Days	Hours	Minutes	Seconds

:@)

theqrimreaper
What are u saying exactly - EMG looks very cheap to me

Yes - I've had a contrarian long (again) this am.

Yes indeed Mr Kirkham, I'm afraid the short positions have made rather a mess of our share price, but I would still not advocate buying core until our AHL NAV has risen substantially.

I read AHL is a hedge fund which specialises in hundreds of commodities.
EMG says AHL is not tied to stocks and shares.
From your graph above ... share price / AHL nav - "I understand AHL is there biggest fund there must be a correlation somewhere there as u suggest"
.
You show AHL NAV at $1.15 against share price of £0.76 which is a variation larger
than normal, but not so precise and useful.

As EMG is a closed end Company, it may be better to compare the AHL total fund,
or better EMG's total funds under management, with EMG market capitalisation,
and somehow adjusting for priority interests such as Pref shares and any loan stock
etc.

Sorry to get technical - but I think you may be on to a useful graph somewhere.

Any comments ?

I think there is a correlation between the movements of the £ to $ in relation
to FT indexes.

I usually keep an eye on the NMIX FT index - that is 250 without investment trusts.
When £ rises against $, shares seem to drop and visa versa

I have an account with IG index which I rarely use, but on which I can see currencies,
copper price, oil price, wall street, Hong Kong, Germany, etc.

Indeed Mr Kirkham, I am suggesting that it is the share price that is pegged to our AHL net asset value, AHL up, our share price goes up!

theqrimreaper

I read your chart as telling me that the share price is presently under scoring the
present AHL nav and this as an indication that EMG is presently under priced.
It also indicates it could be nearer to 100p share price. Do you agree ?

Do you think it may be a good idea to superimpose the FT 100 or FT 350 on top of
your charts also - i.e have a third line ?
Your chart is simple and much easier to calculate rather than trying to show the
figures I suggested in 6 above

Very interesting -
hope you can maintain the chart and post it on this thread for next few months, si I also may check it ? p.s I am holding 80,000 EMG shares bought at about 100p

Certainly Mr Kirkham, I assure you our man group share price will soon move in favour of our AHL NAV, but only on the proviso that the NAV does not fall back below $1.1400 mark.

I have overlaid the ftse on several occasions, two year, one year, six and three month periods, and found absolutely no correlation at all, but I would not expect to see any, due to AHL trading mostly in currencies.

I am currently running a paper loss here of £48,590, all certificated out of CREST!
I’m not telling you how many of these I hold, may I suggest you edit out the value of your holding as some things are better kept private to yourself and other trusted avatars.

The chart in the header will be updated on a daily basis, just check the edited date and time just above the header chart, cheers anyway, and call me ‘grim’ will yah

Nice one Grim - I'll keep in touch Bob

Well I'm quite pleased (this time).

Got a buy order in @ 82.0 skinny, law of averages says it must have a bounce eventually, but to be honest I'm not holding my breath.

I'm in @73.85, but I got it very wrong last time, so hoping for better this time.

AHL's return yesterday down a whopping -1.06%, don’t be buying into this one just yet lads!

It’s looking remarkably like our three stooges have given up on Pandora yet again, what’s the problem Timmy-Boy!!! Ravi!!!! Louglas!!! Black-box too spicy for yah!

Grim plans to be voting against you party at the next AGM, your cum’n top of the list Pete me old pal, so be sure to rob our company as much as you can for now, cos your days are definitely numbered.

Here is grim’s financial forecast for Man Group for the first six months this year, ending 30th June 2012.

