Blog
Accounting for Growth at Amazon
During my time as a young and ambitious City Corporate Banker, Terry Smith became an instant hero of mine when, in 1992, he released his book Accounting for Growth.
Sasol: Another Lake Charles Moment…almost
Sasol used to be to South Africa what ICI was to the UK. A true juggernaut of a company which was seen as a bellwether for its home country. There used to be a saying that if you wanted to know how the UK economy was doing, you only need to look at the results of...
Goldman Sachs: Are the tables turning for DJ Solly?
I never worked for Goldman Sachs (GS), but always admired the bank and its richly talented Bankers. They tended to be the standard that most investment bankers looked to emulate, if we are all going to be honest about it. Even at the illustrious JPMorgan, there was...
Déjà Vu for Canary Wharf?
My first job as a Graduate Corporate Banking Trainee in Barclays was to manage the liquidation bank accounts of Olympia & York (O&Y), the company which built Canary Wharf. Canary Wharf a bold development, transforming what was probably the most unfashionable...
Credit Suisse: What exactly is the problem?
For the life of me, I cannot understand the market panic around Credit Suisse. Shares are down by another 10% and CDS (Credit Default Swaps) have screamed up to 355bps which suggests that the market thinks that there is a 23% chance of Bankruptcy (really?!). This...
Back to Midland for HSBC
My first bank account I ever opened was at Midland Bank, Victoria Street in London. That branch has long since closed, of course, and the building is now occupied by a Shake Shack outlet. I visited it over Christmas with my kids and the burgers were good, but I...
What an interesting twist in the battle for Twitter last week.
On 15th April 2022, Twitter Board unanimously agreed to authorize a Shareholder Rights plan (A Poison Pill as they used to called in the nostalgic 80’s) to frustrate Elon Musk’s takeover attempt. Now, for those who have in the past attended my M&A workshops, you...
Standard Chartered: In play?
Not long after returning from their Christmas and New Year breaks, the Standard Chartered (StCh) CEO, Bill Winters, and his Exco team received the spine-chilling news that First Abu Dhabi Bank (FAD), has been stalking Standard Chartered (StCh), eyeing a possible...
Gold Fields and the resignation of Chris Griffith
I read with interest of the resignation of Chris Griffith as Gold Fields CEO following the failure of Gold Fields to complete the acquisition of Yamana, a Canadian gold producer. Notwithstanding Griffith’s mea culpa, it’s fair to say that he jumped before he was...
Vodacom for Sale?
Following the sacking of Vodafone CEO, Nick Read, last month, it is clear that a big shake up is looming at the UK telecoms company. Read’s exit was executed by the board, but it is clear that activist investors played a not too insignificant part in pushing the board...
Carl Icahn: Predator becomes Prey…
For the life of me, I cannot understand the market panic around Credit Suisse. Shares are down by another 10% and CDS (Credit Default Swaps) have screamed up to 355bps which suggests that the market thinks that there is a 23% chance of Bankruptcy (really?!). This...
Twitter: What is Musk up to now?
Back in August I posted a note under the heading “Twitter: A headache in the making for Musk?” Well, what a headache it has already been for him and he has not even started to deal with the servicing of the debt mountain of his intended Leverage Buy Out (LBO). ...
Twitter: A headache-in-waiting for Musk?
So, it looks like the Twitter deal is done and dusted for Musk. I previously suggested that the 38% premium Musk offered for Twitter was too little and he was going to be squeezed for an increase. How wrong I was. The Twitter board appears to have accepted what...
Tesla: Stack ‘em High, Sell ‘em Cheap
If Elon Musk bothered to attend any of my corporate strategy workshops, he would have known that cutting prices is not a sustainable competitive advantage in business. In fact, it’s a mugs game, especially if your competitors are also powerful, have deep pockets and...