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[K12beano]

Cheaper Tesco shares?


(Every little helps....)

[photosnob]

Really regretting buying tesco now. If I could get my money back I'd be delighted.

[trashbat]

You were warned!

Here's another piece of advice. Forget about the loss. Write it off as money you'll never get back.

Then make a fresh decision as to whether you would invest in Tesco today. Do your own thinking but as an example: is reaction to the news exaggerated, and are good times ahead in a timeframe relevant to you and your money?

If you would, then stay in. If not, get out. If you're going to lose money, better to lose a smaller amount.

[vescaegg]

Ouch. 92% fall in profits for Tesco!

[K12beano]

I believe there's talk of Tesco selling off their overseas operations, but I can't help thinking that a large organisation needs to refocus on their core operations, wherever in the world, and stop "dabbling" in peripherals like trying to be a bank, an insurer, a fuel station and an electronics retailer.

Oh and get some decent accounting people - obviously!

[Soir]

25% redundancies to be announced at Wilkinsons today

I don't trade

[vescaegg]

K12beano said:

I believe there's talk of Tesco selling off their overseas operations, but I can't help thinking that a large organisation needs to refocus on their core operations, wherever in the world, and stop "dabbling" in peripherals like trying to be a bank, an insurer, a fuel station and an electronics retailer.

Oh and get some decent accounting people - obviously!

Where do PwC stand in all of this? How could they have possibly missed it?!

[trashbat]

vescaegg said:

Where do PwC stand in all of this? How could they have possibly missed it?!

My impression from the various news stories is the accepted wisdom is that auditors are, at best, only as good as the information given to them by their subjects, which kind of raises questions about the whole process. It is said that Tesco did mislead PwC. I suppose it depends what kind of regulatory regime you're willing to suffer; do you begin every audit on the basis that the company is misrepresenting itself, or do you assume it's legitimate until it turns out otherwise?

[vescaegg]

trashbat said:

y impression from the various news stories is the accepted wisdom is that auditors are, at best, only as good as the information given to them by their subjects, which kind of raises questions about the whole process. It is said that Tesco did mislead PwC. I suppose it depends what kind of regulatory regime you're willing to suffer; do you begin every audit on the basis that the company is misrepresenting itself, or do you assume it's legitimate until it turns out otherwise?

Is it not under 'duty of care' or something to make sure its legitimate?

I guess they are enjoyed by tesco so will probably do whatever they want.

[trashbat]

Sure, but what threshold do you want to set? Full, Enron-style forensic investigation of every ordinary company?

I think the evidence suggests it's currently too lax, and regulation is also poor - what of substance is happening to Tesco besides taking a mild beating in the market? - but if you're out to deceive the auditor, then you'll probably be able to.

[photosnob]

trashbat said:

Sure, but what threshold do you want to set? Full, Enron-style forensic investigation of every ordinary company?

I think the evidence suggests it's currently too lax, and regulation is also poor - what of substance is happening to Tesco besides taking a mild beating in the market? - but if you're out to deceive the auditor, then you'll probably be able to.

Then get rid of them and save the money.

My sister in law is a manager in auditing in the big 4. I'm not a fan of her. She was doing "work" for around 2 years before she qualified. It's a joke. Trainees auditing and they wonder why it's not working.

[briangriffin]

Skyedriver said:

QFI
I didn't learn the first time............

QFI will bounce back, there won't be major upward movements on them until early spring I'd guess at though. As that's when seabourne trails will be complete and official results published. Expect them to hit a bottom of about 25 this month. I'm going to buy a few more then and wait till the spring.

[trashbat]

I reckon UKOG is a buy right now, around the 1.10 mark, maybe a bit lower. The next round of hype will probably see it back at 1.5+, although there's always a risk it's a duster.

I'm not going to do it though, as I haven't got spare funds.

[twinturboz]

Crazy week for the US markets so far, from last week we ripped up 7% in 5 days. I'm currently net short so hoping for a pull back not sure we will see new lows now, the snap back rally went a lot further than I thought it would.