Total FUM $59,268,400,000

Management Fees $202,800,000

AHL Performance Fees $Nil

Net Finance Expense ($38,220,000)

Cash in hand $220,000,000

Profit Year to date $164,580,000

I would hope that the funds under management would remain roughly where stated back in May, I cannot see any real improvement in this direction due to the ongoing economic situation, and would consider a FUM report greater than $59.5 billion a very positive return.
Management fees of $200 million (conservative), not much to say here except that this figure is totally reliant upon the FUM.
AHL performance fees, well we all know what the return from our ‘flagship’ fund is going to be don’t we, so we’ll move swiftly on.
Net finance expense of ($38) million, I would hope this to be rather less if one considers the promise made back in December “saving of approximately $20 million from 31 December 2011”[1].
Cash in hand was stated as $250 million back in May, but this party has a sneaky habit of adjusting the cash situation in whatever direction seems appropriate to they’re needs, so I’ve lost $30 million on paper clips!
Profit for the full year somewhere around $330 million if we’re lucky.
Dividend maintained at 22 cent leaving $180 million cash in hand end of year, Pete knows if he cuts the dividend, he’s gone, so I don’t think we have any worries in this regard.

Please treat the above figures with the contempt to which you think they deserve, as they are merely a figment of grim’s uncultivated imagination, and please, kindly, do your own research!

Reference: [1] http://www.mangroupplc.com/assets/pdf/annual-reports/annual-report-9m-to-end-2011.pdf - Page 15.

Well, grim’s avin some of this………

http://www.mangroupplc.com/assets/html/daily_prices/daily_prices.pdf

What goin on Grim - can't get prices

The market is slightly bewildered with our ahl performance Bob!

Time to go 'core' on this stock me thinks!

investors will determine the "life or death" of EMG.

NO! Not at all Mr Halifuck, it will be AHL that determines the life or death of EMG!

What does AHL’s three stooges, and our England football team have in common?

Neither party can retain possession long enough to be successful!


That’s better; a mere 75 trades for the brokers to scrap over since the open!

Grim - Do you agree with me as follows -

Did you have a previous connection with EMG, ( you seem to know names )
Do you have any idea why FD left ?
You estimated profit for 2012 of $330m
9 months to 31/12/11 $193m ( /3 x 4 = $257 m for 12 months )
12 months to 31/3/11 $324 m
if your est correct - $330m is not bad, under present conditions
Perhaps could be more than $330m as they are pushing for cost savings ?
Jump in NAV over last few days - ? is it a reliable figure and sustainable ?

What do you think ? Bob

Afternoon Bob, no previous connection with this party, other than my unfortunate greed for high dividend investments. I can only surmise that Mr Hayes’s departure was instigated by Pete and his pals, trouble is Pete hasn’t got the first clue about how Pandora works, so he has to pretend that he does by agreeing with our resident rogue trader Wong.
“$330m is not bad”, as you say, its not bad, but its pretty rubbish as well, if they maintain this level profits they run the risk of upsetting my dividend yield, trouble is, AHL are just not helping out here, they’ve brought nothing but rags to our arses over the past eon, if AHL were up in their place we should be looking at least one billion dollars a year, so I aint impressed!
As for cost savings, our new FD wont know if his ass’hole is punched or bored, he’s probably just another yes man with connections, so I aint holding my breath on that one, but I’m always happy to be proven wrong when it comes to savings.
Jump in our net asset value over the past few days! they do say that ‘he who lives in hope’s will surely die in despair’, so I’m sorry I refuse to be drawn on this one, all I am prepared to say is ‘Wong never fails to disappoint!’

Grim

Ah, nice to see the chart again

Cheers Max, what do you recon on the 20-day SMA! Intuitive, or misleading!

Grim / not Max but Bob

- 20 dma - OK leave it in for a while - lets see
- 2 days AHL NAV higher - lets hope it is sustained
- Share price lower thou today - do not know why ?

"he who lived in hope and surely died of despair"
This will be my epitaph - I think

Not any more you wont Bob, cos now every time your aware of a little hope entering your thoughts, you’ll merely push them to one side and move on, besides, they do say that you should be careful what you wish for, I’m now at a stage where I have just about lost all hope in all things, except my own judgement!

