1. Optimism – “I'll eat my hat if we are anywhere near a global recession. The fiscal spigot is opening in the US, China and Europe, and the world's money growth is near a 25-year high”. Fascinating piece with a couple of excellent and thought-provoking charts...including this one:
The key is watching the velocity of money in my view. If that picks up then hello inflation and everything changes...
2. I write up the numbers on Randgold Resources (link here) which included this chart on the problems in the gold industry. This is the deep value differential in the Randgold story: sustainable, growing, high grade production at a low cash cost and properly rationalised at US$1,000/ounce gold:
3. I also appraise the Apache numbers (link here) with the observation that:
'Fundamentally it is not easy to value oil companies today - especially the non-heavy dividend yielding ones like Apache (2% yield) - but I like the company's skill in raising production and (in previous quarters) selling assets - which is why I stay long the stock anticipating further recovery in its share price (undoubtedly influenced by the direction of the oil price - which I feel is bottoming)'
4. In other numbers today, Adecco shares look quite interesting as I recount here after their fall today.
5. Finally, in European economic data today I observed on Twitter:
The Autumn 2015 EC forecast...#Greece will get many of the headlines but continued sub-trend growth the reality
I talked on Newshour on the BBC World Service about all of this. You can hear my thoughts here from about the 38.30 mark.