I'm still of the opinion we make new highs before the end of the year but who knows, came across this post yesterday which I thought was interesting. http://www.chrisperruna.com/2014/10/23/calling-a-m...

[Countdown]

photosnob said:

Then get rid of them and save the money.

My sister in law is a manager in auditing in the big 4. I'm not a fan of her. She was doing "work" for around 2 years before she qualified. It's a joke. Trainees auditing and they wonder why it's not working.

Trainees do "trainee"-level work. As a trainee a lot of the stuff she would have been doing was "ticking and bashing". It doesn't need a "Qualified" Manager to do that and it also keeps the audit fee competitive.

[photosnob]

Countdown said:

Trainees do "trainee"-level work. As a trainee a lot of the stuff she would have been doing was "ticking and bashing". It doesn't need a "Qualified" Manager to do that and it also keeps the audit fee competitive.

So competitive they failed to do their job.

How is is that you have more trainees than qualified staff in most auditing offices? Clearly the partners are making lots of money, under the scam of auditing. It's a scandal.

Okay - I've decided to add a bit to this. I understand how auditing works for the big4. Most people who qualify go and do in house auditing in companies when they qualify, and many don't qualify, so they need to have a large number of trainees to keep the ball rolling. I understand that many of them don't make the grade, and that there are costs in both paying them and training them, so they need to earn a fee to justify this. However I do have a problem with someone who was a trainee being given positions of responsibility at a prestigious accountancy firm for a client, I know first hand that before she was even qualified she was a "team leader" and much of the time there was not even a manager on site for the smaller jobs.

If you wish to justify that as it being economical then it's fine. However I don't think it's moral that a "manager" signs off on accounts, when trainees have done all the work. What's more - I think that if you are going to have auditing then it should be done properly, rather than being a box ticking exercise.

Edited by photosnob on Friday 24th October 13:41

[AOK]

twinturboz said:

I'm still of the opinion we make new highs before the end of the year but who knows, came across this post yesterday which I thought was interesting. http://www.chrisperruna.com/2014/10/23/calling-a-m...

Interesting observations, thanks for posting

[g4ry13]

trashbat said:

I reckon UKOG is a buy right now, around the 1.10 mark, maybe a bit lower. The next round of hype will probably see it back at 1.5+, although there's always a risk it's a duster.

I'm not going to do it though, as I haven't got spare funds.

Have you seen that guy @Brokermandaniel on twitter? Seems to be posting some inside info stuff. Not sure how reliable it is, but he put about 20 million barrels of oil at Horse Hill on Thursday afternoon and then the RNS came out with it today.

I hold Solo, it's been a little disappointing with the find at Horse Hill but it has the Tanzania stuff going on and it's gone up a lot lately so can't complain too much.

[gaz1234]

g4ry13 said:

Have you seen that guy @Brokermandaniel on twitter? Seems to be posting some inside info stuff. Not sure how reliable it is, but he put about 20 million barrels of oil at Horse Hill on Thursday afternoon and then the RNS came out with it today.

I hold Solo, it's been a little disappointing with the find at Horse Hill but it has the Tanzania stuff going on and it's gone up a lot lately so can't complain too much.

I bought earlier at 1.10 now under 1

[trashbat]

g4ry13 said:

Have you seen that guy @Brokermandaniel on twitter? Seems to be posting some inside info stuff. Not sure how reliable it is, but he put about 20 million barrels of oil at Horse Hill on Thursday afternoon and then the RNS came out with it today.

I hold Solo, it's been a little disappointing with the find at Horse Hill but it has the Tanzania stuff going on and it's gone up a lot lately so can't complain too much.

Re: BMD, not entirely: http://www.shareprophets.advfn.com/views/8563/hors...

I wouldn't trust him at all, he has a stake in it. Trade the hype. I already did one run from 1.0ish to 1.75, missed this last one and reasonably expect another. Just make sure you get out with a more conservative gain than the majority, because everyone in it is there for the short term.

Edited by trashbat on Saturday 25th October 09:35