This is better, AHL up 0.76% yesterday, to close at $1.1558 for the week, still some way to go before we can expect our share price to fall back in line with this crucial index, the market is all too aware that one bad week from Pandora and we’re right back in ‘redemption city!’

"our resident rouge trader" seems to have been lucky with the ingredients he has cast into his black box. Lets hope his magic spell mends some broken hearts. #:0)

Morning Bob,

Not so sure about our Nick’the’Timmy-Boy’Leeson, he’s so far up his own arse his eyes have turned brown, no, Ravi’s the one, he’s our main man now, I recon he’s just starting to feel his feet with that bitch Pandora!

Ah, the old 'bear-trap' eh!

Does Ravi have a foot fetish - is Pandora a sexy female or what ?

Dont think so Bob, Ravi is Ravi Chafri, Man’s newest co-head of foreign exchange at AHL, its systematic managed futures manager.

‘Pandora’ is grim’s name for AHL’s complex algorithmic black-box, due to the hellish nature of its software running around inside the thing, Timmy-boy (T Wong) is frightened shitless to take the lid off, lest he creates a storm that cannot be undone.
I’ve ironically named it ‘Pandora’ after a certain young lady who was more than happy to take the lid off her particular black-box!

Grim - let me get this right -
Timmy can not open his black box because he would be frightened and shit less in a storm, but Pandora did open her black box and was more than happy.
I think I've got it now ????????

great to hear that.

hmmm........ !

Grim - No offence intended, do you seriously think bringing that chart over here is going to change anything mate? At the present time it is just as fxxxed as it was over there, or am I missing something?

Fair point Mr Carson, no I don’t expect it to change anything especially not short term, but I like charts and I think this chart demonstrates quite clearly how AHL’s performance has ruined the company value of this stock.
You mention something as being ‘just as fucked as it was’, admittedly the sp trend is delaying any pull from AHL value, but as I’ve mentioned in previous posts, if AHL continues to creep higher, my EMG share price will have to break-out of it current trend in support of company value sooner rather than later, and I wouldn’t expect that move on the 24th of July!

Fairplay grim :O)

FAO: Ravi.

Grim thinks its time to switch Pandora to virtual running lads, she does not have the ability to smartly ‘about-turn’ if this recent euro jobby takes off, so if you’d like to kick the plug off the wall we’ll get the electrician to wire you back up and running for next Wednesday.

Time to think outside the box!

grim

There you go Ravi, I trust you heeded grim’s wise sentiment yesterday, and didn’t let Pandora run headlong into the Euro with short intent!

No! Of course you didn’t, you’re not an imbecile like Timmy-boy are you, you stood your ground and told em straight, ‘grims right… lets not throw away all our recent hard work, just because nobody here can rewire a 13 amp plug’!

“The euro jumped nearly 2 percent, oil prices surged and world stocks rallied on Friday after euro zone leaders agreed on measures to cut soaring borrowing costs in Italy and Spain,…”[1]

reference [1] http://uk.reuters.com/article/2012/06/29/uk-markets-global-idUKBRE84F0AQ20120629

Our share price suggests that AHL took on big hammering last Friday!

-3.6% for Friday nice one Ravi! Of course you know best, don’t listen to this idiot grim, he’s just a simple fuck!, well what can I say except it looks like you’re a complete waster as well as that chimp-boy Wong!

All that work! All that fuck'n work!

I wouldn’t put any of you fucks in charge of a wheelbarrow!

Redemption city it is then Pete me old pal!

Which part was it of my post 42 you didn’t quite understand?

Was it the ‘virtual running’ bit! Or perhaps the removal of the plug from the wall socket! Or was it truly a case of ‘I couldn’t give a monkeys fuck, cos it aint my dosh I’m chuckin away!’

Tell you what though pal, grim aint gonna forget this little heap of wanton criminal neglect for some time to come, I’m looking for you pal, come the next AGM, “your gone!”, out the door you wont even have time to clear your desk!

