.

How is it possible for a stock to be 105% shorted..
There was no regulation, so anybody could just short to their heart's content. It all came to a screeching halt after the Antimony Nickel affair.

Is it possible to short penny stocks on the ASX or is it banned? What percentage of FMG under regulation could be shorted? there isn't enough scrip to cover that?
The regulations are tight now, both on the stocks that can be shorted, and the quantity. I have not checked the official list recently.

what conclusions do you draw from the 9% short on FMG in your analysis of the stocks value
It is likely to be supportive of the company in the end. Those shares all have to be bought back at some point.
Some people not familiar with FMG's history may be hoping for an issue of shares at a low price to raise money. That won't happen and all the shorted shares will have to be bought back. If the 9% is correct thats 280m shares.
Never forget that a short is a contract to deliver shares to the buyer. Full stop. That contract has all the legal force of the contract to buy or sell your home.
Also, the doomsayers would have us believe that the shorters are making lots of money, but the big funds are not doing that. A recent list of hedge fund returns in the US was very disappointing, with most failing to beat the index.

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THANK-YOU for all the advice and information farmboy I hesitate to use the word advice...

I once spoke with the person that owned the company that built Rivkin's log house/mansion and she described him as a really nice person who settled accounts without any hassle.

I note that the shorting information can only be obtained about seven days old..

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DYOR. I will never take legal action against anyone on this forum and understand that all information herein is speculative and not to be relied upon for trading purposes. Any information I provide or advice I give is to be considered fiction.

FMG Price at posting: $2.64 Sentiment: Buy Disclosure: Held
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(20min delay)
Last $21.86		Change 0.040(0.18%)		Mkt cap ! $67.30B

Open	High	Low	Value	Volume
$22.18	$22.18	$21.69	$119.2M	5.445M

Buyers (Bids)

No.	Vol.	Price($)
3	14450	$21.85

Sellers (Offers)

Price($)	Vol.	No.
$21.87	152	1

View Market Depth

No.	Vol.	Price($)
1	5000	21.850
2	3705	21.820
1	25000	21.810
1	344	21.790
1	460	21.780

Price($)	Vol.	No.
21.870	152	1
21.880	57806	3
21.890	1964	4
21.900	34110	5
21.910	8756	1

Last trade - 16.10pm 09/07/2024 (20 minute delay)

FMG (ASX) Chart

THANK-YOU for all the advice and information farmboy I hesitate...

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THANK-YOU for all the advice and information farmboy I hesitate...

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