Q: What’s an ex-growth, bubble bank worth? A: Less

Dalian is stable so far today:

Big Iron is rallying as CS tells all that iron ore is going back to $70. My answer is who cares? If it does it will only add to port stocks and crash the price even lower shortly afterwards:

Big Gas is down despite oil:

Big Gold too:

Big Debt is getting creamed again. I mean, what’s a bubble-exposed, semi-nationalised, ex-growth, bank worth? Less that 15x times that’s for sure.

Most utilities trade on 7-10x earnings…

Finally today, Big Liar is still plodding with the odious FXJ flaming out:

Seriously, if you’re interested in investing beyond Australia’s sclerotic shores where banks lend to businesses that grow then the MB Fund is for you. It launches in under a month so register your interest today (if you have not already):


  1. What was the point of setting your fund up, as an SMA product?
    why not just run a “long/short fund”, given most people invest within super, hence tax not a major concern.
    I would have muched preferred this model to give you guys more freedom?

    • Transparency and to help folks with a larger portion of their portfolio not just risk capital. Once established we may set up a hedge fund style product too.

      • That’s a shame, a hedge fund would have been ideal given mkts look likely to fall somewhat going forward. I know currency can help a long fund, but having the option to also short a stock would have been ideal.
        Us guys looking to take on risk via your fund, will be restricted under the current arrangement.

      • I would like their to be a hedge style product – think it’s going to be very hard for any fund to make money in the decade if they do not have short positions – when global debt to GDP does finally deleverage it’s going to be hard for any company to increase profits -I’m interested in investing in the MB fund

  2. FMG is up 10% off its low on Monday whereas Iron Ore hasn’t risen anywhere near that much.

  3. MB fund requires too much capital for a Gen Y’er like me. Me no baby boomer with bags of cash.

    • Paying for a quality Tip sheet would cover that & be another stream for them. The SMA model shows where they’re putting the money, but presumably you have to be in it to win it?

      I think there’s a niche for an all corners of the globe, Global Macro long/short list from an independent. Anyone know of one?