Bob Diamond today, Peter Clarke tomorrow!

These idiots just can't get it right (or left even). Small gains always get dwarfed by big hits in one day. When will they get AHL more balanced instead of all bets one way!!!!

“LONDON--Man Group PLC (EMG.LN) on Tuesday said it has appointed Judy Saunders to advise on its U.K. institutional business as pension funds indicate they plan to boost allocations to hedge funds.”[1]

Here you go Pete me old ex-pal, why don’t you put Judy in charge of Pandora for a wee while, just show her where the on/off switch is located and she’ll be fine!

“The company has sought to blame volatile markets for AHL's troubles, in particular because it is a computer-driven futures trading model which, Man says, suffers when markets are unpredictable.”[1]

So a question, would you step out into a busy street blindfolded, if you knew the traffic was particularly ‘unpredictable’?


Reference: http://online.wsj.com/article/BT-CO-20120703-707972.html

FAO: Jon Aisbitt. Chairman

Hi there Jon, hows the chairmanship going along, nice and peaceful at the old meetings are we?
Now look grim’s bin thinking, how this for radical idea, we all know that Peter’s been a little, how shall we say, a little out of his depth with this AHL jobby over the past couple years, thanks to his misguided pleroma, well here’s the plan, why not remove said and replace him with Manny!
Our Mister Roman would bring a breath of fresh air into Man’s entrenched milieu, and as a younger and more dynamic force, he would be best placed to implement the difficult and unpopular decisions needed to shake up some of those bent on sending this company to the wall.
Consider the alternatives, we need action and we need it like yesterday.

Stay sharp,

grim

AHL down a staggering 1.7% for yesterday! ! ! !

Pandora has switched to terminal velocity!

Here you go Pete me old ex-pal, you’ll have something to explain away your AHL neglect now to our major shareholders!

“The Bank of England is expected to fire up its printing presses for a third round of economic stimulus later on Thursday just two months after shutting them down.”[1]

Small point of interest Pete, grim’s reckonin that you’ve only got about 300 days left as Man Group CEO, so get pilfering chap, but you don’t need me to tell you that do yuh, silly grim!

“Should the City have to digest yet further bad news from Man Group, dealers reckon that embattled chief executive Peter Clarke will have to walk the plank.” [2]

Reference: [1] http://in.reuters.com/article/2012/07/04/britain-boe-idINL6E8I441I20120704
[2] http://www.thisismoney.co.uk/money/markets/article-2168898/MARKET-REPORT-Man-Group-falls-amid-profit-warning-rumours.html#ixzz1zicEYkmg

Well, thanks for that Pete, broken down yet again in our latest bearish pennant, cheers!
What yuh recon on your leaving date header, don’t suppose you’d consider passin off early would yuh pal, oh, and take that fuckin Wrong with yuh, don’t you go leaving we party without takin that chimp with yuh, we don’t fuck’n wan’him skulking about the site!

Just a suggestion, but you might get more respect if every sentence of yours didn't include f**k. Much of what you say is probably correct and that fact that I am posting here proves that I read it, but it loses it's credibility because you think it's clever to resort to swearing. Just my opinion of course and others may disagree.

No that’s fine Harry, you see, my problem is that I become slightly illuminated at the sheer criminality of these fucks, sorry I mean individuals who endeavour to explain their virtuous neglect of this once well thought company!
I think swearing, in the right places, add’s a little colour to the tedious passages of my diatribe, you see, I really do want these fucks (there I go again), I mean criminals, to know that I have their number pegged completely, and to be quite honest, I wouldn’t like to think that I was that far up my own arse, that my pen holds any logical argument at all!


Thought for your day!

There is many a man who is unconsciously compelled to cling to a belief, because he is a “somebody” in some circle – and if he were to abandon that belief, he would find himself nobody at all!
A. E. Mander

AHL up 1.3% eh!

