E Good Day For Bad News

*Banco Santander gained a fraction. SAN.

*Virgin Money, sold, reported an after-tax loss of £141 mn. Our ADRs we not recognized by the UK company which was backed by Australian banks. VMUK owners got what they deserve.

*Our Japanese Buffett stocks are lower today, Mitsubishi (MSBHF) and Sumitomo (SMFG).

*My taste for the CBOE Global Markets stock is not dependent on puts or calls. It doesn't matter which are placed, because it gains from option volume. When he retired my father took courses in options trading and shared his conclusion with me: don't trade options. But the platforms are different.

Funds

*Swiss Helvetia Fund, SHF, cut its dividend by 2.03%.

Over the weekend I will be writing a new report on closed-end funds investing based on the erratic performance of these vehicles during the covid-19 crisis. I will also discuss the new trend for managed funds of fund investing in closed-end funds. They are either CEFs or ETFs themselves, and the costs can be high.

My main reason for tackling this subject is that CEFs are a recommended way for startup investors to build their international holdings out without the risk of individual share stakes. There also is a myth that experts can do well with funds during a crisis like the present. My own conclusion is that it is more likely to ruin reputations than enhance them.

This study will be a free bonus for new and renewing subscribers to Global-Investing.com. The latest target date for it going back on-line is Dec. 1 so there is a good reason to buy early. To do so you have to send a check (remember them?) to Vivian Lewis, 35 Sutton Place, New York NY 10022. The check should be made out to Agorot Ltd d/b/a Global Investing. Unfortunately, I have not yet been able to restart our Authorized program from credit cards and we will be using a system not yet installed from google instead. It is more expensive than the Visa one we used to offer. All these systems are pricey because they have to protect against fraud, a big issue now.

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William K. 3 months ago Member's comment

Too bad about the drug tests not being quite right. If that was the hateful double-blind test, while perhaps the old folks got all of the fake medicine. No telling because the whole concept is so very wicked and cruel. But the back-tracking certainly dispels confidence.

Kurt Benson 3 months ago Member's comment

It seems to me, once the truth came out, it was BETTER news. Due to an error, a smaller group of test subjects accidentally received an initial half dose, instead of a full dose. But those individuals ended up with 90% efficacy. Far better than the 62% efficacy from the other participants that had the full dose (and the 70% average that they advertised). Now they will redo the trial, but this time will intentionally use a half dose. The result should be 90% efficacy.

Ayelet Wolf 3 months ago Member's comment

I thought this as well. 90% efficacy is almost as good as the 95% efficacy of the #Pfizer and #Moderna vaccines. But is a much cheaper alternative. Bullish on $AZN