shareholdersunite.com

Very cheap indeed, with earnings estimates between $3 and $4 for THIS year, it’s trading at a p/e less than 10. For a company which still enjoys triple digit earnings and profit growth, this doesn’t make much sense.

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In a previous entry we wrote about the paradoxes of the global inflation problem and how the US, in the worst economic condition to deal with it, shares most of the adjustment problem. Here we expand on the theme and argue that markets, not policy makers, will do most of the adjusting.

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Pele, supposedly (not everybody agrees, we’re amongst them), is the greatest football player that ever lived. According to him, it’s titles that count. Now that the European Championships have finished, it’s time to reflect on this wisdom. We don’t have to do that much reflecting; we disagree.

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Inflation is largely caused by the insatiable demand for energy and commodities in big, rapidly growing emerging economies. However, to cure the global inflation problem, adjustment is necessary in the economy that is worst positioned to withstand such adjustment, the United States.

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While in bastion of capitalism, the US, speculators are blamed even in Congress for the high gasoline prices, the rest of the world is actually taking steps to remedy the situation.

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Once again, stock markets prove to be good (perhaps even the best) discounting mechanisms we know, predicting the direction of economic circumstances to come. Almost everywhere they are crumbling, and it’s not hard to figure out what’s going on. 

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InterOil has taken a bit of a hit, from a high of 35.8 (if one doesn’t consider that one VERY big order at 41.62) to just above $30.40 Thursday at the close. Should we worry?

Let’s come up with some reasons: 

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Since it’s inception, this blog has vented the view that there seemed to be a dissociation between the real problems in the real economy, and the markets ignoring them. We also argued something had to give. It has.

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This little fact: General Motors (GM), the US car maker of which it was once said that if they sneezed, the American economy would have the flu, now is almost on it’s knees. Goldman Sachs, the only investment bank escaping the subprime crisis, cut its rating to a “sell”. GM’s market cap is now below […]

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We have expressed more than once the wish for a strategic partner who would help them speed up the drilling program, and voilà, there it is: Zodiac exploration corporation. This is good news, albeit not reflected in the price. We had to write that quite a few times the last couple of weeks..

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