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Wednesday, 6 February 2013

NAV 06Feb13  114.9

Bought 5 NIH3 at 11,330. Now long 30 NIH3, in addition to the 11k/11.5k March call spreads.

Bought 100 L M6 at 98.66 - closing this out temporarily since Carney is speaking tomorrow. Will probably be a damp squib (does he really want to rock the boat before he's even got the business cards ?), but I'd hate to see the short sterling strip trading 8 higher and feel unable to short it. Will probably work an offer at 98.70/73/76 over the speech.

Bought 25,000 Kawasaki Kisen (9107.JP) at 182.6. The shipping lines are 3 of the worst performing shares in the Nikkei since 2008 (I think they have 2 of the bottom 10 slots, along with the likes of Sharp and TEPCO, which gives you an idea of how beaten up they are - and arguably how overpriced they were in 07/08). Anyway, it's a dash to trash, and they don't come much trashier than this, so I want to be really long this stuff. Seriously though, these were among the most heavily shorted stocks in the Nikkei, and are on stupid p/b ratios. The whole industry is going through a Darwinian survival-of-the-fittest episode, and the survivors are going to have a cost base that will make them wildly profitable in a few years time. Just copy John Fredriksen.

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