In the light of the news that NASDAQ has
built a substantial stake in the venerable London Stock Exchange, Mr Angry
thought you might be interested in the views of the Towers' exchange analyst.
Okay, so he does have a habit of talking out of his nether regions, but there's
frequently a nugget in what he says. If you want any further comments, get your
cheque books out and pay the fee. The days of free consultancy from Mr Angry are
over!
The first note was issued on March 13. The
second was issued this morning.
At
one time I was keeping a close watch on all these developments. I threw the
towel in some time ago, basically at around the same point I had to suspend all
reason (when the share price went above 600p).
It seems to me that every suitor has made a fundamental flaw in its dealings with the LSE. They've all tried to cozy on up and the LSE has managed to drive its share price up by holding out for a richer partner.
Before the DBAG delivered its 'knock-out' bid at 530p, the LSE was unloved with its shares languishing below 400p. When the first romances fizzled out, the shares headed back down below 500p again, where they traded sideways.
Enter the Aussies, 580p bid mate, and strewth, the shares move up first above 600p, then 700p, then 800p. Enter the cowboys, riding to the rescue from the West and all of a sudden the venerable LSE is worth 1150p.
I believed that all European bourses did deserve to be re-rated, but this looks a little over-stretched. In the meantime, those clever hedge fund chappies who got rid of Werner Seifert because he was about to overpay must surely have egg on their faces. If only he had gone hostile, as I believe he was advised, he'd have got the LSE at half price. I tell you, the bloke is a genius. He must be seething and I wouldn't be surprised if his Big Brazz Band has moved on from melodic jazz to thrash metal as a result.
My personal view, and it's just that, a personal view, is that neither NASDAQ or the NYSE have much to offer. How good is NASDAQ's technology? I hear that Arca-X is very good, but is it tried and tested? NASDAQ has made several woeful attempts to move overseas. Why will it do better this time?
Still, after it's all send and done, the LSE is a trophy asset, so someone will pay too much. Remember dot.coms? Well these are the stock.coms. There is no sense, so
BE LUCKY!
It seems to me that every suitor has made a fundamental flaw in its dealings with the LSE. They've all tried to cozy on up and the LSE has managed to drive its share price up by holding out for a richer partner.
Before the DBAG delivered its 'knock-out' bid at 530p, the LSE was unloved with its shares languishing below 400p. When the first romances fizzled out, the shares headed back down below 500p again, where they traded sideways.
Enter the Aussies, 580p bid mate, and strewth, the shares move up first above 600p, then 700p, then 800p. Enter the cowboys, riding to the rescue from the West and all of a sudden the venerable LSE is worth 1150p.
I believed that all European bourses did deserve to be re-rated, but this looks a little over-stretched. In the meantime, those clever hedge fund chappies who got rid of Werner Seifert because he was about to overpay must surely have egg on their faces. If only he had gone hostile, as I believe he was advised, he'd have got the LSE at half price. I tell you, the bloke is a genius. He must be seething and I wouldn't be surprised if his Big Brazz Band has moved on from melodic jazz to thrash metal as a result.
My personal view, and it's just that, a personal view, is that neither NASDAQ or the NYSE have much to offer. How good is NASDAQ's technology? I hear that Arca-X is very good, but is it tried and tested? NASDAQ has made several woeful attempts to move overseas. Why will it do better this time?
Still, after it's all send and done, the LSE is a trophy asset, so someone will pay too much. Remember dot.coms? Well these are the stock.coms. There is no sense, so
BE LUCKY!
This is from
this morning:
Am I alone in thinking this, but are
those charged with running exchanges incapable of running a bath?
At least NASDAQ has seen fit to buy a stake to force the issue, but the price was well below £10.00 before it entered the fray and it's just paid £11.75 for Threadneedle's stake.
These guys would appear incapable of dealing their ways out of plastic bags.
At least NASDAQ has seen fit to buy a stake to force the issue, but the price was well below £10.00 before it entered the fray and it's just paid £11.75 for Threadneedle's stake.
These guys would appear incapable of dealing their ways out of plastic bags.
BE
LUCKY!
