View the article online at http://citywire.co.uk/money/article/a609894
Diary of a Dumb Investor: I’m making a killing on Standard Chartered
Sorry, you've been redirected, this is 'Diary of an Intrepid Investor', one who isn't afraid to make a bold move when everyone else runs scared.
Hello? Is there anybody else here? Anybody at all?
Nope, everybody else has fled, scattered for safety, and only I, 'Dumb Investor', dared to step in: Standard Chartered (STAN.L) shares dropped 25% and I swooped on London’s best – and as of this morning – most over-sold bank.
Not long after 11am this morning I bought in at £11.36 and now the shares are at £11.85, after the bank was struck by US allegations that it conducted secret transactions with Iran.
I'm in for £1,000. Admittedly, that’s a big gamble; it could lose its US banking licence etc – but so far have we seen any bank
And admittedly my little gain so far is vulnerable, but no critic out there can deny that I’ve matured as an investor.
Everyone knows that Standard Chartered is the only London-listed bank with a decent balance sheet, and it’s not reliant on the depressed British punter to provide its profits. Nope, two-thirds of the readies come from Asia.
This is the finest bronco in town and I’m riding her to rodeo gold.
I’ll provide more details in my regular Monday column.
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by Gavin Lumsden on Oct 23, 2016 at 00:01