JSE Clown Car

[JSE Clown Car @JSE_School_Bus]

@smalltalkdaily https://t.co/PBnbUHQUZT

[JSE Clown Car @JSE_School_Bus]

Oops!...I did it again. Will @smalltalkdaily correctly honour his commitment this time? Wouldn't hold my breath....

[JSE Clown Car @JSE_School_Bus]

@JseLeveller And it's a sign of the times to have a former Steinhoff Africa Retail, sorry Pepkor, exec commenting on provisions
There was some proper provisioning 'magic' there following the acquisition from Brait
Pepco also had some fun with provisioning around the Poundland acquisition

[JSE Clown Car @JSE_School_Bus]

True except in this case the large IFRS 9 transition provision bypassed the income statement
And the bad half big bath provision build is a classic trick to 'manage' earnings

[JSE Leveller @JseLeveller]

Worth bearing in mind for those who see the write back of provisions as some sleight of hand those very provisions had to be set aside (through the income statement) previously

[JSE Clown Car @JSE_School_Bus]

@JseLeveller Provisions have no effect on cash flow analysis...
Yep, no debt, that's why the ROE is terrible
You'd be surprised what our posi is, as Munger says:
"I never allow myself to hold an opinion on anything that I don't know the other side's argument better than they do."

[JSE Clown Car @JSE_School_Bus]

What's going on here?

[JSE Clown Car @JSE_School_Bus]

@marknarramore1 Yes

[JSE Clown Car @JSE_School_Bus]

Let them eat popcorn

[Andrew Scurria @AndrewScurria]

AMC Entertainment, after selling stock to a hedge fund that swiftly dumped it during current rally, now has a portal for individual investors. For signing up, they “will receive an initial offer of a free large popcorn” https://t.co/wcD0BHmjNZ

[JSE Clown Car @JSE_School_Bus]

RH Bophelo - wrote up these assets by R174m on a R510m base (+34%?) over a year when listed hospital groups were crushed... and growth assumptions were downgraded. Oh ja, they charge a management fee!

[JSE Clown Car @JSE_School_Bus]

@Gabe_Bernarde @GuardianAus @asicmedia @viceroyresearch Gabriel, Portsea AM here, please stop claiming credit for our work on Steinhoff 🙏

[JSE Clown Car @JSE_School_Bus]

Caveat venditor Adapt IT shareholders

[JSE Clown Car @JSE_School_Bus]

Why does Huge Group have a benefit from depreciation and amortisation?

[JSE Clown Car @JSE_School_Bus]

Working capital isn't great in the context of the revenue decrease
And a 16% normalised tax rate seems low

[JSE Clown Car @JSE_School_Bus]

Why does Huge Group have a benefit from depreciation and amortisation?

[JSE Clown Car @JSE_School_Bus]

There's also the Uber con the group fell for

[JSE Clown Car @JSE_School_Bus]

@MoyagaboMaake Maybe something like I'm doing R10m renovation for Delta, DLT pays me R12m for the work but I pay DLT R2m rent for the space I am using? Net effect I get my R10m & DLT cycles R2m, switching a capex cost through the cashflow statement to generate revenue on the income statement.

[JSE Clown Car @JSE_School_Bus]

Lol some of the fraud at Delta Property - bribes classified as foreign exchange differences and creating fake rent through inflating capex

[JSE Clown Car @JSE_School_Bus]

@CapitalShipyard Wasn't AHL looking to raise capital the other day? There is also a large loan to the parent co, guess it's nice to have external parties chip in some of that.

[JSE Clown Car @JSE_School_Bus]

Cute you think he makes R100m only
It has been a lucrative seven years... almost 1m NPN and PRX shares (after selling R1bn of NPN)

[The Passive Income Guy @hazelwood_dave]

How's it going with the Naspers value unlock? Has Bob earned his R100 million salary yet?