Grim steps back in fuck'n amazement!

Excuse my language Harry!

LOL! I can handle the odd one!

I’d like to get excited here!

AHL up 1.5% last Friday!

No, don’t do it grim, this party never fail to disappoint!

You’ve fucked ruined my share price once to often!

Interesting little chart I've deleloped, it suggest that the indicator is forecasting, 12 hours in advance, our daily AHL NAV return, will run it for a time to see how it performs.

That’s the last nine trading days that the plus or minus indicator has called our NAV! Only just though, perhaps they’re saving a bit back for next week eh!

I do not know what you are up to Grim
How do you calculate the Indicator -
is it how many hours in advance, and how do you get it ?

Are you sure that "bitch Pandora" is not just teasing you and letting you
run round in circles, with your own private black box ?

Morning Mr Kirkham, the indicator merely attempts to forecast 8 to 10 hours in advance the direction and magnitude of our previous days AHL NAV return, which if you note, is only provided for our delectation at or near the close of trade almost 24 hours too late!

I have taken numerous items from the Black-box trading basket, and brought them together in an attempt to ‘call’ our intraday sp, as there is, IMHO, a direct correlation between our daily AHL return and our daily closing share price.

One only needs to observe the carnage with which the brokers fucked hammered we party from the 2nd to the 5th of July after our AHL return –3.6% on the 29th June (only divulged at 17:00 on the 2nd July), had we have known this figure at 07:00 on the 2nd July a lot of investors might have chosen to sit out for a short spell!

Anyway, like I say, it’s merely a trial that will be run until I can see it’s of value, or it should be removed.

Thanks for your interest anyway,

Grim :@)

I see this mornings indicator is suggesting that today’s NAV return will be both positive, and of reasonable proportion, but we’ll see later!

Grim
Exactly what time do you want Clarke walking out the door -
Is it 5 . 30 pm, as the clock does not correspond the normal time.
Could he be forgiven if things improve ?

Hi Bob,

The count-down timer doesn’t represent anything vaguely correct, it is merely a metaphor for all whom might take notice of it, it is designed to imply that my old ex pal Pete is on borrowed time, and we will go looking for him at our next AGM, as regards to being allowed to stay on as CEO, well, listen, Grim could be bought here! (they do say that honesty is the best policy), that’s all I gonna say on the subject, but it's gonna cost him two arms and two legs thats for sure!

grim.

:@)

Forecast for yesterday’s NAV return is 0.457%, giving us a weekly return of 1.75%, AHL NAV $1.666

That’ll leave us a NAV climb of 4.35% to put our toes back into AHL skim zone!

Now that aint a million miles away, time to study points here lads!

Momentum starting to build here before next Tuesday, AHL starting to look as though they know what they’re doing, ‘that cant be right!’ cos Twrong still on site!

SIMPLE

Part of Barclays note out today:
"As ever AHL performance remains the most crucial issue and market volatility does not appear helpful – Man share price performance ytd is -45%. But on the back of 2 weeks positive weekly AHL data (+3.4% for the weekly fund), the share has rallied 9%. It is trading at 11x 2012E PE. Whilst taking out $100m of costs is impressive, as ever of greater share price sensitivity will be whether AHL falls further or continues to recover (up 3.4% in past 2 weeks). The fund sits on average 11% below HWM. "

Grim - why did you take the AHL NAV chart away ?

Is Ex-dividend tomorrow? i lost confidence on this share!

I’m sorry Mr Kirkham, I find it quite troubling to refresh technical data here, especially when rubbing shoulders with the occasional avatar that purports their inability to glean something as simple as an ex-div date from a company communiqué, sorry, I’m wasting my time here!

Grim ( the qrimreaper ) was right - how did he know Peter would be out ?

After twenty years at the top it is time for fresh thinking

I have great expectations for EMG, with new top management
and better world economics.