Muddying the Waters

Here in our dismal pit, we perked up a bit as we read the following headline in the Grauniad:

Clarity on Burford Capital is needed after Muddy Waters treatment

A bit of background on this. The hedge fund Muddy Waters, which has no connection to McKinley Morganfield, aka Muddy Waters, the blues singer-songwriter—but perhaps it should have—issued a nice little report putting the knife into listed company Burford Capital which caused a huge drop in the latter’s share price.…

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The Stock Market Says Brexit Is Going To Cost What?

Sure, varied gombeen laddies will tell us this and that about what the economic costs of Brexit are going to be. We’ve a better method than that though, which is to look at the balance of views among all market participants about what those costs of Brexit are going to be. Why not, after all, look at what the stock market is telling us? “Stock prices are, in essence, aggregates of all information available to market participants at a given point in time.” So, what is that best estimation we’ve got?…

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