Archive for July 30th, 2007
Subprime infection spreads to Germany
30 July 2007It seems like just yesterday, but it has been five months since the first signs of credit woes began in the global debt markets. As we have incessantly predicted, to the point of boring even ourselves, the U.S. subprime cancer has finally found its way into the central nervous system of the banking system.
But [...]
Clarus research on Discovery Air
30 July 2007With the pending closing of Discovery’s (DA.A:TSX) acquisition of Top Aces, a Wellington Financial Fund II portfolio company, we are interested in every word written these days on the putative acquiror of one of our favourite companies. Here is this morning’s note from Clarus Securities:
Discovery’s share price, market value and valuation multiples have fallen [...]